#270 Why Almost Every New CFO Feels Like a Fraud, Alan Scholnick, GrowCFO Mentor
In this episode, Kevin Appleby speaks with GrowCFO Mentor Alan Scholnick, a finance leader with over 30 years’ experience at IKEA, to explore why so many newly appointed CFOs struggle with imposter syndrome and feelings of fraudulence. Drawing on his journey from accounting roles to VP of Finance and later into executive coaching, Alan explains how the leap into the CFO role magnifies expectations around leadership, communication, and people development, often faster than new CFOs feel ready to handle. He frames these doubts not as weaknesses but as predictable responses to heightened responsibility and visibility.
The conversation highlights practical strategies new CFOs can use to navigate these pressures: building trust with stakeholders, improving communication and active listening, and grounding confidence in past achievements. Alan emphasizes that finance transformations are fundamentally about people, not just processes or technology, and that self-reflection, clarity of purpose, and continuous learning are essential for any CFO who wants to move from feeling like a fraud to leading with credibility and impact. He also shares how mentoring, reverse mentoring, and ongoing development inside and outside the organization can help finance leaders sustain confidence over the long term.
Key topics covered:
- The discussion frames imposter syndrome as a common, almost inevitable experience for new CFOs, especially during major finance transformations.
- Alan outlines practical techniques to build confidence, including revisiting past accomplishments and reframing internal narratives that fuel self-doubt.
- The episode underscores the importance of communication, active listening, and curiosity in building trust and social equity with stakeholders.
- Alan explains how continuous learning, teaching, and mentoring—both as mentor and mentee—help finance leaders stay relevant and resilient amid rapid change.
- The conversation closes with Alan’s perspective on the type of mentee who benefits most from GrowCFO mentoring and how a growth mindset accelerates CFO development.
Links
Timestamps:
- 0:03:59 – Discussion on why people skills and leadership by example are critical when leading finance transformations.
- 0:05:16 – Alan explains how he helps finance leaders understand the “why” behind change and communicate it clearly to their teams.
- 0:07:40 – Focus on active listening, curiosity, and relationship-building as foundations for CFO credibility with stakeholders.
- 0:09:34 – Alan and Kevin directly address imposter syndrome, exploring why many new CFOs feel like frauds and how to rebuild confidence from prior achievements.
- 0:18:35 – Alan discusses transitioning from internal finance roles to external teaching, coaching, and representing the finance story to broader audiences.
- 0:23:31 – How academic work, private clients, and coaching combine to keep a finance leader’s skills current and versatile.
- 0:25:21 – Alan describes the mindset of an ideal mentee and the value of reverse mentoring, including learning from younger professionals.
- 0:30:37 – Kevin and Alan wrap up with the benefits of GrowCFO mentoring and the importance of a safe, supportive environment for CFO development.
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