Imposter syndrome is the single biggest challenge for new finance leaders. But what can you do to overcome it? Finance leaders are not immune to this pervasive self-doubt and the persistent fear of being exposed as a fraud. Let’s start by understanding where those feelings come from and then take a look at strategies you can apply in the first 100 days and beyond in your new role.
Understanding the Causes
Imposter syndrome is a psychological phenomenon that affects individuals across various professions, including finance leaders. There are several potential causes of imposter syndrome specifically experienced by finance leaders. Let’s take a closer look.
Youthfulness in the Boardroom:
One common cause of imposter syndrome among finance leaders is being one of the youngest individuals in the boardroom. Finance is an industry where experience and expertise are highly valued. Young leaders may find themselves surrounded by seasoned professionals who have accumulated years of knowledge and accomplishments. This stark contrast in experience can intensify self-doubt, leading to feelings of inadequacy and the fear of not measuring up to their peers. The pressure to prove themselves worthy of their position often exacerbates imposter syndrome symptoms.
Increased External Responsibilities:
Finance leaders are entrusted with significant responsibilities, including managing financial operations, making crucial decisions, and ensuring the organization’s financial health. As their roles expand, so do their external responsibilities. The weight of these responsibilities can contribute to imposter syndrome. The fear of making mistakes or being unable to meet expectations can fuel a sense of being an imposter despite their qualifications and achievements. The constant pressure to perform flawlessly can hinder confidence and perpetuate imposter syndrome.
Complex Decision-Making with Numerous Alternatives:
In the world of finance, leaders are frequently confronted with complex decisions that involve evaluating multiple alternatives and considering various risk factors. The high-stakes nature of financial decision-making can amplify imposter syndrome. Finance leaders may question their ability to navigate through intricate scenarios, leading to self-doubt and a sense of fraudulent competence. The fear of making the wrong decision and its potential consequences can intensify imposter syndrome symptoms.
The Role of Social Conditioning:
Social conditioning plays a significant role in perpetuating imposter syndrome among finance leaders. From an early age, individuals are exposed to societal expectations and norms regarding success, achievement, and competence. In the finance industry, where high levels of expertise and competence are emphasized, the pressure to live up to these ideals can be overwhelming. Messages conveyed through media, educational institutions, and workplace cultures often reinforce imposter syndrome by setting unrealistic standards of perfection. The constant comparison to industry luminaries and the fear of falling short can reinforce feelings of being an imposter.
Imposter syndrome can impact finance leaders, causing persistent self-doubt and a fear of being exposed as fraudulent. Understanding the potential causes of imposter syndrome is essential. Additionally, recognizing the role of social conditioning in fostering imposter syndrome can help finance leaders combat these feelings of inadequacy. This understanding is the first step to addressing the issue, but there are some specific tools and techniques you can use to help you overcome imposter syndrome, starting from day 1 in your new role.
How can you address Imposter Syndrome in your first 100 days as a finance leader?
The first 100 days in any leadership position are crucial for setting the tone and establishing your presence. Here’s how you can apply the strategies mentioned above to navigate your first 100 days and overcome imposter syndrome:
Becoming Self-Aware through Reflection:
During your first 100 days, take time to reflect on any negative thoughts or self-doubt that may arise. Be mindful of your feelings and thoughts, and identify any patterns of imposter syndrome. Reflect on your accomplishments, experiences, and skills that have prepared you for this role. Remind yourself of the evidence supporting your qualifications and capabilities.
Reframing Negative Thoughts:
As imposter syndrome may try to undermine your confidence, consciously reframe negative thoughts. Replace self-defeating beliefs with positive, empowering alternatives. For instance, if you find yourself doubting your abilities, remind yourself of the unique perspective and fresh ideas you bring to the role. Focus on the growth opportunities that lie ahead and reframe challenges as chances for learning and development.
Using Feedback Constructively:
Seek feedback from your team, colleagues, and superiors. Embrace constructive criticism as valuable input for your growth. Recognize that feedback is an opportunity to enhance your skills and understanding of the role. Use feedback to refine your approach and make adjustments where necessary. Remember that seeking feedback demonstrates your commitment to continuous improvement and builds your leadership credibility.
Building a Support Network:
Forge connections with colleagues and industry professionals who can offer guidance and support. Seek mentors with expertise in finance leadership or have successfully navigated similar roles. Engage in networking events, industry conferences, or online communities to expand your support network. Sharing experiences and challenges with others will help you realize that imposter syndrome is expected and that you are not alone in your journey.
Celebrating Accomplishments:
Throughout your first 100 days, celebrate your achievements, no matter how small. Keep a record of milestones, successful projects, or positive feedback received. Reflect on the impact you have made and the value you have brought to the organization. Celebrating accomplishments reinforces your self-worth and helps counteract imposter syndrome by acknowledging your contributions.
Replacing Limiting Beliefs with Empowering Alternatives:
Identify any limiting beliefs that may hinder your confidence and replace them with empowering alternatives. Challenge thoughts such as “I’m not experienced enough” or “I don’t belong here” and replace them with affirmations highlighting your strengths and unique attributes. Remember that you were chosen for this role for a reason, and you can learn and adapt.
Remember that overcoming imposter syndrome is a journey, and it may take time to embrace your new role as a finance leader fully. Stay committed to self-reflection, learning, and personal growth. Surround yourself with a supportive network and leverage their expertise. Celebrate your progress and focus on the positive impact you are making. By applying these strategies, you will navigate your first 100 days with increased confidence and set the stage for long-term success as a finance leader.
Additional Resources
Overcome Imposter Syndrome: A Guide to Building Confidence for Finance Leaders
GrowCFO Show Episode 156: How to Avoid Impostor Syndrome with Carrie Gallant, Author and Executive Leadership Coach
GrowCFO Show Episode 15: Imposter Syndrome and the CFO with Catherine Clark