- The competition is being held for the 9th year
- Applicants can submit their nominations or be nominated by their peers in 7 categories
- In recent years, more than 40 CFOs have won the prestigious award
The CFO is a key figure for any business. In order to recognize his key role, EY Bulgaria has been organizing the "CFO of the Year" competition for almost a decade now. The start of the 2024 campaign is this November.
How to distinguish yourself as a manager whose responsibility is financial management in the company? What are the accomplishments of CFOs that often remain hidden from most people? What are the successful examples? For 9 years now, CFO Of the Year has been highlighting the role of CFOs and drawing attention to their work, rewarding the most successful and outstanding.
Following the latest trends in the corporate world, this year's competition builds on previous editions and offers many changes. Brand new is the "Sustainable Development" category, which draws attention to the work of managers on current ESG topics. Sustainability has been key to business for years, but is now becoming almost mandatory due to various regulations. The topic often enters the agenda of companies precisely through the financial directors, who directly see the benefits and advantages of sustainability in the organization's processes.
The creation of this new category does not simply follow the currently fashionable wave, but gives an opportunity to distinguish managers who really succeed in using ESG requirements to support the success of their company. It includes CFOs with experience - they participated and led the topic of sustainability from its initial introduction to actual actions in the company; have managed to engage the rest of the team to achieve the ESG goals; work on reporting on the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy; initiate activities outside of regulations and work for real environmental change.
The current topic of the introduction and use of artificial intelligence by business is also reflected in the new competition. It is part of the requirements that financial managers must meet in the "Strategic partner for business development" category. They are expected to have been involved in developing and defining a long-term AI strategy that aligns with the organization's overall business and financial goals.
In its desire to cover the maximum part of the business in Bulgaria, CFO Of The Year 2024 opens the opportunity for participation to startup companies as well. They fall under the Small and Startup category. CFOs there face specific challenges. They are often tasked with routine tasks, have limited resources, and carry large responsibilities. Nominees must demonstrate skills in strategic decision-making, overall support in running the company, and financial performance that will set the particular small or startup business apart from others in the market.
Another change is taking place in the "Control and accountability" category, which now includes tax management. The reason is that this specific function is becoming more and more important for companies. CFOs must be able to lead the development and implementation of a tax strategy in accordance with regulations; implement tax-efficient structures, credits or incentives that optimize the company's tax position; anticipate and avoid tax risks by proactively monitoring and preparing for emerging changes in regulations and policies.
Why should CFOs be involved? The EY Bulgaria competition is unique and sheds more light on this responsible and specific role in each company.
"For the last decade, the Competition has become an emblem for business in Bulgaria and a starting point for the development of many managers - after receiving the recognition, some of them rise in the hierarchy and assume a leadership role in their companies. Others assert their positions in front of their teams and gain more visibility over their achievements," commented Nikolay Gurnev, EY's managing partner for Bulgaria and South-Eastern Europe. "This makes me very happy, because this is exactly our goal - to talk more about the role of the CFO, to see and recognize his contribution to the overall activity of the company and to show the younger generation that nowadays it is modern and attractive profession.'
"CFO of the Year" is a competition for all financial managers. It aims to recognize the contribution of financial leaders to the CFO profession, promote best practice in the field and stimulate further development in the sector. The competition provides an excellent opportunity for financial professionals to be recognized for their efforts over the years and to recognize companies as professional organizations that promote good practices and develop the business environment in Bulgaria.
For the past 9 editions, over 40 successful leaders have received an award in their developmental categories. There are seven winners in 2023 - you can see them HERE.
We invite every financial manager who wants to share his successful work practices, to tell how he overcame difficulties, how he manages and unites his team and how he helps the company to make important and strategic decisions, to join the contest in one or several categories by filling out the nomination form.
