Unlocking Your Learning Potential: The Power of Experiential Learning for Finance Leaders
Kevin Appleby
I help finance leaders develop into dynamic and influential CFOs. I'm host of the leading podcast for finance folks, the GrowCFO Show, and part of the team at GrowCFO
In today's rapidly evolving business landscape, especially in finance, leaders must adapt and continuously expand their knowledge beyond their initial professional qualifications. Learning effectively is crucial, and understanding your preferred learning style can significantly enhance how you absorb and apply new information. This article explores how experiential learning can aid finance professionals in this journey, particularly for those who, like me, thrive on hands-on, just-in-time learning.
David Kolb is an American educational theorist best known for his work in experiential learning. Born in 1939, he developed the Experiential Learning Theory, which emphasizes the importance of experience in the learning process. Kolb's model, introduced in his seminal 1984 book "Experiential Learning: Experience as the Source of Learning and Development," outlines how individuals learn through a cyclical process involving concrete experience, reflective observation, abstract conceptualization, and active experimentation. His work has had a profound impact on education, organizational development, and training programs, providing valuable frameworks for understanding how people engage with and absorb new information. Kolb’s insights remain relevant today, particularly in fields that require continuous learning and adaptation, such as finance and management.
We've introduced Experiential Learning for Finance in GrowCFO. It's the best way to learn, no matter what your preferred learning style is.
Understanding Learning Styles
Kolb's Experiential Learning Cycle outlines four primary learning styles: Diverging, Assimilating, Converging, and Accommodating. Each style offers unique strengths and preferences:
Which of these styles resonate most with you?
My style is a combination of converging and accommodating. My preference for hands-on, just-in-time learning aligns perfectly with Kolb's model. Additionally, my top strength in StrengthsFinder 2.0 is the Learner theme, which reflects my passion for acquiring new skills and knowledge as I face challenges. Recognizing these strengths allows me to tailor my personal development strategies and foster a culture of continuous learning within my team.
The Need for Continuous Learning in Finance
Finance leaders today face a myriad of challenges that extend far beyond traditional accounting principles. The rapid pace of technological advancements, regulatory changes, and economic shifts necessitate a broader skill set that includes:
Since many of these topics may not be covered in professional accountancy qualifications, experiential learning becomes a vital tool for finance leaders.
How Experiential Learning Can Help
Experiential learning emphasizes learning through doing, reflection, and active engagement. Here’s how it can specifically benefit finance leaders like myself:
1.?Real-World Application
By engaging in hands-on projects, I can apply theoretical knowledge to real-world scenarios immediately. For instance, participating in cross-functional teams allows me to see how financial decisions impact other areas of the business, reinforcing my understanding through practical experience.
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2.?Reflective Practice
The reflective observation stage allows me to analyze my experiences critically. After completing a project, I take the time to reflect on what worked, what didn’t, and why. This process leads to profound insights and improved decision-making, enabling me to adapt my strategies in future situations.
3.?Collaborative Learning
I thrive in collaborative environments where I can leverage the diverse perspectives of my team. Group discussions and brainstorming sessions encourage knowledge sharing, allowing individuals with different learning styles to contribute effectively. This collective approach enriches my own learning experience.
4.?Adapting to Change
In a dynamic environment, being able to experiment with new approaches is crucial. I embrace the active experimentation phase, where I can test new ideas and strategies in a controlled manner, learning from both successes and failures. This adaptability is essential for navigating the complexities of the finance sector.
5.?Networking Opportunities
Experiential learning often occurs in collaborative settings, providing opportunities to network with peers and industry experts. These connections can lead to valuable insights and shared experiences that enhance my professional growth and broaden my perspective.
Experiential Learning for Finance (ExLF) with GrowCFO
ExLF is taking centre stage in our learning programs at GrowCFO. I discussed it in the landmark episode 200 of The GrowCFO Show with Dan Wells
You can listen to the whole episode here https://www.growcfo.net/2024/09/10/200-the-profit-boosting-power-of-experiential-learning-with-dan-wells-founder-ceo-growcfo/
Conclusion
For finance leaders who have advanced beyond their professional accountancy qualifications, understanding one’s preferred learning style and embracing experiential learning can significantly enhance their capabilities. By actively engaging in new experiences, reflecting on those experiences, and applying learned concepts, finance professionals can navigate the complexities of today’s business environment more effectively.
As the landscape continues to evolve, those who commit to lifelong learning and adaptability will not only thrive in their roles but also lead their organizations toward greater success. Embrace your learning style, leverage experiential learning, and become a more effective finance leader—just as I strive to do every day.
You can find out more about ExLF at GrowCFO here. If you want to talk about ExLF for your finance team then drop me a message.
Career Mentor, especially to women | Experienced CFO & Leader | Author & Speaker | I help you achieve your career goals without loosing yourself
1 个月Totally agree, experiencial learning is the way to go ?? Kevin Appleby
Training finance leaders through peer group learning, professional mentors and powerful content.
1 个月I’ve been fascinated about the huge benefits of experiential learning versus passive learning. There’s definitely a place for both but we do believe that it’s important to include experiential learning within your development plans.