Music, global tours with superstars, and the Chartered Global Management Accounting® (CGMA®) designation may not seem like obvious connections, but they come together in an exciting and unexpected way.
Shirley Henrick, CGMA designation holder and tour accountant in the music business, shared her journey to the CGMA designation on the Finance Leadership Podcast.
Her story revealed the intersection of finance and the arts and exemplifies the critical value of the CGMA designation in any field.
For the past three decades, Shirley has navigated the complexities of project accounting, working with, promoting, and organising world tours for some of the music industry’s most legendary artists.
‘It's my job to reconcile every aspect of the tour that we’re promoting, from income recording and expenditure paid out, like the money to artists and foreign entertainers’ tax, you name it,’ she said.
Management accounts often serve as linchpins in organisations, between business leaders, employees and board members, and externally with investors and clients.
‘When I tell people what I do, they often think it’s just about the numbers. But it’s so much more’, Shirley said.
A significant aspect of her role is to balance her connections with artists, managers, promoters, and vendors.
‘Every financial decision can impact an artist’s tour and, ultimately, the experience for the fans.’
From uncertainty to advancement: Pursuing the CGMA designation in times of challenge
Shirley’s job has taken her all over the globe, but worldwide travel stopped when the COVID-19 pandemic hit in 2020.
She viewed lockdowns as a perfect opportunity to pursue professional development through CIMA to enhance her skills and solidify her expertise in management accounting.
‘I wanted to deepen my understanding of financial management and be equipped to make strategic decisions that drive our business forward’, Shirley explained.
She chose CIMA because she appreciated the emphasis on combining technical accounting skills with strategic business expertise.
The CGMA FLP: A flexible and immersive pathway to the CGMA designation
The CGMA Finance Leadership Program (CGMA FLP) offers an online pathway to achieving the CGMA designation. With on-demand learning, you study at your own pace and schedule.
‘Going back to studying after so long was tough’, Shirley said. However, the CGMA Finance Leadership Program allowed her the flexibility to achieve her goals. Tracking her progress was a great motivator to keep up with her studies.
‘I'm very much a visual learner. I need to see progress. I need to see where I am at any point in time, and I like having a goal, which again lends itself to my project accounting.’
The online CGMA FLP platform provided clear tracking tools, allowing her to set weekly competency goals and receive an estimated completion date. This feature gave her a tangible way to measure her progress, making her studies feel more structured and achievable.
Another aspect she appreciated about the CGMA FLP was the accessibility of the study materials.
‘I could read the text on the tube, on the train, on my lunch break. I really enjoyed the user-friendly aspect of it. It felt like you were reading a lot of texts, but then you would get to the competency tests…and you'd think, okay. I'm going to have to read this because you can't move on until you pass them.’
Through the CGMA Finance Leadership Program, she was challenged to hone critical thinking and decision-making skills, as the CGMA FLP also incorporates scenario-based tests, making learning more practical and immersive.
‘When you reach the end of [a competency], you get the scenario test, which I found useful because it lets you imagine a real-life workplace scenario….You had to put yourself into the company to figure out the correct solution. That’s the business simulation assignments.’
‘It gets you thinking, not just about finding the correct answer, but particularly at the management level, they ask for your opinion. As you reach that stage in your career, you're being asked to give recommendations.’
Bringing value to organisations with the CGMA designation
‘It's all about giving yourself the opportunity to be heard and to say, I can do this job, and I've got the skills and the qualification. It's about the value you can bring to that organisation, and it doesn't matter your age.’
Shirley believes the CGMA designation has promoted her credibility within her organisation and given her a broader perspective on the financial elements of the music business. ‘It’s about understanding how numbers tell a story and contribute to the bigger picture’, she emphasised.
Although Shirley plans to stay in her organisation and professional role, she credits the CGMA designation with significantly boosting her confidence, giving her a stronger sense of achievement, and preparing her for future opportunities.
‘When I decide to move on, or if things change within our company, I’m at an age where, though I hate the idea of competing against another human being for a position, in the cold light of day, having those letters [CGMA] after your name matters. That will be valued.’
Listen to the full interview with Shirley Henrick on the Finance Leadership Podcast.
Discover other insightful podcast episodes, including ‘Navigating the UK Accountancy job market’ and ‘Unlocking Success: Exploring the CGMA FLP with Ghanaian Tax Associate Richard Addo’.
