Meet the class of 2013.

• Author: Heffes, Ellen M.
• Position: HONORING THREE FINANCIAL LEADERS

This year's three inductees bring to 23 the number of exceptional financial executives in FEI's Hall of Fame since its launch in 2006. The Hall of Fame provides recognition to senior-level executives who have epitomized the performance, leadership and integrity of the most exemplary financial professionals throughout their careers, and in doing so, have made significant contributions to the betterment of their respective organizations and to the profession as a whole. Proceeds benefit the work of Financial Executives Research Foundation, the research affiliate of FEI.

EARNEST J. EDWARDS

To Earnest "Earnie" J. Edwards, "finance is one of the primary and most used languages of business. It's a way to tell the business story by the numbers of what's happened and where we are going." Further, "finance executives must have the highest integrity and self discipline and they must be strategic thinkers," he says.

During his distinguished more than nearly 35-year career with aluminum producer Alcoa Inc. (1965-2000) - where he rose to senior vice president and controller - Edwards demonstrated financial leadership in issues relating to business operations, cost reduction initiatives and process improvements. He believes finance helped him to succeed because he focused on management accounting and reporting early on in his career as the bridge to more involvement in the business processes.

Today's financial leaders, says Edwards, are "much more involved in running the business as an integral part of the leadership team. They are using their skills in formulating strategies, assessing risks and developing plans, taking full advantage of automation and technology changes and, out of necessity, are more globally oriented."

He notes today's finance leaders are generally looked upon as compliance officers among many of their peers, as compliance has grown in complexity and requires more attention. This contrasts with his career days - when "the main thrust of finance leaders was to run the finance organization and its function as a service department to the business operations."

Lifelong Learning

Edwards is a believer in lifelong learning, particularly due to the rapid changes in technology and the impact of globalization and more. "It should be the goal of everyone, especially those who focus on achievement," he says.

He received his BS degree in accounting from Virginia State University in 1961 and MBA from Duquesne University in 1976 at night school. He also received excellent leadership and functional skills training in his three-plus years as an officer in the U.S. Air Force at Kelly Air Force Base (1962-1965). At that time, he says, he "started to learn and become interested in leadership."

Edwards started his tenure at Pittsburgh-based Alcoa in 1965 with a year of controllership training in the firm's program, and was later selected for the company's advanced management program.

For the remainder of his career, much of his continued business education was acquired by attending Financial Executives International's (FEI) seminars and conferences. He was an active FEI member, having served on the Committee on Corporate Reporting (CCR) from 1984-1999 and as CCR chair (1993-1995). He also attended numerous company sessions on total quality management, an area that made a considerable difference in his life.

Edwards cites his training in total quality management and the application of quality principles to his work and life as "the most significant life-changing lesson, both during my career and after," and wishes he had gotten exposed to it sooner.

Among the many take-aways from his learnings: Do it right the first time; strive for error-free performance; continuous learning is important; and eliminate waste from your processes where most helpful. A key technique to Edwards is to seek "true north answers" and sift out the fuzziness that leads to errors with the five "why" questions, or the old who, what, where, why, when probes. These are principles he still uses in his everyday life, he adds, "with much success."

On career advice, Edwards says, one of his early mentors advised him to "seize every opportunity to learn and to do different jobs. It's the way to stay motivated and grow." Another executive vice president mentor advised: "Take your job and work seriously, but don't take yourself too seriously."

The best personal advice he...