A Picture of Leadership with Margaret Monckton

Chief Finance Officer at Great Ormond Street Hospital

Please provide us with a picture of yourself

Question: Tell us about your current role (please provide your job title) and what you enjoy most about it?

Answer: I’m currently the Chief Finance Officer (CFO) at Great Ormond Street Hospital (GOSH). GOSH is a particularly rewarding environment, blending education, research, and patient care. I have joined during at a very challenging time, but I’m genuinely enjoying the experience. Given that this is a new sector and a new organisation for me – I don’t line not knowing everything but I love have the opportunity to learn.

Question: Can you describe your career story?

Answer: I’ve been a CFO for 15 years, with a career spanning higher education, the police sector and the private sector. I spent a decade in higher education and loved it,  but eventually found myself losing its novelty—it had started to feel too familiar and I wanted a different challenge. That prompted a move into new territory, including a Non-Executive Director role at UHNM and, more recently, the CFO position at Great Ormond Street Hospital (GOSH) within the NHS. I enjoy having a portfolio of roles, as they often interconnect in meaningful ways.

Question: Were there any role models who gave you a sense of what it is to be a leader or helped you on your journey?

Answer: I’ve learned something valuable from everyone I’ve worked with—each person brings a unique perspective, and no one is a perfect leader. You gain insights not only from what they do well but also from what they struggle with. For example, my last boss was incredibly strategic and eloquent, which I admired, but there were also areas that offered lessons in what not to replicate.

No one is the finished article; we’re all works in progress, which is why I believe it’s important for leaders to show vulnerability. Perfection can be alienating—people connect more deeply with those who are authentic, open about their weaknesses, and willing to grow.

Question: What are the top 3 attributes you value most in a leader?

Answer: Honesty, integrity and authenticity. I want to work with people who want to do the right thing for the organisation and sector in which they work and someone who genuinely cares about people.

Question: What barriers have you faced in your career and how did you overcome them?

Answer: My own confidence is a barrier which has got in the way of believing I could do something.  When I go into a downward spiral, it’s then difficult to get back up again.

I have also come up against sexism, for example, I was at a Finance Committee meeting once with two other female finance directors and the Chair went round the table and shook the hands of all the men and ignored us. I don’t tend to call this out – I just ignore it and focus on doing a good job – that is how I think you best show up that kind of behaviour.

Question: How have you balanced the competing needs of a modern leadership role? How would you define a modern leadership role (e.g. what skills are required)?

Answer: In terms of my definition of a modern leadership role, I believe people orientated skills are key. You have to really care and be interested in people.  I think it is also important to stay true to yourself even when the going gets tough and you have to always operate ethically and in line with your profession e.g. when your boss or Executive team doesn’t want to listen to you because what you are saying is difficult  – you have to keep trying to do the right thing.

In terms of keeping balance in work and life (which I know I’m not perfect at) I try to take regular breaks, which then makes you a much better CFO – I try and get these in the diary well in advance.  Having had a 5.5 month break last year before starting at GOSH, I am now much more aware of this and trying to focus on it – it is easy to get things out of balance in the workplace if you don’t have any time out and the chance to think about something else – there really it more to life than work!

Question 6. The theme for International Women’s Day this year is #AccelerateAction – How are you accelerating action on gender equity?

Answer: I’ve just appointed two female Deputy CFOs.

Question 7. What advice would you give to finance staff in furthering their careers and becoming leaders?

Answer: 1. Stay true to yourself and focus on doing the right thing 2. Do what you enjoy doing. 3. Put the sector first over yourself. 4. Always keep learning and seeking to improve – you will never be the finished article.

Question 9: Have you been interviewed/does your organisation interview explicitly use a value-based approach below executive level? 

Answer: For the first time ever, for the Deputy CFOs we used a values-based interview. We asked questions about moral dilemmas e.g. give me an example of where you had to do something that you didn’t particularly agree with and tell me what drives you and what your values are?  I used to do this all of the time at my previous organisation and if a candidate came top in the main interview but failed the values interview they would not have been appointed.

Question 10. What do you enjoy doing outside of the working week?

Answer: I spend time with my family (I have two grown up children that live in London and a husband that also works for the NHS), I run, walk my two spaniels, sew and visit  Dartmouth regularly where we see friends and do a bit of rowing!