In the governance education space, it would be fair to say The Australian Institute of Company Directors (AICD) has cornered the market.

More than 65,000 people have completed their Company Directors Course (CDC). The fee, of about $12,000, means becoming a graduate isn’t cheap; it’s also a decent investment of time, and requirements to pass are not a walk in the park.

Perhaps that’s why the letters GAICD are often proudly appended to the names of so many marketing professionals on their business profiles. Having finally decided to take the plunge, I spent the last few months taking the course (via the virtual mode) and completing the assignment, exam and quiz required for accreditation.

Over that period, I was surprised how many times people asked, “why would marketing people do the CDC”?

The answer lies in the perpetual conversation of marketing’s impact in an organisation. There aren’t many panels or conferences I’ve participated in or observed where the question of marketing’s influence on the c-suite and board hasn’t come up. That, and the discussion of protecting budgets.

There are marketers at a stage where they’re keen to broaden their experience by taking up board positions themselves. The CDC provides a solid foundation for understanding as well as detailing obligations and responsibilities involved.

Understanding the board and c-suite

Like most executives, I’ve presented to boards countless times on strategic plans and investments. However, the CDC has given me a fuller appreciation of the nuances of the board’s role. Of course, each board is different but there are some universal duties.

Having done the course, I now reflect I could have prepared more detailed positions on:

• ‘What the risk is of not doing this’
• ‘How this work impacts the organisational culture’ (a key board role)
• ‘How previous decisions have increased or damaged corporate reputation and brand value’
• ‘What controls are in place’
• ‘What the legal considerations are of this digital IP’.

It’s also worth learning the risk culture and appetite of your organisation’s board, noting that risk is both downside and upside. Don’t just form relationships with board members either – building connection with the company secretary can be invaluable in understanding the board dynamic.

Finally, the CDC teaches you the ‘language’ of the board itself, which can be powerfully incorporated into your proposals.

Noses in, hands out

On the flip side, if you want to join boards, the CDC shifts your mindset from management and leadership to that of governing and the principles of governance. ‘Noses in, hands out’ was a line I heard that brings it to life. Ask yourself: What competencies are you bringing to the board? What due diligence is appropriate before you join? What are your legal responsibilities? How will you contribute to the board eco-system that improves value for stakeholders? What are the current levels of reporting from management and are they appropriate?

If you look at the AFR most days, you’ll see the contribution of board members is heavily in the spotlight. And as we’ve witnessed with Qantas, becoming a board member has individual reputational risk.

The materials in the CDC are dense, with about 250 pages plus of reading for each of the five modules. There is also the case history, videos, slides and a workbook to apply the learnings in practice. It’s a slog to get through. Of course, one’s career background will make some modules easier than others. Experienced marketers will probably find the accounts and strategy pieces straightforward and those with a legal background will be all over law and risk.

One of the best hacks was being given the course notes in PDF format by a recent graduate. This enabled me to search keywords quickly, which saved an enormous amount of time in the (open book) exam.

Reading a range of real-world annual reports, from Woolworths to Telstra and The Australian Red Cross, also helped accustom me to different formats. Other tips are to do as you are told (shock horror) and read the notes twice, take the practice exams and quizzes and follow their suggested order.

The AICD has enabled me to understand governance more deeply, which will help me be a better executive and a better board member. I particularly enjoyed the finance material. When recently interviewing for a board role, I was able to ascertain the health of the institution through the business ratios in a way I wouldn’t have previously. The case histories too are fascinating, and we covered several high-profile board crises including the brand risk faced by The Heart Foundation.

Yes, it’s hard work and some bits are dry, but I got a genuine sense of satisfaction from competing the CDC. In a world of ersatz courses, the AICD still holds weight and brings to life the key challenges marketers should be prepared to face when they walk into the board room.