On any given day, Rachel McAllister, a chartered professional accountant (CPA), is a consensus builder and trusted business voice to help communities build their futures on their own terms.
McAllister is the chief financial and operating officer of the First Nations Finance Authority (FNFA), a national non-profit that provides First Nation governments with access to finance, investment and advisory services, located in Westbank First Nation, B.C.
Indigenous communities work with FNFA to finance major initiatives to grow and improve quality of life in their communities, including infrastructure, housing and commercial projects. “Indigenous peoples, as part of their culture, are stewards of the land, so seeing them included and able to prosper from once-in-a-generation opportunities is invaluable,” McAllister says.
Her ability to guide FNFA’s success, including its financial direction, organizational objectives and overall strategy is shaped by her experience as a CPA.
“The technical and critical thinking skills you learn as a CPA are super important, as is the ability to see the bigger picture and to look toward the future,” McAllister says. “Collaboration, communication and adaptability – those things make you a well-rounded professional who can lead.”
The ability to be agile is also essential. “Part of that is having good time management skills and the ability to utilize your team,” she says. “Since we operate across the country and the regulatory and legislative environments are always shifting, my team is constantly looking ahead and planning for change.”
However, McAllister didn’t always know that she wanted to pursue a career as a CPA. “I didn’t know what I wanted to do right out of high school,” she says. She decided to go to university to study business because of the options it provided and finance and accounting turned out to be the areas that interested her the most. “Overall, my CPA designation opened a lot of doors and gave me flexibility to try different things.” she says.
Today, McAllister is proud to be leading a team dedicated to promoting equity and prosperity for Indigenous communities and organizations. This work includes supporting First Nations in participating in large-scale projects throughout their territories, including wind farms and equity participation in a variety of projects.
In the public sector, FNFA supports the federal government’s goal of closing the estimated $349 billion infrastructure gap between Indigenous communities and the rest of Canada by 2030.
“If we can build more at today’s costs rather than tomorrow’s inflated dollar, we can start making some headway in that infrastructure gap,” McAllister says. “This could include replacing diesel power in remote communities with clean energy, providing clean water, building housing that’s up to par with the rest of Canada, improving roadways and the list goes on.”
What that work translates to in the local context includes an FNFA partnership with the Ch’íyáqtel First Nation near Chilliwack and BC Housing to build residences that meet diverse community needs. The project supports multiple families, including parents with young children and Elders.
“These types of projects help communities retain their members, grow their culture and reclaim their identity,” McAllister says.
Learn more about how CPAs are supporting communities, organizations and the economy.
Originally published by Business in Vancouver.
