The November 2009 CFO Magazine contained a survey of Senior Finance Executives’ thoughts on the impact the recession was having on their role/career. Very interesting results particularly because responses were categorized by Chief Financial Officers, VPs of Finance, and Controllers.
Here are a few that jumped out at me …
–41.7% of CFOs said the recession has enhanced their career opportunities
–42.4% of VPs of Finance say it has harmed them because of fewer opportunities both internally and externally
–56.6% of CFOs say their role has become more important and respected
–86.8% believe they have a voice in the company beyond finance
–27.9% feel they are stuck in a siloed role
–66.6% of all finance leaders say specific past experience (treasury, investment banking) has helped them achieve their current role
–48.3% attribute success to demonstrating their abilities such as IPO, restructuring
–28.5% of CFOs believe operational experience will help them advance
–3.3% believe that an MBA or CPA will be beneficial
–30.5% of CFOs would leave for the right job
–39.1% would NOT leave, citing enjoyment of their current role as the reason … NOT uncertainty of the current environment
Interesting is the discrepancy between the belief that operational experience will help CFOs advance (I believe that’s true as well) and where having an MBA or CPA falls … particularly in light of so many companies making those credentials a requirement. What exceptional talent might companies be missing out on by adding that requirement?
Also curious was the reason CFOs cited for staying in their current jobs … enjoyment?
Thoughts?
Hard to draw any conclusions given the small sample size. The one that surprises me the most is only 6.2% of Controllers felt the lack of a CPA was holding them back. Again, the sample is important because that suggests to me that a CPA was not a requirement of the job in the first place.
I’m also surprised that only 30.5% of CFOs would leave for the right job. Isn’t that all what we aspire to do – to be in the right job? Huh? The reason for staying, enjoyment, perhaps, but it is the sign of the times.
Lastly, it is good to see that 23.4% of CFOs aspire to reach the CEO slot. A word of caution, it’s not all what it’s cracked up to be,.
I thought the stats around CFOs leaving and “enjoyment” as the reason they are staying very curious. Anyway, thanks as always for reading and for commenting, Mike!