Last April when I did the keynote at the Prophix User conference, I said this …
Today, the trend is towards Operational CFOs who hold an MBA and bring a broader education & finance perspective, along with a strong ability to synthesize information. CEOs and Boards will demand their Chief Financial Officers possess broader-based skills as they seek business strategists and leaders in filling that role.
At the CFO Rising conference on Wednesday, the panel of finance recruiters had this to say …
–At Fortune 1000 companies the number of controllers moving into CFO positions is down by about 33%. Conversely, those finance executives who have general management experience, strong operational contributions, and a record of leading strategic initiatives are the most sought after in filling Chief Financial Officer roles today.
–The backward-looking mindset of accounting and FP&A is now outdated and has become commoditized.
–Companies want PROspective mindsets from their CFOs. The game has moved beyond numbers. It requires a CFO to have a strong controller and finance team in place so he is free to focus on the big picture with the CEO.
–There is a trending convergence of the COO and CFO roles. (I think the CFO who brings a solid finance skill set plus operational experience is poised to win this competition every time).
–Today’s CFO requires much more than being the “finance police.” It requires passion, energy, vision, and the proven ability to move a company forward.
Today 70% of the average company’s value is off balance sheet, considered intangible by accountants. Yet that value is created through investment of real dollars.
If finance professionals want to be part of forward-looking conversations about strategy, they need to develop data on their organization’s intangible capital.
Great post! This is the type of message Indicee (B.I. for mere mortals) is bringing to finance types. Financial statements are a compliance requirement, but you need to bring operational acumen and real Business Intelligence in order to truly benefit the company. We call it burying the Cost Centre mentality!
Cheers, Geoff
Thanks for reading and commenting, Mary and Geoff!
Thank you for the great message to help my re-direction in presenting my self for a CFO position. Excellent information
Lyle
I’m glad the information was helpful, Lyle!