First it was Numbers Execs with CPAs. Then the Numbers Wizards morphed into Operational Finance Execs, ensuring that companies were getting the biggest bank for their buck across all business units.
Now, as I suggested last year in one of my Proformative webinars, it is the Global Operational Finance Executive who is finding his way into the CFO seat.
The responses from the more than 2,100 US CFOs surveyed are in line with a previous survey conducted by Robert Half in 2008, in which 71 percent of finance executives believed international experience would be a necessary skill for accountants by 2013. [Source: AccountingWeb.com]
If it’s a necessary skill for accountants, it is – and will be for the foreseeable future – a necessary skill for the Finance Executives and Chief Financial Officers who lead them.
Next up … Global Operational Finance Executives with a deep understanding of technology. Watch for it.
Cindy,
I guess you wouldn’t be surprised to say that I agree with what you are saying.
You can see from my blog entry at http://ow.ly/nTvHH that I think the role of the CFO, especially in SMB’s, is easily expanded from just financial to overall business results watchdog and leadership when it comes to choice of technology solutions to ensure all relevant data is collected, reported and used for business decisions. Of course they will have a key role in making those decisions as well.
Thanks Donald! It’s always good to have others in the field see the same things I do.
Cindy,
My take on this topic – “Global” is not for every CFO or future CFO.
Here’s why. Most companies in the USA are not international focused. They may deal with global suppliers and customers, but most mid-sized companies are focusing on being the best they can be in a market they understand.
Now, in larger, global organizations, international experience combined with operational experience allows for excellent opportunities within these companies.
Except.
Senior Financial Executives should be aware that a business unit CFO posting overseas could be the kiss of death for their career with their current employer. I have seen too many “Country CFOs” transfer for a couple of years, then being out of the loop and our of line for succeeding the CFO.
“Senior Financial Executives should be aware that a business unit CFO posting overseas could be the kiss of death for their career with their current employer. I have seen too many “Country CFOs” transfer for a couple of years, then being out of the loop and our of line for succeeding the CFO.”
I agree that used to be the case, Samuel … but all the stats and surveys I’ve seen in the past 2-3 years says this is no longer the case. Overseas experience is becoming key to advancement as our world becomes smaller and smaller and global becomes the norm.
I am also seeing my CFO clients who work for private companies doing business internationally as extremely marketable today. The reality is, the world is shrinking and global is trending. No, not for “every” CFO … but it is trending and I don’t see that going away or even diminishing.
Couldn’t agree more on the trend towards tech saavy CFO’s. The days of being able to ignore technology and how it can drive business performance are done. I made the change from IT to Finance successfully, just because I predicted this trend would accelerate and there would be a dearth of talent that could successfully straddle both areas with credibility.
There’s also loads of value in the structured methodology you get from an IT environment, especially if you’ve done any IT consulting work. I’ve seen too many chaotic Finance departments with no structure or processes in place, let alone documentation or policies. I’m a huge believer in creating structure and rebar which is a MUST in IT. I think you’ll see more folks making the change over, especially as the technology platforms demand some level of IT skill.
Just found your blog and while I’m probably 5-10 years from needing a CFO coach, I’m a fan of your content. Great stuff!!
Thanks for taking time to share your insights, Jim … and for your very kind words!