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Starting Advice for a New CFO on the Job

Starting Advice for a New CFO on the Job

The tenure for today's chief financial officer averages little over 5 years, meaning new CFOs looking to use their positions as leverage for future opportunities have only a short window to accomplish their goals, CFO Magazine reports.

Blythe McGarvie, a former CFO of BIC Group, told the publication recently that finding an ally and establishing strong relationships with one's finance team can go a long way towards starting out on the right foot in executive jobs.

Bill Maw, the CFO of electronic securities-trading system vendor Liquidnet, added that notes that demonstrating control over the business' operations from the get-go can also be critical for newly appointed finance chiefs.

"You want to have a team and processes in place that make you extremely confident," Maw tells CFO. "That’s not going to happen in 90 days, but you have to have the commitment in place to support you going forward."

With the role of the CFO changing substantially since the financial crisis, these executives have become more equipped to handle big-picture issues that affect the company's bottom line. This suggests making a strong impression early on the job as CFO can put the executives in position for future CEO opportunities.