The new Financial Executives Research Foundation's Annual Financial Executive Compensation Survey shows dramatic changes in the responsibilities of CFOs, both private and public. Areas where private CFOs are spending significant more time than ever before are Planning, Legal, Purchasing, Operations, Administration, Mergers and Acquisitions, and Investor Relations. Most notably is the increase in planning. Over 60% of CFOs said they were responsible for planning this year compared to almost none in the previous two years. Additionally, 20% said they were responsible for operations; a low percent but a huge increase from almost none in the previous two years. Add the huge year-over-year differentials in legal, purchasing, and administration and you can see how obvious it is that CFOs are being asked to be more business people and less bean counter.
This is great news for the CFO profession as the value we bring to the organization is being recognized more and more by business owners and boards of directors. However, many CFOs need to adjust their thinking and get to work broadening their skill set in order to fill the demand for this business partner. Its time to get into the operations of the business, take on new projects, and begin reading different material. The career opportunity for operational CFOs is great! But not so good for the traditional accountant. Broaden yourself (and quick!).
