King Recruit surveyed 52 chief financial officers (CFOs) and Finance Directors from around the region on a variety of topics to understand their perspective on the role and the major business trends that are impacting the finance function.

The survey found that, when planning for a successor, only 34% of CFOs believe they have a comprehensive succession plan, and 79% do not feel there is a ready-now successor for their role.

“The number of Senior Finance Professionals who don’t feel they have a formal succession plan or a direct report ready to replace them now should raise concern. And yet, despite the lack of perceived readiness, approximately 60% of appointed CFO’s/FD’s are still sourced internally.

Additionally, the survey respondents reported strategic thinking (27%) and leadership skills (24%) as the top two capability gaps they are looking to develop in their direct reports. CFO/FD requires successors to not only have a strong financial background, but also strong operational and strategic leadership skills.

In response to where CFO’s/FD’s spend their time, topping the list was:

  • Driving strategy (31%)
  • Budgeting and financial planning (15%) and
  • Data and business intelligence/analytics (13%)

When it comes to their career path, 63% of CFOs said they want to be a CEO during their career, but nearly one-quarter (23%) said this is the role they want next.

If you like this article you may like:

What makes an outstanding Finance Director?

King Recruit’s 6 point guide to your Executive Job Search in 2019