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.
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