Companies are increasingly looking for CFOs who have depth in a critical area but also have shown versatility. This means that individuals should look closely at their own career path.
Often, attractive candidates for high-level finance positions have worked within the business, perhaps as a business-level CFO or as the CFO of a specific geographic region of the organization. They may have had responsibility for some area of operations, which shows breadth of knowledge as well as the ability to think outside the box.
We've even seen some nontraditional moves, such as a former CFO who took over the lead role in HR, then moved back to work as the CFO. The reason for this move was specific to the circumstances of that company, but after working in HR, the CFO was a much better finance leader because his view became so much broader. Now in senior executive meetings, he no longer focuses on the numbers or the metrics, but on how different decisions would affect the business and how they would be executed.
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A stint in HR is not necessary for an individual to become a leader in finance—but we do recommend that finance professionals take a creative look at how they could round out their skill sets, starting with these four steps:
1. Although you may not have a clear view of corporate strategy years down the road, you should have a sense of the general direction in which the industry is headed. What changes will your function need to make to support your company over the next decade?
2. Which skills are likely to be most important in your organization when you may be ready to take on the role of treasurer or CFO?
3. If you're interested in moving up, don't keep your head down. Consider how you and your function can improve processes, achieve efficiencies, and/or better support executive decision-making.
4. Consider too how you, as an individual, work with other functions in the company and with senior leadership. Would the internal customers of your department's services recommend you for a move to the next step in your career?
This isn't a one-time thought experiment. These are issues to think about at every fork in the career path, and at points in between. Like the company as a whole, individuals need to balance the depth of their expertise and knowledge with the breadth of experience that is required to lead a global enterprise at scale. Those who do this masterfully will be well-positioned to continue moving upward in the organization.
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