CFOs Surveyed Cite Better Offer, Retirement as Most Likely Reasons for Moving On

MENLO PARK, CA -- They may have reached the top finance spot in the organization, but chief financial officers (CFOs) know what would make them step down from their posts, according to a new survey.  Twenty-nine percent of financial executives polled said the most likely reason they would resign is for a better offer, followed by retirement, at 26 percent.  Thirty percent of CFOs said the average tenure of a company’s top financial executive is five to six years.

The survey was developed by Robert Half Management Resources, the world’s premier provider of senior-level accounting and finance professionals to supplement companies’ project and interim staffing needs.  It was conducted by an independent research firm and includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees. 

CFOs were asked, “In your opinion, which one of the following would be the most likely reason a CFO would choose to leave his or her position?”  Their responses:

Better offer by another company   29%
Retirement   26%
Opportunity to start own business   11%
Failure to see eye to eye with CEO or board   11%
Lack of challenge   9%
Pressure to meet regulatory requirements and compliance deadlines   5%
Opportunity to pursue a consulting career   4%
Don't know/no answer   5%

CFOs also were asked, “In today’s business environment, what do you think is the average tenure for someone appointed CFO at a company?” 

1 to 2 years   2%
3 to 4 years   8%
5 to 6 years   30%
7 to 8 years   7%
9 to 10 years   22%
11 to 15 years   8%
16 to 20 years   5%
21 or more years   5%
Don't know/no answer   13%

“For financial executives seeking a career move, the prospect of a new opportunity can be enticing but it requires careful consideration,” said Paul McDonald, executive director of Robert Half Management Resources.  “CFOs should weigh all factors before accepting another position, including job responsibilities, performance expectations, fit with the company’s culture and management team, and compensation.”  

The silver lining in the survey is that more than a quarter of respondents said they would leave only for retirement.  “More than ever, financial executives are intricately involved from a finance, technology and operations perspective, and they thrive on their central role in driving the company’s growth,” McDonald said.

Robert Half Management Resources has more than 100 offices throughout North America, Europe and Australia, and offers online job search services at www.rhmr.com.



Media Contacts

Quick Link: http://www.roberthalfmr.com/PressRoom?id=1602

print Print   email E-mail   rss RSS