Survey Shows Average Tenure for CFOs is Eight Years
MENLO PARK, CA -- Success breeds longevity for accounting professionals, suggests a new survey of chief financial officers (CFOs). Forty-one percent of executives said the average tenure of a company's top financial executive is seven or more years. The mean response was eight years.
The survey was developed by RHI Management Resources, North America's largest consulting services firm providing senior-level accounting and finance professionals on a project basis. It was conducted by an independent research firm and includes responses employees.
CFOs were asked,"What is the average tenure for someone appointed CFO at a company?" The mean response was eight years.
|One to two years||5%|
|Three to four years||12%|
|Five to six years||26%|
|Seven to eight years||10%|
|Nine to 10 years||19%|
|11 to 15 years||7%|
|16 to 20 years||3%|
|21 or more years||2%|
|Don't know/no answer||16%|
"For accounting and finance professionals, achieving CFO status is a career apex," said Paul McDonald, executive director of RHI Management Resources. "Not surprisingly, tenure tends to be more established at this level. In fact, it's not uncommon for a company's top finance executive to eventually assume the CEO post."
McDonald pointed out that expanded job descriptions for financial managers at all levels are having a positive impact on retention. "In addition to traditional functions, accounting and finance professionals are involved in revenue enhancement, business development, corporate strategy and technology implementation, each of which is adding new dimension and challenge to the role."
RHI Management Resources has locations in major cities throughout the United States, Canada, Europe and Australia, and offers online job search services at www.rhimr.com.
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