The role of CFO is entering a new era. It’s no longer about financial management or number crunching. Today’s CFOs are driven by data, acting as an advisor to the CEO and taking on the unofficial role of ‘Chief Future Officer’. Financial executives who are digitally minded and able to work in a fast-paced environment are ideal candidates for becoming CFOs.
Companies are increasingly turning to CFOs as the next in line for the number one number. Financial executives are becoming CFOs at a younger age with part-time positions and remote opportunities opening the industry for new candidates.
Recent years have changed the role of CFO, meaning financial professionals are switching their focus when building their portfolio to become a CFO. Recruiters want candidates who are actively developing their CVs to meet the changing expectations for today’s CFOs.
Deloitte’s North American ‘CFO Signals’ survey found that over 40% of CFOs saw their primary role as being the company’s co-leader. Recruiters are no longer looking solely for financial managers. They’re searching for candidates with leadership skills, digital fluency, and who are charismatic communicators. Non-traditional candidates are now throwing their hats into the recruitment ring for CFO positions.
There are 6 things recruiters want to see from financial professionals applying for CFO roles.
1. Choose a Niche
Highly skilled CFOs are hard to come by – even more so ones with a niche. Recruiters are encouraging financial executives to specialize within a particular industry or skill set, such as fundraiser engagement, debt refinancing, or e-commerce.
Building your portfolio around a niche enables candidates to build a reputation for their work. Candidates should explore areas to build their portfolio beyond financial management. Recruiters are actively searching for candidates from non-traditional backgrounds who have worked in other disciplines, such as operations.
Post-pandemic CFOs are overseeing tasks as varied as employee retention and digital integration. Developing expertise within a niche can make your application stand out against the competition. Niche expertise makes candidates ideal for headhunting opportunities and for building a profile within an industry.
2. Explore Remote Working Opportunities
The pandemic brought with it the ‘great resignation’ and the dawn of flexible working. Recruiters are encouraging CFOs to explore remote working opportunities, particularly for financial professionals with caring responsibilities or who are returning to the workplace. Remote opportunities typically become available with start-ups and SMEs, making them an ideal option for stepping onto the CFO ladder.
60% of London workers are now in hybrid working situations with companies like Capital One, Amazon, and Adobe choosing to go permanently remote. Recruiters want to see candidates with experience in remote or hybrid working to ensure company confidence.
3. Signing Up with a Recruitment Agency
Companies are increasingly choosing to use recruitment agencies to headhunt their CFO. Signing up with a recruitment agency gives candidates opportunities that aren’t widely advertised and build connections with potential employers. Recruiters are advising candidates to engage with recruitment agencies as many CFO positions are being filled at short notice.
In-house recruiters will work with external recruitment agencies to explore their talent pool. Candidates who work with recruitment agencies benefit from feedback and coaching on ways to develop their CVs. Recruiters may approach an agency with a reputation for candidates within a specific niche.
4. Gain Experience as a Fractional CFO
Gone are the days when only FTSE 500 companies had a CFO on board. The evolution of the CFO role has led to a rise in companies recruiting fractional CFOs. These organizations are typically start-ups and SMEs with a limited budget or who are trialing the role of CFO.
Recruiters are searching for candidates who have taken advantage of the rise of fractional and part-time CFO positions to gain experience within the role. Fractional CFOs work on a contractual basis with most having a portfolio of clients. Financial executives seeking to become full-time CFOs can start developing their experience by working on a part-time basis for a start-up or SME.
Becoming a fractional CFO gives candidates hands-on experience. Most smaller organizers are working on a tighter budget, making them more likely to hire new CFOs. Recruiters view fractional CFO positions as a steppingstone for financial professionals looking to develop their portfolios.
5. Look Beyond Financial Management
Recruiters are searching for candidates with soft skills. Companies pivoting after the pandemic need CFOs who are skilled in communicating to engage with stakeholders, board members, and investors.
Every candidate for a CFO position will have financial management skills. Recruiters want candidates who have a CV beyond the traditional focus on accountancy. and seeking growth opportunities, including taking leadership courses and working with new technology.
CFOs are increasingly taking up the responsibility of integrating new technological systems to improve productivity and overhaul financial systems. Recruiters are seeking candidates with experience working with new technology and that are digitally fluent.
6. Develop Your Online Profile
CFOs are the company leaders of tomorrow. They’re no longer backroom figures responsible for number crunching and presenting spreadsheets. CFOs need to have the profile and experience to be ready to step into the shoes of a CEO if called upon.
Recruiters want candidates who have a profile within their industry, including among investors. While it’s vital to network in person, developing your digital profile is just as important. Recruiters are actively seeking candidates through social media, particularly those with a strong online presence.
LinkedIn and Twitter are two platforms which recruiters want to see candidates engaging with and building a profile through.
The role of CFO is changing faster than ever before. It’s quickly becoming one of the highest profile c-suite positions with opportunities around every corner for financial executives to put their foot on the CFO ladder. Recruiters are looking outside the traditional avenues for candidates with the digital skills, adaptability, and charisma to transform organizations and take on the role of securing its future.
Agencies like FD Capital can provide these 6 things that recruiters want to see CFOs doing to build a winning portfolio that will progress their career.
You can start recruiting a CFO for your company by contacting FD Capital at recruitment@fdcapital.co.uk.
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.
