There are both good ways and bad ways of being visible, of course. Having a job is a good way; signing up for a few select databases of aspiring board members might be another. The NACD, for example, maintains a database that is increasingly being tapped by boards, says Doreen Kelly-Ruyak, director of marketing for the group. "We successfully made 50 matches last year," she says. The group expects that number "to increase dramatically as boards become more concerned with employing an independent process" for finding new members, she adds.

However, McCool warns against posting résumés too freely on online networks or databases to avoid being seen as a "wannabe" director. "CFOs need to be judicious in terms of who they're sharing their résumés with and to not be seen as too aggressive in pursuing opportunities," he says.

Indeed, Eileen Kamerick, finance chief of Tecta America, says her first board invitation came indirectly, when an auditing firm she had worked with was asked to provide the CEO of Westell Technologies with director recommendations. She has now been a member of Westell's board for seven years. "There's no way to really plan this; it's a matter of being opportunistic and making your interests known," says Kamerick, who also serves on the boards of Associated Bancorp and Bostwick Laboratories.

In fact, many smaller companies may not use recruiters at all, heightening the need to network. "I have worked with recruiters, but for middle-market firms, it seems that most placements are by word of mouth," says Mark Zorko, CFO of Del Global Technologies and chair of the audit committee for MFRI since last April. His understanding is that middle-market companies are trying to save the search fee by tapping into the networks of current executives and directors. Zorko has served on a number of boards and says "with the exception of two or three times, all of my introductions [to boards] were based on personal relationships."

To be sure, there are good ways to meet the right people. One is to take director-education programs. The NACD offers courses around the country for both established and aspiring directors, and is planning to roll out Web-based versions of some of its programs next fall. Plenty of private business schools, including Northwestern's Kellogg School and UCLA's Anderson School, also offer courses for aspiring directors.

Another way is to serve on nonprofit boards. "It's good in terms of learning how the boardroom works, and it's also a good networking opportunity, since other board members are often on public-company boards," says Kamerick, who is on the corporate board of the Boys and Girls Club of Chicago, along with several other Chicago-based nonprofits.

There's no denying that the search for a CFO board opportunity can be frustrating. Perhaps the brightest ray of hope is that, as the Securities and Exchange Commission requires ever more disclosure about directors' backgrounds, boards are trying to become more exhaustive and objective in their searches. "They're moving beyond their own networks" and taking a more analytical approach to filling board seats, says Kelly-Ruyak, who notes that about 10 companies a week contact the NACD for a list of director candidates who fulfill certain criteria. If that trend continues, "you'll see a little less focus" on a candidate's marquee value, she says, and "a little more focus on skills and expertise."

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LinkedIn Company Connections:

• BDO Seidman |
• Crist Kolder |
• Reilly Partners |
• Westell Technologies |
• National Association of Corporate Directors |
• The McCool Group |
• Tecta America |
• Associated Bancorp |
• Bostwick Laboratories |
• Del Global Technologies |
• MFRI