Our February/March magazine cover story looks at the requisite competencies and skills for finance chiefs, but it leaves open the question of who gets hired as one. The annual Crist|Kolder Associates Volatility Report provides some clues.
The search firm collects annual data on the turnover of C-suite executives and the most common career paths and backgrounds of the people who hold the CFO position.
This year’s report tells us, for example, that Big Ten universities have produced the most finance chiefs for eight years running. (The Atlantic Coast Conference came in second in 2020.) Some other interesting facts for 2020:
The other takeaway is that CFO turnover is still high among the Fortune 500 and S&P 500 companies studied — the industrial and services sectors had the highest rates, both north of 17%. Why so high?
Part of that was probably the pandemic, but a contributing factor might be the high expectations boards and CEOs have for an incoming finance chief. For details on those expectations, see the story I mentioned, 10 Vital Roles for CFOs.