CFOs on boards financial skills are not enough.

• Author: Christensen, Jeff
• Position: Professional Development - Chief financial officers

Chinese philosopher Lao Tzu is said to have stated: "The journey of a thousand miles begins beneath one's feet." Many chief financial officers have already traveled many miles along their career paths. Is a corporate board directorship next on their horizon? If so, this is the time to take actions to get there.

More boards are looking for qualified and experienced CFOs. Those audit committee financial experts appointed in 2003 and 2004 by mandated provisions of the Sarbanes-Oxley Act of 2002 are likely beginning to hit term limits--and this creates great opportunities for younger financial executives seeking board roles.

The qualities board members seek in new directors include someone who:

* Worked for a highly successful company, is known for creative and innovative strategic initiatives and has the ability to execute;

* Is a key player in the company's successes;

* Has proven experience as CEO, COO or division president with P&L responsibilities;

* Has cross-functional experience and solid expertise in the current hot areas of M&A, strategic planning, risk management and use of capital;

* Is an ex-audit partner;

* Has served in leadership positions on boards of complex public, private or nonprofit companies;

* Is known for industry expertise and technical or professional specialties;

* Has extraordinary interpersonal, communications and collaborative skills; and

* Has credibility, visibility and a large network of influential contacts in strategic positions.

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

A board candidate shouldn't be too disappointed if he or she falls short in any of these areas. There are still director positions available for people with solid performance and niche capabilities in the CFO functions with a successful, high-profile company. It just means working a little harder to get recognized.

Before assembling a bio and gearing up to become a director, ask the most basic question: "Why do I want to serve on a corporate board?"

There are plenty of good reasons. A candidate could be looking for organizational advancement, prestige, compensation, have a genuine desire to help a company succeed or wish to keep busy and valuable in retirement. All are honest motivations and legitimate reasons.

Also be ready to face the pressures and the potential liabilities involved in active board membership.

If this sounds interesting, then here are other important questions to ask:

* What can I bring to the boardroom, and why would they want me?

* What are my unique...