Results of a new study, CFO and Beyond: The Possibilities and Pathways Outside of Finance, found that many former and current chief financial officers are interested in taking up roles that can improve understanding of boardroom dynamics, generate cross-sector ideas and provide exposure to different corporate cultures.
This interest level, however, is tempered by concerns about the professional risks and distractions from their primary fiduciary duties. Those CFOs who have successfully managed the balance advise candidates for board positions to choose the right role and time it well.
The report is based on a global survey by Ernst & Young LLP of 800 CFOs, a study of the career paths of group CFOs at 347 of the world's largest companies (with annual revenues over US$51)) over the past decade, and a series of interviews with leading CFOs, governance experts and academics.
"Regulatory pressure is driving a major increase in demand around the world for CFO experience on boards. In many countries, a CFO's financial expertise is not only highly valued, but also mandatory," says Jay Nibbe, Ernst & Young's EMEIA markets leader.
Additionally, he adds: "Although they are crucial, financial...