SIZING UP Tomorrow's CFO.

• Author: Reeves, William B.
• Position: Chief financial officers

It used to be that when an executive search firm sought out a chief financial officer for a Fortune 500 client, the successful candidate merely filled a supporting role on the management team. Not anymore. Today, executive searches focus on finding a CFO who not only has financial acumen but who can be a true business partner with the CEO -- and who has the breadth and depth to serve as the organization's number two executive.

To achieve this "high-on-the-ladder" status, today's CFOs have learned to develop strong interpersonal, leadership and communications skills. These have become as essential as providing oversight for financial systems, financial planning and cash management.

What's going on? When did "maturity and perspective that add value beyond the finance function" become as important as "competence in the technical aspects of finance and accounting including planning/budgeting, forecasting, systems and capital allocation?" When did being a "change agent" become part of the CFO's job description?

Actually, a CFO who simply crunches numbers isn't totally obsolete, but fiscal know-how has certainly taken its place alongside skills not generally associated with the green-visor image of traditional CFOs. Being a CFO today is as much about strategic partnering and overall management of the business as it is about accounting and reporting.

What skills should today's CFOs be building in order to make real career progress? A solid technical foundation is essential for anyone who occupies the office of finance, but talented CFOs need the vision to shape strategy and the smarts to provide decision-making information for the entire organization; the CFO is now expected to enhance business value, not simply keep score. In addition, the CFO is expected to be a sounding board on a full range of issues, including operations, human resources and technology.

New Economy Criteria

What else are Fortune 500 companies really looking for in their next CFO? Based on the "key selection criteria" desired by our clients, they are still looking for CFOs with a unique combination of skills. A strong financial background is a given, but what else? Today's companies want a CEO who:

* Has the ability to command credibility and influence outcomes at the highest levels within the organization, and displays strong influencing skills and the ability to operate effectively within a matrixed organization.

* Is resourceful and action-oriented, with a strong sense of...