The value of values.

• Author: Cunningham, Colleen
• Position: Job description of chief financial officers

Vast experience required in the following areas: Accounting, treasury, tax, investor relations, strategy-setting, operations, media interviews, internal controls, mergers and acquisitions. MBA and CPA required. Must be able to motivate, mentor and train staff while they are working tirelessly. Must have the highest of ethical standards, integrity and character. Must have more energy that the Energizer Bunny. Must have a thick skin, as candidate must do all of this thanklessly.

So might a job description read for a CFO these days.

There have been many articles lately addressing how difficult it is to be a financial executive. The New York Times, in an article titled "Where Have All the Chief Financial Officers Gone?", explored the dilemma that faces some financial executives: what do you do if your values do not reflect those of your organization? The article notes that the CFO job has become one of the riskiest jobs in America. Moreover, that risk is not isolated to only public company CFOs. Lenders and others who may have something at stake are more frequently asking private companies about the state of their internal control environment.

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Within their organizations, CFOs' expertise is more in demand than ever. The finance chief is still the keeper of the financial plans and actuals, the trusted advisor of the CEO and other senior executives in strategic decisions, the public face of the company from an investor perspective, the internal controls expert and the "corporate conscience" of the organization.

Obliged to Set the Tone

CFOs usually find themselves in the position of being the culture's ethical benchmark. As a result, they have an obligation to set the right tone and standard. Sometimes, this is not fun. When the economy was down and cost savings were needed, the finance function generally led the way with downsizing and cost cuts, setting the example for the rest of the company. CFOs are now frequently in the position of complying with increased regulation without a related increase in their staffs.

I had the opportunity recently to talk...