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CONTENTS
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METHODOLOGY
Survey
150 finance leaders who hold the title of CFO in March 2014
were surveyed. They were asked questions about their
education, background, qualifications, international experience,
responsibilities, challenges and personal aspirations.
Resume review
100 CFO resumes were analyzed, looking at commonalities and
trends of education and qualifications, industry experience,
international experience, professional associations, personal
interests and skills.
hays.ca/dnaCFO
INTRODUCTION
On behalf of Hays I am pleased to launch the first results from
our DNA series DNA of a Chief Financial Officer (CFO). Hays
has deep expertise in the finance sector. Weve specialized in
this industry for 30 years providing finance recruitment services
in more than 25 markets worldwide.
In Canada, the finance and accounting service is a corner stone of our
business. Weve placed thousands of finance professionals across a
variety of sectors from construction and Information Technology, to legal,
retail and energy. This gives Hays a unique perspective on the definitive
path to a successful career in this vocation.
Our goal is to create a report that removes the mystery from how to become
a CFO in Canada by illuminating the common traits, skills and challenges
associated with this career path. This is more than a summary of typical
qualifications amassed through years on the job (although we have that too).
We wanted to delve deeper, to get a sense of what separates candidates from
the pack.
To do that, Hays gathered information from more than 100 CFO resumes,
then surveyed 150 CFOs with probing questions about their development,
and finally we interviewed a select few of leading CFOs to build a profile of
a finance professional that has reached the top. By doing this we unveiled
a few key conclusions that make up the DNA of a CFO, which are personal
career planning, getting the right people on the team and investing in your
team. Above a strong finance foundation, based on the findings, these are the
necessary elements to becoming a CFO in Canada.
I personally want to thank all those that participated and shared their
stories as part of this initiative. Your contribution and input will help the
next generation of CFOs achieve their goals, and help current employers
cultivate star performers.
Rowan OGrady
President, Hays Canada
2DNA of a CFO
SUMMARY OF FINDINGS
Our research and interviews
tell us that this role has evolved
considerably, moving way beyond
the traditional number crunching.
The foundation for success today
is built on leadership. More
specifically it grows from the
CFOs capacity to manage human
capital and demonstrate the softer
skills associated with motivating
individuals and teams, and
building consensus with varying
department leads. The CFOs role
is to support and work alongside
the CEO, providing a strong
commercial value. The need for
these broader skills has introduced
personality fit as a key driver to
success. And while this driver
is more subjective than other
skills, it should nonetheless act
as a guiding light for employers
hiring CFOs, and current finance
professionals hoping to transition
into this role.
For employers qualifications
and technical expertise can be
learned on the job. Whats much
harder to do is teach someone to
live and breathe the companys
core values. Finance professionals
that mesh with your managerial
style, and have clear leadership
capabilities are more likely to
drive business growth. This is
also imperative for succession
planning, and according to
DNA OF
A CFO
The following section presents the findings from
the survey results and resume analysis.
In this section youll find key insights on:
Qualifications that really matter
Personal career planning
Getting the right people on the team
Investing in the future of your team members
3DNA of a CFO
95% of CFOs
are happy with
their career
choice
QUALIFICATIONS THAT
REALLY MATTER
Credibility is earned through leadership
and demonstrating you can deliver on
the full project. Taking on opportunities
and projects that start and end with
you, will help build accountability into
your resume.
David Smales, CFO, Aecon Group Inc.
CFO RESUME
Education
25% have a BA in Business Administration
32% have a Bachelor of Commerce Degree
20% have a Masters of Business Administration (MBA)
6% have a BA in Economics
22% majored in Accounting
O
ther common credentials include Health
Administration and P. Eng.
It is important to note that 15 per cent of survey respondents said that the specificities of ones education
and training doesnt matter. Its about the total package, including experiences, personality fit and the
ability to lead by example.
Designations
5
5% hold a CA
16% hold a CGA
18% hold a CMA
13% hold a CPA
6% hold a CSC
KEY INSIGHT
Sixty-seven per cent of CFOs said that after
education and work experience, the number
one selling point that stood out in their resume
that helped secure their job was professional
accomplishments, followed by 17 per cent who
said reputation of previous employers.
Skills
58% dont list technical skills. Of those that do, the most common listed include:
26% GAAP | 20% Microsoft Office i.e. Advanced Excel | 10% ERP SAP | 8% Greatplains,
Hyperion, Quickbooks | 4% Oracle, PeopleSoft
KEY INSIGHT
CFOs rank strategic planning, commercial
understanding and people management as
the top three most important aspects to the
CFO role. These are leadership qualities that
are developed and learned through a broad
range of experiences. Based on the results
from the survey, 100% of CFOs have experience
in functional areas outside of finance, which
according to a CFO survey respondent is
essential to understanding the full spectrum of
the organization. As a CFO you are involved in
all aspects of the business and it is key that you
have a deep understanding to add value.
Industry experience
70% have experience in
multiple industries.
More than 1/3 (36%) listed working for a Big Four company at some point during
their career. Those with Big Four became a CFO role in just under 14 years. Those
that didnt, took on average two years longer to attain the same role.
Progression
The following outlines the typical roles and average time spent in these functions on the path to becoming a CFO:
37% were a VP of finance
56% 56 years
27% 7+ years
40% 23 years
33% 47 years
70% 23 years
53% 23 years
Personal interests
28% list personal interests,
ranging from sports, spirituality,
reading, and cooking.
According to the survey,
the number one thing
CFOs do in their spare
time is spend time with
their families (84%)
Associations/memberships
Approximately 70% list professional associations that they are members of i.e. FEI. 55% sit on a board of directors.
5DNA of a CFO
PERSONAL CAREER
PLANNING
During your career you need to make choices about
the different experiences and jobs you want to have.
This is the greatest challenge to your career path,
making the right choices, at the right time. Ensure
you develop the required skills and competencies in a
balanced way. Some jobs might not look sexy but are
essential to becoming a successful CFO.
Wouter Vosmeer, CFO, Molson Coors Canada
What does a roadmap to success look like? It may have started out a
little murky at first. Forty-five per cent of todays CFOs didnt aspire to
reach this goal when they first started their careers, and approximately
15 per cent had no idea what they initially wanted to be. And yet once
they arrive, many are motivated to push for greater responsibility.
Twenty per cent of CFOs currently aspire to be a president or CEO,
and 30 per cent are looking for a larger CFO or finance director role
within an organization. Its also likely that there will be bumps along
the way. Nearly 40 per cent of finance professionals found the director
to executive level the most difficult to reach.
Even those that have clear ideas about what they want to achieve in
their profession should be open minded. According to Dean McCann,
CFO from Canadian Tire Corporation, you should be prepared to take on
the unexpected. He comments, youll be faced with many opportunities
along the way that you may not think you are qualified for, require you
to change industries, or even professions. Taking opportunities that
force you to learn is exciting, and is what will help launch your career
and diversify your background.
For example, the majority of CFOs have worked in functions other
than finance 30 per cent actually left the path they were on to
pursue another career opportunity, usually for one to three years
before coming back to the finance world. Forty-three per cent have
worked in human resources, 46 per cent in information technology, 45
per cent in operations, 30 per cent in office support, and 22 per cent in
property and facilities management. Be open to rounding out what you
know about managing a business, it will help develop your ability to
6DNA of a CFO
Forty per cent of CFOs say they were hired for their current role
based on personality fit. You have to have the right qualifications
and background, but at the end of the day, the people you hire must
fit with your team and culture of your business. So where do you find
the right people? Over a third of CFOs were recruited by a recruitment
agency, and another third were referred via a colleague from their
professional network.
Building a network of qualified professionals is a key factor in the
search to finding the right talent. Establishing a quality network must
extend beyond a large pile of business cards. It can be done via digital
channels such as mobile and social media. Approximately 70 per cent
of CFOs rank networking as very to extremely important to becoming
a CFO, and over 40 per cent engage in networking via social media
and online channels. As a manager, you should be connecting with as
many like-minded professionals as possible. This will help you establish
a readily available pool of talent for future recruitment purposes.
INVESTING IN THE
FUTURE OF YOUR
TEAM MEMBERS
Today, even at the lower levels of finance,
were screening for future leaders of the company.
Who has stronger talent development skills, who can
collaborate better, implement strategy? These are the
key elements were looking for in candidates today.
Bill Tofflemire, CFO, Walmart Canada
BEYOND NUMBERS
FOUNDATIONS FOR SUCCESS
Today, having deep financial
experience is considered
table stakes. Successful
CFOs must also understand
all areas of business
operations, marketing, IT,
legal and new business
development. The role
extends beyond managing
the bottom line. You must
see the big picture, and be
a true business leader. How
you interact with people
to motivate them, include
them in the companys
success, and build a team
first mentality are true
hallmarks of a successful
CFO.
9DNA of a CFO
HAYS RECOMMENDATIONS
Develop a personal career plan. Take control of your own career
and personal development. Being open to new opportunities and
chance is common advice from the four leading CFOs as seen on
our accompanying video. Simultaneously, it is important to have a
sense of where you want to be long-term. Think about what you
could be in five to 10 years time. Although this may well change,
having a vision of your future self is a valuable guiding light. Are
you aware of your weaknesses and development needs? Find a
mentor that you can discuss your goals. It may not be possible to
plan an exact route to the CFO role but with a future goal in mind
and a commitment to continuous improvement you will be on the
right path.
Get the right people on the team. Having the right people, culture
and skill sets on your team is essential to your success. Proactive
and deliberate recruitment of these people may be the only
way to create a team that can truly move your department or
organization forward in a significant way.
Think about what would constitute a great team and commit
to a road map to create one.
Invest in your team members. Think about the career
development of each person on your team. Ask each person what
their own personal career and development goals are. Share your
succession plan and make sure your team is aware of the career
path options available to them. Without a successful team behind
you, your own career aspirations may not materialize as quickly as
you want them to.
FIT
Almost half (40%) believe they were hired for their current CFO role based
on personality fit.
The number one reason CFOs have been let go is due to a personality clash
with a manager.
MANAGEMENT
23% rank communication and people management as the single most
important aspect of the role of a CFO.
48% have second guessed their career path during their first
management role.
45% say the biggest mistake they have ever made in their professional
career has been a managerial error.
YOUR BRAND/PROFILE
45% are unsure if they would have achieved their CFO role without a mentor.
70% rate networking as very to extremely important to becoming a CFO.
Over 30% secured their current role via a recruitment company;
another 30% were referred via their network.
10DNA of a CFO
Male
Female
79.05%
20.95%
10.8%
20.9%
0.7%
0.7%
0.0%
0.0%
2.0%
0.0%
64.2%
0.0%
0.7%
0.0%
0.0%
2030
3040
4050
5060
60+
11DNA of a CFO
Alberta
British Columbia
Manitoba
New Brunswick
Newfoundland
Northwest Territories
Nova Scotia
Nunavut
Ontario
Prince Edward Island
Quebec
Saskatchewan
Yukon
0.7%
11.5%
43.2%
33.1%
11.5%
<$5M
$510M
$1025M
$25100M
$100500M
$500M1B
$1B+
13.5%
8.8%
13.5%
25.7%
21.6%
8.1%
8.8%
When you achieved your current role who was the first person you called?
Mom/female guardian
Dad/male guardian
Partner/spouse
Kids
Friend
Peer/colleague
Other family member
Your recruiter
1.7%
0.8%
87.4%
0.0%
3.4%
3.4%
1.6%
1.7%
100
80
60
40
20
Sports
Travel
Books/film
Spending time
with family
Dining/entertainment
Gaming
Cooking/gardening/
home improvements
Mom
Dad
Direct Manager
Teacher
Colleague
Friend
6.7%
23.5%
27.7%
2.5%
24.5%
15.1%
Very happy
Happy
Neutral
Unhappy
Very unhappy
58.0%
37.8%
1.7%
2.5%
0.0%
72.3%
65.5%
63.0%
84.0%
59.7%
5.9%
31.9%
12DNA of a CFO
Earning potential
13.6%
Passion/interest
45.8%
Family tradition/legacy
2.5%
Talent
13.6%
By fluke/stumbled into it 18.6%
Peer group
3.4%
Prestige of role
2.5%
David Smales,
CFO, Aecon Group Inc.
Bill Tofflemire,
CFO, Walmart Canada
Wouter Vosmeer,
CFO, Molson Coors Canada
hays.ca/dnaVIDEOS
13DNA of a CFO
#WHATCOULDYOUBE
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