Ryan FowlerA significant 41% of business leaders have identified the movement of chief financial officers (CFOs) to chief executive officer (CEO) positions as a major factor in the current shortage of CFOs in the UK, according to a report by Robert Walters. This trend is reflected in the data showing that one in three FTSE 100 CEOs were previously CFOs, marking a 21% increase since 2019.
The Robert Walters survey also reveals that 45% of professionals believe a financial background is the most advantageous for a CEO, particularly in a challenging economic climate. Skills in strategy and commercial acumen are increasingly demanded in CFO roles, with strategic leadership skills up 79% and commercial skills up 33%.
Furthermore, CFO salaries in London have risen by £50k over the past year, indicating a growing recognition of their value in the marketplace. About 50% of professionals now view technology as the most critical area driving leadership in finance.
Lucy Bisset, director at Robert Walters, comments: “The role of chief financial officer has changed rapidly over the last 18 months – and with recently reported gaps in the talent pool it is more important than ever that employers are not only aware of the aspects driving professionals away from the position but also how they can attract them back.”
With 38% of business leaders citing mass retirements of senior CFOs as another key contributor to the talent gap, the landscape for financial leadership continues to be challenging.
