In light of the recent corporate scandals and new regulations, do you think being a CFO will become a more desirable position or a less desirable position for an executive to have? As one who at one time aspired to become a chief financial officer, recent corporate scandals and new regulations have caused me to rethink my aspirations. A review of current literature, recent events and their effects on the position of Chief Executive Officer has given me a new regard to the position and made me realize that being a CFO is a less desirable career goal for a prospective corporate executive. I feel my opinion mirrors that of many aspiring executives.
Daniel Gross wrote an article entitled ?Revenge of the Bean Counters?. In the article he stated that only one letter of the alphabet separates the CFO from the CEO but when it comes to compensation, prestige, and glamour, there is a vast distance (Gross, 2004).
How true! Even though there are changes in the duties of a CFO, the status of a CFO will never equal that of the CEO.
The job functions of the CFO have changed over the recent years. The job functions no longer are as transaction oriented and out of the loop of decision making as in the past. Their key focus is on more value and decision support services. The Chief Financial Officer has gone from being a policeman to being a business partner. There also has been a switch from cost center functions to a new profit center approach (Shah, 2003).
Vinay Couto, Irmgard Heinz and Mark J. Morgan add a bit of humor to the topic of the changing role of the CFO when they stated that is wasn?t so very long ago, and it wasn?t in a land very...