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let’s look again at what a Cfo does. first, he
contributes individually. a unique set of talents
and experiences allows him to bring fresh
perspectives and ideas to the table. in this case,
newness to an industry can be an advantage,
as the new Cfo can bring to light new ways
to do things. it is incumbent upon the Cfo to
challenge approaches and decisions; one with
a similar background would be more likely to
promulgate the status quo.
second, a Cfo leads the finance team and
maybe other groups as well. here, he is basi-
cally minding the store, and the skills required
do not vary tremendously from store to store.
They involve strong management abilities,
solid communications, and team-building
skills . none of this is industry dependent.
lastly, i believe the most important role a
Cfo fills is serving on the organization’s lead-
ership team. here he is a member and needs to
provide what the other members do not. and
that is most likely financial insight. a question-
ing demeanor will be more important than
supplementing the industry knowledge most
likely already present around the table.
so why do companies continue to focus on
industry?maybe it is because it is an easy way
to whittle down the large pool of applicants.
maybe it is because there are many experienced
candidates. but i must ask, are they the best fit?
sometimes yes, sometimes no. so why limit
introducing potentially better Cfos based on this
one criteria that is not themost important one?
The most important factors are howwell
the candidate complements the competencies
already in place and personifies the ethos of the
organization.The broad ability to do the job,
the personal drive to add value, and the cultural
match clearly trump the singular and narrow
focus on industry experience, especially in the
most senior positions. it is rarely industry tenure
that determines success or failure as Cfo, so why
is it the gatekeeper to the candidate pool?
✣
GROW.
WISELY.
Everyone wants to grow. But grow how? In which
markets? At what cost? To grow wisely, you need an
advisor who really knows your business...and knows
you. Who can deliver tailored solutions that create
opportunities, maximize efficiency and build business.
EisnerAmper is that advisor. We roll up our sleeves to
get to the bottom of your toughest challenges so you
get the advice and strategies you need to create
sustainable growth.
Let’s get down to business.
TM
EisnerAmper LLP
Accountants & Advisors
Independent Member of PKF International
www.eisneramper.com
NEW YORK | NEW JERSEY | PENNSYLVANIA
CALIFORNIA | CAYMAN ISLANDS
Michael Hadjiloucas, CPA
Partner
732.287.1000
michael.hadjiloucas@eisneramper.com
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