Treasurers who hope to become FDs need to gain operational knowledge so that they can become a true business partner, new research reveals.
A report by recruiter Hays entitled DNA of a Finance Director found that FDs are involved in a range of business activities that extend beyond finance, with a third (32%) believing that operations is the most important function to partner with. To support this, when asked what top tip they would give to the next generation of FDs, over two-thirds (68%) would advise them to ‘get involved with operations not just the numbers’.
Over a third (37%) of UK FDs interviewed for the survey believe that FDs will focus more on returns in IT and transformation projects over the next five years.
Meanwhile, the report also found that 29% of UK FDs see their ultimate career goal as taking on a bigger role, such as a group CFO or FD in a larger organisation, while an ambitious 12% hanker after the top job of CEO.
Working overseas was viewed as beneficial for career development and the vast majority (98%) of those FDs who had worked overseas said international experience had helped them to progress. Europe, North America and Africa topped the list of regions where UK FDs had worked.
Over a quarter of FDs said a better work-life balance or family reasons would make them consider overseas opportunities. Interestingly, over a third (35%) of men cited work-life balance as a reason they would consider working outside the UK compared with 11% of women.
Commenting on the results, Karen Young, director of Hays Senior Finance, said: “FDs are increasingly at the centre of many organisations, working hand in hand with all departments, and helping set the strategy and overall business direction. This has particularly been the case over the past decade, as they have been instrumental in reviewing the policies and controls within their organisation, which has naturally brought them into close contact with a number of teams, but particularly with the operations function as well as sales and IT.”
Sally Percy is editor of The Treasurer