Rocky Road to the CFO's Office

Controllers who aspire to the CFO's office should be warned: Most companies outside your own don't view you as a candidate for the top finance job. CFO magazine says last year only four percent of the 190 new Fortune 500 CFOs hired had been sitting controllers.

Outside controllers aren't prime candidates for finance-chief spots because they lack leadership experience, says Korn Ferry managing director Charles Eldridge. Most controllers haven't done much in the way of presenting their cases in front of constituents like the board, Wall Street analysts, and large investors and instead focus on communicating behind closed doors, adds Eldridge.

On the other hand, of the 310 companies that promoted their own executives to CFO's office, 33 percent were inside controllers. Elridge said that demonstrates strong succession planning inside those firms.

Many observers attribute the dynamic to our old friend Sarbanes-Oxley, which they say has focused many controllers so strongly on compliance, they've lost their attraction as higher, more strategic executives.

CFOs Wanted: Controllers Need Not Apply [CFO]