Controllers take note: You’re eight times more likely to reach CFO status by internal promotion than outside hire.
Among Fortune 500 CFOs promoted to their position, 33% were previously controllers, 19% were treasurers and 14% were senior financial generalists.
But in companies where the CFO was recruited externally, the position went to controllers only 4% of the time. Outside hires were most likely to be corporate or divisional CFOs (58%) or CEOs or general managers (17%).
According to executive search firm Korn/Ferry International, a controller’s key to CFO success lies in developing both financial expertise and participative leadership skills.
Source: Korn/Ferry International’s Navigating the Uncertain Road From Controller to CFO: The Leadership Imperative, www.kornferry.com.