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Houston, USA – September 23rd, 2014 /PressCable/ —
A majority of chief financial officers (CFOs) have career plans that call for them to take a C-Suite position within five years, but at a company other than their current employer, a survey of Houston financial managers by Houston accounting firm UHY LLP and Financial Executives International (FEI) has found.
A majority (55%) of financial executives expect their career path to lead to the CEO's office at another company in five years, while one-quarter (27%) expect to be in their current positions but with expanded responsibilities, according to the survey conducted during the firms' “CFO Summer Breakfast Series” in Houston. None of the respondents anticipate assuming the CEO's position at their current company.
Upward migration by CFOs makes sense because they “have the best opportunity to translate knowledge about the business into strategies to improve it,” said discussion panel member Sheila Kahanek, President and Chief Executive Officer of Sun Coast Resources. “Success comes from a deeper dive than just the numbers—it comes from empowering and inspiring people,” she advised. “The CEO's job is to find people you can inspire.”
Another discussion panel member contended many CFOs need to change their mindsets to become CEOs. “CFOs who aspire to be CEO have to forget everything they've learned as a financial professional,” said Sharps Compliance President and Chief Executive Officer David Tusa. “You have to take risks in order to grow a company, and not every CFO is capable of making that leap,” he added.
This was the season's final installment of the UHY LLP- and FEI-sponsored “CFO Summer Breakfast Series” for 2014.
UHY LLP, a licensed independent CPA firm in Texas, performs attest services through an alternative practice structure with UHY Advisors TX, LLC. UHY Advisors TX, LLC conducts operations in Texas as a subsidiary of UHY Advisors, Inc. The firm also has an office in Dallas. UHY Advisors, Inc. and its subsidiary entities have nearly 1,000 professionals providing services from offices throughout the United States. UHY Advisors is ranked as one of the Top 20 professional services firms providing tax and business consulting services in the country by Accounting Today.
UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. For additional information, please visit their website at www.uhy-us.com/.
UHY LLP is a licensed independent CPA firm that performs attest services. UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms.
Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and 1 in Japan. FEI is headquartered in Morristown, NJ, with additional offices in Washington, D.C. and Toronto. Visit www.financialexecutives.org for more information.
Contact Info:
Name: Tom Sommers
Email: tsommers@sommersassoc.com
Organization: UHY LLP
Website: http://uhy-us.com/
Phone: 713-222-1600
Address: 2929 Allen Parkway, Houston, TX 77019
Release ID: 64015