Shortlisting the right CFO & what to look for

Shortlisting the Right FD or CFO & What to Look For

As the business landscape evolves, so do the roles of Finance Directors (FDs) and Chief Financial Officers (CFOs). These financial leaders are no longer limited to traditional number-crunching roles but are crucial in shaping a company’s strategic direction and financial health. To ensure you choose the right CFO for your organization, it is vital to understand the changing demands of this position and identify the competencies that will drive your company’s success.

By now, you should have developed a job description and documented the key competencies you want from your new CFO. The next step is deciding how to test for these competencies.

Initial Steps: Reviewing the Resume

One of the first steps in the selection process is reviewing the candidate’s resume. CFOs often provide comprehensive resumes that highlight their professional journeys. A thorough examination of these resumes can provide valuable insights into a candidate’s qualifications and experiences.

Most Finance Directors and CFOs document in detail their recent roles, listing their main duties, responsibilities, and achievements. They usually name their employers and often include a narrative of what the organization does, where it operates, and its scale and size. All of this information will help you assess if they have the right skills and experience to warrant an interview.

Assessment Framework

We have developed a CFO assessment framework, which can be downloaded below. Your search firm partner should follow this framework when assessing candidates during the shortlisting process.

Key Areas to Consider

1. Circumstances
2. Sector
3. Scale
4. Business Structure
5. Geographical Markets
6. Development Potential
7. Operational Capabilities
8. Technical vs. Strategic Skills
9. Leadership Qualities

By focusing on these key areas, you can ensure that you are evaluating candidates thoroughly and selecting the best CFO for your organization’s needs.