Wanted: CFOs Who Are More Than CPAs

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Agreed with the article but an left with the thought of how many real community banks (is JPM a community bank with $156mmm market cap?) can afford a CFO even with a healthy capital structure and a 1% ROA? ? Getting a CFO is just one more cost of keeping the regulators at bay. These small financial institutions are critical in many small rural areas and yet the cost (real and implied) of compliance will drive these institutions to close or sell and the velocity of money (critical for our economy) will decelerate in these smaller communities they serve. And that ain't good.
Posted by FreemenFreemarkets | Wednesday, December 05 2012 at 9:35PM ET
The expanded expectations for the CFO are confirmed in the obverse with our studies at the Financial Executives Research Foundation (FERF). As we show in our Benchmarking the Finance Function 2012 survey, many US companies simply outsource traditional accounting functions like payroll and tax. The results vary by size but finance/accounting, internal audit, compliance, and treasury are kept in house in most firms. The CFO is working at much more than bookkeeping. In addition, based on our annual Technology Issues for Financial Executives survey, we see a trend of more and more Chief Information Officers (CIOs) reporting to CFOs, so the CFO must also understand how technology can be leveraged to support the business.

Bill Sinnett
Senior Director, Research
Financial Executives Research Foundation (FERF)
www.ferf.org
Posted by Bill Sinnett | Thursday, December 06 2012 at 1:03PM ET
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