Europe is divided in half. CFOs in France, Germany and the UK are much better paid and seem to have more power than their colleagues in Italy, Poland, Russia and Spain, research by CFO Insight shows. Only gradually will the gap shrink.

“Everyone wants to be CFO today.” Romano Guelmani chuckles. As the former President of the Italian CFO association ANDAF, he has been promoting the profession since he landed his first job in the finance and planning department of NYSE-listed engineering company ITT over 47 years ago. “Back then, the word ‘CFO’ was unknown to us,” he reminisces. “We were just directors of administration, finance and controlling.”

Times have changed, and radically so. Few Italian finance directors would accept their jobs today without the coveted title of CFO attached. Not only is it an international standard that facilities communication for the increasingly outwards-looking Italian businesses; it also sounds more prestigious to Italian ears, Mr Guelmani concedes. On the day of the interview, he receives an email from an ANDAF member asking that their title in the association’s database be changed from direttore amministrazione, finanza e controllo to CFO. “It’s just one example of the trend,” Mr Guelmani says.

Across Europe, the development has been similar. Gradually taking on an increasing range of briefs, CFOs completed their emergence from relative obscurity into the bright lights of the boardroom in the middle of the last decade. Wherever they look today, reports trumpet their role’s increasing importance across the globe, from its humble beginnings as an accountant’s job to the current status of top executive, corporate strategist and the CEO’s right hand....

More:
www.cfo-insight.com/human-capital-career/career-planning/decoding-the-cfo/

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