The majority of CFOs have their sights set on a different role — but getting there can be a challenge, Fortune reported April 15.
Six in 10 CFOs want to become CEOs, according to a recent survey of 581 finance chiefs from leadership advisory firm Egon Zehnder. Seventy percent of them say they are ready to assume the role now.
However, CFOs noted various hurdles obstructing their paths to the corner office: networking and visibility (cited by 46% of respondents), customer and market knowledge (30%) and operational experience (25%).
CFOs tend to be visible figures at their companies, frequently taking center stage during board meetings and advisory calls. But they risk being "pigeonholed" by stakeholders who only see their financial chops, James Stark, a consultant in Egon Zehnder's CFO and audit chair practice, told Fortune. Outdated perceptions of the role — especially from board members who held the title in the past — might be overshadowing the true operational and leadership qualities of the modern CFO.
"About 20 or 15 years ago, the archetype of the standard CFO was much more of the accounting leader," Mr. Stark said. "While there's still that element of the role now, it's much more kind of a forward-looking business partner."
Nowadays, CFOs are more involved in their organizations' growth paths, talent management strategies and operations than they were in the past, priming them for the CEO title. Some CFOs are increasing their visibility by leaving their offices to walk around the workplace more often. Others are asking their CEO to give them broader responsibilities — such as profit and loss statements, supply chain or procurement oversight — to put their capabilities on display.
Mr. Stark said that it helps to have the current CEO advocate for the CFO and ensure that people "do see you as that operational co-pilot of the organization along with the CEO."