Do you think finance departments are the best place to train future CEOs?

Trident fin 301 module 1 case – the role of the financial manager

With companies becoming more competitive and complex, the importance of the chief financial officer (CFO) has increased over the last few decades. It is no surprise that many CFOs have been chosen by those who want to succeed as CEOs. The skillset required to excel at finance and accounting typically includes technological savvy, analytical acumen, strong decision-making abilities, leadership experience, and even strategic game-planning insights – all of which could position a CFO well for moving into the top executive role.

There are some benefits to appointing ex-CFOs as the CEO. Those who come from a financial background tend to have a better grasp on managing budgets & developing cost-effective measures help improve operations efficiency which can translate into higher profits down line resulting in increased shareholder value overtime . Additionally knowledge base , expertise & technical skill set gained through years helping build up company’s financial infrastructure give CEO candidate greater insight into operating side business allowing them make informed decisions easily when need arises.

Not all of the benefits associated with appointing someone from finance backgrounds are immediate. For example, if they lack the ability to lead projects or have difficulty understanding aspects like branding and marketing, it can be difficult for them during their transition period. Establish working relationship w/ other senior executives also key component success yet this might present challenge depending whether existing staff know each other prior or no & if so then how clear vision been communicated out by management team overall (i.e., needs clarification). It is important to invest in a solid succession plan. This will help ensure the stability of your organization even after you have lost your original founder team. But, it can also be overlooked because they often place too much emphasis on financial profit.

Mark Vachon of Eaton Corporation PLC is one example, while Thomas Schoewel from Avis Budget group is another. They were both former CFOs and had been in high-ranking positions before becoming CEOs. While both gentlemen were graduates of highly specialized accounting courses, none was either chartered financial analysts or certified accountants.

In conclusion rather unambiguous argument favor against hiring someone whose primary professional career based upon economic related matters serve next highest officer title require individual show capacity lead plans projects directly related organizational growth development outside traditional framework bound buy sell trade activity done typical day basis … clearly much consideration factor evaluation process aside just solely relying personal connections number crunching history itself before making final verdict cited names above helpful demonstrate fact possible move roles successfully non traditional manner given right circumstances though farther reaching implications creditability matter still require appropriate degree scrutiny in order measure true effectiveness action taken behalf shareholders public entity involved.

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