CFOs need to diversify skillset: report

Faced with more economic uncertainties and challenges, chief financial officers in China should not only excel at finance, but also entrepreneurship, according to the human resources company Hudson’s “Charting the Success Factors of the Next Generation CFO” report released in Shanghai on Nov 27.

Among the core skills required to succeed in the future CFO role are the ability to lead multiple teams and major projects, the ability to lobby and influence various groups of people from media to banks, the ability to cope with change and unprecedented situations, and the ability to handle ambiguity in an uncertain economy, the report states.

International exposure and experience is also increasingly valued and will eventually become a prerequisite for the role in China, the report says.

“It is no longer enough for CFOs to make sure the numbers add up at the end of the month. It is now part of their responsibility to read and anticipate market trends, lead the quest for business innovation, identify commercial opportunities and create efficiency,” said Cherol Cheuk, joint general manager of Hudson Shanghai.

Lawrence Lau, finance director of Owens Corning Asia Pacific, agrees that his work now includes working with people on the production line to seek new strategies for business growth.

John Meng, CFO of the automobile company Qoros, said his position is more about striking a balance between the demand of being cautious in the traditional way and seeking new strategic thinking.

While there are a growing number of people calling themselves CFOs in China, Cheuk said only those with an annual salary between 2 million yuan ($328,199) and 4 million yuan can be called CFOs in a real sense.