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CFOs Predict Increased Hiring For Finance Staffs
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By Madhav Srinivasan

When business is good, chief financial officers hire. According to the latest quarterly survey by Financial Executives International, business is good. Over the next 12 months, 77 percent of the 200 CFOs surveyed by the organization expect to hire more staff for their companies’ financial areas.

A significant minority - 19 percent - of the CFOs said they plan to keep hiring at current levels, said study author Burton Rothberg, assistant professor of accounting at Baruch College’s Zicklin School of Business in New York. Four percent plan to reduce hiring. The survey, which many recruiters and financial professionals regard as a reliable leading indicator for hiring in the field, polls CFOs from both large and small companies. Since CFOs typically have final charge for company budgets, they’re often the ones to approve new positions. A slight majority of respondents work for private firms.

Behind the Numbers
Kathy Downs, division director at Robert Half Finance and Accounting, Orlando, says the market for accounting professionals continues to tighten. The reasons include:
Fewer students choosing accounting majors.
Sarbanes-Oxley creating an entirely new segment of accounting jobs.
The hiring of internal auditors by not-for-profit organizations who are voluntarily meeting SOX standards.
Baby-boomer accountants beginning to reach retirement age.

(Article continues below)

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In addition, Downs notes that a group of accounting professionals delayed their retirements at the turn of the century because their 401(k) plans lost value as the stock market dropped. “With the stock market rebounding, people feel they can cash out and retire,” she says.
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The FEI survey also asked CFOs and chief executives about the Securities and Exchange Commission’s proposal to expand disclosure of CEO, CFO and Board compensation. “A lot of these people are CPAs and disclosure is important to them,” said Rothberg. “They believe in it.”

In fact, 35 percent said they support entirely the SEC’s drive to improve disclosure by including all elements of compensation in reports and increasing disclosure of related party transactions, director independence and corporate governance. Another 40 percent support the proposal with some reservations. Only 19 percent said they didn’t support the proposal.

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This entry was posted on Wednesday, October 4th, 2006 at 2:22 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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