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Fifteen years ago, a CFO without an accounting qualification was almost unheard of, but today finance chiefs are increasingly likely to have just an MBA. Which helps better in the role of a CFO, and which is more marketable in the changing corporate landscape? Denise Bedell compares the advantages of each.
The job description of the chief financial officer is getting broader: chief beancounter, partner to the CEO and often head of investor relations. The skill-set needed to be successful has also increased, creating a new group of CFOs, those with a Masters degree in business administration (MBA).
Rucker McCarty, partner-in-charge of the CFO recruitment practice at Heidrick & Struggles, says that as the job description of the CFO expands, more MBAs are being recruited. "The CFO is one of two people [with the CEO] that builds shareholder value, so the importance of the CFO has grown. The CEO is looking for that business partner who has complementary skills in strategic planning, and someone who can handle the board and investor relations," he explains. "An MBA gives a broader business understanding, and this is becoming more desirable."
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