How to Get the Right CFO for your Company

CFOs are a pivotal role of many large companies nowadays. As they often oversee all the financial risks of a company, a steady pair of hands is constantly needed to maintain financial order in the day to day runnings of a company. Therefore, CFO recruitment should be considered one of the most important recruitment processes a company can undertake.

The first step, like any recruitment process revolving around an executive position is to select who will be running the recruitment process. Typically it is a director or multiple directors of the company that run the recruitment process, due to the seniority of the role. If possible, it is worthwhile having the departing CFO also be part of the recruitment process, as they are best placed to know what is needed for the job.

The next step is for the recruitment processors to produce a list of criteria your company deems to be suitable for the role. This should be done in both a general sense of what a CFO is expected to do. As well as specific criteria related to your company. For example, if you are a large technology based company, it may be worthwhile having the criteria of a CFO that has had previous experience of financial operations within a technology company in the past. 

It is important to look both in and out of the company for potential new CFOs, often doing so simultaneously. If considering hiring outside of your company it can often be beneficial to contact specialised recruitment companies, they will often have a pool of candidates that otherwise your company may not be able to get into contact with.

Once the candidates are selected you should also be prepared for multiple interviews. This is due to the seniority and importance of the position at stake. The only time an offer should eventually be made is when every board member is happy with the selected candidate, until that is done both you and the candidates should be prepared for a lot of back and forth interviews. This may seem like a lengthy process, but is worth it for what is at stake. Overall a lengthy procedure is much better than getting the wrong fitting CFO for your company.