Women are missing in CFO positions, claims a study released by IFMR Graduate School of Business at Kriya University and Dun & Bradstreet (D&B). Study capturing priorities, challenges of “new-age” CFOs claims that in FY 2022, there were no women CFOs in India. nifty There were 50 companies, and the number was less than 5 per cent in the Nifty 250 companies.
“Leaders need to walk the talk. The commitment made by boards to increase diversity at the executive level is not reflected in actual appointments,” the study claims.
Titled “The Future CFO: Changing Roles, Changing Goals”, the study draws on quantitative and qualitative insights from dozens of Indian CFOs and outlines the changing role of the CFO, key capabilities and competencies required of a CFO. The study also highlights the change in the demographics of Indian CFOs over the past five years. It added that MBA is a career accelerator and finance executives with MBA degree have experienced rapid career growth.
Claiming that the roles have changed, the study says, from traditional CFO-led activities—accounting and auditing, financial analysis and planning, investor relations, financial risk management, product pricing and regulatory compliance, CFOs now themselves Find out more involved in corporate strategy, organizational transformation, digitization, enterprise risk management and ESG implementation.
“86 percent of CFOs attach high importance to digital technologies such as analytics, artificial intelligence, blockchain and cloud-based systems that are rapidly positioned to help CFOs transform from a ‘system of record’ to an ‘engagement and intelligence system’ It demands new-age competencies driven largely by new-age technologies,” the study claims.
Pointing to the challenges faced by CFOs, the study reveals that availability of skilled man-power is one of the biggest concerns for CFOs.
“CFOs need to build relationship capital through more people-oriented skills, including communication and collaboration with teams throughout the organization,” the study said. It further says, “CFOs need to be storytellers to present the larger corporate objective as well as business, operational and financial strategy to multiple stakeholders.”
The study calls upon the academic institutions and professional bodies to develop new age programs in these focus areas and new age skills to enrich the capabilities and competencies of the finance professions in the country.
Ramkumar Ramamurthy, Pro Vice Chancellor of Professional Learning at Kriya University, said, “Technology is fast becoming the language of business, and has to maintain its underlying grammar. Rapid digitization and a sharp focus on ESG have triggered a renaissance in the CFO office. Today’s CFOs play a number of roles – they are the CEO’s trusted partner on not only financial but strategic matters, the discretion-guards of boards in enhancing stakeholder confidence, storytellers deriving insight, insight and foresight from financial data, and PE- Mindful investors strengthen core businesses. With investments in the next generation of start-ups. The study lays out the skills, attributes and functions needed for new-age CFOs to transform their organizations into purpose-based brands, drive profitable growth, increase stakeholder satisfaction, and enhance competitive differentiation. ,
Preeta Mishra, Senior Director, Dun & Bradstreet India Said, “The relationship between the CEO and CFO is critical to any business. Our study found that the ability to visualize business growth is the most important quality for a CFO. For a CEO to be a trusted partner, CFOs require new skills to meet new market demands. The financial team now needs to become a multidisciplinary team that can champion organizational change to manage existing challenges and capitalize on new opportunities .
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