Q: What are the biggest mistakes companies make when hiring a CFO or finance leader?

Ken: One of the most common mistakes companies make is overemphasizing technical expertise vs leadership and people skills.  The CFO is a leader, a driver and someone who needs to inspire people.  Many times, companies are so focused on ‘checking boxes’ on a job description instead of thinking and planning for what type of leader is required for the task and job ahead.  This can also be the case with companies insisting on industry experience. Yes, it is important, but you may be missing out on amazing candidates with fresh ideas who are looking to make an impact entering your industry.  

Another mistake I encounter is companies  focus on the needs of the current stage of the company and not planning for the type of person who can lead the next phase or the one after. Leadership should try to match and align the company strategy and roadmap with the candidate’s skill set.  

Finally, some companies fail to properly plan for this type of search.  This is a critical project for the company, so it should be treated as such with a timeline, stakeholders, alignment across business units and cross-functional stakeholders.  Board and company leadership should be on the same page with the desired requirements and culture fit, there should be a detailed plan and timeline for interviewing multiple candidates in the market, and if everyone is on same page, it can be done quickly and efficiently and provide a great candidate experience as well.  Companies often rely on multiple vendors and candidate sources without a clear plan, and that lack of coordination, combined with poor timing, can ultimately impact the quality of the outcome.

Q: How long does a typical CFO search really take and what can shorten or extend the timeline?

Ken: Based on typical search dynamics, CFO searches generally take three to five months from kickoff to accepted offer. That timeline includes defining the role, identifying candidates, conducting interviews, and completing references and negotiations.

We consistently see timelines extended by delays in decision-making. If interview scheduling drags out or if multiple rounds are added late in the process, strong candidates may lose interest or accept other offers. On the other hand, companies that are organized, responsive, and decisive tend to move more efficiently and maintain momentum with top candidates.

Q: What roles are hardest to fill right now in the finance function?

Ken: Positions like CFOs, controllers with strategic capabilities, and finance leaders who can partner closely with operations or private equity sponsors tend to have the most competition.

We’re also seeing demand for finance professionals who understand systems, data, and analytics. Leaders who can manage the financial function while also helping organizations leverage technology and data are particularly valuable, and relatively scarce.

The most competitive space and most difficult role now is anything in the Financial Planning and Analysis (FP&A) space. As companies are pushing harder and harder for more accurate forecasts and reporting, the demand is greater for these types of skillsets. Also in high demand (as we further explore the uses and capabilities of AI) are financial professionals who can demonstrate ability to analyze data and data sets.

Q: Where do companies lose candidates in the hiring process?

Ken: I find the biggest issue is usually process inefficiency. If interviews are spread out over several weeks, communication is inconsistent, or candidates don’t receive timely feedback, they may disengage.

Another challenge is misalignment between what the company initially communicates and what candidates experience during interviews. When expectations shift mid-process whether around compensation, reporting structure, or role scope it can create uncertainty that pushes candidates away.

I think most CFOs make decisions quickly using facts and data, but also have confidence to make critical decisions and stand by them.  When they find a potential employer who has difficulty making hiring decisions, dragging their feet with interview scheduling, and process delays, many quality CFOs will be turned off. Some companies waste time in the hiring process and avoid making hard decisions. There are many ways to avoid this issue, but the best is simply to plan ahead.  I think CFOs know that it will take time to get hired, but they expect the process (including the decision making) to move and be well coordinated.