In recent years, accounting firm Ernst & Young has commissioned a string of CFO surveys that look at every aspect of the expanding role for CFOs, from their career paths to their role in external communications and their involvement in shaping corporate strategy. The results speak for themselves. In an interview with CFO Insight TV, Jay Nibbe, managing partner EMEIA Markets at Ernst & Young, explained that most CFOs spend 50% or more of their time on strategy, which is “almost necessary” in the current economic environment. The growing importance of strategy is underpinned by a staff of “world-class” and highly specialised individuals who support the CFO, including treasurers, controllers and accountants. “While it may seem they should spend more time on the operational and financial side of things, they now lead much larger and much more professional teams,” Nibbe says. “This has allowed the CFOs to step out of the details and get much more involved in the strategy.”
