The previous 24 months have really seen senior finance professionals coming to the fore, with their skills recognised as never before.

Restructuring cost bases and financing, with a firm grip on governance, has seen dozens of FDs pick up chief and chairman roles across business.

However, a new survey suggests that with a requirement for entrepreneurial and visionary skills required to guide businesses forward post-recession, they may fail to pick up the top posts in the future.

The need for financial skills to steer companies forward were key in the recession, topping executives’ wants, but the survey of 100 of the top directors across FTSE and Fortune businesses shows that these skills rank just fifth going forward.

“The message for executives looking to succeed in the top boardrooms, particularly those with specialist skills such as finance and marketing, is that once again it is personal skills around seeing and shaping the big picture that matter to other executives – not your ability in functional areas,” said McKinney Rogers partner Chris Hart.

He predicts that a lower proportion of finance experts will be appointed to lead companies in the near future.

“We would expect a reduction in [their appointments] in the recovery phase. There will now be a focus on leadership,” added Hart.

While this might all sound negative for many FDs considering their next step, it’s not necessarily all bad news. Margaret Ewing, vice chairman and partner at Deloitte, believes there are several reasons why FDs will still win top jobs.

Their financial attention to detail and involvement in their company’s strategy will see them continue to be vital and attractive as chiefs – citing David Nish’s recent appointment to Standard Life as CEO, the 31st FTSE 100 boss with a finance background.

“Many of these bosses were in place before the credit crunch, and companies are still looking at cost-cutting and maximising cash flow.

“They pay attention to detail around marginal performance and are increasingly involved in strategy – that’s where the FD is.”

While the innovators and entrepreneurs are needed, risk-taking requires FDs to control and mitigate them.

“That leads to increased value and getting the balance right, and the role of the FD gets broader and broader.”

So what can they do to ensure their finance base still wins them the big roles?

“It will depend on whether they can lead, be strategic, rather than just managing the numbers,” says Hart.

However, not everyone thinks the FD’s path should naturally lead to the chief’s chair. Kevin Chidwick, group FD of FTSE 100 insurer Admiral Group recently told Accountancy Age that there was a “danger” of too many FDs being appointed chief executive.

“Unless you’ve got the right kind of FD and he or she makes the transition into more sales and operational business-running capabilities, it’s a different skillset to that of an FD.

“That’s not to say there aren’t plenty who have made very successful chief execs, but personally I’m not sure it’s a great trend to see too many [make the move].”

Odgers Berndtson partner Mark Freebairn wrote in a recent Accountancy Age column that FDs were better placed to win chair roles than chief executives, as their broader range of skills and position as confidant to chiefs left them in pole position.
“In short, in a straight fight, the CFO is starting to win a number of competitions for the role,” wrote Freebairn.