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Who’s On First?

I was flipping through an old issue of CFO Magazine the other day when I came across an article called “Who’s Next” stressing the importance of succession planning. Top jobs are often filled internally, as it gives predecessors a chance to hone their successors’ skills. A couple of weeks ago I wrote about thinking forward in your career – if you don’t see an opportunity to advance at your current firm, it might be time to move to a company that can offer you a more promising future.

However, financial companies also need to start thinking and planning more seriously about succession. CFOs are often not interested in discussing the future of their position as they envision themselves staying in their job for quite some time. However, Kate O’Sullivan’s article suggests that while 83% have not identified a successor, the average CFO tenure is only three to five years. This means that shifts are happening on a fairly regular basis. If the employer isn’t thinking about succession, take the assertive role and think about future opportunity. Pay attention to your colleagues’ responsibilities and demonstrate your eligibility for a promotion by learning new skills without dropping your own duties.

So instead of asking yourself who is next in line, I suggest you ask Abbott and Costello’s famous question: Who’s on first? If you position yourself for a top job from the beginning and think strategically about your future, you may be climbing the company ladder faster than you expected.

Posted by David Flax, CPA on June 18, 2008 • Email to a Friend

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