Are you a CFO? Do you hate your job? Do you hate your job? Then you must be a CFO. (That's right, a little commutative property at work here @ the DB HQs. We took honors math, no big deal...). No longer relegated to merely dentists, Cornell students and Enron CEOs, “Occupations with the Highest Rate of Suicide” now count CFO as one of its darlings.** Apparently being a Chief Financial Officer translates to all of the sweat and none of the glory, meaning you’re more likely to be working late nights at your desk than blowing coke off of a hooker’s breasts. No wonder, then, that BofA’s Alvaro De Molina, Citi’s Sallie Krawcheck, and at least 12 other CFOs wanted out of the position over the last year. Who’s to blame? According to Fortune’s Telis Demos, for the most part, the SEC.
In today's Sarbanes-Oxley world, the chief financial officer post - once a finishing school for future CEOs - has become the crummiest gig in the corporate suite. Combine the workload necessary to comply with the controversial 2002 legislation and the knowledge that you're almost certainly the sacrificial lamb if the SEC comes calling, and it's a recipe for skyrocketing turnover.
Companies with a market cap of at least $1 billion changed CFOs three times more often in 2005 than in 2002, according to 10k Wizard. And while the rate of exits slowed a bit at big companies last year, Richard Jacovitz of liberum Research found that among public companies of all sizes, CFO exits increased from 1,867 in 2005 to 2,302 in 2006.
SarbOx has forced CFOs to spend nearly a third of their time on IT systems, paperwork, and tedious board inquiries rather than on the big picture, say headhunters and former executives. That's in addition to typical responsibilities like communicating with Wall Street and dealing with creditors.
The situation is now allegedly so bad that companies are turning to temps.
Doesn't anyone want to be a CFO anymore? [Fortune]
*Seemed more legit than "CFOs: The Only Absentees In The Coke Den"
**Or should, considering the evidence.