The CFO Shortage - A look at CFO Labor Market Trends

Looking at Google data, we see that between August and October 2022 there has been a significant uptick in searches for the terms “CFO” and “chief financial officer”—50% and 22% respectively. But even though Googling CFO is the simplest way to see these trends, it’s not the only confirmation that there is increasing demand for CFO candidates.

That rising demand is for a particular kind of CFO. Let’s call it the modern CFO. Let’s look at the current landscape as it has evolved along with businesses over the last couple of decades.

From Accounting to Financial Analysis and Planning – How the CFO role Evolves

Consider your basic business that has a product or service to sell. There is an initial investment to create your product. Revenue begins to flow. The business has someone on staff who has the accounting skills to keep track of revenues, expenses, and pay the taxes. This person may be called the controller, or maybe even the CFO. Over time, as the company grows, it begins to invest its profits in order to increase the business’s capacity, enter new markets, or increase the customer base. Instead of just tracking revenue and expenses, the CFO value to the company begins to shift from recording historical data to focus on driving long term performance of the company and how best to leverage its resources to accomplish the intended results.

The individual who started out as the controller is now expected to provide some financial analysis on a variety of business issues. What is the company’s breakeven point? What are the margins per customer or product? To increase capacity, should we increase the labor pool, invest in new equipment, or outsource? What is our return on this investment? Should we finance our expanded capacity with operating cash flow, debt or raise through equity?

This is the point in the life of the business where the accounting and finance function begins to evolve from record keeping (historical) to helping the business make decisions with a financial approach (future-focused). In many instances, the individual in the controller role may not have the skills needed to provide this type of value.

Where Does the Modern CFO Exist?

Most large privately held or publicly traded companies have historically been a great training ground for modern CFOs. The accounting and finance functions not only ensure the accuracy of the financial statements, but they also work with other functional areas to help them manage financial results, as well as understanding the financial drivers of the business. This exists as these organizations require another level of financial sophistication in order to attract outside investors, board members, and maintain compliance as a public company. Most accounting and finance individuals who are trained in this world learn the best practices of their craft here.

What Does the Modern CFO Offer?

The modern CFO who drives business success is expected to bring the following to the table:

Economic approach to decision making – This is different from an accounting approach. It includes thinking about where to acquire more capital, whether to make investments etc.
Participation as an executive leader – While they might be officially in charge of the finance function, they now need to share their overall business acumen with the company to influence other decisions that are perhaps outside of their scope of responsibility. In many organizations, the CFO will even interact with customers in contract review/negotiation, but also for customer retention.
Ability to provide business partnering – These internal partnerships reflect the leadership of the modern CFO. The CFO and their team, partners with manufacturing, sales, marketing, and others to help them understand the decisions they make from an economic perspective, and how analysis and projections inform the interdependent web among all of the functional areas within a company.
Team management and development – The CFO’s team is on the front lines of business every day, having an impact on all functions. The CFO wants a team of financially savvy people who also have the emotional intelligence to help them partner and engage with other teams. The litmus test for a good financial team is whether they are being invited to meetings in other areas of the business, or if they have to invite themselves.

Supply and Demand – CFOs Who Drive Business Success to the Next Level

The demand for modern CFOs continues to increase based on a few critical drivers, while the supply isn’t keeping pace.

An increase in demand is being created by private equity firms acquiring companies who are for the first time accepting institutional investment. When this occurs, these companies typically need to adopt a new governance structure with a formal board, and since their new investors are financially astute – they normally desire the modern CFO to ensure both accurate financial reporting, and this modern CFO to help drive financial performance. A good portion of the companies that the PE firms acquire under this scenario don’t already have a modern CFO in the seat, resulting in the need to recruit an outsider.

In addition, medium sized family owned and/or founder led companies are increasingly adopting financial and governance best practices that were once only employed by public or PE backed companies. These shifts normally require a modern CFO which in turn is driving more demand for them.

Their pull on the dwindling supply affects the rise in demand and the subsequent shortage we are seeing. This article in the Association of Accountants and Financial Professionals in Business dives into the increased expectations for company CFOs.

The good news is that many financial officers currently working in high-stakes public companies want to take the skills they’ve learned over time and apply them in a business where the intense risk of projection-failure and the massive stress of issuing quarterly earnings won’t shorten their lifespans.

The bad news is that at this point that supply is dwindling and there are fewer truly experienced modern CFOs to meet the continually rising demand for their services.

CFO Recruiters – The Search for Your Next CFO

It is possible to recruit the modern CFO down from the heights to a company that wants to be more competitive, financially strategic, and continue to grow. Many CEOs are unsure of how to determine what CFO skills are needed in their company, let alone how to evaluate CFO candidates. If you have been searching for the CFO to move your business forward and are finding it tough to find the right person for the job, you are not alone. This is where an executive search firm with the right expertise can help a company not only align the company needs with the skills needed in the role, but also how to effectively run recruitment for this critical search.

This search is perhaps the most challenging there is, especially these days. Bringing in the expert on this will free you up to fill your countless other roles and focus on your endless list of important leadership tasks. Ending up with the right CFO will yield such growth that your search will have paid for itself in no time.

Check out our experience helping great companies hire modern financial leaders here!

< Older Post

Newer Post >

The Belichick Effect - Why Past Performance Doesn’t Predict Future Success

By Greg Togni • September 4, 2025

In leadership hiring, one belief persists above nearly all others: that past performance is the best predictor of future success. It’s logical, comforting, and intuitive. After all, if a leader delivered results before, higher revenue, a successful turnaround, a winning streak -they must be capable of doing it again. But that assumption is dangerously flawed. A growing body of evidence, real-world missteps, and cautionary tales suggest that evaluating a leader based solely (or even primarily) on past results can lead to costly misalignments. A recent example highlights this perfectly: The University of North Carolina’s headline-grabbing hire of NFL legend Bill Belichick as head football coach. With six Super Bowl rings and a reputation as one of the greatest coaches in history, Belichick’s track record was unparalleled. Yet in his college football debut with UNC, his team suffered a lopsided 48–14 loss. Suddenly, it was clear: past greatness didn’t guarantee future success in a dramatically different context. While we know Coach Belichick is very early in his tenure at UNC, it’s a fresh reminder that this example extends far beyond sports. It speaks directly to how businesses approach executive hiring, and why it’s time to shift the paradigm. 1. Context Is Everything A key mistake in interpreting a leader’s past success is ignoring the unique conditions under which that success occurred. Was the company in a growth market? Did the executive have access to elite teams, ample resources, or timing that favored bold moves? An executive who excelled in a highly structured, well-capitalized organization may not thrive in a lean, ambiguous, or turnaround environment. Just as Belichick moved from the resource-rich NFL to a university setting with completely different dynamics, many business leaders falter when they switch into unfamiliar ecosystems. Context can make or break performance, and no résumé bullet point can capture that nuance. 2. Success Is Rarely a Solo Act Leadership achievements often look like individual triumphs: “Led $500M product launch,” “Turned around underperforming division,” or “Grew revenue by 60%.” But these outcomes are almost always the result of collective effort. High-performing teams, strong market tailwinds, or favorable internal politics may have played a significant role. Without understanding the true contributors to success, companies risk crediting one person for what was actually a team-driven or market-driven win. Belichick’s NFL success, for example, wasn’t built in a vacuum, it involved legendary players, long-standing staff, and decades of organizational infrastructure. When hiring executives, we must dig deeper: Was the leader truly driving results, or were they simply in the right place at the right time? 3. The Skills That Worked Before May No Longer Apply Many executives ascend by mastering a particular set of skills, scaling a startup, optimizing supply chains, leading sales, but the demands of a new organization may require a completely different skill set. A tactically brilliant operations leader may struggle in a CEO role that demands vision, cross-functional influence, and public-facing leadership. Similarly, an aggressive change agent may clash with a culture that values steady consensus-building. In Belichick’s case, the NFL rewards control, discipline, and closed systems. College athletics requires recruiting 17-year-olds, navigating academic culture, and engaging with boosters. Translated to the corporate world: the same leadership playbook won’t always work in a different environment. 4. Cultural Fit Often Trumps Credentials More than half of executive failures can be traced back to a mismatch in values, communication style, or organizational expectations. Culture fit isn’t about superficial traits - it’s about deep alignment with how a company makes decisions, treats people, and approaches problems. A highly hierarchical leader from a Fortune 50 firm may feel paralyzed in a startup where decision-making is fast and informal. Conversely, a founder-style leader may chafe against the bureaucracy of a multinational. In Belichick’s case, the shift from professional players to student-athletes required more than tactical expertise - it required a mindset and relational approach that wasn’t part of his long NFL tenure. Culture was the hidden barrier. 5. The Future Requires Adaptability, Not Repeatability The pace of change in business today is staggering. AI, hybrid work, geopolitical instability, and generational shifts in employee values mean that today’s leaders must continuously learn, pivot, and adapt. Past performance often reflects a leader’s ability to optimize for the conditions that once existed - not necessarily their ability to navigate what’s coming next. Instead of asking, “What has this leader done?” the better question is, “How do they think? How do they learn? Can they lead through ambiguity?” Executives with linear, legacy-bound thinking may fall short in organizations seeking transformation. Adaptability, not a polished track record, is becoming the most valuable leadership asset. 6. The Halo Effect Clouds Judgment High-profile successes create a “halo effect,” where we assume someone who succeeded in one role will succeed anywhere. It’s why hiring managers are drawn to big names and prestigious brands. But prestige can mask weaknesses. Hiring a famous CEO from a household-name tech company might seem like a coup, until they struggle in a smaller, more complex environment with fewer resources. The same logic applies to Belichick’s move to UNC. The name was dazzling. The record was flawless. But the assumption of transferable success was flawed. Boards and hiring committees must challenge their own biases and evaluate candidates with fresh eyes. So What Should Companies Hire For? Rather than focusing solely on achievements, companies should shift toward evaluating capability and potential . Here’s how: Learning Agility : Has the leader successfully reinvented themselves in different roles or industries? Self-Awareness : Can they reflect critically on past experiences and acknowledge where they’ve failed? Cultural Intelligence : Are they attuned to the nuances of different organizational cultures? Systems Thinking : Can they see the big picture and lead across functions, markets, and time horizons? Emotional Intelligence : Do they inspire trust, connect with people, and lead with empathy? These traits are harder to measure than revenue growth or market share, but far more predictive of long-term success. The Goal Line The University of North Carolina’s hiring of Bill Belichick was bold, ambitious, and rooted in the assumption that his past greatness would translate seamlessly into a new role. When it didn’t, the world was reminded of a difficult truth: past performance is an input, not a guarantee. In business, the stakes are just as high. Leadership decisions shape strategy, culture, and value creation. To get those decisions right, we must look beyond the résumé and consider who a leader is, not just what they’ve done. Because in a world of constant change, the leaders who succeed are not those who repeat the past, but those who are ready to lead into the unknown.

New Opportunity: VP of Sales

By Effie Zimmerman • August 20, 2025

VP of Sales About the Company Superior Duct Fabrication is a recognized leader in the HVAC and sheet metal fabrication industry, known for our commitment to precision, innovation, and customer satisfaction. They serve some of the largest mechanical contractors and construction firms in the region and are poised for strategic growth. Superior is seeking an experienced, driven, and visionary Vice President of Sales to lead the team and drive new business nationally. In 2025, Seattle-based private equity firm Pike Street Capital made a platform investment in Superior to accelerate growth through geographic expansion, product innovation, and targeted acquisitions. With a strong leadership team, trusted customer relationships, and increasing demand for sophisticated air handling solutions, Superior is positioned for rapid, scalable growth. About the Position The Vice President of Sales will be responsible for leading all aspects of the sales and marketing organization—driving revenue growth, building and developing high-performing teams, implementing best-in-class sales processes and marketing, and expanding market share with top-tier key accounts. Essential Duties and Responsibilities Develop and implement a comprehensive sales and marketing strategy focused on achieving company growth objectives Recruit, mentor, and lead a high-performing sales team with a strong focus on execution, collaboration, accountability, and excellence. Create a culture of coaching, learning, and performance, using data and feedback for continuous improvement. Identify, prospect, and engage potential Key and Territory customers, including large-scale, strategic accounts, through relationship-building, deep industry knowledge, and competitive positioning, utilizing various channels, including cold calling, networking, and industry events. Utilize and maintain robust sales processes like MEDDICC to build and maintain a strong pipeline of qualified leads and opportunities. Craft and deliver compelling marketing content, presentations, and proposals demonstrating our unique value to potential customers. Quote, negotiate, and close deals with new customers, ensuring mutually beneficial partnerships. Collaborate with internal teams (operations, customer success, IT) to ensure smooth onboarding and satisfaction of new clients. Monitor market trends, competitor activities, and industry developments to identify new business opportunities and refine commercial strategy Achieve and exceed quarterly and annual sales targets for new customer acquisition. Maintain accurate records of all sales activities, leads, and opportunities in the company's CRM system. Provide regular reports on sales performance, market insights, and forecasts to senior management. Candidate Profile Bachelor's degree in Business, Sales, Marketing, or a related field. 10+ years of proven experience in B2B sales, 5+ years of leading high performing teams. Demonstrated track record of successfully acquiring new customers and meeting or exceeding sales targets consistently. Understanding of the construction, engineering services, HVAC industry and current market trends a plus but not required. Excellent communication, presentation, and negotiation skills. Ability to build and maintain relationships with C-level executives and decision-makers. Proficiency in CRM systems and Microsoft Office suite (knowledge of CAD/CAM, Autodesk a plus) . Travel of up to 50%. Interested in Learning More? 180one has been retained by Superior Duct Fabrication to manage this search. If interested in learning more about the opportunity, please contact Tom Haley / 503-334-1350 / tom@180one.com .

New Opportunity: Director of Finance, Credit and Collections

By Effie Zimmerman • August 8, 2025

Director of Finance, Credit and Collections About the Company At Papé, our roots reach back to 1938 when our founder acquired his first capital equipment dealership in Oregon’s Willamette Valley. With 4,000 employees working in 150 locations across 9 western states, Papé has become the West’s leading supplier of capital equipment, representing brands such as John Deere, Kenworth, Hyster, Ditch Witch, and many other top-tier brands. Now, four generations strong, the value of an honest handshake and a square deal continues to drive our success and that of our customers. It’s a promise E.C. Papé made over 85 years ago – a commitment we intend to keep. About the Position The Director of Finance reports directly to the CFO and is responsible for leading the financial operations of the company, ensuring robust credit, collections, and cash application processes, accurate reporting, and compliance with tax and legal obligations. This position oversees a broad set of financial activities and teams, supports executive decision-making, and collaborates across departments including Human Resources, Sales, Legal, and IT. Essential Duties and Responsibilities C redit Oversee the full credit lifecycle, including: Credit investigations, credit extension, and denials with corresponding documentation. Management of online and paper credit applications through a software provider. API to Credit Bureau for all applicants. Development of Credit Report Scorecard through Credit Bureau. Administration of welcome and denial letters. Maintenance of documentation, maintenance of customer account details, contacts, invoice delivery preferences, and account change requests. Cash Account Set Up process and auditing. Collections & Risk Management Lead consistent collections process and procedures across all operating companies. Collections, unapplied payments, Account Status Reviews, Dispute Management, Customer account maintenance and reconciliation, including Adjustments, Journal Entries, Sales Tax Adjustments, and Sales Tax exemption certificates. Consistent use of Credit Release System designed to require document releases for customers over their credit limit. Resolve unapplied payments. Bi-Monthly Dispute Report Tracking. Bi-Monthly Aged AR Reports, including Aged Whole Goods, Rentals, COD Accounts, and accounts Over 60 Days Past Due. Refunds when necessary. Credit risk reporting to Credit Bureaus. Scorecard development. Use of 3rd-party agencies and outside attorneys. Bankruptcies claims. Repossessions, auctions, legal actions, and chargebacks. Fraud tracking and escalation processes. Accounts Receivable Direct accounts receivable operations. Cash Application and Payment processing. Oversight of daily payment processing, including: Payments through our Lockbox, ACH/Wire payments, Pape Online Payment Portal, collection of credit card payments through our collections software, and Pape Pay. Posting of all Customer account payments and financial adjustments. Oversight of Lockbox operations, chargebacks, returned checks, and virtual lockbox administration. Ensure timely processing of HR member payments for benefits. WEX – US Forest Service credit card payments. Pacific Rim Funding Review of new loan applications. Collection of payments, posting of payments, and resolution of returned checks or payments. Reconciliation of general ledger. Repossessions, auctions, bankruptcies, legal action. Aging Report distribution. Bad Debt and Reserves. Merchant Agreements Management of Merchant IDs, Visa, MasterCard and Discover, American Express, and collection software Merchant IDs. Ordering of New Merchant IDs during acquisition and organic growth. Contract Negotiations. Support contract negotiations with financial vendors and partners. Reporting & Financial Oversight. Deliver routine and ad hoc reporting, including: Monthly: Currency, Bad Debt, Reserves, Finance Income, Extended Terms, Contra, Recourse & Residual Guarantees, and Account Status Reviews. Annually: Unclaimed Property/Escheatment. Credit Bureau contract negotiation, user access reviews. Create an annual Budget & track progress toward financial goals. Coding and payment of departmental AP invoices. Annual Audits with Banks and Public Auditing Firm. Leadership & Staff Development Supervise Credit Managers, AR Manager, Credit Administrators, Credit Analysts, Credit Specialists, and office staff. Indirect reporting of Finance Managers, including: -Oversight of Contracts and payment of Commissions earned. -PMH – Contract Overages. -PMI – Insurance. -Finance Manager Annual or Bi-Annual Meetings. -PMH Annual Update for user access at Equipment Finance company. Hiring, onboarding, performance evaluations, and ongoing training (internal and external). Timecard oversight, overtime management, and weekly/monthly performance meetings. Coordinate with GMs and internal stakeholders to resolve escalations and align operations with strategic objectives. Internal Training of company and branch staff on procedures for: -Cash Deposits, Credit Card Report and Lockbox Remittance, and Scanning. Training Manuals. Systems, Procedures & Documentation Ensure accuracy and usability of financial systems, working closely with IT. Maintain up-to-date procedure manuals, training guides, internal/external forms, and departmental policies. Implement standardized practices for documentation, statement contacts, and customer profiling. Special Projects & Departmental Collaboration Participate in major cross-functional initiatives and support internal partners in Marketing, Sales, Legal, and HR. Represent the finance function in FM meetings, including travel logistics and agenda planning. Oversee public-facing forms, including credit applications. Oversee internal-facing forms, including Credit Card On File Approval documentation, credit card reporting, cash deposits, and check remittances. Manage Access of Customer Profile Levels throughout all Operating companies. Candidate Profile • Bachelor’s degree in finance, accounting, or related field. MBA or CPA preferred. • 10+ years of progressive financial experience, including 5+ years in a leadership role. • Strong knowledge of AR, credit policies, financial reporting, and sales tax regulations. • Proficiency in financial platforms and ERP systems. • Exceptional communication, organizational, and leadership skills. Interested in Learning More? 180one has been retained by Papé Group to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .