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!

New Opportunity: General Manager, Northern California & Nevada Region

By Effie Zimmerman • August 3, 2026
General Manager, Northern California & Nevada Region ABOUT THE COMPANY With roots dating back to 1938, The Papé Group is the West’s leading supplier of capital equipment solutions. Today, Papé operates across nine states with over 4,000 team members, proudly representing premier brands including John Deere, Kenworth, Hyster, Ditch Witch, and more. What sets Papé apart is its commitment to long-term relationships, both with customers and employees. As a fourth-generation, family-led business, Papé believes in the value of a handshake, the importance of service, and the impact of leadership that stays close to the work. Papé Kenworth is one of the largest Kenworth truck dealers in the Western United States, providing sales, leasing, rental, parts, and service for medium and heavy-duty trucks. Founded in 2007 as part of Papé Group, the division supports commercial fleets and owner-operators with a commitment to maximizing uptime through exceptional customer service, expert technicians, and a network of locations across the West. ABOUT THE POSITION Reporting to the President of the Papé Kenworth business, the General Manager (GM) will be responsible for driving performance, growth, and operational excellence across the Papé Kenworth & Papé Truck Leasing branches in Northern, CA & Nevada. This includes branches in San Leandro, CA, Morgan Hill, CA, Sacramento, CA, and Sparks, NV. This role demands a strategic mindset, operational oversight, and a strong leadership presence to guide branch teams in delivering outstanding service, sales, and profitability. Essential Duties and Responsibilities Lead and manage the operations of multiple branches, aligning each with company objectives and performance standards. Develop and implement regional sales strategies, forecast performance, and set measurable business goals. Oversee branch budgets, control operating costs, and ensure long-term profitability of the region. Monitor market share trends, competitor activity, and local market dynamics to maintain a competitive edge. Drive customer satisfaction by ensuring exceptional service and support across all departments. Champion a high-performance culture focused on results, collaboration, and continuous improvement. Lead, manage, develop, train, and build leadership and branch teams. Regularly visit branches in the region to ensure operational excellence and to provide leadership and management to managers and team members. All of your efforts are geared towards providing exceptional service to our customers and being the leading Class 8 on-highway, vocational, and Class 6-7 medium-duty truck dealer in the area. If you are a great leader, results-driven, and are looking to make a difference, consider joining Papé today. CANDIDATE PROFILE The ideal candidate brings a proven track record of successful management experience in capital goods or dealership environments. Key strengths include: Strong background in sales, marketing, budgeting, and personnel leadership. Demonstrated experience in developing teams, setting performance goals, and achieving sales targets. Must reside within, or be willing to relocate, to the assigned regional area. Experience developing and executing regional sales strategies that consistently exceed revenue and profitability targets. Experience leading cross-functional teams with preference for leading sales, service, parts, and leasing. Preferred Bachelor’s degree is preferred, or equivalent combination of education and progressively responsible industry experience. 10+ years of progressive leadership experience in heavy equipment, construction equipment, agricultural equipment, industrial machinery, or other related capital equipment industry. Minimum of 5 years in leadership roles. Interested in Learning More? 180one is an executive search firm and is assisting Papé Group in this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .

The Nova Knicks and the Leadership Lesson Every Executive Team Should Learn

By Greg Togni • July 6, 2026
For years, professional sports have embraced a familiar philosophy: collect enough star talent, and success will follow. Yet season after season, teams with the most recognizable names often fall short of expectations, while less glamorous rosters outperform them through cohesion, trust, and a shared commitment to a common goal. The New York Knicks have taken a different approach. Rather than simply pursuing the biggest available names, the organization has reunited several former Villanova teammates, players who won together in college and developed a reputation for selflessness, accountability, and relentless work ethic. While each player has grown into an accomplished professional in his own right, what makes this group particularly compelling isn't just individual talent. It's the chemistry they already possess. That story should resonate far beyond basketball.  It highlights a lesson every CEO, board member, and hiring executive should consider- organizations don't win because they collect the most impressive résumés. They win because they build leadership teams whose strengths complement one another and whose shared values create trust long before adversity arrives. Talent Opens the Door. Chemistry Sustains Success. Executive hiring often begins with a search for credentials. Companies look for executives with exceptional track records, marquee employers, prestigious degrees, or transformational accomplishments. Those qualifications matter. They establish credibility and demonstrate capability. But they don't guarantee success. Every executive search firm has witnessed situations where an outstanding individual hire struggled to create the expected impact. The issue wasn't competence. It was fit. Leadership styles clashed. Decision-making became slower. Collaboration suffered. Instead of elevating the executive team, the new addition unintentionally created friction. Contrast that with leadership teams that seem to move almost effortlessly. Conversations are candid. Decisions happen quickly. Disagreements remain productive because trust already exists. These teams aren't successful because everyone thinks alike. They're successful because they understand one another's strengths, respect differing perspectives, and share a common commitment to the organization's mission. The Nova Knicks illustrate this principle in action. Their familiarity wasn't built overnight. Years of competing together established communication patterns, mutual accountability, and confidence in one another's decision-making. Those qualities can't be replicated simply by assembling talented individuals. The same is true inside the executive suite. Culture Is More Than a Buzzword Organizations frequently discuss culture during the hiring process, but culture is often misunderstood. Culture isn't ping-pong tables, flexible work schedules, or carefully crafted mission statements. At the leadership level, culture is reflected in how executives make decisions, manage conflict, communicate under pressure, and support one another when circumstances become difficult. One executive who prioritizes transparency can influence an entire leadership team. Conversely, one leader who operates independently or places personal success above organizational goals can undermine months, or even years of progress. This doesn't mean companies should seek leaders who all share identical backgrounds or personalities. Diversity of thought remains one of the strongest drivers of innovation. However, diversity works best when it rests on a foundation of shared values: integrity, accountability, respect, and a willingness to collaborate. That's the distinction between similarity and chemistry. The former limits organizations. The latter strengthens them. Hiring for the Team, Not Just the Role One of the most overlooked questions in executive hiring isn't, "Can this candidate do the job?" It's "How will this individual make everyone around them better?" Great coaches ask this question constantly. They don't simply evaluate statistics or highlight reels. They consider how each player fits the existing roster, complements teammates, and contributes to the team's identity. Business leaders should adopt the same mindset. When evaluating executive candidates, organizations should certainly assess experience, technical expertise, and strategic vision. But they should also evaluate how candidates build relationships, navigate disagreement, influence peers, and foster trust across the organization. The highest-performing executives don't simply deliver results themselves. They create an environment where others perform at a higher level. That multiplier effect is often what separates good leadership teams from exceptional ones. Building a Championship Leadership Team The most successful organizations rarely rely on a collection of individual stars. Instead, they intentionally build leadership teams capable of sustaining success over time. That requires looking beyond résumés and considering factors that are harder to measure but equally important: Does this leader strengthen our culture? Will they earn the trust of peers and direct reports? Can they challenge ideas without creating unnecessary conflict? Do they make those around them more effective? These questions don't replace traditional hiring criteria; they enhance them. As executive recruiters, we often remind clients that leadership is not an individual sport. Every executive appointment reshapes the dynamics of the leadership team. Each new hire either reinforces collaboration or introduces friction. The goal isn't simply to find the most accomplished executive available; it's to find the executive who will help the entire organization perform at its highest level. The Final Takeaway The attention surrounding the Nova Knicks isn't really about basketball. It's about something every successful organization strives to achieve: building a team whose collective performance exceeds the sum of its individual parts. Championships, in sports and in business, are rarely won by talent alone. They're earned by leaders who trust one another, communicate openly, embrace accountability, and elevate everyone around them. When organizations approach executive hiring with that philosophy, they're no longer just filling leadership positions. They're building a championship team.

New Opportunity: Group Vice President

By Effie Zimmerman • June 23, 2026
Group Vice President ABOUT THE COMPANY The E-J Group is active in all facets of electrical contracting, bringing experience, expertise, and a national reputation to projects that range in size up to more than $900 million. With over 4,000 employees across 32 offices nationwide, E-J delivers full-service electrical solutions for mission critical / data centers, rail systems, transit facilities, office buildings, hospitals, power generation, substations, transmission and distribution, renewables, co-generation facilities, roadway and outdoor specialty work, airports, industrial facilities, chip plants, universities, sports stadiums, extra high voltage distribution, utility, and gas infrastructure. At E-J, three generations of family expertise have built an organization that combines practical knowledge with modern technological innovation, providing rapid and efficient solutions for today’s lighting, power, energy, and communication needs. E-J has a 127-year reputation for integrity, quality, and exceptional service in the electrical field. To learn more, visit www.ej1899.com . POSITION SUMMARY The Group Vice President will oversee and manage all operational aspects of this $750 million group of business units spread across multiple states. The responsibilities will encompass strategic planning, process optimization, and ensuring efficient day-to-day operations as well as growing staff and development of people. With a focus on continuous improvement, you will drive operational excellence, fostering a culture of innovation and productivity. Travel at least 40% of any given month to cover the needs of a national electrical contractor, reporting directly to the Executive Vice President responsible for both local and national management. KEY RESPONSIBILITIES Operational Leadership Lead and oversee operations across multiple divisions, regions, and business units nationwide. Develop and execute operational strategies that align with the company's growth objectives, financial goals, and customer commitments. Establish operational standards, performance metrics, and accountability systems to drive consistency and excellence across all divisions. Monitor project execution, productivity, labor utilization, scheduling, quality, and customer satisfaction. Drive continuous improvement initiatives focused on efficiency, scalability, and profitability. Financial Performance Maintain full P&L accountability for assigned divisions and operational business units. Partner with division leadership to develop annual budgets, forecasts, and strategic growth plans. Monitor key financial metrics, including revenue, gross margin, EBITDA, backlog, cash flow, and working capital. Identify opportunities to improve operational efficiency, project margins, and return on investment. Review major project performance and implement corrective actions where necessary. Strategic Growth Support corporate growth initiatives, including geographic expansion, acquisitions, and new market development. Collaborate with business development and estimating teams to ensure strategic pursuit of opportunities aligned with organizational objectives. Participate in acquisition due diligence, integration planning, and operational alignment of acquired businesses. Evaluate market trends, competitive positioning, and emerging technologies impacting the electrical construction industry. Safety and Risk Management Champion a world-class safety culture throughout the organization. Ensure compliance with all OSHA, regulatory, and company safety standards. Partner with safety leadership to establish proactive risk mitigation strategies. Review incident trends and implement programs that reduce risk exposure and improve safety performance. Talent Development and Organizational Leadership Lead, mentor, and develop business unit leaders, regional leaders, operations leaders, and senior operational personnel. Build succession plans for critical leadership positions throughout the organization. Foster a culture of accountability, collaboration, innovation, and high performance. Support recruiting, retention, workforce planning, and leadership development initiatives. Promote employee engagement and organizational culture across all regions. Operational Excellence Drive standardization of processes, systems, project controls, reporting, and operational best practices. Leverage technology and data analytics to improve decision-making and operational visibility. Establish and monitor key performance indicators (KPIs) across divisions. Lead enterprise initiatives related to productivity improvement, innovation, prefabrication, workforce optimization, and project delivery excellence. QUALIFICATIONS AND EXPERIENCE 10+ years of experience in operations management with a preference for experience in commercial electrical contracting, specialty construction, or related industries. Demonstrated success leading multiple business units, divisions, or regions with significant revenue responsibility. Preference for experience managing large-scale commercial, industrial, mission-critical, and civil construction projects. Proven track record of driving profitable growth, operational improvement, and organizational development. Experience leading senior-level teams in a multi-location environment. Knowledge, Skills, and Abilities Proven ability to develop and implement strategic plans Strong leadership and team management skills Excellent communication and interpersonal skills Ability to work independently and as part of a team Experience in budgeting and financial management Knowledge of supply chain management Ability to solve problems and make decisions quickly Strong analytical and problem-solving skills Ability to work under pressure and meet deadlines Advantages of Working at E-J: Leading Electrical Contracting Organization Nationally Oldest family-owned and operated electrical contractor since 1899 Job training and mentorship Supportive Management Team Rewarding project experience Comprehensive benefits, including medical, dental, vision, and a 401 (k) plan Paid holidays and vacation Merit-Based Bonus History of employment longevity The E-J Group is an Equal Employment Opportunity Employer and ensures equal employment opportunity for all persons without discrimination on the basis of race, color, religion, sex, sexual orientation, national origin, age, disability, marital status, citizenship, or any other characteristic protected by law. Interested in Learning More? 180one has been retained by EJ Electric to manage this search. If interested in learning more about the opportunity, please contact Nicole Brady at 503-699-0184 or via email at nicole@180one.com .
More Posts