2008 will be remembered as one of the toughest business environments in modern history. Many CFOs were forced to scramble to keep the business running as credit markets dried up while keeping up with the many other requirements of the job. So it should come as no surprise that turnover in the post hit record highs. The Wall Street Journal reported that in the first seven months of this year, 70 CFOs at Fortune 500 and S&P 500 companies exited their jobs. But as difficult as 2008 has been, 2009 already has the earmarks of being even more challenging as finance chiefs bear the brunt of the global economic crisis.
According to Financial Executive International (FEI)’s new list of chief executive officers’ top challenges for CFOs next year, the challenges brought about by the global economic crisis will be top of mind as companies continue to assess the impact of the situation on their businesses. CFOs will need to focus on the ability to access capital, while speculating how long the crisis will last and what changes will need to be made as Congress explores increasing regulation of financial markets. “Regardless of company size or structure, these are challenging times for corporations and individuals, leaving many hoping that the new administration under President Barack Obama will provide solutions,” says Robert Parkinson, managing director of Antal International, China.
While CFOs struggle with the implications of the economic crisis, the same challenges that faced them through 2008 will continue. FEI says that fair value measurements, business taxation, the joining of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), financial statement presentation, complexity in financial reporting, controls and risk management, and employee benefits issues will demand increased CFO attention.
Overworked CFOs can take solace in the fact that the job market for accountants next year looks healthier than the global economy. According to the global snapshot from Antal International, large companies in particular plan to add accounting and finance staff in key specialty areas. Eighteen percent of respondents at firms with more than 1,000 employees expect to hire in the first quarter of next year compared to eight percent who anticipate decreasing staff levels.
Lilly Cao runs Antal International’s accounting team based in Beijing and Shanghai. This division recruits qualified accountants focus on Finance, management, controlling, Tax, Accountancy, Credit field, from middle to senior level positions. Accounting team has proven track record in recruiting positions of CFOs, FCs, Managers, and Analysts, etc.
For further information please contact Accountancy@antal.com.cn or telephone +86 10 6410 8866.
