The evolving DNA of a CFO in Southeast Asia: Hays unveils insights into modern financial leadership
Key insights into how modern CFOs in Southeast Asia balance business acumen, leadership, and career diversification.
Malaysia, 18 Dec 2024 - With expert observations of more than 150 CFOs across Southeast Asia and six in-depth interviews with industry leaders, the 2024 Hays Unlocking the DNA of a CFO report is the most insightful and thorough exploration into the role in the Southeast Asia region. The report provides an enlightening view on the evolution of the position and uncovers what is required to be a successful CFO today.
“Once stereotyped as a number-crunching gatekeeper role, the CFO position has matured into one that is all-encompassing, requiring a broad business vision, an ability to strategize, and flexibility to consider the commercial needs of an entire organisation,” says Tom Osborne, Managing Director at Hays Southeast Asia. “All this comes as more women can be found in the role, diverse career paths bring differing skill sets, and the position has become desirable for those with CEO ambitions.
“Whether working professionals have aspirations towards a CFO role, or are already a CFO with many years of experience, this report will provide insights, recommendations and inspiration that will help readers further their career” adds Tom.
Key Findings
A career to be proud of
The CFO role remains highly desirable, with 24 per cent of interviewees indicating that their career goal was to remain in their current post, while 46 per cent aspire towards a larger CFO role. It should therefore come as no surprise that 93 per cent asserted that, were they given the chance, they would choose the same career path again.
“It is interesting to see that for many of those who saw their futures away from the CFO position, the ultimate aim was to become CEO (20 per cent),” notes Natasha Ishak, Regional Director at Hays Malaysia. “This should come as no surprise; however, as developments within the CFO role mean that it has become more aligned with the CEO position, with the industry leaders we interviewed seeing it is a logical next step.”
Being business savvy
Building relationships with key stakeholders has become essential for the modern CFO, meaning that developing people skills is imperative, as noted by 44 per cent of those surveyed. In addition, being commercially aware was also highlighted (40 per cent) as an essential area for development, as focusing on business strategy increasingly becomes part of the CFO remit.
“The report shows that CFOs are managing this by keeping up to date with the latest industry changes (61 per cent) and becoming a member of professional associations (55 per cent),” says
John Borneman Regional Director at Hays Singapore. “However, one of the more proactive tips that the survey suggests is partnering with departments outside of finance (36 per cent) as this enables a unified approach towards business goals across the operation.”
Diverse paths and career mobility
While it appears self-evident that qualifications in finance are crucial to becoming a CFO, more divergent paths are being taken. ACCA (38 per cent) and MIA (31 per cent) remain the most likely qualifications for CFOs to hold, yet 62 per cent stated that they had ‘other’ qualifications, highlighting the growing number of individuals bringing different educational backgrounds to the role.
“We can see that career fluidity is also important for progression to the CFO position,” notes
Yoke Pei Ong, Business Director at Hays Thailand. “48 per cent started at accountancy firms, though more than 70 per cent spent the majority of their careers in commerce and industry. Furthermore, 65 per cent have worked at four or more organisations, showing that career mobility and broad experience is a boon to anyone wishing to reach CFO level.”
Download your copy of the Unlocking the DNA of a CFO in Southeast Asia report by clicking here:
About Hays
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, and Australia and one of the market leaders in Continental Europe, Latin America, and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 30 June 2024, the Group employed over 11,100 staff operating from 236 offices in 33 countries. For the year ended 30 June 2024:
The Group reported net fees of £1,113.6 million and operating profit of £105.1 million.
The Group placed around 57,700 candidates into permanent jobs and around 225,000 people into temporary roles.
13% of Group net fees were generated in Australia & New Zealand, 32% in Germany, 20% in United Kingdom & Ireland and 35% in Rest of World (RoW).
The temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees.
Technology is the Group’s largest division, with 25% of net fees, while Accountancy & Finance (15%) and Engineering (11%), are the next largest.
Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK, and the USA.
