CFO vacancies are tougher to fill — here's why

Companies with a vacant CFO spot can expect the process of finding a new finance chief to drag on longer this year.

Hunts for new CFOs took longer last year than in 2014, according to The Wall Street Journal. Nearly a third of finance chief searches took more than four months in 2015, according to a survey by the Association of Executive Search and Leadership Consultants cited by WSJ.

Picky CFO prospects are partially to blame for the extended search time, as many finance chiefs want to take a step up the corporate ladder in their next job. Additionally, early retirements have caused the supply of experienced CFOs to shrink, according to the report.

Guy Sava, a managing partner at recruitment firm Diversified Search, told WSJ that companies are also contributing to the longer searchers, as many are spending more time pursuing CFOs with skills beyond traditional financial and business acumen.

"That's because boards are more open to seeing the CFO job as a steppingstone to the CEO job," Mr. Sava told WSJ.

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