Global CFO Barometer 2012: Russia vs USA


Moscow, October, 2012 - international recruitment company Michael Page presented its annual survey "Global CFO Barometer 2012", dedicated to Financial Directors and Сhief Financial Officers. The Finance Division Michael Page which carried out the CFO study is leading division of the company and a recognized  leader in the Russian market.

Russo-British Chamber of Commerce became a partner of the Presentation which gathered together the CFO of leading International and Russian companies such as Microsoft, Audi, Transaero, Goodyear, Unimilk, Toyota and others in Bloomberg office. 
Olga Emelyanova, Executive Manager of Finance & Accounting Division at Michael Page, presented the results of the study, paid special attention to the following facts:      
1) Extra money in the USA
CFO remuneration levels differ greatly by country. CFOs in the USA earn the highest salaries on average. Nearly half of the respondents from America receive more than 255 000 US $ before taxes per year. Only 8% of surveyed CFOs say they earn less than 120 000 US $ a year.
Significant deviations, however, can be seen in Russia. More than 50% of surveyed indicate they earn less than even 120 000 US $ before taxes a year. "It can be explained by the fact that respondents from the regions in Russia often receive less than their colleagues from Moscow. On average, CFO from large Russian or International business, represented by headquarter in Moscow, receives more than 150 000 US $ per year", said Olga Emelyanova.
2) Russian CFO are the youngest in the world 
On average, CFOs worldwide attain their position between the ages of 30 and 39.  More than 6 of every ten CFOs surveyed assumed their current position at this age, while one in ten was actually younger than 30 on becom¬ing CFO. And the survey shows that a significant number of such Financial Directors is from Russia.  
And in this sense Russian CFOs also are very different from their colleagues in USA. In contrast,  in North America  the majority of respondents occupied the position of CFO only at the age of 40 - 44.  Olga Emelyanova explains its difference with 2 aspects: first of all candidates from Russia more often change their jobs, trying to get a promotion each time, it allows Russian specialists to reach high positions faster (this note relates to candidates who work in small companies). "The second reason is the change of business practices which took place in Russia some time ago, - continues Olga, - 50-year-olds didn't have time to regroup, the majority of them don't speak foreign languages, what gives the additional opportunities to younger generation to grow fast".
3) Sluggish job market for finance experts
The results of Global CFO Barometer 2012 show that hiring for permanent positions in the finance department is markedly less frequent in 2012 all over the world. More than 50% of CFO don't plan to hire new employees. Minority of CFOs plan to hire new employees in Europe (25%) and Northen America (27%). The situation is different only in Russia, South America and Asia. If in the world only one third of the surveyed CFO plan to hire new employees for permanent positions, in contrast almost a half of CFOs in South America (47%), Asia (42%) and Russia (40%) are going to do it.
4) Era of social media?
A quarter of the CFOs surveyed in South America (25%) use social media to find new employees. Thus the South Americans are the pioneers by a wide margin in this area. The number of CFOs who are not active in social networks at all fluctuates greatly from one continent to the next.  In Russia 70% of CFOs don't use these new media at all. In Asia there are only 26% of respondents gave the same answer, in North America 38%, Pacific 37% and South America 31%.
Such results can be explained by relatively short (2 years) using a new tool in our country. It should be noted also that CFOs in Russia are involved in a candidate search, but still HR-specialists provide this service.  
The invited speakers focused on a set of questions: the report about relocation within the company abroad and/or in Russia as one of the functions reporting to CFO was presented by Ekaterina Ukhova, Partner, CIS Performance and Reward Leader, Ernst & Young. Her initiative has been taken up by Elizabeth Kirkwood, CFO Metro Cash & Carry, covering the pros and cons of working abroad. The next speaker Vladimir Ismailov, Director Business Efficiency, Processes and Financial Systems, Philip Morris Sales & Marketing, addressed the audience with the statement: "CFO - more than a financier," in his opinion for successful business development CFO needs to work closely with other functions, and sometimes manage cross-functional processes. Another component of Chief Financial Officer's successful career to Mikhail Lukashevich, Editor in Chief "CFO-Russia", mind is working on his own image. Mikhail deflate the myth that only idlers promote themselves. Visiting of specialized conferences, public speaking and communication with the media, along with close cooperation with internal corporate PR-manager will definitely help to ambitious manager.
Michael Page  
Сitydel Business Center 
Zemlyanoy Val, bld. 9
Moscow 105064
Tel: +7 495 662 77 22
Fax: +7 495 229 95 72
Contact us: Evgenia Ermakova
PR & Communication Executive

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