“It’s hard to be a CFO,” Robert J. Chersi, a Pace University faculty member and former corporate CFO, told a White Plains audience at the first CFO of the Year Awards ceremony recently presented by the Westchester County Business Journal.
The job has grown in the last 10 to 15 years, said Chersi, a former CFO at Fidelity Investments and in the U.S. wealth management division of UBS AG. That growth is in part due to the federal Sarbanes-Oxley Act of 2002, which set new requirements for financial accounting and reporting by public companies and imposed greater regulatory oversight and stiff penalties for violators. CFOs also “carried” many of their companies through the Great Recession, Chersi said.
It takes more than a person good with numbers to fill the role of a corporate CFO today, which has evolved, said Chersi, to “a position of leadership within the corporation.”
Yet the CFO’s expanded and demanding duties hardly attract public notice or inspire popular culture. “Any action heroes modeled after CFOs?” Chersi asked his audience, which erupted in laughter.
Read the article in Westchester County Business Journal.