Karrierewege von CFOs

: Eine empirische Analyse der Top-500-Unternehmen in Österreich

Abstract

The role of the CFO has become increasingly important in recent years. CFOs are no longer just responsible for figures – they also take on entrepreneurial responsibility, help drive transformation processes and support top management as key partners. However, little is known about the specific career paths of CFOs in Austria. Although there are already some studies that focus on specific aspects such as education or recruitment type, a comprehensive analysis of the professional development of CFOs is still missing. The aim of this bachelor thesis is to close this gap by analysing the career paths of CFOs in Austria’s 500 largest companies. In doing so, it makes a contribution to the still little-researched question of which paths acutally lead to the top position in the financial sector. The empirical analysis is based on publicly available information, in particular from LinkedIn, Xing and company websites. A total of 407 CFOs working in the 500 companies with the highest turnover in Austria were surveyed. The required information was researched manually, recorded in an Excel file and then analysed using SPSS. In addition to the CFOs’ starting positions and career stages, their management experience, international positions and academic careers were also analysed. The results show that the path to the CFO position generally involves several career stages. On average, CFOs pass through 4.4 professional positions before they are appointed CFO for the first time. By the time they reach their current position, this figure rises to an average of 5.7 positions. Career entry is particularly common in controlling or external accounting, but consulting or auditing are also relevant entry points. Over 95 % of CFOs had management experience before their current appointment as CFO – often in senior finance functions but occasionally also in management. Just under a third of CFOs had already worked in top management immediately before their current appointment. A clear picture also emerges with regard to education: the majority of CFOs have a degree in economics. Almost half of the CFOs analysed have international study experience mostly in the form of a semester abroad. Despite different starting points, all career paths are characterised by long-term development, strong expertise and solid management experience. The study not only provides new insights for research but also offers practical advice for companies, universities and universities of applied sciences, as well as for young professionals aiming a career in finance.

Date of Award	2025
Original language	German (Austria)
Supervisor	Christoph Eisl (Supervisor)