Ample experience in finance functions is the rule rather than the exception among CFOs.
More than half of the CFOs of firms in the leading German stock index (DAX) began their
careers in the finance sphere, and they have worked for two-thirds of their tenures within
traditional CFO functions, such as financial accounting, treasury, or management accounting
(Schäffer et al., 2008). In continental Europe, the most common stepping stone into the CFO
position is the position of controller (Niedermayr-Kruse & Pfneissl, 2007; Schäffer et al.,
2008), whereas in the U.S., it is the position of treasurer (Baker & Phillips, 1999).