Research carried out by recruitment agency, Robert Half UK, has shown that CFOs believe their greatest competition in the race to the top comes from marketing directors, with 23% of CFOs viewing them as their greatest threat.

Chief information officers (CIO) come second with 22% of CFOs believing that CIO’s set of skills are needed in delivering business growth which puts them at an advantage.

However, knowledge in finance continues to be the most desirable skill with 55% of the current FTSE 100 CEOs having a background in finance.

CFOs therefore have an edge over other roles and believe that knowledge in investor stakeholder management (44%) and economic and business awareness (40%) is what sets them apart from others.

Other assets they believe gives them an added benefit are their ability to deliver data-driven business decisions (32%), fiscal management and efficiency improvement (22%) and commercial and business growth awareness (12%).

Phil Sheridan, senior managing director at Robert Half UK, UAE and South America, said: ‘The “perfect” CEO will combine strong functional and technical knowledge to drive the business objectives with an understanding of the industry and competitive landscape. As CEOs continue to be challenged with improving the financial position of the organisation and delivering increased shareholder value, hiring an individual with a strong financial background is often key.

‘As new challenges can impact the wider business, companies should regularly review their succession planning strategies to ensure they can fully utilise the range of talent available and develop potential leaders as early as possible.’