New data find that raises for CFOs outpaced those for their bosses, growing 13.9 per cent last year, compared with 6.9 per cent for CEOs. 

Recruiters say this shift began with the introduction of the Sarbanes-Oxley Act in 2002, which required both CEOs and CFOs to sign off on financial statements, raising the profile of financial chiefs with their companies' boards. Now, the growing involvement by activist investors and private-equity players in corporate finances also plays a big role in the rise of the CFO into the limelight, as well as the growing demand on companies to manage risk and data security.  In addition, increased focus on using analytics to make business decisions is putting CFOs in the sweet spot when it comes to corporate intelligence. 

As a result, companies now want CFOs to have diverse backgrounds. Recruiters Heidrick & Struggles found that those in non-finance jobs – operations, strategy or general management – are more likely to be tapped as the next CFO than the company's top accountant or controller.

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