The value of values.

Vast experience required in the following areas: Accounting, treasury, tax, investor relations, strategy-setting, operations, media interviews, internal controls, mergers and acquisitions. MBA and CPA required. Must be able to motivate, mentor and train staff while they are working tirelessly. Must have the highest of ethical standards, integrity and character. Must have more energy that the Energizer Bunny. Must have a thick skin, as candidate must do all of this thanklessly.

So might a job description read for a CFO these days.

There have been many articles lately addressing how difficult it is to be a financial executive. The New York Times, in an article titled "Where Have All the Chief Financial Officers Gone?", explored the dilemma that faces some financial executives: what do you do if your values do not reflect those of your organization? The article notes that the CFO job has become one of the riskiest jobs in America. Moreover, that risk is not isolated to only public company CFOs. Lenders and others who may have something at stake are more frequently asking private companies about the state of their internal control environment.

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Within their organizations, CFOs' expertise is more in demand than ever. The finance chief is still the keeper of the financial plans and actuals, the trusted advisor of the CEO and other senior executives in strategic decisions, the public face of the company from an investor perspective, the internal controls expert and the "corporate conscience" of the organization.

Obliged to Set the Tone

CFOs usually find themselves in the position of being the culture's ethical benchmark. As a result, they have an obligation to set the right tone and standard. Sometimes, this is not fun. When the economy was down and cost savings were needed, the finance function generally led the way with downsizing and cost cuts, setting the example for the rest of the company. CFOs are now frequently in the position of complying with increased regulation without a related increase in their staffs.

I had the opportunity recently to talk about careers in finance--and my career specifically--with a group of undergraduate students. The group was incredibly enthusiastic about their future careers in finance. I found it very interesting that the focus of their questions surrounded an ethical dilemma I dealt with very early in my career.

Another auditor and I had witnessed what we felt to be unethical behavior by the manager and partner on an engagement we were on. We reported it to the senior partner in our office, but nothing happened for a couple of months. The audit opinion was issued, and things went on as if we did not report anything. This lack of action disturbed me so much that I left that firm (as did the other person on the engagement).

Summoned to Testify

A few years later, I was subpoenaed by the Securities and Exchange Commission to testify regarding that engagement. As it turned out, a few months after the audit opinion was issued, the public company in question had a severe inventory shortage and filed for bankruptcy. The firm and the company's board of directors were sued, and the company eventually went out of business. The testimony I was asked to provide related to a case against the partner, alleging that money was received for a clean audit opinion.

As the New York Times article points out, many of us have made career decisions based on the fact that our values were not necessarily aligned with the organizations or the leadership that we reported to. As CFOs, we have a responsibility to ensure that we are comfortable in our environment and that the culture that we are in the position to help cultivate is one in which ethics and integrity are the cornerstones. Our future financial executives expect nothing less.