2006 Career and Compensation Survey

Gary Ellis's long-term commitment to broadening his skills and experience as a finance professional was rewarded a year ago when he was named senior vice president and CFO of Minneapolis-based Medtronic. But fewer talented finance managers are choosing to emulate his steady, 16-year rise through the ranks of the medical technology company's finance function. Lucrative opportunities for short-term rewards in the corporate world are tempting these managers to forgo crucial development experiences, suggest the results of Business Finance's annual Finance Executive Career & Compensation Survey.

"People are jumping ship from the top accounting firms faster than they did before," says Neil S. Lebovits, president and COO of Ajilon Finance, a firm that provides managed services for professionalstaffing in Saddle Brook, N.J. And fewer CPAs enter the client side through the internal audit department, which traditionally served as a proving ground where new finance professionals learned the company, established relationships throughout the organization and gained management training.

"A lot of money is being offered for other finance positions that are higher in demand," Lebovits points out. "They don't need that internal-audit entry point when so many glamorous companies are offering wonderful jobs. Many younger finance professionals are looking more at the short-term dollars than at what's best for their long-term career prospects." Those high-paying jobs tend to be compliance-related -- anything with internal controls, compliance or Sarbanes-Oxley in the title.