Many College Business Officers Poised to Retire

July 8, 2016

A new report from the National Association of College and University Business Officers indicates a wave of retirements could be coming among chief business officers in the next several years.

Almost 44 percent of chief business officers expect their next career move to be retirement, according to the NACUBO National Profile of Higher Education Chief Business Officers, a report issued every three years that was released Thursday. The portion expecting retirement to be their next career move was 43.6 percent, up from 39.6 percent in 2013 and 39.8 percent in 2010. Of those planning to retire, 10 percent said they would like to do so in less than a year, and another 34 percent said they planned to retire in one to three years. Meanwhile, 37 percent of chief business officers said their institutions do not have any succession plans in place.

The survey of 713 business leaders found chief business officers are predominantly white males and average 56 years old. Typical salaries were reported between $150,000 and $300,000, depending on institution type, and the report found business officers' responsibilities stretch far beyond budgeting and accounting, with nearly a third saying strategic thinking and decision making is the second most important part of their job after managing financial resources.

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