HFTP Club CFO Think Tank: Inconsistency Across Clubs in Financial Titles and Responsibilities

This year, HFTP held it’s first Club CFO Think Tank ahead of the 2025 Club Summit which featured an engaging discussion on the prevalent issue of inconsistency within the private club industry regarding financial titles, responsibilities, and compensation. The presentation titled “Inconsistency from Club to Club Regarding Financial Titles, Responsibilities, and Compensation” spotlighted the pressing need for standardization, succession planning, and a paradigm shift in distinguishing between accounting and finance roles. 

Variation in Financial Titles Assignments 

One of the primary areas addressed was the noticeable variation in how financial titles are assigned across different clubs. The disparity in role expectations can lead to confusion, where a controller in one club might assume the responsibilities typically associated with a CFO in another club. This inconsistency not only causes misalignment within clubs but also across the industry, resulting in role ambiguity and mismatched compensation structures. 

Confusion Between Accounting and Finance Roles 

Further complicating the picture is the widespread conflation of accounting and finance. Controllers, traditionally tasked with accurate reporting and budget compliance, tend to “look through the rearview mirror”— reporting what has already happened. 

 In contrast, CFOs must look through the windshield, guiding the organization forward with strategic forecasting, data-driven decision-making, and long-term financial modeling. As presented, these are not interchangeable functions; finance is forward-looking, strategic, and analytical, while accounting is compliance-oriented and historical. Clubs too often mistake one for the other, and this misunderstanding has stunted the development of true financial leadership across the industry. 

Lack of Clear Succession Pathway 

Furthermore, the lack of a clear succession pathway for controllers or directors of finance to transition into CFO roles was identified as a significant challenge. The absence of a structured development model leaves junior financial professionals without the necessary exposure to strategic financial planning and executive communication skills. As a result, clubs either recruit external finance leaders or promote individuals unprepared for the evolving demands of the role, thus impeding organizational growth. 

Urgent Need for Industry Standardization 

These concerns are echoed in the 2025 white paper “The Evolution of the Head of Finance in the Private Club”, co-authored by industry experts from Club Benchmarking, KK&W, and RSM US LLP. The paper outlines a clear call to action: clubs must stop defining financial leadership by outdated assumptions and start aligning titles, responsibilities, and compensation with the reality of club operations today. It urges the industry to formalize the Head of Finance (HOF) role, invest in training and mentorship, and adopt data-driven KPIs to support club financial health and sustainability. 

Shifting the Dynamic Between Volunteer Leaders and Financial Executives 

The presentation also challenged the outdated dynamic between volunteer leaders and club financial executives. In many clubs, treasurers with corporate finance backgrounds still drive financial reporting structures and strategic priorities, often based on assumptions from other industries. Meanwhile, the club’s internal financial expert — the HOF — is reduced to a tactical role. The message to attendees was clear: the Head of Finance must be recognized as THE expert in the room. 

Driving Forward with Strategic Financial Leadership 

Ultimately, the presentation concluded with a compelling metaphor: you can’t drive a car by looking in the rearview mirror. In the club world, that means relying solely on historical financial reporting isn’t enough. Clubs need a finance leader who is focused on the road ahead — someone who can anticipate risk, model future scenarios, and help steer the organization strategically. That person isn’t simply a controller who is handed a new title; it’s a true CFO, equipped with the skills, executive presence, and vision to lead. But if this is what clubs are striving for, the bigger question becomes: which obstacle do we tackle first? Is it the confusion over titles and expectations? The lack of a defined succession path? Or the cultural resistance to treating the Head of Finance as a strategic partner?   

Nonetheless, through these collective efforts, clubs can cultivate a new era of financial leadership that aligns with the evolving demands of the private club landscape.