Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being
the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? -
Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next
year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee Weighted - Sorted]	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public
Companies - Winsorized - Revenue Weighted]	14
Q5.  Do you support the Fed raising interest rates in mid-December 2016?	15
Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?	16
Q6b.  Increase of: in your borrowing costs from today through the end of 2017?	17
Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives	18
Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed
because of likely changes to US....	19
Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed
because of likely changes to US....  (Excludes Wait and see mode - shows average scores)	20
Q7.  Other hiring/spending changes:	21
Q7.  Have your hiring plans decreased because of:	22
Q7.  Other hiring plans decreased:	23
Q7.  Have your spending plans decreased because of:	24
Q7.  Other spending plans decreased:	25
Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	26
(Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three
years:	27
Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these
firms used the debt proceed:	28
Q8b.  Other uses of debt proceeds:	29
Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	30
(Excludes Don't Know) Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	31
Q8d. Do these firms have the correct mix between floating and fixed rate debt?	32
Q8e.  Why do these firms have too little floating debt?	33
Q8e.  Why do these firms have too much floating debt?	34
Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to
spend on capital expenditures or R&D?	35

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)	36
Return on assets (ROA=operating earnings/assets)  (Winsorized)	37
Manufacturing capacity utilized  (Winsorized)	38
Industry	39
Industry (Other specified)	40
Sales Revenue	41
Statistics - Sales Revenue (Millions)	42
Number of Employees	43
Statistics - Number of Employees	44
Where are you personally located?	45
Ownership	47
Foreign Sales	48
In what region of the world are most of your foreign sales?	49
What is your company's credit rating? 	50
Your job title (e.g., CFO, Asst. Treasurer, etc):	53
Other job title:	54
What is the probability that you will be a CEO in 5 years?	56
What is the probability that you will be a CEO in 5 years? - Descriptive Summary	57
Do your current job tasks adequately prepare you to be a CEO at some point in the future?	58
Besides current job tasks, what skills must the CFO of your company develop to become a CEO?	59

 1 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

1a. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	216	64.1 %	± 5.1 %
	0=No change	66	19.6 %	± 4.3 %
	-1=Less optimistic	55	16.3 %	± 4.0 %
	Total	337	100.0 %

	Mean = 0.5
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 7.5

	Maximum = 100

	Mean = 66.5

	Median = 70

	Standard Deviation (Unbiased Estimate) = 16.9

	95 Percent Confidence Interval Around The Mean = 64.6 - 68.5

Quartiles

	 1 = 56
	 2 = 70
	 3 = 78

Valid Cases =286
Missing Cases =51
Response Percent = 84.9%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	170	51.1 %	± 5.4 %
	0=No change	102	30.6 %	± 4.9 %
	-1=Less optimistic	61	18.3 %	± 4.1 %
	Total	333	100.0 %

	Mean = 0.3
	SD = 0.8

	Missing Cases = 4
	Response Percent = 98.8 %

4 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 100

	Mean = 67.4

	Median = 70

	Standard Deviation (Unbiased Estimate) = 19.5

	95 Percent Confidence Interval Around The Mean = 65.2 - 69.7

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =288
Missing Cases =49
Response Percent = 85.5%

5 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

	 	Number	Percent	95% CI
	Economic uncertainty	144	43.0 %	± 5.3 %
	Cost of benefits	140	41.8 %	± 5.3 %
	Regulatory requirements	137	40.9 %	± 5.3 %
	Government policies	126	37.6 %	± 5.2 %
	Difficulty attracting / retaining qualified employees	112	33.4 %	± 5.1 %
	Weak demand for your products/services	72	21.5 %	± 4.4 %
	Data security	70	20.9 %	± 4.4 %
	Access to capital	59	17.6 %	± 4.1 %
	Rising wages and salaries	42	12.5 %	± 3.6 %
	Employee morale	42	12.5 %	± 3.6 %
	Employee productivity	41	12.2 %	± 3.5 %
	Currency risk	30	9.0 %	± 3.1 %
	Corporate tax code	29	8.7 %	± 3.0 %
	Geopolitical / health crises	26	7.8 %	± 2.9 %
	Cost of borrowing	25	7.5 %	± 2.8 %
	Rising input or commodity costs	19	5.7 %	± 2.5 %
	Other	17	5.1 %	± 2.4 %
	Deflation	9	2.7 %	± 1.7 %
	Inflation	5	1.5 %	± 1.3 %
	Total	1145

	Number of Cases = 335
	Number of Responses = 1145
	Average Number Of Responses Per Case = 3.4
	Number Of Cases With At Least One Response = 335
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified

Bank/Fin/Insur/Real Est	US election	
Communication/Media	adapting to a changing	
	millennial market	
Communication/Media	Sales	
Energy	General commodity price	
	levels	
Manufacturing	China influencing lower	
	prices in the market	
Manufacturing	Effect of election	
Manufacturing	Healthcare	
Other	FLSA adoption	
Other	HB2 Impact	
Other	Introducing new product	
	line	
Other	Location	
Other	TRUMP!	
Retail/Wholesale	Election of Trump	
Retail/Wholesale	FYI. Health costs are and	
	have been a constant	
	concern throughout my	
	career of 30+.	
Retail/Wholesale	Industry over-supply	
Services, Consulting	DOL Overtime Ruling	
Transp, Public Util	presidential election	
	uncertainty	

7 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Agr, Forestry, Fishing	Strong Dollar	
Bank/Fin/Insur/Real Est	allowing new administration to pursue policy changes/directives that were discussed	
	during the campaign	
Bank/Fin/Insur/Real Est	Baseline growth (GDP)	
Bank/Fin/Insur/Real Est	HEALTH INSURANCE	
Bank/Fin/Insur/Real Est	Healthcare costs	
Bank/Fin/Insur/Real Est	Higher interest rates.	
Bank/Fin/Insur/Real Est	keeping qualified employees	
Bank/Fin/Insur/Real Est	NA	
Bank/Fin/Insur/Real Est	Production requirements with insurance companies, less commission, more work on	
	our end	
Bank/Fin/Insur/Real Est	reputation of bank	
Bank/Fin/Insur/Real Est	Rising interest rate environment	
Bank/Fin/Insur/Real Est	Rising interest rates and the impact on our balance sheet	
Bank/Fin/Insur/Real Est	Rising interest rates.	
Bank/Fin/Insur/Real Est	rising interest rates	
Bank/Fin/Insur/Real Est	The challenge of rebuilding our reputation in the market looms large for our firm.	
Bank/Fin/Insur/Real Est	Trump presidency is a big risk. Also interest rates staying flat are a risk.	
Bank/Fin/Insur/Real Est	Uncertainty on the regulatory front with the new President	
Bank/Fin/Insur/Real Est	Volatility as the country transitions in Washington	
Bank/Fin/Insur/Real Est	Ziki virus threat to Florida.	
Communication/Media	Dollar devaluation	
Communication/Media	Successfully tapping global markets.	
Communication/Media	Uncertainity in the economy.	
Energy	competition	
Energy	Government transition	
Energy	Transfer management to the next generation	
Healthcare/Pharm	Changes in the government's position on healthcare expenditures ( CMS, ACA, etc.)	
Healthcare/Pharm	Corporate tax	
Healthcare/Pharm	Electronic records	
Healthcare/Pharm	New administration	
Healthcare/Pharm	New government	
Healthcare/Pharm	Political uncertainty.	
Healthcare/Pharm	Rising wages and salaries	
Healthcare/Pharm	The continuing complexity and requirements for healthcare organizations that do not	
	seem to be having any positive impact on cost or patient care but do have a very	
	negative effect on Doctor productiv	
Healthcare/Pharm	Trump may renegotiate trade agreements, this will cause issues with our foreign sales.	
Healthcare/Pharm	Uncertainty driven by presidential election as relates to trade agreements and import /	
	export especially with China.	
Manufacturing	Aerospace industrial base shrinking.	
Manufacturing	Aging workforce	
Manufacturing	breakup of the company into 1) a merged company with another and then 2) breakup of	
	the combined company into 3 separately traded companies	
Manufacturing	Central Bank policies	
Manufacturing	China over investing and over capitalizing our industry.	
Manufacturing	Continued low crude oil costs, reducing 15% market demand for our products,  uncertain	
	environmental regulation affecting demand, and precipitation in the Western US	
	affecting another market niche	
Manufacturing	Continued weak demand for capital goods, increased price pressure for goods and	
	services.	
Manufacturing	Customers' uncertainty with their revenue projections	
Manufacturing	Figuring out the direction of policies by new presidential administration	
Manufacturing	Getting elected officials to listen to us.	

8 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Manufacturing	government rules and regulations. Health Care costs rising double digits	
Manufacturing	International sales demand	
Manufacturing	Isolationism - Risk and Opportunity.	
Manufacturing	Leadership transition	
Manufacturing	NA	
Manufacturing	political uncertainty	
Manufacturing	Post election Mexican peso collapse has cause immediate receivable concern.	
Manufacturing	Rising raw material input costs is not a current problem, but will be in the future.	
	Hedged short-term risk. Turnover at all levels has accelerated in 2016 and is a major	
	issue quality and cost issue	
Manufacturing	Running out of space in our current location	
Manufacturing	Streamlining processes through efficient use of our time.  The increase in steel prices.	
Manufacturing	The strength of the dollar and changing regulatory environment in Europe due to Brexit.	
Manufacturing	trump presidency	
Manufacturing	Turning business away due to high demand in some areas of my business	
Manufacturing	Undetermined government policy on infrastructure spending.	
Manufacturing	US Presidential change, France looking the same way, BREXIT still working it's way	
	through, Russia and China looking like they will take more prominent positions on	
	world stage	
Manufacturing	Water challenges in California, lack of high speed broadband (5 to 10 gigs) compared	
	to South Korea and other countries, since manufacturing machines can 'talk' to each	
	other no mfg invesment without	
Mining/Construction	Iflation of goods & services as well as the cost of building code changes.	
Mining/Construction	More competition coming into market	
Mining/Construction	New firms moving in to our area.  Stronger competition	
Other	Access to IPO/M&A markets	
Other	Competition created by new legislation.	
Other	continued industry consolidation	
Other	Economic uncertainty with new administration	
Other	Federal Government uncertainity, Trump	
Other	Housing shortage in our area	
Other	inflation - Fed reaction by increasing borrowing rates	
Other	lack of civility and divided country after election campaign	
Other	n/a	
Other	Rising Health Insurance Costs	
Other	Slow growth	
Other	The effect of changes in Government policies including the projected increase in the	
	cost of capital	
Other	The negative impacts from HB2	
Other	The regulations involved and unnecessary government involvement.	
Other	Timing of political transition and subsequent changes	
Other	What changes to Obamacare are coming.	
Pub Admin	All are listed above.	
Pub Admin	costs of medical care and prescriptions are sky rocketing.	
Retail/Wholesale	Government regulations	
Retail/Wholesale	No new challenges	
Retail/Wholesale	Political uncertainty given the Trump Presidency	
Retail/Wholesale	Pricing pressure from customers	
Retail/Wholesale	Stock market uncertainty given Donald Trump's election will affect the confidence of	
	our higher net worth customers.	
Retail/Wholesale	Threat to free trade agreements	
Retail/Wholesale	We are just opening a company in Mexico. Very concerned with rhetoric surrounding	
	trade policies.	
Retail/Wholesale	Weakness of the Mexican peso. Gap between food at home inflation and food a	

9 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Services, Consulting	as listed	
Services, Consulting	Capricious executive orders between now and 1/20/17.	
Services, Consulting	Change in the Presidency and the election results	
Services, Consulting	Consolidation among potential client/prospect base	
Services, Consulting	Customer/partners wishing to have signed work agreements that basically absolve	
	them from anything and try to put all responsibility for everything onto the vendor/	
	partner. Too much CYA and litigation	
Services, Consulting	Employee Training and retention	
Services, Consulting	Finding senior engineers capable of both managing other engineers in their work and	
	making the necessary steps to develop new business	
Services, Consulting	General uncertainty that the presidential election has brought.	
Services, Consulting	global economic instability	
Services, Consulting	global instability	
Services, Consulting	Impact of HB2 in NC	
Services, Consulting	Increased government regulation	
Services, Consulting	Leadership transition, and then ownership transition (cultural and financial)	
Services, Consulting	Political uncertainties caused by US elections	
Services, Consulting	Political uncertainty	
Services, Consulting	President Trump	
Services, Consulting	retaining qualified employees	
Services, Consulting	The change going on in my profession of accounting and taxes. As well as all the new	
	technology and the ability yo acquire such technology.	
Services, Consulting	The receptivity of traditional businesses to new groundbreaking technologies.	
Services, Consulting	Trump Presidency...good or bad an international reaction	
Services, Consulting	Uncertain political climate, in the US and abroad.	
Services, Consulting	Uncertainty related to new administration	
Tech [Soft/Hard/Bio]	Across the globe we are seeing increasing patterns of instability, economic and	
	political.  Politics around the globe show an increasing impact on business and how	
	business is conducted.	
Tech [Soft/Hard/Bio]	How US election results will impact economy and our company's ability to grow; and	
	how it will impact our company's ability to hire the best talent from around the world	
	(immigration policy)	
Tech [Soft/Hard/Bio]	Shrinking market for our product	
Tech [Soft/Hard/Bio]	The economy in general direct affects our business.	
Tech [Soft/Hard/Bio]	The global impact from any policy shift related to trade from the new administration.	
Tech [Soft/Hard/Bio]	Turmoil related to change.	
Tech [Soft/Hard/Bio]	Uncertainty resulting from changes in political office holders.	
Transp, Public Util	America needs infrastructure investment from the new administration and congress.	
Transp, Public Util	Competition	
Transp, Public Util	industry oversupply	
Transp, Public Util	Rising wages and salaries with a tightening labor market.	
Transp, Public Util	We and the rest of the trucking industry continue to face a growing shortage of	
	qualified drivers.  Demographics are not in our favor and regulations continue to chip	
	away at productivity.	

10 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	10.0	16.2	8.1 - 11.9	5	-30.7	53.2	257

Revenue	9.7	15.0	8.0 - 11.4	5	-34.8	58.5	276

Health care costs	8.1	7.4	7.3 - 9.0	7	-9.9	27	293

Technology spending	5.0	8.2	4.0 - 6.0	3	-18.3	29	251

Marketing/advertising spending	5.0	10.4	3.7 - 6.3	2	-23.8	35.9	274

Capital spending	4.0	18.4	1.7 - 6.2	2	-42.4	51.6	262

Wages/Salaries	3.7	3.8	3.3 - 4.2	3	-7.6	15.5	209

Number of domestic full-time employees	3.1	8.3	2.2 - 4.1	2	-29.8	38	293

Prices of your products	2.1	3.5	1.7 - 2.6	2	-7.2	11.1	248

Research and development spending	1.5	5.7	0.8 - 2.3	0	-15.6	17.7	290

11 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=337)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	262	20	8	290
Wages/Salaries	0.4	90.3%	6.9%	2.8%	100.0%

	0.8	253	27	13	293
Health care costs	0.5	86.3%	9.2%	4.4%	100.0%

	0.7	241	20	32	293
Revenue	0.7	82.3%	6.8%	10.9%	100.0%

	0.6	214	27	35	276
Earnings	0.7	77.5%	9.8%	12.7%	100.0%

	0.6	175	57	16	248
Technology spending	0.6	70.6%	23.0%	6.5%	100.0%

	0.5	157	86	19	262
Prices of your products	0.6	59.9%	32.8%	7.3%	100.0%

	0.5	140	96	15	251
Marketing/advertising spending	0.6	55.8%	38.2%	6.0%	100.0%

	0.4	159	75	40	274
Number of domestic full-time employees	0.7	58.0%	27.4%	14.6%	100.0%

	0.4	134	79	44	257
Capital spending	0.8	52.1%	30.7%	17.1%	100.0%

	0.3	71	124	14	209
Research and development spending	0.6	34.0%	59.3%	6.7%	100.0%

12 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	6.7	10.5	5.5 - 8.0	5	-30.7	53.2	260

Revenue	4.4	8.5	3.4 - 5.4	5	-34.8	58.5	233

Technology spending	3.5	6.4	2.7 - 4.3	3	-18.3	29	281

Marketing/advertising spending	1.9	6.8	1.0 - 2.7	1	-23.8	35.9	248

Prices of your products	1.7	3.4	1.3 - 2.1	2	-7.2	11.1	247

Capital spending	1.4	16.8	-0.7 - 3.5	2	-42.4	51.6	272

Research and development spending	0.9	2.7	0.6 - 1.3	0	-15.6	17.7	251

13 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	6.8	6.8	6.1 - 7.6	5	-9.9	27	261

Wages/Salaries	3.2	3.3	2.9 - 3.6	3	-7.6	15.5	286

Number of domestic full-time employees	2.2	7.7	1.3 - 3.1	1	-29.8	38	285

14 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	8.4	11.0	6.5 - 10.3	5	-5	50

Revenue	3.9	9.2	2.4 - 5.4	4	-34.8	35

15 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q5.  Do you support the Fed raising interest rates in mid-December 2016?

	 	Number	Percent	95% CI
	No	98	29.4 %	± 4.9 %
	Yes	200	60.1 %	± 5.3 %
	Don't Know	35	10.5 %	± 3.3 %
	Total	333	100.0 %

	Missing Cases = 4
	Response Percent = 98.8 %

16 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

	 	Number	Percent	95% CI
	Reduction in borrowing costs	12	3.6 %	± 2.0 %
	No change	174	52.4 %	± 5.4 %
	Increase in borrowing costs	146	44.0 %	± 5.3 %
	Total	332	100.0 %

	Missing Cases = 5
	Response Percent = 98.5 %

17 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q6b.  Increase of: in your borrowing costs from today through the end of 2017?

	 	Number	Percent	95% CI
	0.25%	27	19.7 %	± 6.4 %
	0.50%	58	42.3 %	± 8.0 %
	0.75%	22	16.1 %	± 5.9 %
	1%	19	13.9 %	± 5.5 %
	1.25%	4	2.9 %	± 2.7 %
	1.50%	6	4.4 %	± 3.3 %
	2%	1	0.7 %	± 1.4 %
	>2%	0	0.0 %	± 0.0 %
	Total	137	100.0 %

	Missing Cases = 9
	Response Percent = 93.8 %

18 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Q6B.  Increase of: in your borrowing costs from today
through the end of 2017? - Summary of Descriptives	0.6	0.3	0.6 - 0.7	0.5	0.3	2	137

19 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

(N=337)

				Wait and see	
	Decrease	No change	Increase	mode	Total	
	5	294	4	28	331
Immigration Policy (Hiring)	1.5%	88.8%	1.2%	8.5%	100.0%

	4	278	12	24	318
Immigration Policy (Spending)	1.3%	87.4%	3.8%	7.5%	100.0%

	10	256	14	47	327
Trade Policy (Hiring)	3.1%	78.3%	4.3%	14.4%	100.0%

	6	255	12	43	316
Trade Policy (Spending)	1.9%	80.7%	3.8%	13.6%	100.0%

	7	214	31	78	330
Corporate Tax Policy (Hiring)	2.1%	64.8%	9.4%	23.6%	100.0%

Corporate Tax Policy	7	198	39	75	319
(Spending)	2.2%	62.1%	12.2%	23.5%	100.0%

	20	175	45	90	330
Regulatory Policy (Hiring)	6.1%	53.0%	13.6%	27.3%	100.0%

	12	188	39	76	315
Regulatory Policy (Spending)	3.8%	59.7%	12.4%	24.1%	100.0%

	3	48	1	8	60
Other (Hiring)	5.0%	80.0%	1.7%	13.3%	100.0%

	1	41	3	9	54
Other (Spending)	1.9%	75.9%	5.6%	16.7%	100.0%

20 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

(N=337)

	Mean	Decrease	No change	Increase	Total	
	2.0	5	294	4	303
Immigration Policy (Hiring)		1.7%	97.0%	1.3%	100.0%

	2.0	4	278	12	294
Immigration Policy (Spending)		1.4%	94.6%	4.1%	100.0%

	2.0	10	256	14	280
Trade Policy (Hiring)		3.6%	91.4%	5.0%	100.0%

	2.0	6	255	12	273
Trade Policy (Spending)		2.2%	93.4%	4.4%	100.0%

	2.1	7	214	31	252
Corporate Tax Policy (Hiring)		2.8%	84.9%	12.3%	100.0%

Corporate Tax Policy	2.1	7	198	39	244
(Spending)		2.9%	81.1%	16.0%	100.0%

	2.1	20	175	45	240
Regulatory Policy (Hiring)		8.3%	72.9%	18.8%	100.0%

	2.1	12	188	39	239
Regulatory Policy (Spending)		5.0%	78.7%	16.3%	100.0%

	2.0	3	48	1	52
Other (Hiring)		5.8%	92.3%	1.9%	100.0%

	2.0	1	41	3	45
Other (Spending)		2.2%	91.1%	6.7%	100.0%

21 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q7.  Other hiring/spending changes:

Manufacturing	Export Revenue	
Manufacturing	Uncertain regulation	
Other	Advocacy	
Other	Health Insurance	
Other	reduced taxes & regulations	
Other	Trump	
Services, Consulting	N/A	

22 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q7.  Have your hiring plans decreased because of:

	 	Number	Percent	95% CI
	uncertainty about which policies might be implemented	20	5.9 %	± 2.6 %
	the policies you expect to be implemented	9	2.7 %	± 1.8 %
	other	5	1.5 %	± 1.4 %
	Total	34

	Number of Cases = 337
	Number of Responses = 34
	Average Number Of Responses Per Case = 0.1
	Number Of Cases With At Least One Response = 29
	Response Percent = 8.6 %

23 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q7.  Other hiring plans decreased:

Bank/Fin/Insur/Real Est	Policies implemented	
Bank/Fin/Insur/Real Est	Reduced regulation	
Energy	No Change	
Manufacturing	restructure of the company	
Other	Rising Health Insurance costs	

24 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q7.  Have your spending plans decreased because of:

	 	Number	Percent	95% CI
	uncertainty about which policies might be implemented	16	4.7 %	± 2.4 %
	the policies you expect to be implemented	6	1.8 %	± 1.5 %
	other	4	1.2 %	± 1.2 %
	Total	26

	Number of Cases = 337
	Number of Responses = 26
	Average Number Of Responses Per Case = 0.1
	Number Of Cases With At Least One Response = 23
	Response Percent = 6.8 %

25 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q7.  Other spending plans decreased:

Energy	No Change	
Manufacturing	Less Demand for products	
Other	Rising Health Insurance costs	
Retail/Wholesale	change in needs	

26 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

  Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	19	5.7 %	± 2.5 %
	About normal financial risk	136	40.8 %	± 5.3 %
	More financial risk than normal	98	29.4 %	± 4.9 %
	Don't know	80	24.0 %	± 4.6 %
	Total	333	100.0 %

	Missing Cases = 4
	Response Percent = 98.8 %

27 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

  (Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	19	7.5 %	± 2.5 %
	About normal financial risk	136	53.8 %	± 5.3 %
	More financial risk than normal	98	38.7 %	± 4.9 %
	Total	253	100.0 %

	Missing Cases = 84
	Response Percent = 75.1 %

28 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

	How have these firms used the debt proceeds?	Number	Percent	95% CI
	For ‘real’ activities like hiring, capital spending, or acquisitions	175	51.9 %	± 5.4 %
	Don't Know	108	32.0 %	± 5.0 %
	For ‘financial’ activities like paying dividends or share repurchases	59	17.5 %	± 4.1 %
	To build up a cash reserve	33	9.8 %	± 3.2 %
	Other	8	2.4 %	± 1.6 %
	Issued debt to avoid repatriating foreign profits	6	1.8 %	± 1.4 %
	Total	389

	Number of Cases = 337
	Number of Responses = 389
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 335
	Response Percent = 99.4 %

29 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8b.  Other uses of debt proceeds:

Energy	to stay alive	
Healthcare/Pharm	Product Innnovation	
Manufacturing	mergers and acquistions	
Manufacturing	refinancing	
Other	Capital Projects	
Services, Consulting	Buy out retiring owners, purchase other companies	
Transp, Public Util	refunding at lower interest rates for savings	

30 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	81	24.4 %	± 4.6 %
	Yes, will limit investment moderately	126	38.0 %	± 5.2 %
	Yes, will limit investment significantly	19	5.7 %	± 2.5 %
	Don't know	106	31.9 %	± 5.0 %
	Total	332	100.0 %

	Missing Cases = 5
	Response Percent = 98.5 %

31 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 (Excludes Don't Know) Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	81	35.8 %	± 4.6 %
	Yes, will limit investment moderately	126	55.8 %	± 5.2 %
	Yes, will limit investment significantly	19	8.4 %	± 2.5 %
	Total	226	100.0 %

	Missing Cases = 111
	Response Percent = 67.1 %

32 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8d. Do these firms have the correct mix between floating and fixed rate debt?

	Do these firms have the correct mix between floating
	and fixed rate debt?	Number	Percent	95% CI
	Too little floating/too much fixed	7	2.1 %	± 1.5 %
	Correct floating vs. fixed mix.	57	17.3 %	± 4.0 %
	Too much floating/too little fixed (why too much floating?	18	5.5 %	± 2.4 %
	Don't know	248	75.2 %	± 4.7 %
	Total	330	100.0 %

	Missing Cases = 7
	Response Percent = 97.9 %

33 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8e.  Why do these firms have too little floating debt?

Bank/Fin/Insur/Real Est	because we are in a rising rate environment	
Bank/Fin/Insur/Real Est	Inability to borrow	
Communication/Media	Past interest rate history	
Manufacturing	Because bank financing is not available to them (3.5x + leverage)	
Mining/Construction	low interest rates	
Services, Consulting	Floating debt is a bad way to go with the low rates at this time.	
Transp, Public Util	use all asset-backed financing and no sophisticated (e.g. fixed to	
	floating swaps) instruments	

34 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Q8e.  Why do these firms have too much floating debt?

Bank/Fin/Insur/Real Est	It has been cheaper borrowing for the past 10 years or so	
Bank/Fin/Insur/Real Est	it is too cheap	
Energy	no expectation of rate increases	
Manufacturing	Bank's will  not go out past three years.  Everything is short term.	
Manufacturing	Unable to access capital markets	
Mining/Construction	HIGHLY LEVERAGED INDUSTRY	
Other	High cost of weekly, fluctuating payroll financing.	
Other	it is the only debt available	
Services, Consulting	Higher risks involved	
Services, Consulting	history of floating being the lowest cost	
Transp, Public Util	Money is cheaper	

35 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

	 	Number	Percent	95% CI
	No	77	23.3 %	± 4.5 %
	Yes, a little	72	21.8 %	± 4.4 %
	Yes, a lot	11	3.3 %	± 1.9 %
	NA	171	51.7 %	± 5.4 %
	Total	331	100.0 %

	Missing Cases = 6
	Response Percent = 98.2 %

36 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
less than:	1.3	4.0	0.8 - 1.8	2	-9.5	12.1	293

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	5.7	2.6	5.4 - 6.0	5	-1	13	309

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	8.8	4.1	8.4 - 9.3	8	0	21.6	292

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-1.5	6.9	-2.3 - -0.7	0	-17.9	14.9	292

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.0	3.2	4.6 - 5.3	5	-2.9	12.8	306

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be
greater than:	9.0	4.5	8.5 - 9.5	9	-0.5	19.1	291

37 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Return on assets (ROA=operating earnings/assets)  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	7.9	10.8	6.6 - 9.2	5	-17.7	35.9	259

% Expected ROA in 2017	10.0	10.4	8.8 - 11.3	6.5	-15.5	38.5	259

38 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2016	66.2	19.6	61.6 - 70.8	66	30.3	100	70

% of capacity utilization planned for the second half
of 2016	68.3	18.8	63.9 - 72.8	70	33.6	101	70

39 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Manufacturing	70	20.8 %	± 4.4 %
	Services, Consulting	57	16.9 %	± 4.0 %
	Banking/Finance/Insurance/Real Estate	46	13.6 %	± 3.7 %
	Retail/Wholesale	32	9.5 %	± 3.1 %
	Healthcare/Pharmaceutical	26	7.7 %	± 2.9 %
	Technology [Software/Hardware/Biotech]	16	4.7 %	± 2.3 %
	Transportation & Public Utilities	12	3.6 %	± 2.0 %
	Communication/Media	10	3.0 %	± 1.8 %
	Mining/Construction	8	2.4 %	± 1.6 %
	Energy	7	2.1 %	± 1.5 %
	Agriculture, Forestry, & Fishing	7	2.1 %	± 1.5 %
	Public Administration	5	1.5 %	± 1.3 %
	Other Industry	41	12.2 %	± 3.5 %
	Total	337	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

40 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Industry (Other specified)

Accounting	
Chamber	
Charity	
Commercial Aircraft Leasing	
commercial real estate	
community development	
defense contractor	
Distribution	
Education	
Education	
Entertainment Attraction	
entertainment/leisure	
Government	
Higher Education	
Hospitality	
Hospitality	
Hotels	
indoor recreation	
Legal	
Local Government	
Local Government	
Manufacturing / Wholesale distribution to retailers	
Medical devices	
non profit	
Nonprofit	
Nonprofit	
Nonprofit Foundation	
Nonprofit social services	
nonprofit education	
Not for Profit	
Not for profit higher ed foundation	
Performing Arts Center	
Private Education	
Private Foundation	
Renewable Energy	
Rental-Equip Maintenance	
Staffing/Recruiting	
Telecommunications	
telecommunications	
Tourism	

41 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	124	36.9 %	± 5.2 %
	$25-$99 million	83	24.7 %	± 4.6 %
	$100-$499 million	65	19.3 %	± 4.2 %
	$500-$999 million	13	3.9 %	± 2.1 %
	$1-$4.9 billion	29	8.6 %	± 3.0 %
	$5-$9.9 billion	7	2.1 %	± 1.5 %
	More than $10 billion	15	4.5 %	± 2.2 %
	Total	336	100.0 %

	Missing Cases = 1
	Response Percent = 99.7 %

42 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Statistics - Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1017.8

	Median = 62

	Variance (Unbiased Estimate) = 6373761.3

	Standard Deviation (Unbiased Estimate) = 2524.6

	Standard Error Of The Mean  = 137.7

	95 Percent Confidence Interval Around The Mean = 747.9 - 1287.8

	99 Percent Confidence Interval Around The Mean = 663.2 - 1372.5

	Skewness = 3.1

	Kolmogorov-Smirnov Statistic For Normality = 32.1

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =336
Missing Cases =1
Response Percent = 99.7%

43 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	119	40.8 %	± 5.1 %
	100-499	87	29.8 %	± 4.7 %
	500-999	22	7.5 %	± 2.7 %
	1,000-2,499	18	6.2 %	± 2.4 %
	2,500-4,999	18	6.2 %	± 2.4 %
	5,000-9,999	8	2.7 %	± 1.6 %
	Over 10,000	20	6.8 %	± 2.5 %
	Total	292	100.0 %

	Missing Cases = 45
	Response Percent = 86.6 %

44 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Statistics - Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1553.1

	Median = 300

	Variance (Unbiased Estimate) = 10155746.5

	Standard Deviation (Unbiased Estimate) = 3186.8

	Standard Error Of The Mean  = 186.5

	95 Percent Confidence Interval Around The Mean = 1187.6 - 1918.6

	99 Percent Confidence Interval Around The Mean = 1072.9 - 2033.3

	Skewness = 2.6

	Kolmogorov-Smirnov Statistic For Normality = 28.1

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =292
Missing Cases =45
Response Percent = 86.6%

45 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	90	26.8 %	± 4.7 %
	Northeast U.S.	66	19.6 %	± 4.3 %
	North Carolina	61	18.2 %	± 4.1 %
	South Central U.S.	42	12.5 %	± 3.5 %
	Pacific US	30	8.9 %	± 3.1 %
	South Atlantic U.S. (Not NC)	28	8.3 %	± 3.0 %
	Mountain U.S.	19	5.7 %	± 2.5 %
	Total	336	100.0 %

	Missing Cases = 1
	Response Percent = 99.7 %

46 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Where are you personally located? - Other specified

--- No Response ---

47 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	235	73.0 %	± 4.9 %
	Public, NYSE	37	11.5 %	± 3.4 %
	Nonprofit	28	8.7 %	± 3.0 %
	Public, NASDAQ-AMEX	11	3.4 %	± 1.9 %
	Government	11	3.4 %	± 1.9 %
	Total	322	100.0 %

	Missing Cases = 15
	Response Percent = 95.5 %

48 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	162	49.5 %	± 5.4 %
	1-24%	127	38.8 %	± 5.2 %
	25-50%	24	7.3 %	± 2.8 %
	More than 50%	14	4.3 %	± 2.1 %
	Total	327	100.0 %

	Missing Cases = 10
	Response Percent = 97.0 %

49 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Europe	56	38.4 %	± 7.3 %
	Canada	43	29.5 %	± 6.8 %
	Asia/Pacific Basin	31	21.2 %	± 6.0 %
	Latin America	15	10.3 %	± 4.4 %
	Africa	1	0.7 %	± 1.2 %
	Total	146	100.0 %

	Missing Cases = 19
	Response Percent = 88.5 %

50 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	45	18.8 %	18.8 %
	AA+	23	9.6 %	28.5 %
	AA	31	13.0 %	41.4 %
	AA-	13	5.4 %	46.9 %
	A+	17	7.1 %	54.0 %
	A	18	7.5 %	61.5 %
	A-	14	5.9 %	67.4 %
	BBB+	22	9.2 %	76.6 %
	BBB	13	5.4 %	82.0 %
	BBB-	6	2.5 %	84.5 %
	BB+	8	3.3 %	87.9 %
	BB	7	2.9 %	90.8 %
	BB-	3	1.3 %	92.1 %
	B+	2	0.8 %	92.9 %
	B	3	1.3 %	94.1 %
	B-	5	2.1 %	96.2 %
	CCC	6	2.5 %	98.7 %
	CC	2	0.8 %	99.6 %
	D	1	0.4 %	100.0 %
	Total	239	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

51 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

What is your company's credit rating? 

N=239		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		239		98	141	
		100.0%		41.0%	59.0%	
						
AAA		45		25	20	
		18.8%		25.5%	14.2%	
				b	a	
						
AA+		23		13	10	
		9.6%		13.3%	7.1%	
						
AA		31		10	21	
		13.0%		10.2%	14.9%	
						
AA-		13		7	6	
		5.4%		7.1%	4.3%	
						
A+		17		3	14	
		7.1%		3.1%	9.9%	
				b	a	
						
A		18		6	12	
		7.5%		6.1%	8.5%	
						
A-		14		8	6	
		5.9%		8.2%	4.3%	
						
BBB+		22		6	16	
		9.2%		6.1%	11.3%	
						
BBB		13		4	9	
		5.4%		4.1%	6.4%	
						
BBB-		6		4	2	
		2.5%		4.1%	1.4%	
						
BB+		8		6	2	
		3.3%		6.1%	1.4%	
				b	a	
						
BB		7		1	6	
		2.9%		1.0%	4.3%	
						
BB-		3		0	3	
		1.3%		0.0%	2.1%	
						
B+		2		1	1	
		0.8%		1.0%	0.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

52 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

What is your company's credit rating? 

N=239		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		3		1	2	
		1.3%		1.0%	1.4%	
						
B-		5		0	5	
		2.1%		0.0%	3.5%	
						
CCC		6		3	3	
		2.5%		3.1%	2.1%	
						
CC		2		0	2	
		0.8%		0.0%	1.4%	
						
D		1		0	1	
		0.4%		0.0%	0.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

53 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	166	49.6 %
	Other	77	23.0 %
	CEO	48	14.3 %
	Controller	38	11.3 %
	Treasurer	6	1.8 %
	Total	335	100.0 %

	Missing Cases = 2
	Response Percent = 99.4 %

54 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Other job title:

Chief Accounting Officer	
Owner	
analyst	
Finance Manager	
Sr Director	
Finance Director	
Consultant	
Senior Director of Finance	
EVP	
VP Finance	
VP Finance, Global Sales	
President	
VP-Finance	
Director Treasury Risk Management	
VP Business Planning	
CFO / COO	
partner	
CPA	
Managing Director	
SVP	
COO	
Partner	
COO	
Interim CFO	
Finance Manager	
Director	
trustee	
Finance Director	
Director, Finance	
Strategic Advisor	
Managing Director	
CFO Consultant, CFO Roundtable Facilitator	
COO	
SVP FINANCE	
Procurement & Supply Chain Director	
President	
Sr VP Finance	
Chief Acctng Officer & Treasurer.	
Sr. Director of Finance & Admin	
General partner	
Program Director	
President	
Principal	
Division Manager	
Director	
Compliance Consultant	
GM	
vice  president	
Principal	
Chairman of Board	
Private Banking	
Deputy CEO	
Sr. Dir. of Business Development	
VP Operations	
VP Finance	

55 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Other job title:

SVP	
Chairman & President	
Managing Director	
SVP	
Director	
Global Strategic Leader	
Manager FP&A	

56 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

What is the probability that you will be a CEO in 5 years?

	 	Number	Percent	95% CI
	0%	117	42.9 %	± 5.7 %
	1-20%	74	27.1 %	± 5.1 %
	21-40%	28	10.3 %	± 3.4 %
	41-60%	25	9.2 %	± 3.3 %
	61-80%	17	6.2 %	± 2.7 %
	81-100%	12	4.4 %	± 2.3 %
	Total	273	100.0 %

	Missing Cases = 15
	Response Percent = 94.8 %

 Only asked of those respondents who are not currently a CEO

57 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

What is the probability that you will be a CEO in 5 years? - Descriptive Summary

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What is the probability that you will be a CEO in 5
years?	18.5	27.3	15.3 - 21.8	5	0	100	273

 Only asked of those respondents who are not currently a CEO

58 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

	 	Number	Percent	95% CI
	No	74	26.9 %	± 5.1 %
	Yes	178	64.7 %	± 5.6 %
	Don't Know	23	8.4 %	± 3.2 %
	Total	275	100.0 %

	Missing Cases = 13
	Response Percent = 95.5 %

Only asked of those respondents who are not currently a CEO

59 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Agr, Forestry, Fishing	Be a member of the controlling shareholder family.	
Agr, Forestry, Fishing	Cannot.  CEO will be family member.	
Agr, Forestry, Fishing	Customer Profitability.	
Agr, Forestry, Fishing	Operational experience.	
Bank/Fin/Insur/Real Est	already have the needed skills	
Bank/Fin/Insur/Real Est	Become more operationally oriented and understand better the back-office processes	
	that drive revenue on the front-office side.	
Bank/Fin/Insur/Real Est	being involved all departments and staying on top of all issues   being informed on the	
	good and bad issues,	
Bank/Fin/Insur/Real Est	Communication skills; Strategic thinking	
Bank/Fin/Insur/Real Est	Do you have a less conservative you with respect to finances and to take more of a few	
	from the sales  and marketing approach.	
Bank/Fin/Insur/Real Est	Figure out how to get the President/Director/Shareholder to leave the company.	
	Strategic planning, monitor and adjust to industry regulatory changes.	
Bank/Fin/Insur/Real Est	Knowledge of operations, leadership skills	
Bank/Fin/Insur/Real Est	Knowledge of the front side of the business	
Bank/Fin/Insur/Real Est	Leadership skills	
Bank/Fin/Insur/Real Est	LEGAL AND REAL ESTATE KNOWLEDGE	
Bank/Fin/Insur/Real Est	marketer	
Bank/Fin/Insur/Real Est	Marketing and Leadership skills	
Bank/Fin/Insur/Real Est	Marketing and Technology	
Bank/Fin/Insur/Real Est	Master IT and Big Data Analytics, and how to mesh that with marketing.  Better	
	Understand how social media drives business. Better Understand millennials as	
	employees and customers.	
Bank/Fin/Insur/Real Est	Master political currents coming out of Washington DC	
Bank/Fin/Insur/Real Est	personality, business development	
Bank/Fin/Insur/Real Est	personnel leadership and vision for the company.	
Bank/Fin/Insur/Real Est	sales ability and industry knowledge	
Bank/Fin/Insur/Real Est	Strong sales and marketing skills.	
Bank/Fin/Insur/Real Est	Understand employees and customers - desires & motivation, and true measures of	
	profitability	
Bank/Fin/Insur/Real Est	Underwriter	
Communication/Media	MBA education, understanding of macroeconomomics, BigData, Business Intelligence,	
	EPM, Accounting.	
Communication/Media	Savy in politics and entrepreneurship.	
Communication/Media	Telecommunications networking	
Energy	leadership and communication	
Energy	Manufacturing, oil and gas experience	
Energy	none	
Energy	Sales skills, communications and in-depth understanding of the operating portion of	
	the business	
Energy	Salesmanship, Industry knowledge, Manufacturing and engineering process familiarity	
Healthcare/Pharm	Being the face of the Company.	
Healthcare/Pharm	Business development and promotions of our services and products, but not just a	
	'sales & marketing' person.	
Healthcare/Pharm	CEO is owner so not applicable	
Healthcare/Pharm	Customer facing, operations responsibility	
Healthcare/Pharm	Customer intimacy skills and understanding of healthcare trends globally.	
Healthcare/Pharm	High level industry contacts.	
Healthcare/Pharm	Keeping my up to date with latest trends in health care.	

Only asked of those respondents who are not currently a CEO

60 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Healthcare/Pharm	Knowledge as a CIO and a Chief Administrative Officer.	
Healthcare/Pharm	Licensure	
Healthcare/Pharm	Manufacturing experience	
Healthcare/Pharm	Needs to manage his time better.  Needs to delegate more effectively.	
Healthcare/Pharm	Operational experience	
Healthcare/Pharm	operational understanding	
Healthcare/Pharm	Strategic planning skills and internal and external politics	
Healthcare/Pharm	To take a more analytic approach to information available.	
Manufacturing	A strategist for the future in both human capital, production efficiencies and	
	technology.  A CFO needs to be the main project manager of the company goals to move	
	things forward.	
Manufacturing	become fully conversant with all aspects of the business, i.e. operations and markets /	
	competitors.	
Manufacturing	Better product knowledge	
Manufacturing	Better understanding of Operations and Sales and Marketing	
Manufacturing	Commercial understanding, visible leadership	
Manufacturing	culture leadership and industry contacts	
Manufacturing	Deeper interaction with Board members.  Close involvement with operations and	
	operating decisions.	
Manufacturing	Develop a salesperson perspective	
Manufacturing	Front office know-how	
Manufacturing	Human capital management, market knowledge, & a strategic vision.	
Manufacturing	Increased understanding of market segments and customers to better set strategic	
	initiatives for the company.	
Manufacturing	Investor relations	
Manufacturing	Leadership Skills across disciplines inside and outside the company.	
Manufacturing	Managing People	
Manufacturing	Marketing	
Manufacturing	Master the strategy	
Manufacturing	More customer focus experience	
Manufacturing	More personal interaction with dealers and customers in order to build credibility in	
	the marker.	
Manufacturing	More sales organization/customer engagement	
Manufacturing	Motivational	
Manufacturing	operating and marketing leadership for a period	
Manufacturing	Operational skills	
Manufacturing	Sales and Marketing, New product development and voice of customer	
Manufacturing	Sales development	
Manufacturing	Sales skills	
Manufacturing	Strategic Sales, Operations, Heavier Investor Relations	
Manufacturing	Strategic Thinker	
Manufacturing	Strategic thinker, customer interface and relationship building	
Manufacturing	Strategic vision, ability to manage multiple teams.  Leadership skills	
Manufacturing	Strategist	
Manufacturing	Strong leadership; Strong communication, Strong understanding of markets (Micro &	
	Macro); Strong overall management skills, etc.	
Manufacturing	Team building, leadership and customer development	
Manufacturing	Technical knowledge of operations across employee functions and equipment at the	
	shop floor level.	

Only asked of those respondents who are not currently a CEO

61 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Manufacturing	The CFO needs to understand the non-financial metrics that drive the business.  Also,	
	communication is always a necessary skill set.	
Manufacturing	Understand the business process, our products/markets and culture.	
Manufacturing	Understanding of people: Feeling vs. Facts or financials.	
Mining/Construction	market knowledge, pricing knowledge, marketing knowledge	
Mining/Construction	More operational experience	
Mining/Construction	none	
Mining/Construction	Sales	
Other	Ability to obtain buy in from staff and stakeholders for the agency's mission.	
Other	Customer focused thinking about the value proposition	
Other	Deep knowledge of government policies and effect on various stakeholder groups	
Other	Diplomacy, Communication, and Strategic Thinking	
Other	Engineering license	
Other	Governance, strategy, leadership, people skills to include communications3.6	
Other	Knowledge of social work type issues	
Other	Learning additional operational skills	
Other	Managing people, future planning	
Other	Marketing acumen, identifying executive level talent	
Other	Marketing and Business Development	
Other	marketing/BD	
Other	More strategic thinking tasks	
Other	Must be an educator	
Other	No CFO on staff.  VP and owner is a former CPA, so she oversees many of the CFO	
	functions.	
Other	Philanthropic solicitation skills	
Other	Relationship throughout the company that are positive	
Other	Sales building, Organizational development, and Operational experience	
Other	Specialized experience in the educational field.	
Other	Specific content knowledge in the areas of developmental and educational psychology	
Other	Understanding of sales, business development and operations.	
Other	verbal communication, drive and passion, organizational knowledge/competency,	
	ethics	
Pub Admin	Leadership and better social & communication skills	
Pub Admin	leadership, visionary, strategic planning	
Pub Admin	Use of technology and analytics	
Retail/Wholesale	adjusting to changes that affect business activities	
Retail/Wholesale	Ambition to be one, develop the 'often wrong but never in doubt' mentality, and more	
	marketing expertise.	
Retail/Wholesale	Be a family member of the controlling family.	
Retail/Wholesale	be younger	
Retail/Wholesale	customer relations	
Retail/Wholesale	Deep knowledge of industry	
Retail/Wholesale	Expand experience to include sales and operations	
Retail/Wholesale	Further knowledge of the customers and the industry.	
Retail/Wholesale	I think the CFO of the company has adequate skill set to be CEO	
Retail/Wholesale	Internally at my company I could be CEO in 5 years with more marketing experience/	
	digital experience to transition the company dominant sales channel to digital.	
Retail/Wholesale	Leadership	
Retail/Wholesale	Leadership, motifation and people skils	
Retail/Wholesale	learn intimate operations of restaurants.	

Only asked of those respondents who are not currently a CEO

62 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Retail/Wholesale	Marketing, product development and interdepartmental integration	
Retail/Wholesale	More external orientated e.g. customer intimacy and relationship with vendors	
Retail/Wholesale	Operations	
Retail/Wholesale	Operations, change management, cyber, technology, recruitment, development of	
	employee's, tools for employee's to be successful and give them the ability and	
	environment to succeed.	
Retail/Wholesale	SALES & OPERATIONS	
Retail/Wholesale	Understand and drive revenue.	
Services, Consulting	Ability to present facts in a way that motivates people to action	
Services, Consulting	All CEO's of our company have been Professional Engineers with experience as a	
	practitioner in an Engineering field	
Services, Consulting	board and customer management	
Services, Consulting	Business Development acumen	
Services, Consulting	CEO is always an attorney	
Services, Consulting	Communication and persistence	
Services, Consulting	Communication, Business Development	
Services, Consulting	Defining risks accurately.	
Services, Consulting	i have no desire to be ceo	
Services, Consulting	International Business Experience	
Services, Consulting	It's a service based business.  No one not involved in the consulting has ever been	
	named CEO in the 50 year history of this firm	
Services, Consulting	Know about operations and Administration	
Services, Consulting	Knowledge of government contract vehicles and budgets	
Services, Consulting	Marketing, evaluating risk and knowing when to take risks.	
Services, Consulting	Operational experience	
Services, Consulting	People management, board relationships, an understating of company Operations.	
Services, Consulting	People skills.	
Services, Consulting	Skill to persuade potential clients to use our services.  Increase parntering.	
Services, Consulting	Soft skills, leadership, strategic thinking, people development	
Services, Consulting	Thorough knowledge of accounting system, ESOP guidelines and requirements, 401K	
	Guidelines and requirements, tax consequences of distributions and bonuses,	
	submittal dates required by local, State and	
Services, Consulting	Understanding of:  the markets, the operations, valuing talent	
Services, Consulting	Vision	
Services, Consulting	Vision, business development	
Services, Consulting	Vision, Leadership, Political Power (external), communications, Law Degree	
Tech [Soft/Hard/Bio]	Analytics, over the horizon planning has become increasingly volatile and	
	unpredictable affecting working capital commitments adversely.	
Tech [Soft/Hard/Bio]	better communication of the 'story'	
Tech [Soft/Hard/Bio]	Broad Company experience and understanding, including marketing, IT and working on	
	the revenue side - sales, acquisitions, etc.	
Tech [Soft/Hard/Bio]	Customer facing	
Tech [Soft/Hard/Bio]	Increased technical skills.	
Tech [Soft/Hard/Bio]	Market knowledge	
Tech [Soft/Hard/Bio]	Marketing / Sales / Operations	
Tech [Soft/Hard/Bio]	Oversight of operations/operational areas.	
Tech [Soft/Hard/Bio]	Sales, Human Resource Mgmt, Legal, Software Development Methodolgy	
Tech [Soft/Hard/Bio]	Sales experience	
Tech [Soft/Hard/Bio]	Sales skills.  Cross-functional management.	
Tech [Soft/Hard/Bio]	Sales understanding	

Only asked of those respondents who are not currently a CEO

63 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth Quarter, 2016

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Tech [Soft/Hard/Bio]	Team building, effective writing, public speaking	
Transp, Public Util	Already the CFO.  The CFO need a broad background in finance, operations and strategic	
	planning background so that they can be a trusted advisor to the CEO.  Strong Finance	
	skills are not enough.	
Transp, Public Util	Board savvy, business experience beyond finance and accounting, being seen as	
	strategic in vision.	
Transp, Public Util	Global operational knowledge that comes from decades of direct operational	
	leadership roles in multiple national and, preferably, international locations.	
Transp, Public Util	Knowledge of overseeing other departments such as Engineering and Operations.	
Transp, Public Util	More sales skills	
Transp, Public Util	More well rounded in greater aspects of whatever the particular business is.	
Transp, Public Util	OUTGOING PERSONALITY, PRESENTATION SKILLS, DESIRE TO SPEAK CONTINUALLY	
Transp, Public Util	Play golf.	
Transp, Public Util	Revenue generation and Energy procurement.	
Transp, Public Util	Talking to the press, speeches to employees	

Only asked of those respondents who are not currently a CEO