Report: 44% of college business execs likely to retire in 4 years or less
- A report from the National Association of College and University Business Officers shows 44% of campus business executives are likely to retire within the next four years.
- The majority of campus business officers are middle-aged white males, with only 12% percent of positions being held by racial or ethnic minorities. The average age of business officers is 56.
- 37% of officers report their campuses do not have succession plans for their retirement.
As colleges and universities scramble to find new revenue streams, the role of the campus business officer is increasingly more critical to the college mission and function. According to the Chronicle, many of these executives also support or oversee the duties of the bursar office and development management, which creates even greater need in the event of a retirement or separation from a school.
Presidents and chancellors should give more consideration to possibly separating the role of the business officer into smaller assistant or associate roles with specific function over certain financial matters. Having a team of leaders with individual focus on budget and planning, investments, student accounts and procurement tightens financial controls, affords greater innovation, creates more room for diverse hiring and institutes an informal succession plan of leadership.
- The Chronicle of Higher Education Expect high turnover in college business offices, association says