A retirement wave is coming to the business office, professional group says

43% of those surveyed said they plan to retire within four years

Many college business officers plan to retire within four years—and many of them don't have a succession plan, according to a report from the National Association of College and University Business Officers

Of the 713 business leaders surveyed, about 43% said their current position would be their last—and 44% of those said they plan to retire within four years. Thirty-seven percent of chief business officers said their employers do not have a succession plan in place.

CBOs' roles at universities and colleges have increased in importance as schools explore new revenue streams, which involves expanding the role to include overseeing development management and the bursar office.

At the same time, the roles remain mostly filled by white men who are 56 years old on average. Just 32% of CBOs are women—a figure that's only grown two percentage points since 2013. Additionally, less than 12% of CBOs are minorities. 

Shaping the CBO role for the future

Education Dive's Jarrett Carter suggested breaking up CBOs' duties among associate roles to "create more room for diverse hiring and … an informal succession plan of leadership" (Carter, Education Dive, 7/8; Martinez, "The Ticker," Chronicle of Higher Education, 7/7). 

 

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