Many chief financial officers (CFOs) are unprepared for the shift in their role from financial policeman to strategic business adviser, according to a new survey.

However, the global study by IBM found most are aware that the nature of their job is undergoing a profound shift.

As a group, CFOs expect to see their management duties doubling in the next three years, with less than 40 per cent of them regarding overseeing the balance sheet as a key activity.

However, many are unsure they will receive the support necessary to preside over a smooth transition in functions.

Four hundred and fifty CFOs from 35 countries were interviewed as part of the survey, including 30 from Ireland.

Only half believe their departments comprise "high-quality business-oriented professionals". And a third feel their companies are understaffed - or that existing staff are underskilled.

The complexity of their jobs is outstripping CFOs' ability to process information, the survey suggests.

In excess of 70 per cent said information is an asset that needs to be better managed, while only 20 per cent of business managers have access to integrated enterprise data for decision-making.

Misgivings are also expressed about governance frameworks - 25 per cent of respondents feel their companies' governance structures are weak.

Sixty per cent of CFOs said specific processes and activities will need to be outsourced in the immediate future.

"CFOs recognise they are central to driving performance management and governance processes that lead to competitive advantages, said Mr Gregor Pillen, partner with IBM consulting services.

"The challenge is making those significant changes in service while at the same time dramatically restructuring the cost of service."

Two-thirds of the CFOs regard "supporting shareholder value creation" as their chief priority, Mr Pillen added.