Most people know the traditional responsibilities of a Chief Financial Officer (CFO): managing budgets, ensuring compliance, and safeguarding financial stability. But the role has evolved significantly. Today’s CFOs are expected to take the lead on Environmental and Social Governance (ESG) reporting, digital transformation, and cross-functional collaboration.

Finance was once viewed as the gatekeeper, controlling spend and monitoring activity. Now, the function is seen as a partner—helping to analyse challenges, drive growth, and ensure profitability.

With access to data that spans the entire organisation, CFOs now wield greater influence in shaping strategy. Beyond working closely with the CEO, they collaborate with other leaders to optimise operations. This requires a clear grasp of how every part of the business works—and whether it’s delivering results.

Pathways to becoming a CFO
Landing your first CFO role depends on gaining experience across three key finance pillars. Without exposure to each, your CV may fall short against other candidates.

Jenson Fisher spoke with a FTSE250 CFO who reflects: “I’ve been a Financial Controller and worked in financial accounting. You don’t need years of reconciliations, but you do need exposure to these roles to succeed as a finance leader.”

1. Financial Control
   • Focus: accuracy, compliance, and safeguarding financial integrity.
   • Career path: Accountant → Auditor → Financial Controller.
   • Benefits: builds technical expertise and regulatory knowledge.
2. Commercial Finance
   • Focus: forecasting, advising, and partnering with other business functions.
   • Career path: Commercial Finance Manager or similar roles.
   • Benefits: develops strategic thinking and cross-department collaboration.
3. Data Analytics & Business Intelligence
   • Focus: extracting insights from data to guide decision-making.
   • Career path: Financial Analyst → Business Analyst.
   • Benefits: builds capability to translate data into tangible action.

Skills every CFO needs

Human skills
The best CFOs combine financial expertise with leadership and communication. The difference between a good CFO and a great one isn’t technical—it’s the ability to engage with the wider business.”

The biggest step is learning to tell a story with numbers. When you can do that, you become a true business partner.”

Core human skills include:

• Communication and storytelling
• Attention to detail
• Critical thinking
• Problem-solving

Technical skills
Requirements vary depending on your focus area:

• Financial Control: strong grasp of accounting, compliance, reporting, and controls.
• Commercial Finance: understanding business models and operations.
• Data Analytics: knowledge of SQL, Python, and tools like Power BI.

CFOs don’t need to be hands-on coders, but they do need to embrace new technologies and commit to ongoing learning.

Trends shaping the CFO role

AI and automation
Artificial Intelligence (AI) and Robotic Process Automation (RPA) are transforming finance by automating repetitive tasks, generating insights, and improving accuracy.

Technology lets people think more, not just do more and AI drives analysis and decision-making, while RPA takes over rule-based work. Together, they’re reshaping finance.

Be a change driver. If you’re not looking ahead, you’ll fall behind.

Sustainability
Finance teams are increasingly tasked with ESG reporting, covering everything from internal operations to supply chain emissions. Roles such as Carbon Accountants are emerging, while CFOs will oversee sustainability reporting at the highest level.

With dedicated sustainable finance roles, professionals need to build expertise. Ethical investing will only grow in importance.

Next steps for aspiring CFOs
To accelerate your career path:

• Broaden your experience: rotate through financial control, commercial finance, and analytics.
• Upskill in tech: learn AI, RPA, and data visualisation tools.
• Develop human skills: master communication, storytelling, and change management.
• Seek mentorship: work with leaders to align career goals and development plans.
• Think globally: explore international opportunities to expand perspective.

There is no single route to the CFO chair. But the common threads are clear: adaptability, strategic thinking, and a proactive mindset. By embracing technology, sharpening your people skills, and building broad finance experience, you can position yourself as the next generation of finance leader.