Four Steps to Growing Your Finance Career and Becoming the Next CFO

The responsibilities of the Chief Financial Officer (CFO) have been expanding and evolving over recent years. What was once a traditional role within larger enterprise organisations has now found its place firmly within small and medium businesses too.  

The CFO is looked to as a voice of reason during moments of change and uncertainty and CEOs are turning to them to play a crucial role in making sure the business stays competitive, profitable and compliant. The responsibilities within the role change from business to business, but typically CFOs will: 

• Work closely with the CEO to provide strategic insights and recommendations for the business 

• Oversee the preparation for any financial planning and act as final sign-off 

• Nurture relations with senior management, external partners and stakeholders 

But that’s not all. There’s now an expectation for CFOs to have the technological skills necessary to work side-by-side with ground-breaking technology that will help their business reach new levels of innovation. 

How to Become the Next CFO

Hear advice from successful CFOs, executive recruiters, and industry experts as well as a quarterly action plan template to help you start taking the first steps

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Those who think they may be ready for the jump to C-suite are in luck because the demand for CFOs is at an all-time high. But how do you know if you’ve got what it takes to become a true finance leader? There are many steps to consider when preparing for career growth and we’ve listed four to get you started. 

1. Broaden Your Knowledge Base 

Although having extensive knowledge of the finance function is essential to becoming a CFO, the role encompasses so much more. Not only do you need hands-on experience with expense management, forecasting and cashflow management, but CFOs also need keep on top of regulatory compliance, changing trade agreements and evolving tax laws - and assess the impact each of these will have on the business. 

With the CFO role now evolving to be more analytical, you should consider brushing up on your interpersonal skills. You’ll be simplifying complex issues to colleagues, presenting your strategic business plans to the wider organisation as well as demonstrating leadership through insightful decision-making, so being able to communicate clearly is imperative. 

2. Advance Your Technological Skills 

Today, CFO’s responsibilities go beyond budget and finance. More than four in ten say they are tasked with nurturing a corporate culture that embraces all things digital. With automation at the forefront of innovation within the finance department, it’s essential now for CFOs to have enhanced technological skills. 

An effective CFO will be immersed in every corner of the business and identify where technology can improve the organisation’s processes. This provides you with a unique opportunity to develop a relationship with the IT department so you can work together to and suggest ideas for technology that will keep the business moving forward.  

3. Stay on Top of Trends 

Keeping your knowledge fresh and up to date will put you one step ahead of your competition and by staying on top of trends, you can be confident your business is embracing progressive, new ideas.  

It’s believed that technology and flexible analysis will play a greater role in the budgeting process in years to come with more businesses embracing technology to carry out day-to-day tasks. With 48% of CFOs planning to double down on digital transformation efforts and further the use of data analytics, AI and automation, having your finger on the pulse is critical to the CFO role. 

4. Build Your Personal Brand Within the Organisation 

A successful CFO is an effective and fair leader, a role model and someone colleagues can turn to in their moments of need – and this doesn’t happen overnight. Putting yourself out there within the organisation and gaining visibility into every corner of the business will put you ahead of your competition, as you can provide actionable insights from the get-go. 

Grasp every opportunity to make your intention known. No one ever made it to executive management by patiently waiting for their time to shine. Talk to senior managers about your ambitions and ask for advice on how to progress. Why not think about volunteering to take on a big project to prove you’re ready for the next stage of your career? 

The road to becoming the next CFO may seem long but it’s full of exciting opportunities and the more you can be prepared for what’s the come, the better you can handle moments of decision or change.  

To find out more about the CFO role, read our eBook, How to Become the Next CFO, a Practical Guide for Finance Professional Positioning for Career Growth and check out this 90-Day Checklist for any new finance leader.