The modern CFO: From number crunchers to strategic leaders

Traditionally, the CFO has been viewed as a financial steward, responsible for accounting, budgeting, compliance and risk management; a role centered on ensuring financial stability, accurate reporting and making sure the rules and regulations are followed.

But business is changing – and the role of the CFO is changing along with it.

In The CFO’s Playbook for 2025, 37% of CFOs say they’re being asked to do more high-level business strategy than they were just five years ago. In a fast-evolving business landscape, CFOs are expected to go beyond their foundational responsibilities – that much is clear.

Modern businesses demand strategic leadership from their CFOs. Number crunching alone isn’t enough. CFOs must leverage financial insights to drive business growth, inform decision-making and shape long-term strategy.

This shift requires more than just technical expertise. It calls for a broader skill set – and a new mindset.

In this article, we’ll explore the evolving role of CFOs, the essential skills required for modern finance leadership and what it takes for the CFO to become a true strategic partner in business.

From financial guardians to strategic partners

Ensuring compliance, managing budgets, safeguarding company assets – they’re all critical responsibilities of the CFO. For the modern CFO, however, focusing on these responsibilities alone is no longer enough.

The role of the CFO has expanded far beyond financial oversight. Today’s CFO is also expected to drive business growth, shape corporate strategy and navigate an increasingly complex risk landscape.

Here’s what that looks like in practice:

• Driving business growth: Modern CFOs play a crucial role in identifying and capitalising on growth opportunities. By leveraging financial data and market insights, they help guide investments in new markets, innovation and digital transformation. Not only that – but they’re also instrumental in optimising revenue streams, improving operational efficiency and ensuring that growth initiatives are financially sustainable.
  
  
• Strategic business management: Risk management is no longer just about financial compliance. Today, it’s also about everything from market volatility and geopolitical uncertainties to cybersecurity threats and supply chain disruptions. The modern CFO must take a proactive approach to risk management, using predictive analytics and scenario planning to anticipate challenges and build resilience. It’s about balancing risk and reward to ensure strategic decisions align with the company’s long-term financial health.
  
  
• Shaping corporate strategy: Today’s CFOs are key players in shaping corporate strategy, working closely with CEOs and other executives to align financial goals with business objectives. They bring financial intelligence to the boardroom, ensuring that strategic decisions are data-driven and financially sound. Whether it’s mergers and acquisitions, digital transformation or sustainability initiatives, CFOs provide insights that drive long-term value creation.

It probably goes without saying that it’s no mean feat – but it’s worth it. 

By evolving from a financial guardian to a strategic partner, the CFO isn’t just securing their company’s financial future: they’re also influencing their broader direction and success.

Key skills of the modern CFO

To thrive as a strategic business partner, the modern CFO must go beyond traditional financial expertise. They must be able to drive growth, navigate uncertainty and lead with impact – and that requires an updated, diverse skill set.

Let’s take a look at some of the essential skills for today’s CFOs:

1. Data literacy and analytical thinking

In an era where decision-making is increasingly driven by analytics, finance leaders must be fluent in data. CFOs need to extract actionable insights from vast amounts of financial and operational data – and that makes data literacy and strong analytical thinking essential skills for the modern CFO.

It’s about identifying trends, forecasting future scenarios and making evidence-based recommendations that support business strategy.

2. Strategic vision

The modern CFO isn’t just a numbers expert – they’re a forward-thinking strategist. They must understand how financial decisions align with broader business goals and proactively shape corporate strategy.

It’s a balancing act between short-term financial priorities and long-term growth objectives to ensure the investments made in innovation, talent and market expansion will create sustainable value.

3. Leadership and emotional intelligence

Today’s CFOs are expected to lead cross-functional teams, collaborate with executives and communicate financial insights in a way that resonates across the organisation – no matter the audience.

“Skills such as problem-solving are very important but cannot be prioritised at the expense of people skills. For CFOs and finance leaders, half the job of a successful financial strategy is communicating it; and being heard”.

– Martin Cerullo, CPeO, Pleo

To achieve this, emotional intelligence is essential. It’s crucial for building strong relationships, managing stakeholder expectations and fostering a culture of collaboration. With high emotional intelligence, a CFO can effectively navigate high-pressure situations, inspire teams and influence key decision-makers.

4. Tech savviness

With the rise of automation, AI and cloud-based financial systems, CFOs must be comfortable leveraging technology to enhance efficiency and decision-making.

The tech-savvy CFO can drive digital transformation, integrate advanced financial tools and ensure their finance team is equipped with the latest innovations to streamline processes and improve financial transparency.

5. Agility and adaptability

The business landscape is evolving rapidly. Economic volatility, regulatory changes and market disruptions are becoming the norm – and that calls for agility and adaptability.

Modern CFOs must be adaptable, able to pivot strategies quickly and thrive in uncertainty. Agility allows them to respond to challenges with resilience, adjust financial plans as needed and seize opportunities when they present themselves.

By mastering these skills, CFOs can transform their role from financial steward to strategic leader, helping businesses navigate complexity and drive long-term success.

The mindset shift: Moving beyond traditional finance

To fully transition from financial steward to strategic business partner, the CFO must adopt a new mindset – one that goes beyond cost control and compliance to actively driving business growth and innovation.

It’s a transformation that requires embracing change, shifting from risk aversion to value creation and becoming a proactive leader in shaping the future of the business:

Embracing change and innovation

For the modern CFO, change isn’t a threat – it’s an opportunity. Whether it’s digital transformation, new business models or evolving market dynamics, CFOs must embrace innovation to stay ahead.

This means being open to new technologies, fostering a culture of continuous improvement and, of course, supporting bold, forward-looking strategies that drive long-term success.

Shifting from risk aversion to value creation

Traditionally, CFOs have been seen as guardians of financial stability, focused on minimising risk and ensuring compliance.

It’s not that risk management isn’t important – it’s that the modern CFO must balance this responsibility with a focus on value creation.

This involves making strategic investments, supporting business expansion and taking calculated risks that lead to growth and competitive advantage.

Instead of asking, ‘How do we minimise risk?’ the question should be: ‘How do we maximise value whilst managing risk effectively?’

Becoming a proactive, forward-thinking business partner

It’s not enough being a reactive financial controller who reports on past performance. Today’s CFO must take a forward-thinking approach. They must anticipate future challenges, identify new opportunities and proactively shape business strategy alongside the CEO and other executives.

A modern CFO is deeply involved in decision-making across all departments, ensuring that financial insights drive strategic initiatives rather than simply validating past actions.

Through this mindset shift – by embracing change, focusing on value creation and becoming proactive rather than reactive – CFOs can move beyond traditional finance roles and become indispensable partners in driving business success.