Who still wants to become a CFO?

One in five finance professionals shuns the top job

Work–life balance and the skills and experience required are the biggest barriers for aspiring CFOs, while almost half say they are not gaining the experience they need in their current role

Around one in five (21%) finance professionals say they do not want to become a CFO, while 42% definitely aspire to the role. A new pulse survey by global talent solutions partner Robert Walters highlights the importance of taking a targeted approach to developing the next generation of finance leaders.

Finance professionals see work–life balance and developing the necessary skills and experience as the biggest barriers to becoming a CFO. Each is cited by 42% of respondents. A further 16% see the pressure and responsibility associated with the role as the biggest barrier.

Andrew Powell, Chief Commercial Officer at Robert Walters, says: “The CFO role has evolved into one of the most influential positions within an organisation. Finance leaders shape strategy, drive transformation and take on greater responsibility for areas such as technology and AI.”

“This creates exciting career opportunities, but it has also made the role broader and more demanding. When around one in five finance professionals already knows they do not want the top job, organisations need to understand what is holding people back and whether they are doing enough to develop those who aspire to it.”

The experience gap facing future CFOs

Almost half (47%) of finance professionals say their current role is not giving them the experience they would need to become a CFO. Meanwhile, 53% feel they are definitely gaining the necessary experience. Although a majority therefore feel well prepared, a significant proportion face a potential development gap on the path to becoming a CFO.

For 63% of respondents, the greatest challenge is gaining experience at the most senior leadership level. A further 25% find gaining experience in AI and technology the most difficult, while 12% cite leading transformation programmes.

Powell says: “The skills that finance professionals find hardest to develop are also those that organisations expect a CFO to have from day one. Experience at the most senior leadership level takes time to build and is difficult to gain through formal training alone.”

“Employers need to give promising finance leaders opportunities to build this experience before they are considered for the top job.”

Aspiring CFOs want practical exposure rather than more training

When asked what would best prepare them for a future CFO role, 42% say mentoring from senior leaders would be the best preparation. This is followed by cross-functional career moves at 29%. A further 17% would like broader responsibilities, while 12% cite formal training.

“There is a clear message here for employers. Future CFOs want opportunities to broaden their experience, work with senior leaders and gain a deeper understanding of the business,” Powell adds. “Mentoring, cross-functional moves and broader responsibilities can help finance professionals develop the commercial judgement they need for a future CFO role.”

The findings come at a time when traditional routes into the CFO role continue to broaden. According to Robert Walters’ new report, “Beyond the numbers: Choosing the CFO your business needs next”, finance leaders are reaching the role through increasingly varied career paths. These include leadership positions within corporate finance departments, investment banking, private equity and broader commercial roles.

The CFO role is becoming more attractive despite growing demands

Despite concerns about the demands of the position, 87% of finance professionals say the CFO role has become more attractive over the past five years. By contrast, 13% consider it less attractive.

Powell concludes: “The CFO has always played a key role. What has changed significantly, however, is the breadth of the remit: CFOs are taking on greater responsibility for other business support functions, transformation programmes and AI adoption. For ambitious finance professionals, this opens up broader and more exciting career prospects.”

“The role may be becoming more attractive, but organisations cannot assume that today’s finance professionals will automatically become tomorrow’s CFOs. By giving future finance leaders the right exposure and support early on, organisations will have far more options when it comes to appointing their next CFO.”

The Robert Walters report explores how the CFO role is changing, what distinguishes successful finance leaders and the challenges organisations face in developing their pipeline of future CFOs. Read the full report here: “Beyond the numbers: Choosing the CFO your business needs next”