What are the most important skills for today’s CFO?

What are the most important skills for today’s CFOs?

Few executive roles have transformed as dramatically in recent years as that of the Chief Financial Officer (CFO). No longer limited to managing the finances and financial reporting, today’s CFO plays a critical role in driving long-term value creation. From digital transformation to shaping ESG outcomes, the modern CFO is now a central figure in driving the business operations and strategy.

In this new environment, today’s CFOs go beyond traditional financial responsibilities, stepping into the broader role of Chief Value Officer (CVO) by combining financial expertise with strategic, digital and leadership capabilities.

Based on insights from nearly 100 finance leaders worldwide, we’ve identified the seven core skills that define today’s successful CFOs.

Learn more about the evolving role of the CFO

The CFO role is rapidly expanding. Download research from BDO and the ACCA to understand the skills and competencies tomorrow’s finance leaders need to shape the finance function of the future.

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The 7 most important CFO skills

1. Financial leadership and technical expertise

While CFOs are expanding their remit, financial leadership remains at the core – ensuring sound financial processes, effective performance management, compliance and accurate reporting. However, that’s no longer enough. Today’s finance leaders also need a deeper understanding of business models, a working knowledge of emerging technologies like AI, and the ability to connect financial outcomes with broader organisational goals.

2. Strategic thinking and value creation

Our global research with the Association of Chartered Certified Accountants (ACCA), highlights the growing trend of CFOs being seen as Chief Value Officers. The findings in our Chief Value Officer report reveal that finance leaders are increasingly expected to influence areas far beyond their traditional scope of financial performance and technical skills.

Value creation now sits at the heart of the CFO's role, requiring a mindset shift from reporting and compliance to strategy, innovation, risk and long-term impact.

3. Management

Leading transformation is now central to the CFO’s role. Whether through digital transformation agile practices, or business model reinvention, change requires finance leaders to step forward – guiding teams through uncertainty while maintaining focus on strategic outcomes.

This means building strong project management, communication and stakeholder engagement skills, as well as workforce resilience across teams.

"From a leadership perspective I’ve made sure my finance team has free rein to innovate, so we’re not just reacting to change, we’re evolving alongside it. That way, finance can be a driver of innovation rather than just keeping up."
Mark Godson, CFO, Just Group

4. Ethical and moral leadership

CFOs often act as the organisation’s moral compass. By understanding the long-term consequences of the decisions, they are responsible for doing the right thing, both by the organisation and its various stakeholders.

With increasing scrutiny from regulators, investors and society, ethical decision-making and accountability are fundamental to effective leadership. This includes staying informed on evolving standards around sustainability and ESG reporting, ensuring transparency and trust in financial and non-financial disclosures.

5. Communication, influence and relationship building

CFOs must possess a breadth of consulting skills including influencing, conflict resolution and strategy development. Today’s CFOs must also be skilled communicators and adept at stakeholder management – able to clearly articulate insights, engage with diverse audiences and earn trust at every level, leading their teams with authenticity and empathy.

This also means building external relationships that add value – whether through partnerships, advisory services, outsourcing, or tapping into broader networks to support goals like supply chain optimisation or new technology.

"A significant part of my role is stakeholder management – balancing expectations across the business as well as with shareholders and external partners. Given that financial considerations are central to every decision, understanding trade-offs and long-term outcomes is essential."
Paul Cooper, Group CFO, Hiscox

6. Continuous learning

The journey from CFO to CVO is one of continuous learning. As the business environment evolves, so too must the skill of a finance leader – especially in areas like data and analytics, technology and sustainability. Cultivating a broader range of skills is critical for aspiring CFOs and dependent on being given access to development opportunities.

These opportunities are likely to include partnering with other organisations and outsourcing to gain insight and analysis across various subject matters. Taking additional courses, participating in continuous learning programmes, handling crises, staying updated on technical accounting skills, finding mentors, gaining operational experience and acquiring global experience are all vital for aspiring CFOs.

7. Prioritisation and smart delegation

While today’s CFOs require a broad skill set, they’re not expected to master every domain. The ability to prioritise and delegate is critical, freeing up time and capacity to focus on what matters most.

By outsourcing routine or highly specialised tasks, CFOs can remain focused on strategic priorities and ensure that finance continues to add value across the organisation.

How can we help?

At BDO, we work with CFOs to develop the leadership skills, strategies and solutions needed to deliver value in a fast-changing world.

Partner with us to navigate the shift from CFO to Chief Value Officer and unlock the full potential of your finance function.

Find out more

Chief Value Officer: The Important Evolution of the CFO copyright © 2023 by the Association of Chartered Certified Accountants (ACCA). All rights reserved. Used with permission of ACCA. Contact insights@accaglobal.com for permission to reproduce, store or transmit, or to make other similar uses of this document.