Becoming a CFO

Why the Path to the Top Goes Beyond Your Finance Specialism

There are several routes to the top of the finance function, including accounting, controlling and financial planning and analysis (FP&A). As finance professionals gain experience, they typically take on broader leadership and business responsibilities, moving into roles such as Head of Controlling, Finance Director or VP Finance before progressing to CFO. Technical expertise provides an essential foundation, but on its own, it is increasingly no longer enough.

Companies are looking for finance leaders who think strategically, drive change and make an impact beyond the finance function. The key career question is therefore not: What should my next role be? But rather: What experience do I need to help lead a business as CFO?

The traditional route is enough – sometimes

Many CFOs come from accounting, controlling, FP&A or audit backgrounds. This remains a solid career path. However, it can become limiting when years of career development are focused solely on deepening expertise in one discipline.

"An excellent finance specialist knows their function inside out. A CFO must also understand what the business needs at any given moment and use that understanding to make decisions that benefit the organisation as a whole," explains Hussein Al Djaizani, Managing Consultant at Robert Walters in Frankfurt. "Those with an accounting background can benefit from gaining experience in operational planning and business partnering. Professionals who have built their careers in controlling should assess how much hands-on experience they have with financial reporting, cash flow management and financing. The key is to identify and deliberately address any gaps in their experience."

Experience in FP&A, treasury, M&A or corporate finance can also strengthen a professional's profile more than another promotion within a familiar function. What matters is deliberately broadening the range of finance expertise, from accounting and financial management to liquidity management, financing and financial risk. For aspiring CFOs, it is therefore not simply about taking the next career step, but about gradually developing a comprehensive understanding of the core finance functions.

The same applies to leadership experience. This often develops from managing projects to leading teams and eventually overseeing larger finance organisations. At the same time, working closely with senior management, the executive board and investors becomes increasingly important, particularly where financial decisions intersect with strategic and wider business considerations.

AI is no longer just an IT issue

"No CFO needs to develop AI models themselves," says Al Djaizani. "But without an understanding of how automation, data and AI are actually changing forecasting, reporting and financial management, it becomes difficult to lead a modern finance function credibly."

The key is not to be an early adopter of every new technology. What matters far more for an aspiring CFO is taking responsibility for implementation and demonstrating a tangible contribution to business performance. This could involve an ERP transformation, automating financial close or planning processes, or implementing an AI use case. Such experience becomes particularly valuable when the benefits can be demonstrated, whether through faster financial closes, less manual work or more accurate forecasts.

"These projects are rarely as straightforward as they appear in presentations," Al Djaizani explains. "Suddenly, data does not align, business functions and IT have different priorities, and decisions cannot be postponed. It is precisely in these situations that you discover whether technology can actually deliver a faster financial close, more reliable forecasts or better financial management. This shapes a CFO's profile far more than simply adding another project to their CV."

Challenging assignments strengthen your CFO profile

Restructuring programmes, cost reduction initiatives, complex financing arrangements and ERP migrations can all provide valuable experience on the path to becoming a CFO. The same applies to periods of rapid growth, international expansion or building a high-performing finance organisation. What these situations have in common is that they require finance leaders to make complex decisions and demonstrate strong leadership alongside technical expertise.

It is particularly during these periods that the ability to do more than provide sound analysis becomes apparent. Finance leaders must offer direction, stand by their decisions and oversee their implementation. This also means balancing the expectations of different stakeholders, from the CEO and senior management to the supervisory board, investors, auditors and employee representatives.

"Whether a company is undergoing restructuring, growth or transformation, sound analysis alone is not enough during challenging periods," explains Al Djaizani. "Finance leaders need to identify risks and the need for action early, develop robust scenarios and communicate decisions with conviction. At the same time, they must keep implementation on track and bring different stakeholders on board. Those who have already taken on this responsibility gain experience that is difficult to acquire through theory alone."

Plan your job titles – or your experience?

Anyone aspiring to become a CFO should therefore look at their CV differently: not as a succession of increasingly senior job titles, but as a record of the responsibilities they have taken on and the experience they have gained.

Have you led transformation projects and stood by difficult decisions in the face of resistance? Which investment, capital allocation or M&A decisions have you helped shape or taken responsibility for – and what were the outcomes? Have you engaged with senior management, the executive board or investors as an equal and actively contributed to the digital transformation of the finance function?

Leadership experience is equally important. Have you managed teams, developed employees and future leaders, and built a high-performing finance organisation? After all, stepping into a CFO role brings greater responsibility not only for financial and strategic matters, but also for people.

"The best career plan for becoming a CFO is not a list of five job titles to tick off one after another," Al Djaizani concludes. "What matters is the experience you deliberately set out to gain. The better question to ask when considering your next career move is: Will this role make me a more well-rounded finance leader?"

Would you like to find out which next career move will genuinely strengthen your profile for a future CFO position?

Our CFO Report explores the skills that define today's CFOs, how the role is evolving and what it takes to develop into a successful finance leader.

Robert Walters' specialist recruitment consultants support experienced finance professionals with their career planning and help them secure senior finance positions. Explore our latest accounting and finance opportunities or speak to our finance recruitment specialists.