Who still wants to become a CFO?

One in five finance professionals shies away from 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 do so. A new pulse survey by global talent solutions partner Robert Walters highlights the importance of targeted development for 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, Group Chief Commercial Officer at Robert Walters, says: “The CFO role has become one of the most influential positions in a business. 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. If around one in five finance professionals already know they do not want the top job, businesses 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. While a majority therefore feel well prepared, a significant proportion face a potential development gap on the path to becoming a CFO.

63% of respondents see gaining experience at the most senior leadership level as the greatest challenge. For 25%, developing experience in AI and technology is the most difficult, while 12% cite leading transformations.

Powell says:

The skills that finance professionals find most difficult to develop are also those that businesses expect a CFO to bring 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 the opportunity 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 only 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 understand more 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 next CFO for your business”, finance leaders are reaching the role through increasingly varied career paths. These include leadership positions within a company’s finance function, 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 their remit: they 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 businesses cannot assume that today’s finance professionals will automatically become tomorrow’s CFOs. Giving future finance leaders the right exposure and support early on will leave businesses with significantly more options when it comes to appointing their next CFO.”

The Robert Walters CFO-Report explores how the CFO role is changing, what defines successful finance leaders and the challenges businesses face in developing their future CFO talent. Download the full report here: