The traditional responsibilities of a Chief Financial Officer (CFO) have been reshaped, and a new breed of finance leader has emerged: the super CFO. According to Deloitte, this transformation is not just a linear progression but an exponential leap in what is expected of finance leadership.
CFOs are no longer head down in spreadsheets. Their roles have transformed into multifaceted jobs. In a recent Forbes article, “How The CFO’s Role Has Evolved From Compliance To Strategy”, author Pankaj Vasani explains that today’s CFOs act as proactive and strategic advisors at the forefront of driving operational excellence, talent development, and achieving ESG goals.
The rise of the super CFO
Historically, the CFO’s role centred on compliance. They ensured adherence to financial reporting standards, tax laws, and regulatory frameworks. Their work was essential but reactive. However, Mr Vasani says the 2008 global financial crisis was the turning point where compliance alone was not enough to protect companies from systemic risks.
The role isn’t just changing, it’s expanding
The Deloitte report reveals a further 19% growth in the CFO role scope since 2018, with no decrease in foundational expectations around financial management. There are several key areas in which the modern CFO has a significant influence.
Data beyond the balance sheet
Today’s CFOs interpret complex data and align it with broader business ambitions. Their involvement goes beyond financial oversight, influencing strategy and shaping corporate direction. Working closely with CEOs and boards of directors, they analyse market dynamics, identify risks, and ensure financial strategies align with organisational goals.
Leading from the front
CFOs are now seen as change leaders who create cultures of continuous innovation. This involves reshaping finance teams that adapt to evolving demands. For example, some CFOs have adopted a “finance as a service” (FaaS) model within their organisation. This involves decentralising finance functions by embedding finance experts into operational teams across the business. These embedded teams act as strategic partners, providing real-time financial insights to drive decision-making at the ground level.
This innovative approach breaks down silos, improves collaboration, and ensures financial expertise supports growth and innovation in various business units.
Strategic decision-making
Modern CFOs need to have a strategic mindset and foresight, backed by their financial expertise, to guide growth and value creation. With 62% of CEOs ranking new products and market innovation as top priorities, some CFOs seek to form ecosystem partnerships that unlock new value. These partnerships create networks that are both competitive and collaborative, unlocking co-creative and lucrative opportunities.
Managing a diverse workforce
CFOs now manage a hybrid workforce of humans and machines, requiring them to source and retain talent with new skills. As millennials and Gen Z make up 64% of business buyers, CFOs must understand the professional and personal expectations of these generations.
Managing this diverse workforce can be complex, but by leveraging tools like generative AI, machine learning, and predictive analytics, CFOs can drive the efficiency and effectiveness of their teams. For example, AI can allocate tasks based on the unique strengths of both human employees and machine systems. These platforms analyse workflows to determine which tasks are best handled by AI, such as data entry or predictive analysis, and which require human expertise, such as planning or relationship building. Using AI in this way can enhance employee productivity and allow them to focus on higher-value activities. One of our recent blogs, “Is Using AI in Recruitment Ethical?” touches on this a bit more.
People and planet
The growing importance of Environmental, Social, and Governance (ESG) considerations adds another dimension to the CFO’s responsibilities. Investors, regulators, employees, and consumers demand that companies act responsibly toward the environment, social issues, and governance practices.
69% of corporate employees said they want their companies to invest in sustainability efforts, including reducing carbon, using renewable energy, and reducing waste. This demand for sustainability gives CFOs a chance to lead, whether by allocating resources toward renewable energy projects or embedding ESG considerations into core financial decisions.
Striving for success in 2025
As we’ve seen, a CFO’s role is expanding exponentially and will almost certainly continue to evolve in 2025. While traditional financial management remains crucial, today’s CFO must excel in business operations, risk management, advanced data analysis, and strategic innovation. They must embrace change fearlessly and champion innovation across their organisations.
However, CFOs must be cautious of burnout. Building a resilient team, delegating effectively, and prioritising physical and mental well-being are essential steps for staying strong and effective in the face of ever-expanding demands.
