By CFO Brew Staff
less than 3 min read
Definition:
CFOs are in charge of tracking, managing, and analyzing all the financial activities of a company. This includes keeping an eye on the cash flow, budget and scenario planning, preparing taxes, financial analysis, and keeping the company in compliance with other financial regulations. More recently, they’ve also become a strategic partner of the CEO and involved in many executive decisions.
- The changing role: The CFO role has increasingly transitioned from a backward-looking, back office function into a more future-focused role. Over the past decades, the CFO has become the CEO’s right hand—a partner on strategic initiatives, leading revenue-making activities, helping handle tariff payments and other operational costs.
- AI and the CFO: AI is the next frontier for the CFO. Finance teams see potential for AI to eliminate tedious busywork. And many see AI as the solution to the accountant talent shortage. By 2028, Gartner predicts 70% of finance functions will use AI analysis.
- Career path: While the CFO isn’t an accountant, many start out that way or in other entry level financial analyst roles. As the role has become more focused on business development, many would-be CFOs are now pursuing MBAs along with—or instead of—a CPA license. Aspiring CFOs will need to focus on the storytelling behind the numbers. Presenting to the CEO, investors, and a board are important responsibilities for a CFO, so many work on expanding their visibility inside a company in order to get the top finance job.
- New responsibilities: The CFO role keeps expanding. In 2024, 82% of CFOs their responsibilities had increased over the last five years. They are increasingly being put in charge of new regulations, including sustainability disclosures, and overseeing environmental, social, and governance reporting. CFOs are also taking on more responsibilities like M&A due diligence, cybersecurity, supply chain, and human resources.
