The CFO as a new route to the CEO role

Published date: October 13, 2026

For a long time, becoming a CFO was seen as the pinnacle of a career in finance. That perception is changing. According to research featured in the new CFO guide by global talent solutions partner Robert Walters, around 10% of newly appointed CEOs at Fortune 500 and S&P 500 companies had a background as CFOs. Among newly appointed CEOs at S&P 1500 companies, this figure stood at 9% in 2025. These figures show that the CFO role is increasingly becoming a stepping stone towards leading an entire business.

From finance to the business as a whole

The role of a CFO has long since evolved beyond simply overseeing the numbers. It also involves close engagement with strategy, investments, risk management and key business decisions. This makes the CFO role an excellent opportunity to gain experience that is valuable well beyond finance. For CFOs who aspire to become CEOs, it is important to build on this experience deliberately.

“The CFO has a broad view of how a business creates value, invests and manages risk,” says Asia Skifati, Director at Robert Walters. “For CFOs who aspire to become CEOs, it is important to look beyond finance and gain experience in other areas of the business as well.”

Becoming a CFO is no longer always the end goal

This development is relevant to both CFOs and boards. For finance professionals, the CFO role can represent the next step in their career rather than the final destination. It also creates opportunities for organisations. A CFO who gains experience in strategy, commercial decision-making and other areas of the business may eventually progress into a broader leadership role.

However, this requires a deliberate approach. CFOs with ambitions to become CEOs must be given opportunities to gain experience beyond their own area of expertise while in the CFO role.

The next CEO may already be a CFO

These figures do not mean that CFOs automatically become CEOs. They do, however, show that a background in finance can provide a route to the CEO role. For boards, this raises an important question when recruiting a new CFO: are they simply looking for someone who can lead the finance team effectively, or are they also looking for someone who could eventually take charge of the entire business?

“The CFOs who make the greatest strategic impact are those who look beyond their own function,” says Asia. “They develop not only their financial expertise, but also their ability to take a broader view of the business and assume responsibility for wider business decisions. For CFOs with ambitions beyond finance, the journey towards becoming a CEO therefore begins long before the title itself comes into consideration. The time spent as a CFO can be the ideal opportunity to gain experience of the decisions, people and challenges involved in leading an entire business,” Asia concludes.