Who wants to be a CFO?

One in three finance professionals shun the top job

Work-life balance is the biggest deterrent for aspiring CFOs, while almost half say their current role is not giving them the experience they need

Almost a third (32%) of finance professionals say they do not want to become a CFO, while just 36% definitely do, raising questions over the strength of the future finance leadership pipeline according to new research from global talent solutions partner Robert Walters.

Work-life balance is the biggest deterrent, cited by almost half (49%) of finance professionals. A quarter (25%) point to the skills and experience required, while 21% say it’s the pressure and accountability that comes with the role.

Andrew Powell, Chief Commercial Officer at Robert Walters, says, “The CFO role has become one of the most influential positions in a business. Finance leaders are shaping strategy, leading transformation and taking on greater responsibility for areas such as technology and AI. That creates exciting career opportunities, but it has also made the job broader and more demanding. If a third of finance professionals already know they don’t want the top job, businesses need to understand what is putting people off and whether they are doing enough to develop those who do want it.”

The future CFO experience gap

Almost half (47%) of finance professionals say their current role is not giving them the experience they would need to become a CFO. Meanwhile, just 30% feel they are gaining the experience required, pointing to a potential development gap in the future CFO pipeline.

Board-level exposure and experience leading transformation are considered the hardest capabilities to build, cited by 39% of respondents. Commercial strategy follows at 16%, while only 7% point to AI and technology.

Powell says, “The skills that finance professionals find hardest to build are also some of the skills businesses expect from a CFO from day one. Board exposure and transformation experience take time to build, and they are difficult to replicate through formal training alone. Employers need to give promising finance leaders the chance to build that experience before they are being considered for the top job.”

Aspiring CFOs want exposure, not another training course

When asked what would best prepare them for a future CFO role, more than a third (36%) say mentoring from leaders would best prepare them, closely followed by cross-functional career moves (35%). A further 22% want broader responsibilities, while just 7% said 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,” adds Powell. “Mentoring, cross-functional moves and broader responsibilities can all help finance professionals develop the commercial judgement and leadership confidence they will need at the top.”

The findings come as traditional routes into the CFO role continue to broaden. According to Robert Walters’ new Beyond the Numbers: What it Takes to Hire the Right CFO report, finance leaders are reaching the position through a wider range of backgrounds, including internal finance leadership, investment banking, private equity and broader commercial roles. 

CFO role gains appeal despite growing demands

Despite concerns about the demands of the job, more than half (56%) of finance professionals say the role has become more attractive over the past five years, compared with 42% who believe it has become less attractive.

The CFO has always been a key role, but what has really changed is the breadth of its remit, with greater ownership of wider business support functions, transformation programmes and AI adoption. For ambitious finance professionals, that creates a broader and more exciting career proposition. 

“The appeal of the role might be growing, but businesses cannot assume that today’s finance professionals will naturally become tomorrow’s CFOs. Giving future finance leaders the right exposure and support earlier will leave businesses with far more options when the time comes to appoint their next CFO.”