Path to the C-Suite: becoming a CFO 

In our ‘Path to the C-Suite’ series, we explore how professionals in different parts of the business can take the next step in their career. Whether you’re in IT, HR, or another function, you’ll find expert guidance on moving toward a seat in the C-Suite. 

In our first blog, we’re taking finance professionals on the journey to becoming Chief Financial Officer (CFO). No longer confined to financial stewardship, today’s CFO is a strategic partner to the CEO, a driver of transformation and a leader in data, technology, and sustainability. 

This blog explores the different pathways to CFO, the skills required, and how emerging technologies like AI are reshaping the finance function. With insights from seasoned finance leaders at Hays, you’ll discover more on how to position yourself for success. 

What does the CFO do? 

You’re probably already familiar with the basic responsibilities of the CFO role. However, beyond managing budgets and compliance, the job description has evolved to keep pace with modern trends. CFOs now increasingly lead on Environmental and Social Governance (ESG) reporting, digital transformation and cross-functional collaboration. 

“Previously the finance function was seen as a gatekeeper, controlling all financial activity. Nowadays, the business is leaning on the finance function as a partner – in helping to analyse the challenge, driving business growth and ensuring the business is profitable.”, notes Echo Wang, Senior Director for A&F at Hays China. 

This evolution of the role gives the CFO greater influence within the organisation. With access to data that impacts all aspects of the business, today’s CFO is a trusted voice in making decisions beyond simply guarding the purse strings. As well as a strong working relationship with your CEO, you’ll also work closely with other leaders to guide their operations. This requires a solid understanding of how everything works – and whether it’s a success or not.  

What are the paths to becoming a CFO? 

The key to successfully landing your first CFO role is gaining experience across the three core finance pillars. If you haven’t plied your trade in each of these, your CV will look less impressive when compared to other candidates’. 

James Hilton, Hays CFO, reflects on his own career: “I’ve been a Financial Controller and worked in financial accounting. You don’t need five years doing bank reconciliations, but exposure to these roles is vital to understand success as a finance leader.” 

Financial Control 

This function focuses on accuracy, compliance and safeguarding the financial integrity of the organisation. 

Popular junior roles include Accountant and Auditor, moving up to the Financial Controller position. Holding one or more of these will help to build your technical expertise and regulatory knowledge. 

Commercial Finance 

Using data to create forecasts, professionals in commercial finance offer advice and support to other functions within the organisation. 

Working in a commercial role will help you to learn about strategic decision-making. These roles, such as Commercial Finance Manager, offer greater exposure to the broader business, developing your collaboration skills across departments. 

Data Analytics and Business Intelligence 

With data’s importance only growing in the age of AI implementation, finance teams need experts who can extract tangible action points from the vast amounts of information available. 

Roles like Financial Analyst and Business Analyst focus on deriving insights from data to present to the broader business. 

Which skills does a CFO need to succeed?  

Human skills 

To rise to CFO, professionals must blend technical knowledge with leadership and communication skills. As Stuart Martin, Business Director for A&F at Hays ANZ, notes: “The difference between a good CFO and a great one isn’t technical skills – it’s the ability to engage with the broader business. Being able to relay the financial results in a non-financial way is really important.” 

Hilton adds: ““The biggest transition any finance professional will make is learning to tell a story with the numbers. When you can do that, you become a true partner to the business.” 

As such, important human skills (or soft skills) for a finance leader include: 

• Communication 

• Storytelling 

• Attention to detail 

• Critical thinking abilities 

• Problem-solving abilities 

Marc Burrage, Managing Director for Hays Asia, has previously shared his tips on developing your communication skills. 

Technical skills 

The technical skills required for success will vary, depending on which of the three finance pillars you’re working in: 

• Financial Control: a proficient understanding of accounting principles, reporting, compliance and internal controls 

• Commercial Finance: knowledge of business models and operations 

• Data Analytics: fluency in SQL, Python and tools such as Power BI, enabling you to manage data sets. 

While a CFO might not need such hands-on expertise in databases, they will need a willingness to upskill in new technologies.

Trends and technology in finance 

AI and automation 

As with many parts of the business, AI and Robotic Process Automation (RPA) are revolutionising finance, from managing routine, time-consuming tasks to generating strategic insights. 

Hilton explains: “Technology is enabling people to think more, not just do more. AI and RPA enhance accuracy, efficiency and decision-making.” 

Karen Young, UK&I Finance Director at Hays, elaborates: “While AI leverages cognitive capabilities to provide data analysis and make informed decisions, RPA excels in automating repetitive, rule-based tasks. When used together, they’re transforming finance by enhancing accuracy, efficiency and strategic decision-making.” 

As a result, professionals will be expected to use and experiment with these tools, in line with their employer’s governance and guardrails. It’s an opportunity to be at the forefront of innovation, rather than catching up to new ways of working. James Musgrave, Finance Director at Hays UK&I, advises: “Be a change agitator. If you’re not searching for what’s next, you’ll get left behind.” 

Sustainability 

ESG reporting is increasing in importance for finance teams, from the organisation itself to Scope 3 emissions in the supply chain. Senior members of finance teams, including the CFO, will become responsible for overseeing climate reporting, while Carbon Accountants and other emerging roles will soon help organisations to track their environmental impact more efficiently. 

Elio Recchia, VP for A&F at Hays USA, predicts: “With roles dedicated to sustainable finance, industry professionals need expertise. There’ll be a focus on more ethical investing and where that money is going.” 

Next steps 

Here are actionable steps to accelerate your journey to CFO: 

• Broaden your experience: Rotate through financial control, commercial finance and analytics roles. 

• Upskill in tech: Learn AI, RPA and data visualisation tools. Stay current with emerging technologies. 

• Develop human skills: Focus on storytelling and communication, stakeholder engagement and change management. 

• Seek mentorship: Have open conversations with your manager about career goals and development plans. 

• Think globally: Consider international roles to gain broader exposure and accelerate progression. 

There’s no one path to CFO. However, every journey shares common traits: it demands adaptability, strategic thinking and a proactive mindset. By embracing technology, honing your human skills and gaining diverse experience, you can position yourself as a future finance leader.