What Does it Take to Become a CFO in 2025?

CFO: A Strategic Business Leader

Within the financial world, a Chief Financial Officer (CFO) is the highest-ranking position a professional can hold, typically the third ranking executive within an organization. To become a successful CFO, you must have a strong foundation in business, finance, leadership, and strategic planning. Over time, the role of CFO has shifted from simply managing finances to becoming an essential partner to the CEO in crafting and executing the company’s strategic plan.

The CFO’s ability to translate financial data into business strategies is now key to driving growth. For example, a modern CFO doesn’t just report numbers—they work alongside executives to make decisions about mergers, acquisitions, market expansion, and cost optimization.

The Changing Role of the CFO

Scott Forrester, CFO of Enjoy Life Natural Brands, highlights the diversity of the modern CFO role. He says, “My work is often behind the scenes, ensuring that the company’s vision becomes a reality.” This expanded role includes overseeing human resources, legal, insurance, IT, and logistics matters—areas that were traditionally beyond the scope of the CFO. Forrester recounts managing payroll from a hospital delivery room, reflecting the level of commitment the role often demands.

CFO Job Description in 2025

While delivering a presentation at Warrington College of Business Administration, former CFO of Cree, Inc., Cindy Merrell, remarked that “CFOs need a 360-degree view of financial performance.” Today’s CFOs are responsible for more than just financial reporting—they oversee an entire organization’s financial strategy and help shape its future.

Key job duties of a Chief Financial Officer include:

• Collaborating with the CEO and executive team to develop strategic plans and financial goals.
• Overseeing financial departments such as accounting, human resources, investments, taxes, and budgeting.
• Managing risk through audits, legal compliance, forecasting, and risk prevention strategies.
• Leading the company through mergers, acquisitions, and restructuring when necessary.
• Acting as a liaison with banks, investors, and financial services firms.
• Ensuring compliance with all financial regulations and standards.
• Implementing cost-saving strategies and exploring new revenue opportunities.

Finance as a Revenue Generator

The role of the CFO has shifted from simply managing costs to finding ways to generate new revenue. Today’s CFOs are expected to embrace this mindset and teach their teams to do the same. For instance, one CFO highlighted how adding a finance module to their business-as-a-service platform not only solved customer challenges but also generated a new revenue stream.

Embracing New Technologies

Modern CFOs leverage cutting-edge technologies such as AI, data analytics, and cloud computing to drive business efficiency. Technologies like generative AI allow CFOs to process large datasets, identify trends, and make data-driven decisions that can guide the company’s strategic direction. Staying on top of these advancements is crucial in maintaining a competitive edge.

The Path to Becoming a CFO

Most CFOs follow a structured career path, starting with entry-level roles such as accountant, financial analyst, or auditor, and gradually working their way up through senior management. Many also hold advanced degrees such as an MBA or Master’s in Finance. Certifications like CPA or CFA are highly valued, providing additional credibility and technical skills.

However, the journey to CFO is not always linear. Some CFOs gain experience in non-financial roles or through volunteer work. As highlighted in Smart Pros, thinking outside the box and diversifying your skill set is crucial. Gaining experience in different areas of finance or leadership can accelerate your journey to becoming a CFO.

CFO Job Outlook & Salary

The U.S. Bureau of Labor Statistics (BLS) reports strong demand for financial managers, including CFOs, with projected job growth of 17% from 2020 to 2030. This growth rate is significantly higher than the average for all occupations.

Median Salary for Financial Managers: $134,180/year (as of 2021) according to the Bureau of Labor Statistics.

Top-level CFOs in large corporations, especially public companies, can earn significantly more. For example, Business Wire reports that the average total compensation for public company CFOs is approximately $459,301, including base salary and incentives.

Final Thoughts: Is a CFO Career Right for You?

Becoming a CFO requires more than just financial expertise—it demands leadership, strategic thinking, and a deep understanding of business operations. Today’s CFOs play an integral role in shaping the future of their companies by managing risks, leveraging new technologies, and driving growth.

Key Takeaways:

• High Responsibility: CFOs oversee a company’s financial health, collaborating with executives to achieve strategic goals.
• Career Flexibility: While the path to CFO typically includes roles like financial analyst or controller, varied experiences and lateral career moves can also lead to the top.
• Compensation: The role is financially rewarding, with high salaries and significant growth potential in the years ahead.

A career as a CFO offers unparalleled opportunities for growth, impact, and financial success. By continuing to adapt, learn, and embrace new responsibilities, you can achieve long-term success as a Chief Financial Officer.