There was a time when the Chief Financial Officer was the quiet force in the background; balancing budgets, overseeing audits, and ensuring the numbers were right.

But today, boards, CEOs, and investors expect much more and, in many cases, for them to lead from the front. The role has expanded far beyond finance, and expectations have never been higher. This transformation is captured clearly in Eton Bridge Partners’ 2025 CFO Pathways Report.

CFOs are shaping company strategy, driving operational change, steering digital transformation, and even overseeing areas like HR, legal, and IT among others. In many organisations, they’ve stepped into the spotlight – and more often than not, they are the CEO’s closest ally.

Paul Bray, Partner specialising in interim appointments within the Finance Practice at Eton Bridge Partners, reflects on these shifting expectations and shares insights from the report, drawing on his extensive experience placing finance leaders at the forefront of businesses. He also spoke with David Paterson, who spent almost seven years formerly as CFO of well-known retailer Primark and is currently the CFO at The Travel Corporation (TTC), a global leisure travel group that was acquired by Apollo in 2024.

A broader, bolder CFO mandate

Our Pathways report highlights that the CFO role now extends deeper into the business. It’s not just about reporting results, it’s about influencing them. Today’s CFO is expected to help shape commercial strategy, improve margins, and work closely with product and sales teams to drive performance.

Boards are no longer satisfied with technically strong finance leaders. They want CFOs who can lead transformation, manage through complexity, and engage confidently with investors. Also with economic uncertainty still being a major theme, credibility and composure are more valued than ever.

In many businesses, particularly in high-growth and private equity-backed companies, the CFO has become the key figure in executing the plan – not just funding it.

“The modern CFO isn’t just a finance leader anymore – they’re the CEO’s co-pilot, shaping strategy as much as stewarding the numbers,” said David.

That sentiment is borne out in the data. In many high-growth and private equity-backed businesses, the CFO has become the architect of execution, not just the steward of funding. Increasingly, they are expected to move beyond oversight to active leadership – driving transformation, unlocking commercial value, and ensuring strategy is delivered at pace.

What skills and experience are companies really looking for in a CFO?

First, in our report, sector expertise has been highlighted as a top priority. Across most markets, over 90% of CFO hires came from within the same industry. Boards want leaders who understand the dynamics of their sector and can make decisions quickly with that knowledge in hand.

Experience also plays a central role. Boards still lean heavily toward candidates who have “done it before” – those who’ve led funding rounds, completed acquisitions, managed turnarounds, or implemented new systems. In other words, delivery trumps potential.

Another trend seen in the report was that internal promotions are on the rise. Around two-thirds of CFO appointments globally were internal, with figures as high as 85% in markets such as Japan. Internal candidates bring proven loyalty, cultural alignment, and organisational knowledge. Yet when companies do hire externally, the bar is high – they want leaders who can deliver impact immediately.

David emphasised the critical edge CFOs bring to the boardroom debate: “Risk today is far more than audit and control; the CFO has to be the one in the boardroom thinking about the downside when everyone else is chasing the upside.”

It’s a reminder that the best finance leaders temper ambition with realism, ensuring strategy is both bold and sustainable.

Preparing for the expanded CFO role

So what does it take to step into the modern CFO role? For aspiring CFOs, the path to the top is both clearer and more demanding. Here are key strategies to navigate the journey:

1 – Build sector depth and translate it: Demonstrating a clear impact in your current industry is essential. But equally important is the ability to communicate how your experience applies across adjacent sectors or functions. Translation, not just expertise, is a differentiator.

2 – Develop a cross-functional lens: Today’s CFOs influence operations, digital initiatives, and even HR policy. Gaining exposure to non-finance functions – especially through special projects or strategic initiatives – can fast-track readiness for broader leadership.

3 – Seek visible, strategic assignments: Boards want finance leaders who can operate in high-stakes environments. Whether through M&A, restructuring, or growth transformations, aim to lead initiatives that showcase your commercial judgment and executional capability.

4 – Nurture internal sponsorship: With internal promotions rising, cultivating relationships with senior leadership is critical. Demonstrated trust, credibility, and visibility within your organisation can be as important as technical skill.

5 – Position for private equity and private capital settings: If you’re aiming for high-growth environments, focus on developing capabilities in cash flow management, investor relations, and rapid scaling. CFOs in these contexts are expected to hit the ground running.

In David’s view, true finance leaders are shaped through commercial ownership, not just technical expertise: “If you want to become a great finance leader, get out of finance – spend time in the business, own a P&L, and see what it’s like from the other side of the table.” His perspective echoes what we see in practice: tomorrow’s CFOs are developed not just in the finance function, but in the crucible of commercial leadership.

Looking ahead: The modern CFO

Ultimately, the CFO role is no longer confined to finance. It’s a leadership role in the fullest sense – one that requires strategic vision, commercial instinct, and the ability to influence across the entire organisation. For companies, this means rethinking what great finance leadership looks like. And for aspiring CFOs, it means preparing not just to manage change, but to lead it.

David’s conclusion is unequivocal: “I think the CFO should be involved in every major strategic decision. If they’re not, the company won’t be as successful – or they simply don’t have the right CFO.”

His perspective reinforces a broader truth. Today’s CFO must think like a strategist, act like an operator, and lead like a CEO. For those aspiring to the role, the expectations have never been higher, but neither has the opportunity.

At Eton Bridge Partners, we specialise in appointing CFOs and senior finance executives – permanent or interim – tailored to your organisation’s unique culture and strategic priorities. With our deep expertise and extensive networks, we deliver finance leaders who are not just technically skilled, but true strategic partners to CEOs and leadership teams worldwide.

If you’re a finance professional seeking a new role, or a business needing a trusted partner to find leaders who align with your culture and strategic goals, please get in touch with Paul.

Click here to download our latest CFO Pathways report