Building the CFO Skill Set: What It Takes to Lead Financially and Strategically

Traditionally, Chief Financial Officers (CFO) were seen as the guardians of an organization’s financial health, focusing on accounting, compliance and managing the books.¹

As a modern finance executive, you will have a more strategic and entrepreneurial role, driving business strategy, innovation and sustainability.^1,2 Communication skills, digital savviness and a forward-thinking mindset will help you navigate multiple challenges, which can range from strategically leveraging new technologies for greater efficiency to safeguarding data privacy.^1,2

With advanced education and continuous professional development, you’ll be equipped with the skills needed to navigate the complexities of this financial landscape. Graduate programs in finance, accounting and related fields provide the theoretical knowledge and practical skills that are essential for future leaders in accounting and finance.²

This post explores essential chief financial officer skills, the impact of technology on the CFO and preparing for financial leadership roles.

The Core Chief Financial Officer Skill Set

Browse any job board, and you’re likely to see descriptions for CFOs that are vastly different from what they were five years ago.³ To excel today, modern finance directors need a diverse skill set that includes communication, data analysis, risk management, strategic thinking and more.

Steve Priest, CFO of eBay, emphasizes the need for clear communication to foster organizational affinity and influence outcomes, while Vanessa Kanu, CFO of TELUS International, underscores how collaboration with CIOs supports internal transformation.³

Key skills of a successful finance leader include:³

• Solid Communicator: Effectively present financial performance and tell the story behind the numbers to diverse stakeholders, including customers and employees 
• Data Analysis: Excel at analyzing large amounts of data, using technology to transform data into actionable intelligence and forecasting future trends
• Financial Forecasting: Predict financial trends to guide business decisions and ensure an organization’s long-term stability. This involves analyzing market conditions, economic indicators and internal data to create accurate financial models
• Risk Management: Identify and mitigate financial risks while integrating environmental, social and governance (ESG) factors to ensure stability and regulatory compliance
• Strategic Leadership: Partner with CEO and other executives to shape and execute business strategy during unpredictable times, such as the COVID-19 pandemic. Combine financial acumen with leadership skills to guide the organization through financial planning, risk management and capital allocation

A Closer Look at Financial Management and Risk Management

Financial management and risk management are critical components of a successful CFO's role. Effective financial management involves developing financial strategies to optimize resource allocation, manage financial operations and safeguard the company's financial health. Risk management focuses on identifying, assessing and mitigating financial risks to protect the organization's financial health.

By combining these two disciplines, chief financial managers can make informed strategic decisions and navigate complex financial landscapes.

The Impact of Technology on the CFO Role

Technology is revolutionizing the modern CFO’s role in many organizations, making it more dynamic and data-driven. The integration of artificial intelligence in financial management is one of the most significant advancements.

According to a 2024 Gartner survey, 71% of finance chiefs are planning to increase their investments in AI by at least 10% compared to 2023.⁴ AI can be used to automate routine tasks—like data entry and reconciliation—allowing heads of finance to focus on higher-value activities like strategic planning and analysis.⁴

With AI integration, you can influence critical decisions on capital restructuring, mergers and acquisitions, business divestments and planning.⁵ If some departments resist new technologies, showcase their potential to boost productivity and drive growth in your organization.^4,5 Implementing ERP systems, leveraging cloud-based financial solutions, and utilizing advanced analytics for real-time decisions are essential strategies.⁵

Embracing these technologies ensures CFOs keep their organizations competitive in today’s business landscape.

Advanced Skills for the Modern CFO

Modern financial strategists must acquire advanced skills and credentials to navigate today’s complex global business environment.

Key areas of focus include:^2,6

• Global Awareness: Understand global markets, currency fluctuations and international regulatory environments. This awareness helps to strategically manage global financial operations and mitigate associated risks while ensuring the organization’s operations are sustainable and socially responsible
• Certified Public Accountant (CPA) Designation: Demonstrate a commitment to professional excellence, with a solid foundation in financial reporting, auditing and compliance
• Innovation and Problem-Solving: Thinking outside the box is important for tech CFOs, who must pay more attention to market movements and implement strategies that optimize working capital
• Sustainability: Promote sustainable and socially responsible operations through resource efficiency, carbon footprint reduction and transparent reporting to enhance corporate reputation and attract investors 

As you progress in your career, gaining credentials can distinguish you as an expert in the finance industry.

Examples of Effective CFOs

To understand how these advanced skills translate into successful leadership, consider the examples of Christine McCarthy and Bob Swan.⁷ Both have demonstrated exceptional strategic and financial acumen, showcasing the capabilities needed by modern CFOs.

Christine McCarthy, The Walt Disney Company

With the company since 2000 and CFO since 2015, McCarthy has been instrumental in major acquisitions such as Pixar, Marvel and Lucasfilm.⁷ She played a critical role in launching Disney+, significantly enhancing the company's digital strategy and streaming presence.

McCarthy's deep understanding of international finance and ability to align financial goals with business objectives have been key factors in Disney's continued success. Her expertise in leveraging financial technology to optimize financial reports and inform strategic decisions has positioned Disney as a leader in the entertainment industry.

Bob Swan, Intel

Serving as Intel’s Chief Financial Officer from 2016 and later as CEO from 2019 to 2021, Swan managed the company through competitive and technological shifts.⁷ He focused on strategic investments in AI and autonomous driving, positioning Intel for future growth amidst industry challenges.⁷

Swan's background as a finance manager and his deep understanding of financial principles enabled him to make informed decisions that drove business growth. His ability to utilize data analytics tools to identify trends and financial pitfalls helped Intel maintain its competitive edge.

These examples highlight the essential skills required of a modern CFO. By combining strategic thinking with a strong foundation in finance, these leaders have demonstrated the ability to drive business growth and create value for their organizations.

How to Become a CFO: The Basics

Becoming a successful finance executive requires a strong foundation in financial expertise. This includes a deep understanding of financial planning, financial analysis and complex financial concepts. Leadership skills and communication skills are also essential for effectively leading financial operations and collaborating with cross-functional teams.

To build a successful career in finance, consider pursuing relevant certifications like the CPA or CFA. Gaining practical experience in various financial processes will help you develop the deep financial expertise required for a corporate treasurer role. Additionally, strong communication skills are crucial for explaining complex financial concepts to both financial and non-financial stakeholders.

Ultimately, becoming a CFO involves a combination of education, experience and a strategic mindset. By developing a strong foundation in financial management and risk management, you can position yourself for a successful career as a finance leader.

Looking Ahead: Preparing for the Future Chief Financial Officer Role

As the CFO role continues to evolve, employers are raising the bar on qualifications, according to executive recruiter Dave Arnold.³ To start developing a diverse skill set, consider degree programs and professional roles that can offer comprehensive training in financial management, strategic planning and leadership.

Additionally, Arnold advises aspiring finance chiefs to enhance their communication skills and gain varied business experience, even if you have to make a lateral career move.³ Gaining expertise in financial planning and analysis (FP&A), investor relations or treasury can ultimately open doors to finance leadership roles.³

As organizations navigate an increasingly complex and digital world, the CFO’s ability to drive financial strategy and innovation will be more critical than ever.

For aspiring heads of finance, invest in leadership skills to achieve success in the dynamic and rewarding field of finance. Through a Master’s in Accountancy program, you can increase your knowledge of areas, such as data analysis, risk management and governance and ethics—all of which are in high demand for modern CFOs.

Master the Core Accounting Skills That Drive CFO Success

Embarking on the journey to earn an online Master of Accountancy with CPA exam preparation isn’t just a step towards career advancement—it’s a significant stride towards a future filled with opportunities.

DePaul University’s online Master of Accountancy program offers flexibility and efficiency, enabling you to balance your studies with professional and personal commitments so you can earn your MSA in as little as 12 months.

The program’s comprehensive curriculum equips you with the skills to conquer the CPA exam, while in-person electives offer hands-on learning. Plus, tap into our strong alumni network to open doors to exciting career opportunities.

Don’t wait to start moving up. Learn how DePaul's MSA program can equip you with the skills and knowledge to succeed.