62% of CFOs want to become CEO. And 70% say they feel ready to take on the role right now.
Those are the headline findings from Egon Zehnder’s global survey of 581 CFOs. They tell us something important: the modern CFO isn’t content to be the numbers person. Most see the top job as the next step, and most believe they’re already equipped for it.
So why do so few make the move? And what do the ones who get there do differently?
Why CFOs make strong CEO candidates
The CFO role has grown fast. 82% of CFOs say their role has expanded significantly in the last five years, taking on corporate strategy, M&A and ESG on top of the traditional finance remit.
That gives CFOs a view of the business few other executives have. They understand how the whole organisation makes money, they work closely with the board and investors, and they’re used to making hard trade-offs. In many ways, they already think like a CEO.
What’s stopping them?
1. Not enough time on strategy
47% of CFOs say they need to spend more time on business strategy. That’s the work boards notice and the work that builds a CEO reputation. But in many finance teams it gets squeezed out by month-end, reconciliations and rebuilding the same reports.
It’s hard to shape the future when you’re busy explaining the past.
2. Low visibility
Nearly half of CFOs say networking and visibility are a major barrier to becoming CEO. Boards appoint people they’ve seen lead, not people they’ve only seen report. If most of your time goes on producing numbers, there’s little left for the conversations that get you noticed.
3. No one ready to step up behind them
Around 40% of CFOs say it’s harder to attract top finance talent than it was two years ago. A CFO can’t step up if the finance function falls apart without them. A strong, capable team is what frees the CFO to take on more.
What CFO-to-CEO candidates do differently
The CFOs who make the jump tend to share a few habits. We explore more of them in the 5 exceptional traits of top 1% CFOs.
They lead change, not just fund it
CFOs ranked driving change as one of the most important skills for the next five years. Leading a successful finance transformation is one of the clearest ways to show the board you can lead the whole business. Our guide to digital finance transformation sets out where to start.
They answer the big questions fast
Future CEOs are the people the board turns to when something unexpected happens. That means being able to model a scenario in minutes, not weeks. Driver-based planning and rolling forecasts make that possible. See also the secret of top CFOs in the boardroom.
They think across the whole business
A CEO has to see how sales, operations, people and finance fit together. CFOs who lead integrated business planning are already doing that, and the board sees it.
They free their teams from manual work
This is the one that makes the rest possible. If your team is stuck in spreadsheets, you are too. Automating data collection and reporting gives time back to the whole function. Our 10 practical steps to speed up month-end reporting is a good place to begin. And if any of the 5 signs of a toxic relationship with Excel sound familiar, that’s where your time is going.
Time is the real barrier
Ambition isn’t the problem. Neither is capability: 70% of CFOs already feel ready. The real barrier is time. As we argued in the number one benefit of AI in EPM and FP&A, time is the one resource you can’t get more of.
Modern FP&A software such as Jedox gives that time back. Data is connected, planning is automated and AI does the heavy lifting, so the CFO can spend their days on strategy, the board and the business. If you need to win the investment internally, see how to build a business case for FP&A software.
The bottom line
Most CFOs want the top job, and most believe they’re ready. The ones who get there aren’t necessarily the best accountants. They’re the ones who free themselves from the day-to-day early enough to show the board what they can really do.
If you’re new in post and planning your path, read what employers really expect from a new CFO. Or talk to Kybos about how Jedox could free up your finance team.
Frequently asked questions
How many CFOs want to become CEO?
In Egon Zehnder’s global survey of 581 CFOs, 62% said they want to become CEO at some point in their career, and 70% said they feel ready to take on the role now.
Why do CFOs make good CEOs?
CFOs understand how the whole business makes money, work closely with the board and investors, and are used to making difficult trade-offs. Their role has also grown to include strategy, M&A and ESG.
What stops CFOs from becoming CEO?
The main barriers are too little time for strategy, low visibility with the board and wider network, and a lack of strong talent to step up behind them. Nearly half of CFOs name networking and visibility as a major barrier.
How can FP&A software help a CFO become CEO?
FP&A software automates data collection and reporting, speeds up scenario planning and connects planning across the business. That frees the CFO from routine work and gives them the time and insight to act as a strategic leader.