These are the skills you need to be successful as a CFO in the future

These are the skills you need to be successful as a CFO in the future

The current times pose new challenges not only for companies, but also for professional groups and specific positions. Entire areas of responsibility are in flux; skills that were considered "desirable" or "optional" just a few years ago are now prerequisites.

Chief Financial Officers (CFOs for short) in particular are facing new tasks. But what skills will the CFO of the future need to be successful in his position?

Basically, the CFO of a company is responsible for the financial efficiency and effectiveness of his division or the company.

A few years ago, financial accounting, financial statements and financing issues dominated the classic tasks of the CFO, but today he is increasingly involved in financial communication with stakeholders, strategic and forward-looking corporate development and the digitalisation of his area of responsibility. He oversees restructuring, is responsible for internal and external financial development and ensures the accuracy of key corporate figures and documents.

He is now considered a key strategic partner and advisor to the CEO (Chief Executive Officer). The position of the CFO is changing rapidly, becoming more digitally-involved and creative.

But what is driving the change in the CFO position?

Technologies, digitalisation and innovations are identified among CFOs as the main drivers of the changing focus of tasks.

Manual, recurring tasks are increasingly automated in the finance departments of many companies, one is also increasingly confronted with large amounts of data in finance areas that need to be analysed and the use of technologies and automations saves finance teams a lot of time. Time that can be invested in innovative brainstorming and moving companies forward. In particular, as a strategic advisor to the CEO, the CFO of the future will enjoy more and more influence and say when it comes to topics around (digital) business development and will thus be put in a new light within the company.

But not only the understanding of the role is changing, the skills that a CFO should have are also undergoing a massive transformation.

What skills are expected of a CFO of the future?

While for a long time the focus was purely on analytical thinking, technical knowledge and leadership skills, companies are increasingly looking for managers who demonstrate other soft skills such as communication skills and an understanding of process improvements. A proactive willingness to contribute oneself and one's own skills should also be evident.

Team leadership and leadership skills are also becoming increasingly important. CFOs are increasingly being consulted on HR issues and it is important to have the foresight and good people skills to build sustainable, stable and well-functioning teams that are also aware of their role as digital influencers in finance.

The range of tasks of a Chief Financial Officer is expanding greatly - currently and in the future. In the future, the position will be more challenging and complex - but also more exciting and creative than ever before.

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