Roles in finance such as financial analyst, management accountant, internal auditor, or finance manager provide essential technical knowledge. Exposure to budgeting, forecasting, financial reporting, and cross-functional projects helps build the strategic perspective needed for a CFO role.
What is a CFO?
CFO is one of the most respected roles within finance because of the breadth and depth of experience it demands. It is critical to the success of an organisation, and requires a thorough understanding of accounting and finance in the context of how they underpin business strategy and operations.
The day to day responsibilities of a CFO are extremely varied, and can include sourcing and managing funds, performance measurement, management accounting, decision support and financial reporting.
As the financial leaders of an organisation, CFOs are ultimately responsible for driving the future of accounting by fostering a forward-thinking finance function that appeals to a new generation of accountants committed to using their skills to drive better and more sustainable businesses and economies.
How do I achieve it?
Those exploring how to become a CFO will likely already know that CFOs must be qualified accountants and members of a professional body such as ACCA. CFOs will typically progress into the role of CFO from other senior roles such as financial controller, accountancy partner, or after proving their ability to lead a department of financial or management accountants.
Aspiring CFOs will benefit from taking the following ACCA Strategic Professional Options exams:
- Advanced Financial Management (AFM)
- Advanced Performance Management (APM)
Frequently asked questions
ACCA equips you with technical expertise in accounting, finance, and reporting, along with ethics and strategic business skills. It demonstrates professional credibility and helps develop the analytical and leadership abilities valued in senior finance roles.
CFOs need strong financial analysis, reporting, risk management, and strategic planning skills. Leadership, communication, decision-making, and stakeholder management are equally important. Students can start developing these by taking finance-related projects, internships, mentoring opportunities, and by practicing data-driven decision-making.
Typically, it takes 5–10 years, depending on the organisation, individual performance, and exposure to strategic decision-making. Larger firms may have more structured paths, while smaller firms can allow faster progression for high performers.
CFOs now oversee digital finance systems, automation, data analytics, and AI-driven insights. They focus more on strategic planning, performance management, and data-driven decision-making, rather than purely on financial reporting.
Industries with large, complex finance functions, such as banking, technology, pharmaceuticals, and consumer goods, tend to offer structured career progression. Start-ups and high-growth companies can also provide faster paths for ambitious professionals willing to take on broad responsibilities.
CFOs manage risk, regulatory compliance, financial strategy, investor relations, and operational efficiency. They must balance short-term performance with long-term growth and adapt to rapidly changing business and technological environments.
CFO salaries vary by industry, company size, and location. In the UK, typical CFO salaries range from £120,000 to £250,000, with larger corporations or financial services firms offering £300,000+ including bonuses and profit-sharing.
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