Findings of ‘The CFO of the Future’ report show nearly three quarters believe global pandemic is changing CFO role
A report by ACCA and IMA® (Institute of Management Accountants) finds the COVID-19 pandemic is accelerating the shifting of the CFO role.
The CFO of the Future report, with data from global surveys and virtual roundtable discussions, shows that the CFO role is continuing to evolve with additional responsibilities and that the global pandemic has brought these changes on faster than expected.
72% of the survey respondents indicated that the role was increasing or significantly increasing and 58% felt that the COVID-19 pandemic had changed the role.
To evaluate the extent of this evolution, IMA and ACCA developed six hypotheses for participants to consider for their organisations’ CFO roles:
- The CFO will become predominantly focused on stakeholder and investor management rather than safeguarding and reporting
- The CFO will have a leading responsibility for business strategy formulation, validation, and execution
- The focus of the role is shifting from principally historic-based cost control to growth optimisation
- The role will encompass measurement of all aspects of the strategic objectives of the organisations
- The CFO will provide the greatest value to the organisation through forward insight rather than retrospective reporting
- CFOs will increasingly have the CEO role as the next progression in their career development
To find out more, go to The CFO of the Future