McKinsey & Co have recently provided a very helpful article [READ IT HERE] that delves into strategies for aspiring CFOs to prepare for the role, drawing insights from former chief financial officers (CFOs) across various industries. It emphasizes the need for CFOs to possess a diverse skill set that extends beyond traditional financial expertise, including operational know-how, strategic acumen, and stakeholder management skills.
Former CFOs highlight the importance of taking career risks, such as pursuing lateral moves to gain cross-functional experience, and actively seeking out mentors and sponsors within the organization. They stress the need for CFO hopefuls to develop a distinctive vision for the role, demonstrating their ability to drive value creation and navigate complex business challenges.
Candidates are advised to bolster skills in critical areas such as technology and sustainability, as well as to lead initiatives that have a significant impact on the organization's performance. Additionally, engaging with the CEO and the board early on can enhance visibility and build trust, positioning candidates as strong contenders for the CFO role.
The article underscores the dynamic and multifaceted nature of the CFO role in today's business environment, where CFOs are expected to serve as strategic advisers, performance drivers, and leaders of organizational transformation. By embracing career opportunities, seeking mentorship, and honing their skills, aspiring CFOs can cultivate the expertise and relationships needed to excel in the role.