Evolution of the CFO

The role of the CFO has rapidly expanded far beyond number-crunching, tax and compliance. With increasing responsibilities, building skills in strategy and performance has become essential to driving value in business today.

With the pace of change, digital transformations and more organizations outsourcing traditional finance tasks, the finance function continues to evolve into a strategic business unit with the CFO at the helm.

A PWC report in 2017 stated that “organizations that are forward looking gauge the importance of finance as a business partner,” and today’s forward-thinking CFO’s recognize that the skillset and expectations for their roles continue to shift beyond a traditional transactional role.

According to a recent article by Mckinsey, on average about five functions, besides finance, report to the CFO including risk management, regulatory compliance, IT and cybersecurity, corporate strategy, and procurement. This large and expanding scope speaks to the evolving skillsets for today’s finance professional.

The same study indicated that 4 in 10 CFOs spend the majority of their time in non-finance areas, the majority of which was spent in strategic leadership, organizational transformation and performance management.

To excel, CFOs today must go beyond stewardship to act as catalysts of change and strategists, harnessing resources across the organization to accomplish strategic and financial objectives, helping to create a risk-intelligent culture, transforming data into information and insights and defining the company’s future alongside the CEO.

As such, today’s finance professional is tasked with keeping skills sharp beyond technical competencies and must develop strong skills in leadership, IT and innovation, strategy and performance management acting as a value integrator.

All these new vistas can be exhilarating – and a bit scary. That’s why CPA Canada designs professional development opportunities that can sharpen a finance functions and CFO’s strategy and performance management skills to support your professional growth.

Online courses and virtual classrooms

Pricing and customer profitability
Executing performance through strategy mapping
Building a dynamic scenario based forecast
Effective operational planning and budgeting
Ethics for the CFO

Publications and business resources

Building value in your company
Strategic Acquisitions
Budgeting techniques and applications
Traits of Today’s CFO
Case Studies on ERM implementations

Certificate programs

Certificate in driving organizational profit and performance