CFOs Are Not Happy Right Now..

The cloud of pessimism has unfortunately reached executives across industries according to a recent survey. In a recent survey conducted by AICPA/CIMA, less than half of the C-Suite polled were positive about the economy. Startling data when you consider that over 67% were optimistic after November’s presidential election. What happened? 

Too much to list, but one thing for certain is that this sentiment is global as CFOs, controllers, and CEOs across continents are reporting a 29% confidence rating in February 2025.  One could say it is a seismic shift in mindset that comes at a time when financial mismanagement is also under scrutiny.

Recently, the Office of Internal Audit for the Oklahoma Agricultural and Mechanical Colleges Board of Regents uncovered a $41 million misallocation of state-approved funds at Oklahoma State University, prompting significant executive changes, including the university's CFO. In Berlin, Porsche is firing their CEO due to lagging sales as the niche brand navigates weak stock prices and economic uncertainty. 

These events underscore how truly important our CFOs are. They are usually behind the scenes making solid decisions, but hardly ever get the pats on the back or media blurbs. They are the bean counters that we need in our organizations, and in our financial conversations. However, make no mistake, sound financial leadership is not only technical expertise but also the ability to weather the storm of fluctuating economic conditions and maintain organizational stability.

Successful CFO’s Often Have These Skills..

1. Strategic Financial Planning and Forecasting

It’s all about the strategy. According to a 2023 McKinsey & Company report, 87% of CFOs listed strategic financial planning and forecasting is a top competency that drives long-term value. Understanding current cash flow, and the ability to forecast future financial trends are essential. Strategic planners  typically see a 12-18% improvement in profitability and operational efficiency over the next 3-5 years.

2. Risk Management

Mismanagement in risk assessment can precipitate both financial and operational risks. Managing risk well can help your organization withstand economic downturns, mitigate potential losses, and make sound, and profitable decisions. According to Deloitte's 2024 Global CFO Survey, 68% of CFOs identify risk management as one of their highest priorities, with more than half using scenario planning to predict and mitigate financial volatility.

3. Financial Stewardship and Accountability

Fund allocation is key to a company’s liquidity and stability. CFOs with strong oversight, governance, and transparency steer their companies away from wasteful spending by over 20% on average, says a report from Harvard.

4. Technological Proficiency

AI and machine learning are here to stay, and CFOs that want to remain relevant must embrace the technology. Some ways top CFOs are using the new AI/ML tools are through predictive analytics to identify emerging trends and potential risks before they materialize. This is important as it can help you decide where to invest and where to pull back. PwC’s 2023 CFO Survey found that 59% of CFOs believe that investing in new technologies will be a key driver for achieving sustainable growth in the coming years.

There are several other areas like Thought Leadership, and adaptability that are of critical importance, but let’s be honest, if you don’t have the core skills mentioned it is going to be a rough, and bumpy ride for your organization. The good news is that these are skills, and skills can be learned. 

Being proactive in identifying the gaps can help strengthen your footing as a CFO or future CFO. The idea is to continue learning. Don’t ever think that you know everything or that a strategy you’ve used successfully consistently will always be the way to go. Technology is evolving so rapidly, and change is one of the few things you can count on. Never stop learning and improving and you’ll be an asset to your organization and all that know you for years to come.

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We welcome assisting you with your internal leadership opportunities. Do not hesitate in reaching out here. Some of the greatest breakthroughs happen in times like these. If your organization wants to hire results oriented compassionate leaders then our search firm is for you. If you are a leader passively entertaining new opportunities, feel free connect with us. We would love to hear from you.. Let's start this exciting journey together.