CFO role expands as finance leaders drive strategy & change

New research shows that the role of Chief Financial Officer (CFO) is evolving far beyond traditional finance functions to encompass a wider range of strategic business responsibilities.

A study conducted by The CFO Centre, which surveyed 500 finance decision-makers in the UK, reveals that finance leaders are taking on roles that span recruitment, sustainability, marketing, people management and more. According to the findings, 60% of finance professionals are now leading initiatives that extend beyond the core finance function into cross-functional areas of the business, reflecting significant movement away from conventional job boundaries.

The survey indicates that structural and market shifts are key drivers of this transformation, with 55% of respondents having assumed new responsibilities as a result. Only a marginal 1% reported no change in their remit, highlighting how pervasive the evolution of the CFO role has become within UK organisations.

While many finance professionals feel prepared for these wider duties, there is an acknowledgement of skill gaps and training needs. The research found that 59% of respondents felt equipped for their expanded roles, yet one in four said they would benefit from further support and development. This has led to increased reliance on fractional CFOs - part-time or contract professionals who offer expertise without the commitment or cost of a full-time hire. Two-thirds of organisations surveyed reported utilising fractional specialists to fortify their finance teams.

Shifting priorities

As finance leaders take on more strategic responsibilities, their focus areas are also shifting. Respondents expect ongoing changes, forecasting even more involvement in areas such as reputation management, digital transformation and change management, in addition to traditional financial planning and strategy.

AI and automation have emerged as predominant growth drivers, cited by 41% of finance leaders as key to improving performance. Preferences for other potential growth opportunities included supply chain cost efficiencies (40%), mergers and acquisitions (35%), and product diversification (33%).

Looking ahead, the highest priorities for finance teams include research and development (24%), securing long-term funding (22%), developing AI strategies (21%), and optimising profits (21%). These strategic areas mark a shift from purely financial oversight towards supporting broader organisational development and innovation.

Industry voices

"I've seen first-hand the shift from functional specialist to strategic consultant, with finance professionals growing in influence from SME boardrooms to corporate C-suites. Today's CFO is no longer confined to balance sheets and forecasting. They're leading talent strategies, shaping sustainability agendas, overseeing marketing impact and driving digital transformation. The most successful finance professionals will be those who embrace change, broaden their skillsets, and commit to continuous personal and professional development."

These views were shared by Patrick Murray, a CFO with more than 30 years of experience in supporting high-growth firms, who sees considerable opportunity for finance professionals who are prepared to adapt and expand their capabilities.

Sara Daw, Chief Executive Officer of The CFO Centre, commented that the changes reflect a wider trend across the executive suite, stating:

"We've had first-hand experience of the evolving role of the CFO over the last 25 years. Businesses are having to adapt to an increasingly dynamic environment. They need agile, strategic guidance now more than ever and we have seen an increase in demand and acceptance for fractional professionals as a result.

"This research reinforces the accelerating demand for 'fractional twins' as we call them who can deliver high-level expertise without the full-time overhead or the long and costly process of hiring and onboarding. There is no doubt that the finance function is evolving, and we're proud to be leading that evolution globally. These findings paint a picture of a finance function that's more integrated, more accountable, and more vital than ever. The era of the siloed CFO is over; the age of the strategic, CFO has arrived."

Market confidence and challenges

The research suggests increasing confidence among finance leaders, with 56% reporting they are "very confident" and a further 40% being "somewhat confident" about achieving their financial targets this year.

Despite an optimistic outlook, concerns remain regarding operational and people costs (22%), the pressures of meeting sustainability and net-zero targets (22%), and ensuring access to finance (20%). Other challenges noted in the study include government fiscal policy, the pace of technological change and uncertainty relating to tariffs and external market conditions.

For many organisations, the shift towards more strategic finance leadership is also being driven by the need to address these challenges through enhanced digital capability, sustainable business practices, and agile management.

The research was conducted by independent consultants Censuswide and reflects the views of finance decision-makers across companies of different sizes and sectors.