COVID Is Accelerating the CFO Evolution

Chief Financial Officers have been playing an ever greater role in business management and strategy since the title was first used in the 1960s.

The evolution of CFO from keeper of the records and reporter of numbers to strategist has been underway for years, accelerated by the Great Recession and now the COVID-19 pandemic.

A report on this evolution says the pandemic has expanded the role of CFOs as businesses struggle to maintain their equilibrium in the face of unprecedented changes. While CFOs believe their role is growing in significance, CEOs are even more certain.

The survey that forms a key part of the report by the Institute of Management Accountants and the Association of Chartered Certified Accountants found 72% of financial managers at all levels saying the CFO role will “increase or increase significantly” over the next few years. 82% of CEOs see that happening.

The pandemic, the survey respondents said, has had an impact on that evolution and on how it has altered their view of the role. Curiously, CFOs themselves see the effect as more modest compared to CEOs. Where just over a quarter of CFOs perceived the impact of COVID as changing their views of the CFO role completely or significantly, over 50% of CEOs said that.

Indeed, the survey participants said that for CEOs, leadership, strategic insight and ethics and trust are the most valued characteristics of CFOs. While the CFO respondents agreed these with the CEOs, they didn’t score them as high.They also saw characteristics such as customer centricity and global experience as much more valuable than did the CEOs.

In discussing the report with AccountingToday, IMA Vice President of Research and Policy Raef Lawson said that the survey and multiple roundtables with business leaders bears out the predictions made a decade ago about the changing role of financial leaders.

“We had predicted that the role of the CFO would be transitioning from financial reporting and stewardship to more of the strategic business partnership role, more engaged through external stakeholders. That’s all taken place. The interesting thing is that the pandemic seems to have just accelerated this change.”CFO of the Future chart.jpg

Photo by Tyler Franta on Unsplash

#WeAreGreenKey: Spotlight on Emily Gelman
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Emily Gelman

Green Key Unlocked: Why It Pays to be a Paralegal
Accounting + Finance Financial Services General Interest Green Key News Legal Support Worklife

Green Key Unlocked: Why It Pays to be a Paralegal

Perks of a Hybrid Work Schedule
General Interest Green Key News Worklife

Perks of a Hybrid Work Schedule

Green Key Announces New Partners and Principals
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Pharma Professional Support Worklife

Green Key Announces New Partners and Principals

#WeAreGreenKey: Spotlight on Todd Bernard
Accounting + Finance General Interest Green Key News Human Resources Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Todd Bernard

Employee Benefits for a Supportive Workplace
General Interest Green Key News Worklife

Employee Benefits for a Supportive Workplace

Forbes Names Green Key on America’s Best Temp Staffing Firms 2021
Green Key News

Forbes Names Green Key on America’s Best Temp Staffing Firms 2021

SIA Names Green Key Resources among Largest Staffing Firms in the US
Green Key News

SIA Names Green Key Resources among Largest Staffing Firms in the US

Wrapped Up: 2021 Corporate Trends
General Interest Green Key News Worklife

Wrapped Up: 2021 Corporate Trends

#WeAreGreenKey: Spotlight on Kelsey Kirk
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Kelsey Kirk

Advantages of the “Stay Interview”
General Interest Green Key News Worklife

Advantages of the “Stay Interview”

Green Key Unlocked: What’s New in Architecture, Engineering, & Construction
Architecture + Engineering General Interest Green Key News Worklife

Green Key Unlocked: What’s New in Architecture, Engineering, & Construction

#WeAreGreenKey: Spotlight on Lisa Figuccio
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Lisa Figuccio

Tips for Writing Job Descriptions
General Interest Green Key News Worklife

Tips for Writing Job Descriptions

#WeAreGreenKey: Spotlight on Alexa Perrone
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Alexa Perrone

Tips for Employee Retention
General Interest

Tips for Employee Retention

#WeAreGreenKey: Spotlight on Brooke Stemen
General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Brooke Stemen

Green Key Unlocked: The Value of the MBA
Accounting + Finance Financial Services General Interest Green Key News Marketing Technology Worklife

Green Key Unlocked: The Value of the MBA

#WeAreGreenKey: Spotlight on Amy Raymond
General Interest Green Key News Professional Support Worklife

#WeAreGreenKey: Spotlight on Amy Raymond

How to Tailor Your LinkedIn Profile for the Jobs You Want
General Interest Green Key News Worklife

How to Tailor Your LinkedIn Profile for the Jobs You Want

Latest Blog Posts
View All Posts
#WeAreGreenKey: Spotlight on Emily Gelman

#WeAreGreenKey: Spotlight on Emily Gelman

Today we catch up with Emily Gelman, Senior Recruiter on the Professional Support team at Green Key. Gelman joined the...
Read More
Green Key Unlocked: Why It Pays to be a Paralegal

Green Key Unlocked: Why It Pays to be a Paralegal

Paralegals are not only imperative to the industry, but recently in high demand. Due to law firms encouraging their entry...
Read More
Perks of a Hybrid Work Schedule

Perks of a Hybrid Work Schedule

The biggest perk of working hybrid is its flexibility. Allowing employees to choose when they come in grants them autonomy...
Read More