Today’s chief financial officer (CFO) is vastly different from her counterpart 25 years ago.
Whereas the latter CFO would have spent her days solely on financial statements and the bottom line, today’s CFO also has a more strategic focus.
That means contemporary CFOs need a wider range of skills—both personal and professional—that are far beyond simply an accountant’s role, says Deedee Myers, CEO of DDJ Myers, a consultancy firm that assists credit unions with executive recruitment and retention, and strategic planning.
“CFOs need to be leaders, financial gurus, employee developers, and ‘board savvy’ presenters of complicated information so the board of directors can lean in and understand,” Myers says.
CFOs also must establish strong cross-functional relationships with other departments because they are “compelling peers who help others understand the significance of their roles and impact on financials,” Myers says.