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The transformative journey of the modern CFO

Ali Firoozi, CFO of The PAC Group, says CFOs must persistently adapt, harness technological advancements, and nurture proficient communication abilities, thereby guaranteeing the prosperity of their organisations within the ever-changing and intricate business milieu


Over the past two decades, the role of the CFO has experienced a profound transformation, propelled by technological advancements, changing business dynamics, and increased expectations from stakeholders.

Once primarily focused on financial management and compliance, the modern CFO now plays a pivotal role in driving strategic decision-making and ensuring sustainable growth.

This article delves into five key changes that have shaped the role of the CFO, highlighting their expanding responsibilities and the critical impact they have on organisational success.

1. From financial steward to strategic partner

The modern CFO has transcended their traditional role as a mere financial steward.

Today, they are recognised as a strategic partner who collaborates closely with the CEO and other C-suite executives.

This strategic shift allows CFOs to contribute to long-term planning, formulate business strategies, and assess opportunities for growth.

A study conducted by McKinsey & Company found that CFOs are now actively involved in driving growth agendas, influencing corporate strategies, and shaping investment decisions.

2. Embracing technological advancements

Technological advancements have revolutionized the financial landscape, and CFOs have had to adapt to this digital transformation.

Automation, artificial intelligence (AI), and data analytics have become integral tools for CFOs to enhance financial analysis, improve operational efficiency, and drive informed decision-making.

According to a survey conducted by Accenture, 82% of CFOs believe that technology will fundamentally change the way they operate, with many investing in AI and automation to streamline processes and gain deeper insights.

Ali Firoozi
Ali Firoozi, CFO, The PAC Group

3. Broadened scope of responsibilities

The role of the CFO has expanded beyond traditional financial functions, encompassing a wider range of strategic responsibilities.

Today’s CFOs actively participate in risk management, corporate governance, investor relations, and sustainability initiatives.

They are responsible for identifying and mitigating risks while ensuring compliance with ever-evolving regulations.

A survey conducted by Deloitte highlights that 84% of CFOs have experienced an increase in their responsibilities beyond finance over the past decade.

4. Focus on value creation

Modern CFOs are increasingly focused on value creation for their organisations.

They go beyond financial reporting and analysis to identify opportunities for revenue growth, cost optimization, and capital allocation.

By leveraging their financial acumen and insights, CFOs contribute to improving profitability and shareholder value.

A study by EY indicates that 71% of CFOs are actively involved in identifying and pursuing new revenue streams, reinforcing their role as strategic value creators.

5. Enhanced investor relations and communication

As the interface between the organisation and external stakeholders, CFOs now play a critical role in investor relations and communication.

They are responsible for articulating the financial performance, strategic direction, and risk management practices of their companies to shareholders, analysts, and regulatory bodies.

Effective communication skills, transparency, and the ability to build trust are paramount for CFOs to maintain strong investor relationships.

A PwC study revealed that 84% of investors believe CFOs should be the primary communicator of financial results and strategic plans.


The role of the modern CFO has undergone a remarkable evolution over the past 20 years. From a finance-focused function to a strategic partner and catalyst for change, CFOs now contribute significantly to organizational success.

By embracing technology, broadening their scope of responsibilities, and driving value creation, CFOs play a crucial role in shaping the future of their companies.






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