Finance Careers in Banking: The CFO Function Explained

The Chief Financial Officer (CFO) sits at the very top of the finance function, and the route towards it passes through a series of increasingly senior and strategic roles. For ambitious finance professionals, understanding how the CFO function works — and the careers that lead to it — helps in planning a path to the top. This guide explains the CFO role, the finance function it leads, the skills it demands, and the career journey towards it. For wider context, see our guide on career options after ACCA.

What is the CFO function?

The CFO function refers to the senior finance leadership of an organisation, headed by the Chief Financial Officer. The CFO is responsible for overseeing the organisation's finances at the highest level — including financial reporting and control, financial planning and strategy, funding and capital, risk management, and providing financial leadership to support the organisation's overall direction. The CFO is typically a key member of the senior leadership team, working closely with the CEO and others on strategic decisions. The wider finance function the CFO leads includes a range of roles and specialisms, from financial accounting and reporting to financial planning and analysis, treasury, tax and more. Together, the function ensures the organisation is financially well-run, well-informed and well-positioned for the future.

What the CFO does

The CFO role blends technical, strategic and leadership responsibilities. Key aspects typically include:

• Financial strategy — shaping the organisation's financial direction and supporting overall strategy.
• Financial leadership — leading the finance function and its people.
• Reporting and control — ensuring robust financial reporting, control and governance.
• Funding and capital — managing how the organisation is financed and its capital position.
• Risk management — overseeing financial risk.
• Stakeholder relationships — engaging with investors, boards, and other stakeholders.

It's a wide-ranging role that requires not just technical depth but strong leadership, commercial insight and strategic thinking — reflecting the CFO's position at the heart of organisational decision-making.

The skills a CFO needs

Reaching and succeeding as a CFO calls for a distinctive blend of capabilities that goes well beyond technical accounting. Strategic thinking is central, since the CFO helps shape the organisation's direction, not just report on its finances. Leadership and people skills matter greatly, as the CFO leads the whole finance function and works across the leadership team. Commercial awareness — a deep understanding of the business and its markets — allows the CFO to connect finance to the wider organisation. Strong communication is essential for engaging with boards, investors and colleagues who may not be finance specialists. And a solid foundation of technical financial expertise underpins it all, giving the CFO the credibility and judgement to lead. The most effective CFOs combine the rigour of an accountant with the perspective of a business leader, which is why the journey to the role develops both sides over many years.

The roles that lead to CFO

The path to CFO usually runs through a series of progressively senior finance roles, building both depth and breadth along the way. A typical journey might involve qualifying as an accountant, then moving through roles such as financial accountant, financial analyst, financial controller or finance manager, then into senior leadership roles such as finance director, before reaching CFO. Along the way, professionals build technical expertise, leadership experience, commercial understanding and strategic capability. Many also broaden their experience across different areas of finance — such as reporting, planning, treasury or commercial finance — and across different organisations or sectors. There's no single fixed route, but the common thread is a steady accumulation of responsibility, capability and strategic perspective over a career.

How to build towards the top

Reaching senior finance leadership is a long-term endeavour that rewards deliberate development. Qualify with a strong professional qualification, which provides the technical foundation expected at senior levels. Build broad and deep experience across finance, since senior leaders benefit from understanding the whole function. Develop leadership and people skills, which become increasingly important as you rise. Cultivate commercial and strategic thinking, since the most senior roles are about supporting the whole organisation, not just the numbers. And seek progressively responsible roles that stretch you and build your track record. Progression to the top takes time, capability and often a degree of opportunity, but with sustained development across these areas, ambitious finance professionals can build genuinely towards the most senior positions in the finance function.

Frequently asked questions

What does a CFO do?

The CFO leads the finance function at the highest level — overseeing financial strategy, leadership, reporting and control, funding and capital, risk, and key stakeholder relationships, as part of the senior leadership team.

What roles lead to CFO?

Typically a progression through roles such as financial accountant, analyst, controller or finance manager, then finance director, building technical, leadership, commercial and strategic capability along the way.

What qualifications does a CFO need?

A strong professional accountancy qualification (such as ACCA, ACA or CIMA) is typical, combined with extensive experience and strong leadership and strategic skills built over a career.

How long does it take to become a CFO?

It's a long-term journey built over many years of progressively senior roles. There's no fixed timeline — it depends on capability, experience, opportunity and the individual's path.

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