The 6 Types of CFOs and How To Find the Right Fit for Your Business

Public Company CFO: Master of Capital Markets and Compliance

The public company CFO role provides an excellent framework for understanding the core responsibilities that define the position. These leaders must excel across seven critical domains:

• Financial strategy and planning. Develop and execute the company's financial strategy, including budgeting, forecasting, capital allocation, and long-term financial planning to support business objectives and maximize shareholder value.
• Business strategy and planning. Partner with CEOs and develop overall business strategy. Karen Kosiba Edwards, Boyden Managing Partner, U.S., says “CFOs who excel in this broader role may be considered more likely internal successors or be recruited for external CEO opportunities.”
• Financial reporting and compliance. Oversee the preparation and accuracy of financial statements, ensuring compliance with regulatory requirements, such as SEC filings and Sarbanes-Oxley, and maintaining robust internal controls and governance frameworks.
• Capital markets and investor relations. Manage relationships with investors, analysts, and rating agencies; lead equity and debt financing activities; and communicate financial performance and strategy to the investment community with clarity and confidence. Be able to tell a story rather than simply report  results. 
• Risk management and controls. Identify, assess, and mitigate financial and operational risks; oversee insurance, treasury, and risk management functions to protect company assets and reputation.
• Leadership and team development. Lead and develop finance organization; foster a culture of high performance, integrity, and continuous improvement; serve as a strategic partner to the CEO, other senior business leaders, and the Board of Directors.
• Technology transformation. Lead the adoption of technology solutions, including the use of AI. “This is a critical success factor for most CFOs, whether or not the senior technology leader is a direct report,” Kosiba Edwards says. “The CFO also must be adept at leveraging technology for risk management, to streamline business processes and data collection, and to analyze real-time data to improve oversight and develop strategy,” Kosiba Edwards adds.

Essential Skills and Background

The specific skills and background required for a public company CFO vary according to the company's strategy and its business sector. These leaders typically fall into one of two camps: those with a strong financial and capital markets background, or those with a deep technical accounting resume.

CFOs from the accounting track typically begin their careers in public accounting, developing expertise in financial reporting, audit, and compliance. Those from the capital markets track often start in investment banking or private equity, bringing sophisticated deal-making and investor relations capabilities.

“Previous experience in a company’s business sector is often seen as an advantage for a CFO, but isn’t always a strict requirement,” says Peter Krenander, Boyden Managing Partner, Sweden. “For example, experience in the service sector can often be fully transferable to industrial or MedTech environments.”

Sector knowledge becomes more critical, Krenander says, when the CFO also holds responsibility for Investor Relations. In that case, the CFO must help to convince investors that the business plan and products or services are stronger than the competition’s. “A CFO with sector experience may find it easier to build credibility with investors and raise capital, especially in a technically complex business,” Krenander adds.

Regardless of their technical background, public company CFOs must possess exceptional emotional intelligence. They navigate complex internal leadership dynamics, manage board relationships with diplomacy, and handle investor relations requirements with poise.

The public spotlight demands leaders who can communicate with authenticity while managing the constant scrutiny of analysts, shareholders, and regulators.

Complementary Team Structure

Given the breadth of skills required, the public company CFO may benefit greatly from a second-in-command who is strong in the opposite skillset. If the CFO comes from a capital markets background, the number two typically has deep accounting expertise. Conversely, if the CFO rose through the accounting ranks, the deputy often brings capital markets and strategic finance capabilities.

This complementary structure is essential because public companies face extensive requirements around internal controls, SEC reporting, and governance. The leadership team must cover all bases without gaps.

Complementary experience also can benefit a CEO and a CFO who, for example, share IR responsibilities. Kosiba Edwards cites a recent CFO search that emphasized IR experience because the CEO, who had been largely handling this function, would be retiring. “In this case, the successor was still developing their IR skills and was less well known by the institutional investor community,” she adds.