For aspiring CFOs in today’s market, the journey to the top has never offered greater challenge – or greater opportunity. Public companies (plc), private equity (PE), and venture capital (VC)–backed firms each offer distinct routes to the CFO chair. Understanding these differences – and how they align with your strengths, experience, and ambition – is essential to shaping a successful career trajectory.
This article explores three key pathways, offering candid insight into what each demand, the trade-offs involved, and how to position yourself for success.
The changing face of the CFO
The Chief Financial Officer’s (CFO) role has evolved far beyond traditional financial stewardship. Today’s CFO sits at the intersection of finance, strategy, and transformation – expected to shape performance, guide decision-making, and lead through volatility.
According to Deloitte, business optimism among UK CFOs fell to a two-year low in late 2024, reflecting continued economic uncertainty. Yet boards are seeking finance leaders who can navigate this complexity – balancing caution with ambition and combining financial control with strategic influence.
Research from Gartner highlights how the remit of the CFO has expanded dramatically. More than 70% now oversee areas such as technology transformation, AI integration, and ESG reporting – functions once considered outside finance’s domain. EY’s 2025 CFO Agenda echoes this shift, with more than half of CFOs now spending most of their time on strategy and transformation rather than traditional reporting. Similarly, PwC found that 70% of CEOs believe AI and analytics will reshape how finance creates value over the next three years.
This transformation is accelerating. Our Transformational Leadership Report found that 87% of leaders, including 93% of CEOs, expect the pace and scale of change to increase in the next five years, while nearly three-quarters identify AI as their top transformation priority. Yet fewer than one in three CFOs currently view digital fluency as a critical C-suite skill, a figure forecast to rise sharply. Tomorrow’s CFOs will need not only financial expertise but also digital confidence, strategic vision, and the ability to lead transformation across the enterprise.
Transformation is no longer a project. It’s the backdrop of every decision a modern CFO makes.
Market context: Opportunity in a tight talent market
Despite economic headwinds, organisations are competing fiercely for the next generation of finance leaders. The UK faces a genuine shortage of experienced CFO talent as a generation of leaders who built their careers in the 1990s and early 2000s phase into retirement or advisory/NED careers
Our recent research shows that one in four senior leaders cite talent shortages as a major challenge. For ambitious finance professionals, this creates opportunity – but only for those who can demonstrate the breadth and resilience needed to lead through complexity.
Three pathways to CFO
Each pathway brings its own rhythm and trade-offs. Plc roles reward influence and credibility at scale; private equity demands commercial stamina and results under pressure; venture-backed environments challenge CFOs to build order from chaos. Understanding where you thrive – and what you value – is essential.
1. The PLC pathway: Mastering complexity at scale
Leading finance in a publicly listed company offers intellectual challenge, professional standing, and exposure to scale. Success depends on mastering governance, regulation, and stakeholder communication, while maintaining a strategic view of value creation.
CFOs in plc environments operate under constant scrutiny – from analysts, shareholders, and regulators alike. They must balance short-term market expectations with long-term strategic delivery. The UK Corporate Governance Code (2024) has tightened accountability further, requiring enhanced declarations around internal control and risk management.
While external appointments remain common, internal succession is gaining traction as boards prioritise continuity and talent development. Building credibility in investor relations, transformation, audit committees, and ESG oversight significantly strengthens your candidacy for the top finance role.
Skills you’ll build
- Mastery of public company reporting, investor relations, and regulatory frameworks
- Strategic capital allocation and balance sheet optimisation
- Confident communication with diverse stakeholder groups
- Oversight of sustainability and non-financial reporting
How to stand out
- Gain visibility through board-facing work – investor relations, strategy, or corporate development
- Build credibility in ESG and sustainability, areas increasingly owned by finance
- Consider external board or audit committee positions to strengthen governance credentials
- Nurture relationships with non-executive directors and chairs – they often shape CFO succession decisions
Those who value intellectual rigour, can manage complexity calmly, and find satisfaction in shaping long-term strategic outcomes thrive here. The plc pathway offers stability, credibility, and the influence to shape strategy in organisations that touch thousands of lives.
2. The Private equity pathway: Driving value creation
Private equity offers accelerated progression, commercial intensity, and the chance to transform businesses from the inside out. PE CFOs operate at the sharp end of performance – translating operational improvement into tangible value creation within a defined time period.
The market has matured since the buoyant 2021–22 period. With cheap debt gone and valuations normalised, many PE firms are holding assets longer – often five to seven years instead of three to five – focusing on operational excellence over financial engineering. This shift rewards CFOs who can deliver measurable results and manage pressure with clarity and control.
PE environments demand resilience as much as technical skill. The pace is relentless, expectations are high, and results are visible – but the learning curve is steep and the sense of impact immediate.
Skills you’ll build
- Transformation leadership and hands-on change management
- M&A execution and integration experience
- Operational improvement and performance analytics
- Investor relationship management and commercial storytelling
To succeed in PE
- Develop enterprise-wide finance experience – not just divisional exposure
- Seek transaction experience, even in a supporting role, to understand deal dynamics
- Quantify your achievements clearly (EBITDA uplift, cash flow, or system change)
- Cultivate trusted relationships with portfolio leaders and investment partners
Those energised by pace, intensity, and ownership tend to excel. The PE pathway offers rapid learning, meaningful impact, and often equity upside – but rewards accountability and composure in equal measure.
3. The VC pathway: Building from the ground up
In venture-backed businesses, CFOs build – not inherit – structure. They design systems, shape strategy, and manage volatility in ways that stretch their capability faster than almost any other environment.
The post-2021-22 correction changed the landscape. Capital is more selective, valuations more disciplined, and growth is no longer pursued at any cost. Today’s VC CFOs must extend runway, manage burn rate, and build sustainable unit economics while maintaining investor confidence through transparent reporting and strategic storytelling.
Fractional and interim CFO roles have become recognised stepping stones into this world, offering exposure to multiple business models and scaling challenges – accelerating development for ambitious finance leaders.
Core capabilities
- Building financial infrastructure and scalable systems
- Fundraising and investor relations
- Understanding complex modelling, unit economics, and growth levers
- Decision-making under pressure and with limited data
To thrive in VC
- Gain experience across multiple growth stages, from seed stage onwards
- Build fluency in venture metrics and financial storytelling
- Network directly with founders and investors – relationships here are personal and trust-based
- Embrace the uncertainty – adaptability and composure matter more than process
- Appreciate the volatility year on year and how investor sentiment can shift, from Blockchain, NFTs to AI and ML.
The most effective VC CFOs grow with their businesses – shifting from financial firefighter to strategic partner as the company scales.
Essential capabilities for tomorrow’s CFO
Across every pathway, certain traits define the next generation of finance leaders. Technical mastery remains a given – what differentiates the best is adaptability, influence, and the ability to lead through transformation.
Our latest research found that 55% of leaders see adaptability as the defining C-suite skill for the next five years. For CFOs, that means navigating ambiguity, embracing technology, and sustaining performance through change.
Gartner’s global research shows that CFOs now rank second only to CEOs in shaping business transformation – evolving from financial stewards to transformation architects. The most effective finance leaders demonstrate strategic adaptability, aligning finance with evolving business models and market realities; digital fluency, using data and AI to drive clarity and growth; and commercial storytelling, turning numbers into insight, influence, and action. Beyond technical excellence, they are defined by how they lead people through uncertainty – building trust, clarity, and confidence when it matters most.
Owning your progression
Succession doesn’t happen by accident. Whether in PLC, PE, or VC, aspiring CFOs must take active ownership of their development and visibility.
Map your strengths and gaps. Compare your current capabilities with what each pathway demands – governance and capital markets in plc, transformation in PE, and agility in VC.
Build relationships early. In plc environments, networking happens through formal governance forums and professional bodies. In PE, your reputation travels through performance. In VC, credibility grows through founder and investor networks.
Show evidence, not aspiration. Record your results – cash improvement, cost savings, system upgrades, leadership impact. Boards and recruiters value delivery over potential.
Seek mentors and sponsors. The most effective finance leaders have advocates who open doors – whether non-executive directors, investors, or seasoned CFOs.
Progression is owned, not awarded – and visibility is earned through performance, not self-promotion.
Choosing your pathway and looking ahead
Each route to CFO offers a distinct blend of opportunity, pace, and reward. The plc pathway develops breadth and credibility at scale, building influence with boards and markets. The PE route sharpens commercial acumen and transformation leadership at pace. The VC environment accelerates learning and adaptability through innovation and growth.
The modern CFO sits at the crossroads of finance, strategy, and leadership. Whether you’re guiding a plc through governance reform, driving operational improvement in PE, or scaling innovation in a VC-backed business, success depends on combining insight, influence, and integrity.
A generational transition in finance leadership is underway. For ambitious, digitally fluent professionals, this is a pivotal moment – not to choose a “best” pathway, but to define the kind of leader you want to become.
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If you would like to speak to our team about CFO opportunities or joining our Finance community, providing networking opportunities for aspiring and current CFOs, please get in touch. If you would like to read our full Transformational Leadership Report, you can download it here.