In a business world fueled by new technology and constant change, the finance function—and the CFOs who lead it—must be adaptable to succeed. Learn 10 key financial management skills to stay ahead.
Bruno J. Navarro
Senior Editorial Strategist, Finance
Workday
Chief financial officers (CFOs) have always been strategic leaders, bridging financial data with actionable insight and revealing the stories behind the numbers. Today, their influence is expanding even further, shaping decisions across every part of the business.
McKinsey reports that more than half of CFOs (52%) now spend most of their time on transformational initiatives—both within finance and across the broader organization. Gartner’s latest CFO survey echoes that shift, highlighting priorities such AI expansion and growth forecasting as top finance priorities for 2026.
Core financial management skills still remain essential to the role of CFO. But to act as strategic figureheards, finance leaders today need a wider set of skills too.
CFOs are getting more strategic: 52% now spend most of their time on transformational initiatives.
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As CFOs step further into cross-functional, strategic leadership, their influence is impacting everything from digital transformation to enterprise risk management and company culture.
Leading at this level requires a new perspective—seeing financial management not just as oversight but as a driver of innovation and growth.
These are the top 10 financial management skills for CFOs:
1. Strategic financial planning and forecasting
2. Data fluency
3. Cross-functional collaboration
4. AI readiness
6. ESG insight
7. Change management leadership
Market uncertainty, rapid technology advancements, and supply chain volatility are all becoming the norm for modern enterprises. Skilled CFOs bring structure to ambiguity by leading agile planning and forecasting practices, including:
The Workday Global CFO AI Indicator Report found forecasting and scenario planning at the top of the list for most transformational areas driven by AI and ML in the enterprise, underscoring the continually increasing importance of this skill for CFOs and their teams.
Deep data fluency is a must-have skill today for CFOs and their teams when managing financial information. When finance teams know the business implications behind the numbers, they can turn data into actionable and relevant insights for leaders across the business.
CFOs lead this shift by working to connect company data into a single source of truth. Today, more than half of CFOs report using both financial and non-financial data to make decisions. Working with the CIO to implement unified data platforms, like cloud ERP, is helping finance leaders see the full story their data is telling.
Integrated enterprise software platforms offer important data fluency support features:
CFOs who build data fluency elevate the entire decision-making culture, and with analytics embedded across teams and into everyday decisions, finance teams can help leaders act smarter in any scenario.
Today, more than half of CFOs report using both financial and non-financial data to make decisions.
Building meaningful relationships across business lines is a core responsibility for modern CFOs.
While in the past their focus was primarily on the financial performance of other business units, they now also need a clear understanding of what they're trying to achieve and the ways finance can support them in reaching those short- and long-term goals.
In practice, CFOs are finding ways to embed finance collaboration into the everyday rhythm of the business through:
When finance becomes an ongoing partner to other departments, it transforms how organizations can make decisions,builds trust across teams, and transforms financial data into a shared company-wide resource.
Finance is leading the charge for AI adoption in many enterprises, and CFOs must be prepared to steer its strategic direction.
Today, 77% of AI pioneer organizations have embedded it into daily operations and have higher confidence in their agility, data-driven decision-making capabilities, revenue potential, employee experience, and cost effectiveness.
CFOs should be ready to lead by understanding where AI for finance can be most impactful (i.e. how it practically fits within the use cases and workflows of their organization) and helping finance teams embrace it more readily with the right training and resources.
When it's well-implemented, AI contributes major performance-driving capabilities for effective financial management:
As AI continues to reshape financial operations, clear vision and direction from the CFO play a critical role in how it makes an impact. With smart planning and strong leadership skills, finance teams can take advantage of AI’s benefits to elevate the strategic influence of finance across the enterprise.
The days of linear planning are gone. In today’s business environment, CFOs must prepare for disruption proactively. In fact, managing risk was identified by a recent Travelers survey as a top-three skill for CFOs today, alongside related skills like managing complex stakeholder networks and planning for resiliency.
This requires embedding scenario thinking into everyday decision-making to keep financial plans flexible. Leading CFOs operationalize smart risk management to promote strong financial health using a mix of systems and strategies that include:
1. Dynamic forecasting models: Continuous scenario modeling that tests how shifts in markets, supply chains, or policy could affect financial outcomes.
2. Real-time risk signals: Integrated data dashboards that track leading indicators, giving CFOs visibility into emerging issues before they escalate.
3. Response frameworks: Clearly defined decision paths—like spend adjustments or capital reallocation triggers—that enable fast, coordinated action when risks materialize.
In combination with other important skills, like a broader strategic lens on the business and collaboration with other leaders, CFO-led risk management is a powerful contributor to organizational resilience.
Enterprise risk management is a top-three skill for today’s CFOs, who play a key role in resiliency planning amidst market uncertainty.
Environmental, social, and governance (ESG) metrics have become top priorities for investors and customers alike, who increasingly want to see alignment between a company’s operations, its stated values, and long-term sustainability commitments.
CFOs should understand how ESG priorities connect to financial value and how transparent reporting builds trust with stakeholders. To lead here, CFOs must bring the same rigor to ESG data as they do to the P&L. They can do it with:
As ESG reporting matures, CFOs are uniquely positioned to turn compliance into competitive advantage. By framing sustainability metrics in financial terms and embedding them into core decision-making, they help the organization meet stakeholder expectations and define what responsible growth looks like.
No transformation sticks without strong change leadership. And in most companies, the finance function is at the heart of change—whether it's new systems, business models, or performance expectations. CFOs are best positioned to lead when they embrace the reality of change and provide tools, resources, and insights to help others do the same.
They can do this by establishing practical frameworks that bring structure to uncertainty:
Finance may manage the numbers, but it’s people who drive performance. CFOs who lead with empathy and clarity give transformation its best chance to succeed.
Strong communication is one of a CFO’s most practical tools for impact. The ability to translate complex financial ideas clearly—and tailor them to different audiences—helps build alignment and credibility across the organization.
CFOs refine their communication through practices that build trust and sharpen understanding:
Communication is how CFOs turn financial insight into action. When they can effectively share what the numbers mean and why it matters, they empower other leaders to make decisions that move the business in the right direction.
The talent landscape is rapidly changing, and finance is feeling the impact. Many finance roles are demanding by nature, and without strong leadership that’s in tune with the employee experience, many of the best employees are looking elsewhere.
The Workday Global Workforce Report found that high-potential turnover is increasing across all industries, and 40% of finance professionals on the job market applied totally outside their field.
That means CFOs aren’t just competing with other finance departments, but a host of other career paths available to skilled professionals. To mitigate turnover risk and attract future talent, CFOs need to make practical investments in learning, coaching, and stretch opportunities, such as:
When CFOs invest in developing financial talent with intention, they create teams that can adapt, innovate, and lead through change. That turns finance into a lasting source of strength for the business.
The most effective CFOs are leaders and learners. In environments that are always shifting, curiosity is becoming a strategic asset. It drives innovation, challenges assumptions, and keeps finance plugged into the bigger picture.
Curious CFOs read beyond their function and seek out new perspectives across industries. More than that, they model curiosity for their teams—building a culture where questioning, testing, and iterating is encouraged. They make space for exploration and reward learning in action:
When CFOs stay open to new ideas and invite their teams to do the same, they turn uncertainty into opportunity. Continuous learning strengthens adaptability and foresight, and in an era defined by constant change, that mindset is what keeps finance leading conversations instead of reacting to circumstance.
The future of finance is constantly evolving, and CFOs who lead best will be those that expand their perspectives, collaborate with their peers, and commit to continuous learning for themselves and their teams.
From mastering AI to building stronger teams and partnerships to enhancing the strategic impact of finance across the business, today’s CFOs are setting the pace for how modern organizations adapt and stay resilient.
Learn how the FAME framework can help CFOs achieve their business goals, with case studies from two enterprise-level organizations.
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