For a long time, the Chief Financial Officer (CFO), then known as the financial director, was the silent guardian of the balance sheets, the one who closed the books and mastered the spreadsheets. But this character changed, and a lot. "Today, the modern CFO is more of an economic strategist than a sophisticated accountant. He is the mind behind decisions that move billions, the interpreter of global crises, and increasingly, the protagonist of transformation within companies," explains Alysson Guimarães, CEO of LeverPro, a Brazilian company specializing in financial planning and analysis (FP&A) solutions for medium and large companies.
According to him, the change was mainly driven by the incorporation of advanced technologies in corporate finance, which has become a competitive differentiator. According to the latest McKinsey report (2024), companies with digitally empowered CFOs have an EBITDA 15% higher than the industry average. This efficiency gain mainly results from the adoption of tools such as artificial intelligence for cash flow forecasting (used by 72% of CFOs of large corporations) and blockchain for risk management (35% of IBOVESPA companies have already implemented it).
Another factor that put CFOs, that is, financial directors, on the front line was the macroeconomic storm of recent years, with floating interest rates, persistent inflation, and exchange rate volatility. According to Economatica, 68% of the companies listed on B3 have revised their currency hedging strategies in the last 12 months. Some went further. Lojas Renner, for example, reduced its dollar exposure by 40% through a maneuver led directly by the finance team.
"And the capital market recognizes those who lead innovation. A study by Itaú shows that companies with CFOs considered 'innovative' raise funds at interest rates up to 1.5 percentage points below the competition," exemplifies the CEO of LeverPro.
This logic has profound implications. Credit Suisse estimates that companies with strategic CFOs are valued up to 20% higher by the market. Weg clearly illustrates this thesis: after restructuring its finance department, its market value increased by 35% in just 18 months, during a period of Ibovespa's downturn.
The appreciation accompanies the impact. Mercer consultancy indicates that the average compensation of CFOs of the 100 largest Brazilian companies reached R$ 4.2 million annually in 2024. According to a McKinsey study, CFOs with expertise in AI and blockchain drive results; salaries reach up to R$8 million/year, similar to fintechs and digital banks, and professionals with certifications like the CFA (Chartered Financial Analyst) can earn up to 35% more. According to a Page Executive study, the fixed compensation of the CFO starts at R$ 70,000 in large companies.
The base salary may include variable compensation and equity participation, common for executives in strategic positions. This means that the compensation can exceed R$ 100,000, depending on the size and revenue of the company.
For Alysson Guimarães, it's not just the salary that has changed. The profile has also changed. According to Russell Reynolds, 62% of CFOs of the 500 largest Brazilian companies come from areas outside finance, such as technology and operations. And 45% have international MBAs. Skills such as Python programming and proficiency with tools like Power BI have become prerequisites. The modern CFO has ceased to be a sophisticated accountant to become the architect of value creation in the company. Their knowledge in behavioral finance, economic modeling, and intangible asset management is as important as technical mastery of accounting reports. And, more recently, mastery of technology.
At Ambev, for example, the CFO implemented an artificial intelligence system that reduced the inflationary impact on operational costs by 30%. At Nubank, the institution's CFO, who has a degree in data science, uses machine learning to anticipate default movements.
"The main competencies of the modern CFO include strategic vision, technological fluency, the ability to make data-driven decisions, and a strong commitment to ESG practices," says Alysson, who also has a channel with 70,000 followers on social media and offers there the "CFO Manual," which helps professionals adapt to this new reality.
The phrase that best summarizes this transformation might be Guimarães's own: "The CFO of the future does not ask 'How much do we spend?', but 'How does this investment transform our business and the world?'. With the convergence of technology, sustainability, and strategy, the role of the financial director redefines its function and importance in the contemporary corporate landscape."
