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 role has changed, and a lot. “Today, the modern CFO is more of an economic strategist than a sophisticated accountant. They are the mind behind the decisions that move billions, the interpreter of global crises, and, increasingly, the protagonist of corporate transformation,” 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 driven primarily by the incorporation of advanced technologies into corporate finance, which has become a competitive differentiator. According to the latest McKinsey report (2024), companies with digitally skilled CFOs have an EBITDA 15% higher than the industry average. This efficiency gain stems primarily from the adoption of tools such as artificial intelligence for cash flow forecasting (used by 72% of CFOs at large corporations) and blockchain for risk management (35% of IBOVESPA companies have already implemented it).
Another aspect that has placed CFOs, or financial directors, on the front line is the macroeconomic storm of recent years, with fluctuating interest rates, persistent inflation, and exchange rate volatility. According to Economatica, 68% of companies listed on the B3 (Brazilian Stock Exchange) revised their currency hedging strategies in the last 12 months. Some have gone even further. Lojas Renner, for example, reduced its dollar exposure by 40% with a maneuver led directly by the finance team.
“And the capital market recognizes those who lead the way in innovation. A study by Itaú shows that companies with CFOs considered innovative raise interest rates up to 1.5 percentage points below the competition,” explains LeverPro’s CEO.
This logic has profound implications. Credit Suisse estimates that companies with strategic CFOs are valued up to 20% higher by the market. Weg illustrates this theory well: after overhauling its financial department, it saw its market value grow 35% in just 18 months, amid the Ibovespa’s downturn.
The appreciation follows the impact. Consulting firm Mercer reports that the average compensation for CFOs at the 100 largest Brazilian companies reached R$4.2 million annually in 2024. According to a McKinsey study, financial directors with expertise in AI and blockchain drive results; salaries reach R$8 million/year, as in fintechs and digital banks, and professionals with certifications such as the CFA (Chartered Financial Analyst) earn up to 35% more. According to a Page Executive study, fixed CFO compensation starts at R$70,000 at large companies.
Base salary may include variable compensation and equity participation, common for executives in strategic positions. This means compensation can exceed R$100,000, depending on the company’s size and revenue.
For Alysson Guimarães, it’s not just the salary that’s changed. The profile has also transformed. According to Russell Reynolds, 62% of CFOs at the 500 largest Brazilian companies come from areas outside of finance, such as technology and operations. And 45% have international MBAs. Skills like Python programming and mastery of tools like Power BI have become prerequisites. “The modern CFO has gone from being a sophisticated accountant to becoming the architect of value creation within the company. Their knowledge of behavioral finance, economic modeling, and intangible asset management are as important as technical mastery of accounting reports. And, more recently, their mastery of technology.”
At Ambev, for example, the CFO implemented an artificial intelligence system that reduced the inflationary impact on operating costs by 30%. At Nubank, the institution’s CFO, a data science graduate, uses machine learning to anticipate default trends.
“The core 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 social media channel with 70,000 followers and offers the “CFO Handbook” to help professionals adapt to this new reality.
Perhaps the phrase that best sums up this transformation is Guimarães’ own: “The CFO of the future doesn’t 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 CFO redefines its role and importance in the contemporary corporate landscape.”
