Unlocking the DNA of a CFO 4.0: how Southeast Asia’s CFOs are evolving to lead business growth, tech adoption, and sustainability.

Malaysia, 18 Dec 2024 - With input from more than 150 CFOs across Southeast Asia and six in-depth interviews with industry leaders, the 2024 Hays Unlocking the DNA of a CFO report is the most insightful and thorough exploration into the role in the region. The report shines a light on the evolution of the position, provides indispensable advice on how to become a successful CFO, and offers recommendations on how to prepare for the role’s future developments. 

“It has been six years since our Asia-wide 2018 DNA of a CFO report, and from the economic climate to the duties required, the role has evolved almost beyond recognition,” says Tom Osborne, Managing Director at Hays Southeast Asia. “More diverse, tech-savvy, and with a keen eye on business growth, much is expected of today’s CFO. While the changes have been monumental, the position is continuing to evolve, requiring new skills and expertise. As one of our expert interviewees points out, this is the world of the CFO 4.0.” 

Satisfaction in evolution 

One key development in this post-covid report is that 55 per cent of interviewees in Southeast Asia cited the economic environment as being a major challenge compared to just 31 per cent of their colleagues across Asia in the 2018 report. Despite this, they are more positive about their role, with 93 per cent of Southeast Asia’s CFOs indicating that they would choose their career path again, up from an Asia-wide 69 per cent six years ago. 

“Across the region, we are seeing major changes in the CFO role; both positive and negative,” says John Borneman, Regional Director at Hays Singapore. “It is impressive to see that the number of CFOs holding ACCA qualifications leapt from 14 per cent in 2018 to 38 per cent this year, reflecting the rise in globally recognised accounting standards in Southeast Asia. However, only 19 per cent of CFOs are board members, compared to 31 per cent previously. Also, they are working longer hours, with 31 per cent working 56-65 hours a week, up from 23 per cent in 2018, which can perhaps be attributed to the CFO remit being broadened to encompass a wider scope of duties.” 

Tech-savvy business builders 

While CFOs were previously seen as number crunchers and financial gatekeepers, much more is now expected of them. From taking a more proactive lead in driving business growth to having IT transformation and HR fall within their duties, the survey shows that the CFO role is more involved than ever before. 

“Technology has completely altered the role, and today’s generation of CFOs are more adept at streamlining processes and increasing productivity through the utilisation of advanced tools and technology,” notes Natasha Ishak, Regional Director at Hays Malaysia. “Furthermore, though financial judgement remains essential, CFOs are proving less risk-averse, allowing them to better explore innovation and growth as they come to grips with external macroeconomic factors that affect their organisations.” 

The future for CFOs 

Looking to what the future may hold, perhaps one of the most striking developments highlighted by the report is the growing importance of ESG priorities. 47 per cent see integrating ESGs into their company’s long-term strategic vision as an integral part of their future role, though they assert the importance of ESG strategies not being box-ticking exercises, but that they are instead integrated and costed to be achievable in the long term. 

“Judging by how much the CFO role has changed in such a short time, we can expect to see a similar level of evolution in the years to come,” says Yoke Pei Ong, Business Director at Hays Thailand. “To prepare for such developments, the report highlights several strategies for CFOs or anyone with CFO aspirations. Firstly, though industry leaders such as Steve Jobs and Warren Buffet are admired, identifying a mentor within your organisation to learn from comes highly recommended. In addition, growing your awareness of your organisation’s broad objectives by partnering with other departments can reap major rewards. Furthermore, as the CFO role becomes less about numbers and more about business growth, developing strong interpersonal skills and business acumen will prepare you for what the role will become in the coming years.”