Chief financial officers (CFOs) are struggling to access the skills needed to deliver effective leadership in a rapidly changing business environment.

The latest survey by EY has warned companies worldwide risk missing vital growth opportunities because their CFO’s ambition to lead key investment and value creation discussions is hampered by a lack of readiness to use technology, and a dearth of skills across the wider finance team.

The survey Global DNA of the CFO draws on the insights of more than 1,600 CFOs and senior finance leaders across 28 countries and 22 industry segments and explored how the CFO role is evolving as companies rise to the challenge of creating and measuring value in an environment of increasing complexity.

It found that while six in ten CFOs (60%) believe they should be involved in the process of value creation, only a quarter (25%) actually lead key investment decisions, or front discussions on value drivers (26%).

There is also a perception issue, with just 27% of CFO respondents saying that their organizations see the finance function as a key partner in value creation.

Jad Shimaly, EY global managing partner – client service, explained: “The role of the CFO is being redefined. Organisations are looking to their finance leaders to play a more decisive role in shaping how value is created, not just how it is measured. This shift creates a powerful platform for CFOs to step forward, connect financial insight with strategic decision-making, and help steer their organisations through a more complex and fast-moving environment”

CFOs are also challenged in their efforts to transform by the lack of mindset and skills relating to new technologies across their teams. Only a fifth (21%) of CFOs feel that their finance function’s AI preparedness is leading or advanced, compared to other companies, and less than 15% believe their teams to be highly adaptable, or confident, using new technologies including AI.

This lack of confidence appears to be limiting the extent to which CFOs use technology to inform high value decisions. The survey shows that less than half of CFOs see strong potential for AI in areas such as data analysis (49%), growth forecasting (45%), and dynamic pricing (41%). However, it is clear that CFOs who consider their teams to be more AI ‘ready’ are much more likely to see the full potential of AI in value creation: for example, almost three quarters (71%) of those who say they are fully prepared for AI believe it can play a role in growth forecasting.

Finance teams also report a number of hurdles when it comes to securing investment for AI – 61% cite problems with data quality, 51% struggle to clearly explain the benefits, and 50% say they lack the necessary skills or capacity to make full use of the technology.

Meg Paschall, EY organisation and workforce transformation leader, said: “The survey findings highlight that finance functions are not yet ready to make the most of AI and other emerging technologies. Many organizations are still building the capabilities to produce and interpret insights and are not yet equipped to apply these insights to business-critical decisions. The question is not whether finance teams have access to technology but whether they have the mindset and skills to put it to good use.”

Another fundamental challenge, underscored by the survey findings, is that leadership capabilities are not keeping up with the fast-changing demands of the CFO role. Almost two fifths (38%) of CFOs say they are evolving faster than their leadership teams across the wider finance function, and more than two thirds (68%) believe they need new skills and leadership styles if they are to remain effective. Half (50%) want leadership development to be available across the finance team, in order to prevent succession risks.

Myles Corson, EY global strategy and markets leader – FAAS, explained: “What’s clear from our latest survey is that the capabilities of finance teams are not keeping pace with the fast-evolving demands of the CFO role. CFOs are increasingly expected to operate as strategic leaders who can shape value and guide investment decisions but their ability to do this effectively depends on the strengths of the wider team.

Paschall, added: “Without the right skills, finance teams will struggle to influence high‑stakes decisions, and the ability of CFOs to truly impact organizational progress will be limited. There’s also a very real risk that, if leadership skills across finance functions do not advance fast enough, future CFO talent pipeline won’t be as strong, placing the CFO role in jeopardy.”

It found that while six in ten CFOs (60%) believe they should be involved in the process of value creation, only a quarter (25%) actually lead key investment decisions, or front discussions on value drivers (26%).