Many CFOs are not leading key investment and value-creation decisions, despite wanting a bigger strategic role, according to EY. The survey covered more than 1,600 CFOs and senior finance leaders across 28 countries.
The findings point to a gap between ambition and influence within finance functions. Six in 10 CFOs said they should be involved in value creation, yet only 25% said they lead key investment decisions and 26% said they lead discussions on value drivers.
Just 27% of respondents said their organisations view finance as a key partner in value creation. This suggests many finance leaders still struggle to shift perceptions of their role beyond reporting and control.
Pressure on CFOs is rising as companies face tougher decisions on growth, investment and the use of AI. The data also indicates that finance teams often lack the skills and confidence needed to support a broader strategic remit.
"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 organizations through a more complex and fast-moving environment," said Jad Shimaly, Global Managing Partner - Client Service, EY.
Measuring value
A central issue in the research is how companies define and measure value. Nearly half of respondents (49%) said traditional metrics do not capture the value created by technology, data, new roles, or long-term investment. In comparison, 50% said proving return on investment up front remains a major obstacle.
More than two-thirds (68%) said the definition of enterprise value must change. That reflects a broader challenge for finance leaders as businesses invest in areas where the payoff may be indirect, delayed or difficult to quantify using standard measures.
Finance teams need a clearer framework if they are to take a stronger lead in strategic decisions, said Myles Corson, EY Global Strategy and Markets Leader - FAAS.
"CFOs, and finance teams in general, won't be able to lead the charge on value creation without a rethink in how value is measured. The ways in which companies generate value are becoming ever more complex, and new sources of value aren't easily captured by traditional metrics. Without a clear framework to measure value in all its forms, CFOs will find it harder to assess where it is truly being created and won't be well positioned to lead discussions or challenge decisions," Corson said.
AI readiness
The research also found limited readiness across finance teams to use AI effectively. Only 21% of CFOs described their finance function's AI preparedness as leading or advanced compared with other companies.
Less than 15% said their teams were highly adaptable or confident when using new technologies, including AI. The figures suggest that even as AI becomes a boardroom issue, many finance departments remain in the early stages of adoption.
Respondents also reported practical barriers to AI investment. Data quality problems were cited by 61%, while 51% said they struggle to explain the benefits of AI, and 50% said they lack the skills or capacity to make full use of it.
Those limitations appear to shape expectations for what AI can contribute. Fewer than half of respondents saw strong potential for AI in data analysis, growth forecasting and dynamic pricing. However, confidence rose sharply among finance leaders who viewed their teams as fully prepared.
The issue is not simply access to tools, said Meg Paschall, EY Organisation and Workforce Transformation Leader.
"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," Paschall said.
Skills gap
The survey points to a wider capability problem within finance teams. Almost two-fifths of CFOs (38%) said they are evolving faster than their broader finance leadership teams, while 68% said they need new skills and leadership styles to remain effective.
Half of the respondents said leadership development should be available across the finance team to reduce succession risk. The concern is that if teams do not develop quickly enough, companies may struggle to build a pipeline of finance leaders capable of operating in more strategic, technology-focused roles.
The demands on CFOs now extend well beyond stewardship of the numbers, Corson said.
"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 strength of the wider team," he said.
"Without the right skills, finance teams will struggle to influence high-stakes decisions, and the ability of CFOs to truly impact organisational progress will be limited. There's also a very real risk that, if leadership skills across finance functions do not advance fast enough, the future CFO talent pipeline will not be as strong, placing the role in jeopardy," Paschall added.