2026 Report: CFO background, role scope and remit

_{This blog is taken from a section of our Finance Leaders in Tech Report 2026. To read the report in full, click here.}

CFO background

As a CFO specialist firm, we are regularly asked whether there is a correlation between a specific type of CFO background and success in the role in later-stage tech. The answer to this is multifaceted and deeply contextual, but as part of this report, we wanted to quantify the most common backgrounds of the CFOs who are heading up some of Europe’s leading technology companies. Despite the broad misconception that CFOs are most likely from an accountancy background, our data shows that this is true for only 40% of all CFOs surveyed.

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The remit of the CFO within growth-stage tech-enabled companies has expanded dramatically. CFOs can now expect to have functional responsibilities across operations, strategy, data, legal, compliance, and finance. As the remit itself diversifies, so too do the backgrounds of those in the CFO seat.

By just 6%, CFOs from banking and capital markets were the second most common background in our cohort, making up 34% overall. In the market boom of 2020-2022, scaleups were being valued on multiples of top-line growth, rather than sustainable profitability. To fuel this growth, scaleups needed to focus heavily on raising capital, so founders tended to over-index on fundraising capabilities when hiring into the CFO seat. This has resulted in a large number of CFOs in late-stage companies now having started their career in the Investment Banking industry, where articulating equity stories, producing models to support capital raising, and project managing the process are all native skills.

The third most common background, more prevalent in early-stage ventures, is consulting/ professional services at 20%. This could be because early-stage tech companies tend to spread strategic decision-making and responsibilities across leaders with more broad generalist skill sets.This is especially true in companies that are pre-Series B, where the lead finance role might not be a full-time position. Ex-consultants can offer a broad range of capabilities across operations and strategy that span far beyond the finance remit, whilst still possessing the skills to effectively manage finance for an early-stage organisation. As a company scales, we tend to see a shift from executives with generalist skill sets to leaders with a more narrow, specialist focus. In our experience, founders and their hiring teams tend to hone in on hiring a CFO with core financial skills at Series B and beyond.

CFO role scope and remit

We have long held the belief that CFOs are multi-disciplinary executives who can effectively connect finance, operations, and strategy to drive strong organisational performance. Our data supports this: 73% of the CFOs surveyed formally oversee functions beyond finance, with respondents overseeing an average of three additional business units. 23% of the CFOs surveyed selected other business functions, outside of those listed in the question. When asked to specify the additional functions within their remit, procurement was the most commonly referenced, followed by compliance, risk management, and Information security.

Our view is that CFOs are one of the few executives within an organisation without a functional bias, alongside the CPEP and CEO. They ultimately own the financial model for their organisation, and so by default, they have a much wider and multi-functional perspective of the business, enabling them to effectively oversee additional functions outside of finance.

In the early stages, this might be a cost-saving exercise, with a view to hire senior leaders with highly specialised skills as the company scales. In the later stages, it’s less common to see CFOs still managing areas like People and RevOps, but still just as likely for them to continue managing functions like Legal and Operations.

This broad remit and strategic impact is putting CFOs in a prime position for board seat membership. 51% of the CFOs we surveyed currently serve on their boards, as a full member or as an observer. Of the CFOs not currently sitting on the board, 70% would like to be in the near future.
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"The CFOs who create the most impact are those who operate as true business partners to the CEO. By taking ownership of finance and operational strategy, they free the CEO to focus on long-term vision and growth. CFOs with prior experience as CEOs or COOs often excel in this role, bringing a holistic perspective that strengthens decision-making and drives sustainable performance." Romain Mombert- Managing Director of Eurazeo Growth

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_{This blog is taken from a section of our Finance Leaders in Tech Report 2026. To read the report in full, click here.}

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