CFO Peer Groups and Forums: Are They Worth Joining?
The CFO role can be lonely.
You sit between the CEO, the board, the auditors, the bank and your own team. Each wants something different. There are things you cannot say to any of them. And there is usually only one of you in the building.
That is why so many new CFOs ask the same question: should I join a peer group?
The honest answer is that a good peer group can be one of the most useful things a CFO does. A poor one is an expensive lunch. The difference is in the choice and in how you use it.
Peer groups also have a quieter benefit. They are one of the places where senior roles and board seats get discussed before anyone advertises them.
This article covers what peer groups offer, paid versus free options, how to choose one, how to get value from it, the career benefits and when to leave.
What peer groups offer
Peer groups come in many forms. Most fall into a few types:
Facilitated small groups. Eight to fifteen CFOs who meet regularly, often monthly, with a facilitator and strict confidentiality.
Larger forums and networks. Bigger memberships with events, speakers and online discussion.
Professional body groups. Committees, special interest groups and senior member events run by accounting and finance bodies.
Industry finance groups. CFOs from one sector, such as health, property or not for profit, sharing sector issues.
Informal circles. A handful of CFOs who meet for breakfast every couple of months, organised by one of them.
What good ones offer:
A safe place to test decisions. “Here is what I am thinking. What am I missing?”
Practical answers. Others have already chosen the system, restructured the team or dealt with the difficult auditor.
Perspective. Hearing that other CFOs face the same tensions with their CEO or board is reassuring.
Benchmarks. Informal views on team size, close timetables, pay and reporting.
Relationships. Over time, these people become your network.
Paid vs free
Both can work. They work in different ways.
Paid groups usually offer structure. A facilitator, a set meeting rhythm, vetted members and clear confidentiality rules. Membership is often limited to people at a certain level. The cost may be covered by your employer as professional development, but that depends on the organisation and your agreement.
Free groups rely more on the members. Professional body events, industry networks and informal circles cost little or nothing but need you to put in effort. Quality varies more. The best informal groups can be as useful as any paid one.
Questions to ask about any paid option:
Who are the current members, by level and sector?
How are members chosen?
How are confidentiality and conflicts handled?
What does a typical meeting look like?
Can I attend once before committing?
What is the minimum commitment and how do I leave?
If the answers are vague, keep looking.
Choosing one
Start with what you need right now.
If you are a new CFO, look for a small, facilitated group with experienced members. You want people who have already faced what you are about to face. See the first-time CFO.
If you are an experienced CFO, you may want a group of genuine peers, often at similar scale, or a sector group where the conversation is specific.
If you are aiming for a bigger role or a board, look for groups with members a step ahead of you, and with links to chairs, investors or search consultants.
Check fit on three things:
Level. Are members at your level or above? A group of more junior people will not give you what you need.
Mix. Too similar and you all think the same. Too different and nothing is relevant.
Trust. Would you be comfortable sharing a real problem in that room?
One practical point: check whether any members work for competitors, customers or suppliers. Most good groups manage this. Ask how.
Getting value from it
Peer groups give back what you put in. Members who turn up, prepare and share get far more than those who listen politely.
Bring real problems. Not the polished version. The thing that is keeping you up at night, within what you can share.
Prepare. If the group discusses a topic, think about it beforehand.
Help others. Answer questions, share templates, make introductions.
Follow up. If someone helped you, tell them what happened.
Respect confidentiality. Absolutely. What is said in the room stays there.
Meet people one to one. The real relationships often form over coffee between meetings.
Keep your employer’s obligations in mind. You should not share confidential information, price sensitive details or anything covered by your employment agreement. Speak about the problem in general terms.
Career benefits
Peer groups are not job boards. But they matter for careers in ways people do not always expect.
Early word on roles. CFOs hear when a peer is leaving, when a business is about to hire or when a private equity owner is looking. See the hidden job market for executive roles.
Referrals. A peer who has seen you think through a hard problem will recommend you more readily than someone who only knows your title.
Board introductions. Experienced members often sit on boards and are asked for names.
References. Peers can speak to how you think, especially if you have worked on something together.
Market feedback. A trusted peer can tell you how you are seen, honestly.
The career benefit is a side effect of being a useful member. Joining a group just to find your next job rarely works, and other members notice.
How search consultants see it
When I was in executive search, I often asked senior finance people who they rated among their peers. The names that came up most were often people active in peer groups and professional forums. They had been seen thinking out loud by other CFOs. That gave their reputation a reach that their own employer alone never could.
I also noticed that well connected CFOs heard about searches early. Sometimes before I had even called them. Peer groups were a big part of that.
See networking for senior finance professionals.
When to leave
A group that was right three years ago may not be right now. It may be time to move on when:
You have stopped learning anything new
You find yourself giving far more than you get, every time
The membership has changed and the level or trust has dropped
Your role has changed and the conversation no longer fits
You attend out of habit, not value
Leave well. Thank the facilitator and members, stay in touch with the people you value and keep the confidentiality you agreed to.
Mistakes to avoid
Joining the first group you are invited to without checking fit
Turning up without preparing
Treating the group as a sales or recruiting channel
Sharing confidential details about your employer
Staying in a group long after it stopped being useful
A quick self-check
Who do you talk to when you face a decision you cannot discuss at work?
Are there at least three CFOs outside your organisation you could call this week?
Have you learned something useful from a peer in the last three months?
If the answers are “no one”, “no” and “no”, a peer group is worth a serious look.
Your next step
List two or three peer group options, including at least one free one through a professional body or your sector. Ask to attend one meeting of each before you decide.
If you want help with your next CFO move, my CFO resume writing helps senior finance leaders show the commercial impact that peers and search consultants already see.
If you are a new or experienced CFO thinking about your next step, book a complimentary Clarity Session.
