Head of FP&A, Treasury or Tax: How Specialist Finance Leaders Position for a CFO Role
Specialist finance leaders are some of the most capable people in any finance function. A Head of FP&A understands the business drivers better than almost anyone. A Group Treasurer manages the organisation’s funding, liquidity and financial risk. A Head of Tax deals with some of the most complex and consequential issues the business faces.
Yet when these leaders apply for CFO roles, they often find themselves overlooked in favour of Financial Controllers or Finance Directors with broader operational experience. Boards and search firms see a specialist, and they worry that the candidate has not covered the whole function.
If you are a specialist finance leader who wants a CFO role, you need to show that your specialist depth is an advantage, and that you have, or can quickly gain, the breadth the role requires.
Why specialists get stuck
The main concern about specialist candidates is breadth. A CFO is responsible for the whole finance function, including accounting, reporting, controls, planning, treasury, tax, risk and often IT, procurement and other support functions. Boards want to know that a CFO candidate understands all of it and can lead it.
Specialists may be deeply expert in one area but have less direct experience in others. A Head of FP&A may not have run a statutory audit. A Treasurer may not have led a budget process. A Head of Tax may not have managed a large finance operations team.
There can also be a perception issue. Specialists are sometimes seen as technical experts rather than leaders, even when their roles involve significant leadership and influence. Our piece on how recruiters evaluate finance leaders explains how these first impressions form.
What each specialism brings
Each specialist background brings something a CFO needs.
FP&A. Strong understanding of business drivers, performance, strategy and forecasting. FP&A leaders often work closely with the CEO and executive team, and they are usually involved in major commercial decisions. Many boards see FP&A as one of the strongest foundations for a commercial CFO.
Treasury. Deep experience in funding, capital structure, liquidity, banking relationships, covenant management and financial risk. Treasury leaders often deal directly with lenders, rating agencies and investors, and they are well placed for CFO roles in capital-intensive or highly leveraged businesses.
Tax. Expertise in one of the most complex and high-risk areas of finance, and often extensive experience with transactions, restructures and regulators. Tax leaders often work closely with the board and audit committee on significant judgements.
The task is to describe these strengths in the language of the CFO role.
Show breadth on your resume
The most important thing you can do is show breadth. Look carefully at your career and identify every area of finance you have worked in, led or influenced. That might include:
Earlier roles in financial accounting, audit or reporting
Involvement in the budget, forecast or strategic plan
Work with the audit committee or board
Exposure to controls, risk and compliance
Involvement in transactions, acquisitions or restructures
Experience with systems implementations or finance transformation
Leadership of teams beyond your specialism
Periods of acting in broader roles
Present these clearly. Many specialists underplay their earlier career, but it is often evidence of the breadth boards want. Our piece on how far back your executive resume should go covers how to present earlier roles without overloading the document.
Show leadership and influence
Specialist roles often involve significant influence without direct authority. An FP&A leader shapes decisions across the business. A Treasurer negotiates with banks on behalf of the organisation. A Head of Tax advises the board on major risks.
Describe that influence. Show the decisions you shaped, the stakeholders you worked with and the outcomes you achieved. Also show the teams you have led, even if they are specialist teams. Leadership is leadership.
Before and after: one achievement, three specialisms
The same principle applies whatever your specialism. Move the line from technical activity to business outcome. Here are illustrative examples.
FP&A, before: “Managed the annual budget and monthly reforecast process.”
FP&A, after: “Rebuilt the forecasting model around volume, price and mix, giving the executive team an earlier view of margin pressure. The CEO used the new model to reset pricing in two divisions mid-year.”
Treasury, before: “Responsible for banking relationships and debt facilities.”
Treasury, after: “Led the refinancing of the group’s core debt facilities with a new lending panel, extending tenor and freeing up headroom to fund an acquisition program. Presented the funding strategy to the board and audit committee.”
Tax, before: “Managed group tax compliance and advisory.”
Tax, after: “Advised the board on the tax structure for an offshore acquisition, worked with the deal team on the purchase price and integration plan, and managed the post-deal engagement with the tax authority.”
In each case, the after version shows influence on a decision, work with senior stakeholders and a result the business cared about. That is what makes a specialist read like a CFO candidate.
Common mistakes specialists make
A pattern I see often is a specialist resume that is strong in detail but weak in positioning. The usual problems are:
Writing for other specialists. Terms like hedge effectiveness, driver-based models or transfer pricing mean a lot to peers. A board wants to know what they did for the business.
Hiding earlier roles. Many specialists cut their early career to save space, and with it the reporting, audit or operations experience that proves breadth.
Describing the team, not the leadership. Saying you manage a team of eight is a fact. Saying how you built it, developed it and used it to change decisions is leadership.
Applying for every CFO role. A Treasurer applying for a CFO role in a business with little debt is fighting their own background. Target roles where your depth matters.
Close the gaps deliberately
If there are significant gaps in your experience, work on closing them before you apply for CFO roles. That might mean:
Asking for a broader role within your current organisation, such as Deputy CFO, Finance Director of a division or Head of Finance for a business unit
Taking on responsibility for an additional area, such as financial reporting or finance operations
Leading a cross-functional project that exposes you to other parts of the function
Acting in the CFO role during leave or a vacancy
Taking on a board or audit committee role outside your employer
Our guide to moving from Finance Business Partner to Head of Finance covers a similar step for earlier-career finance leaders.
Choose CFO roles that value your specialism
Some CFO roles value specialist backgrounds more than others.
FP&A leaders often suit CFO roles in growth businesses, businesses in transformation or businesses where the CEO wants a strong commercial partner.
Treasury leaders often suit CFO roles in capital-intensive, infrastructure, property, energy or highly leveraged businesses, and in PE-backed businesses with significant debt.
Tax leaders often suit CFO roles in businesses with complex international structures, significant transactions or regulatory exposure.
Target these roles first, where your specialism is a clear advantage. Our piece on the four CFO briefs can help you identify which briefs suit your background.
Reposition your summary
Your resume summary should present you as a finance leader, not only as a specialist. For example, instead of “Experienced Group Treasurer with expertise in debt markets and financial risk”, you might write “Finance leader with 15 years across treasury, reporting and planning, currently responsible for $2bn in debt facilities and liquidity for an ASX 100 group, working closely with the CFO, board and lenders”.
The second version still highlights the specialism, but it positions you as a broader finance leader. Our guide to writing an executive summary covers the structure.
Prepare for the breadth question
In interviews, expect questions such as “You have spent most of your career in treasury. How will you lead the rest of the finance function?”
Answer directly. Show the breadth you have, acknowledge the areas where you have less experience, and explain how you would lead them, including the team and advisers you would rely on. Boards do not expect a CFO to be an expert in everything. They expect a CFO to lead everything well.
What the panel is thinking
When a panel interviews a specialist for a CFO role, they are usually asking themselves a few quiet questions:
Will this person see the whole business, or mainly their own area?
Can they lead people who know more than they do about reporting or operations?
Will they be comfortable being the final sign-off on the accounts?
Does their specialism solve a problem we actually have?
Use your answers to speak to these. Talk about the business, not only your function. Show how you work with experts in areas you know less well. And link your specialism to the challenges the organisation faces now.
Make the specialism work for you
Specialist finance leaders can make excellent CFOs. The depth they bring is often exactly what the business needs. The key is to show that depth as an advantage, show the breadth that already exists in your career, close the gaps deliberately and target the CFO roles where your background fits best.
If you want a CFO resume that positions your specialist experience for the top role, see how I approach CFO resume writing.
If you are a specialist finance leader targeting CFO roles, book a complimentary Clarity Session and we will look at how to present your breadth and which CFO briefs suit you best.
