New study reveals UK CFOs are increasingly overwhelmed by the expanding scope of their roles.

More than two-thirds of chief financial officers (CFOs) in the UK are struggling to manage the expanding demands of their positions, according to a recent report.

Over the past three to five years, the CFO role has evolved from a primarily financial oversight position to become more strategic. A study by finance management platform OneStream finds 62% of business leaders believe the CFO role will continue to grow in importance over the coming years.

In addition to traditional financial duties, CFOs are now expected to drive innovation, particularly in emerging technologies like artificial intelligence (AI). 71% of UK business leaders believe CFOs should take a central role in corporate growth initiatives, adding to the pressure.

Bill Koefoed, CFO at OneStream, says expectations of the role have increased significantly. "Amid ongoing economic challenges like inflation and rising interest rates, as well as the evolving regulatory environment - including new compliance initiatives in the UK - business leaders and investors alike are looking to CFOs to steer their business towards sustainable growth."

Koefoed adds that the latest data points to an urgent shift in the expectations placed on CFOs. "This serves as a mandate for where finance leaders must put their attention to keep their businesses operationally resilient and thriving," he adds.

One significant area of additional pressure is environmental, social and governance (ESG) considerations. The study found 86% of UK investors believe CFOs must take responsibility for enhancing corporate value beyond just financial performance.