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🌉 Bridging the GAAP
Making the leap to CFO - Part II


It’s been a wild year for the office of the CFO
Between fluctuating inflation and geopolitical tensions, businesses are shifting focus towards resilience and efficiency. Many are finding the answer in digitalization, choosing software like Lucanet’s CFO Solution Platform to simplify all this complexity.
From AI innovations to evolving regulations, get insights to tackle the challenges of 2025 in Lucanet’s latest webinar.


The long game
I felt a bit like a lemon.
Just sat there in the corner, not contributing…
Wondering why I was there.
The company was going through a tricky refinancing. I was in an FP&A role in middle management and had no real treasury/IR experience. But the CEO had specifically asked me to attend. He had handpicked me to get some experience.
I found this strange, as did the CFO, the Corporate Finance VP, and the rest of the treasury team. All of whom had far more reason to be there than I did.
It was my first exposure to investment banks and the whole world of jargon that they speak. Much of it meant nothing to me. I knew at some point this was a box I’d have to check, but at this stage of my career, my head was firmly in climbing the FP&A ladder to VP of finance or business unit CFO.
I sat in all the investor meetings with the CEO and CFO (at the CEO’s request) silently in the corner of the room, a spare part. This was a long way from my day job and while it was interesting, it just felt too remote to really learn from. Much of it washed over me.
At the end of the process, I carefully asked the CEO why I had been there (he had a temper). He just said, “Someday you’ll get it.”
After that, I went back to my day job and soon forgot about the experience.
Until years later, as a Group CFO, leading my first capital market fundraise.
This was the ‘someday’ that the CEO had mentioned years before. I was hearing the same jargon, and seeing the same dynamics.
And rather than seeing it all for the first time, I was able to connect the dots so much more quickly.
I realized I had seen the whole process before, end to end (albeit as a spectator), which meant I knew what each stage would look like. This helped me prepare, and not feel like a complete newbie.
This had a profound effect on my confidence.
What had felt (in the moment) like a bit of a waste of time, had, in fact, been a powerful learning experience. Learning by osmosis. The experiences had sat latent for years, but they were there.
Ready for when I needed them most.

Bridging the GAAP
In this series, we’re diving into what ‘nearly CFOs’ need to do in the last mile to get to the CFO seat.
Last week, we shared the 6 Intangible Liabilities, the hard-to-get skills that are vital for success as a CFO. This week, we’re focusing on practical ways to build those skills earlier in your career.
This isn’t an exhaustive list of thing you need to do to become a CFO. Far from it. For that, check out our March series on the T-shaped skills).
Instead, this is a set of actionable every day tips to address the 6 Intangible Liabilities and fast-track your readiness for the CFO role.
Tactic 1: Get in the room

Source: Giphy
The biggest challenge for new CFOs is feeling comfortable in the same space as other executives and board members.
One common flaw I’ve seen in new CFOs is being too deferential to their peers or the board, acting as though others’ experience and confidence outweigh their own. The opposite is just as dangerous: coming in too hot, and acting like they know it all.
Both mistakes stem from the same issue: a lack of experience being in the room with big personalities and egos.
So, how do you address this? You need to ‘get in the room.’
Identify the most high stakes meetings
If you’re at the VP Finance or BU CFO level, this is likely the exec or board meeting
For others, it might be the monthly sales and operations planning session or some other high-stakes meeting where decisions get made
Tip: It’s probably the one you hear your boss / boss’s boss talk about the most
Find a way in
Volunteer: Step in if the usual notetaker is absent. Be the first to raise your hand. Chances are no one else will.
Ask for a slot: Talk to your boss and ask if there’s an opportunity to present something in the next six months. Good bosses want their people to grow and will find a way to make it happen. The annual planning cycle is usually ripe for this; i.e. present some part of the budget or long range plan.
Own a special project: Take charge of a key initiative that naturally intersects with those meetings. Leaving you out is much harder if the project is your baby.
Maximize the experience
Watch the big dogs: Pay attention to how execs duke it out over key decisions. Notice who pushes hard, who listens, and how the group lands on a solution.
Get comfortable in the space: Practice feeling like you belong. These people are your future peers. It’s time to start acting like it.
Follow up like a pro: If there’s an open question or information gap from the meeting, jump on it fast. You just became the girl or guy that solved their problem.
Why it’s worth doing
You’ll learn so much just by being in the room:
How different executives think and operate under pressure
How to hold your own in high-stakes discussions
How to make yourself known to the people who matter
There’s zero downside (unless you say something really dumb… don’t do that.)
Tactic 2: Write the CFO update
Every month, your CFO has to write an update for the board pack. Summarize performance, talk about risks and opportunities on the horizon, and provide an update on cash flow, key projects, etc.
It will either be something they enjoy doing or find useful, but don’t have time for. Or something they hate doing… and don’t have time for.
Either way, you can help them out here. Volunteer to write the first draft each month. You can do 90% of the work, and then the CFO can just apply their sprinkles on top.
This is a great way to practice thinking like a CFO.
Start by replicating the existing format. A radical change might put your CFO off. You can evolve it once you have built trust.
Boards care most about actions and accountability. Highlight key takeaways and who needs to do what. This is where you’ll be forced to think the hardest.
Make sure you see the final version after the CFO applies their edits. This is gold for understanding how they think. Did they adjust the structure, tone, or content? And why?
Why it’s worth doing
Writing the CFO update is one of the best ways to:
Practice boiling complex information down into key insights
Learn what resonates with senior execs and boards
Show your CFO and CEO that you’re thinking at their level
It’s not glamorous work, but it’s invaluable practice. Plus, when your time comes to sit in the CFO seat, you’ll already have this skill locked down.
Note: We’ll cover what makes a great board pack in more detail in a future series (check out our earlier post on the topic here).
Tactic 3: Practice being on stage

Source: Giphy
CFOs have to get comfortable being the center of attention. You’ll need to present at company conferences, speak at all-hands meetings, and pitch to a roomful of investors.
Most finance pros on the CFO path tend to be biased towards introversion. So this doesn’t feel as comfortable for the average VP of Finance as it might for a VP of Sales.
But here’s the truth…it’s all about repetitions:
Start small and build up. Begin in safer environments like finance-only meetings where the audience is more forgiving. Then you can broaden your scope to non-finance audiences, and eventually external audiences.
Capitalize on opportunities. Volunteer to deputize for the CFO whenever possible, even for small parts of their presentations. Treat every presentation opportunity like it’s your personal Super Bowl.
Seek out smaller group opportunities. But practice as though the stakes are higher. Reps are reps.
After each presentation, ask for constructive feedback. Trusted colleagues will give it to you straight. What worked? What didn’t?
Pay attention to audience reactions. Are they engaged, confused, or tuned out? Adjust accordingly for next time.
Why it’s worth doing
You’ll discover what style works best for you
Get reps. Public speaking is a skill you’ll need every day as CFO
When the big moment comes you’ll feel prepared rather than overwhelmed
My daughter (who is much wiser than me) said to me recently; "Daddy, practice doesn’t make perfect, but it does make progress."
Tactic 4: Get on the front line

Babak Siavoshy, Anduril CFO
In our recent interview with Anduril CFO Babak Siavoshy, we heard how he rose to CFO via a Chief Legal Officer role.
He did so through an ocean-deep understanding of the business. His strength and depth of knowledge about the mechanics of the business were more important than specific finance career experience.
This is a trait I’ve seen in all great CFOs. They have a phenomenal understanding of how the business works, how it makes money, and what needs to be true for the unit economics to work. They can smell it when something’s off.
Learning to join the dots from the shop floor to the boardroom is a skill in itself. You can’t get this sitting behind an Excel spreadsheet. Sure, you’ll understand the unit economics on paper. But business doesn’t play out on paper, that’s just how the score is kept.
How to get on the front line
Spend time where the magic happens: Go to the stores and warehouse, join product development or engineering meetings. Look for bottlenecks, pain points, and success stories that don’t show up in the numbers.
Ask smart questions: Your goal isn’t to take over or micromanage. Be a quiet observer and ask thoughtful questions.
Make connections: Use what you learn to tie operational realities back to financial outcomes. For example, if production delays are slowing sales, how does that show up in your forecasts?
Why this matters
Here’s what you gain by stepping out of the finance bubble:
A sharper understanding of what’s driving your numbers
Credibility with operational teams who see you as more than “just finance”
The ability to add real-world context to boardroom discussions
Most senior finance pros understand the value of connecting the dots, but very few actually get out there and do it. Don’t be ‘most.’
Tactic 5: Lead a business-wide project
At the ‘CFO - 1’ level (i.e., VP of Finance, Controller, BU CFO, etc.) you should be capable of leading a cross-functional project.
Cross-functional projects are 10x harder to run than finance-only projects because you don’t have direct control of the resources you need. Plus, your project will have differing levels of priority across the business.
Running business-wide projects is a great training ground for something you’ll need to do all the time as CFO: bringing the business together to deliver something complicated.
Examples of business-wide projects:
Rolling out a new ERP system
Leading a company-wide cost-cutting initiative
Improving cash flow management
Managing a compliance overhaul
These projects force you to collaborate with other departments, understand their challenges, and build trust across the business.
But… a note of caution.
The minute you put your hand up, you will become stapled to that project in a visible way.
If it fails, it will hurt your reputation. And if it succeeds, it will catapult you. Pick a project that you are confident will win, and make sure you have access to the resources you need.
What you’ll learn:
Convincing teams outside your control to align with your goals
Juggling competing priorities and navigating organizational politics
Seeing the big picture while staying on top of the details
Handling setbacks and keeping the team focused on delivering results
Why it matters:
Stakeholder management in big projects is seriously hard to do well. You’ll need to commit to a scope, budget, and timeline for the exec team and your CFO. And that’s the easy bit. After that, you’ve actually got to deliver it.
It won’t be easy but it’s invaluable experience. It also sits firmly as an ‘achievement’ on your resume. Mediocre resumes read like a list of responsibilities. Great resumes are filled with tangible achievements, and delivering a big project is career-defining stuff.
Tactic 6: Make CFO Friends
Jim Rohn said, “You become the average of the five people you spend the most time with.”
So by that logic, if you want to become a CFO, you need to spend more time with CFOs.
Go where the CFOs are
Start with the senior finance pros in your business. Get to know them. Show an interest in the things they care about. The more they like you, the more likely they are to spend time with you.
Take every opportunity to meet other CFOs. At networking events, conferences, panels, whatever works. Reach out to CFOs you admire and ask them a specific question about their career. You’d be surprised how often people respond when you show genuine curiosity.
Especially keep an eye out for CFOs who have retired from exec work and ‘gone plural’ into board roles. These folk have most experience and more time to help you.
A word of warning.
This might be hard to hear, but I want you to hear it from me rather than find out the hard way.
Don’t ask “Will you be my mentor?” This question drives me crazy. It’s a witless, open-ended ask that puts all the work on the other person.
Here’s what this question really says: “I don’t know how to develop myself, so I’d like to outsource that problem to you, for an unspecified level of commitment and an undefined period of time.”
Instead, just start a conversation. Ask an interesting question. Get an interesting answer. Ask another interesting question. And so on. Congratulations, you’ve just started an informal mentor relationship without ever needing to make it official.
Every great mentor I’ve had started with a simple conversation. None of them came from a formal request.
Why this matters
Building relationships with CFOs gives you:
Insights into how they think and operate
Access to advice you won’t find in books or courses
A broader network of people who can help you find opportunities and avoid pitfalls
Don’t overcomplicate it. Just talk to interesting people, and the rest will follow.
Tactic 7: Join investor calls and play along
What if I told you that you could observe the best CFOs in the world working under pressure, in high-stakes settings, anytime you want?
You’d jump at the chance, right?
Well… you can. It happens nearly every day on investor calls. They’re available on the websites of most public companies.
Granted, you’re seeing their public face and not how they operate internally (where you’d learn even more). But two things:
You can still learn a ton from how top CFOs handle investors on quarterly earnings calls
You can learn just as much from the bad ones by spotting mistakes and thinking about how you’d do it differently
Start with your own company: If your company is public, sit in on your CFO’s earnings calls. Connect what they’re saying to what you see inside the business. Notice how their tone differs publicly vs. privately. Why?
Play Along: Write down the analysts’ questions during the call and think about how you would answer them.
What to listen for:
Storytelling with numbers: How does the CFO frame the company’s story? How do they connect the numbers to the broader narrative?
Handling tough questions: Pay close attention to how they navigate difficult or uncomfortable questions
The analyst pile-on: Watch what happens when analysts smell blood in the water and dig into a weak spot. How does the CFO keep their composure?
Why it matters
Investor calls are a masterclass in public-facing CFO skills. You’ll see firsthand how to:
Balance transparency with confidence
Frame data to tell a compelling story
Handle pressure when the stakes are high
If you can, role-play these situations. Sit in on your company’s calls, answer the questions in your head, and compare your responses to those given. It’s like a workout for your CFO brain.
Bonus Tip: Media training can also help you prepare for these moments. Knowing how to stay calm and cool under fire is a skill every CFO needs.
Net-net
You will need a broader development plan to reach the CFO seat, but these 7 actiond can all be integrated into your day job. They’ll help you get repetitions in thinking and behaving like a CFO.
And once you’ve built the skills, it’s time to land the role.
In part 3 of this series next week, we’ll discuss the ways to find your first CFO job.

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And Finally
Next week we’ll get into how to actually find your first CFO job.
If you enjoyed today’s content, don’t forget to check out this week’s sponsor Lucanet.
Stay crispy,
The Secret CFO
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Disclaimer: I am not your accountant, investment advisor, tax advisor, lawyer, CFO, director, or friend. Well, maybe I’m your friend, but I am not any of those other things. Everything I publish represents my opinions only, not advice. And certainly is not investment advice. Running the finances for a company is serious business, and you should take the proper advice you need.

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