The 3 Biggest Limiting Beliefs
For many finance professionals like Finance Managers, the goal of becoming a CFO seems like a natural career progression. They are skilled in financial reporting, cost control, budgeting, and compliance—everything that keeps an organization financially sound.
Yet, despite their expertise, the MAJORITY of finance professionals struggle to make the leap to CFO. I have been seeing this for the past 25 years.
Why is that?
It’s not a lack of intelligence or effort. The real barriers are often self-imposed—deeply ingrained beliefs that shape their behavior, limit their ambition, and keep them stuck in operational roles instead of rising to strategic leadership. Let’s examine three of the most common limiting beliefs that hold finance managers back from stepping up to the C-suite.
Belief #1: “Technical expertise is enough to get me promoted.”
Most finance professionals are trained to be decent accountants, controllers, or analysts. They believe that qualifying with a CA, CPA, ACCA or similar qualification and mastering financial statements, audits, and compliance is the key to career success. Of course, technical competence is essential. But it is not what gets someone promoted to CFO.
Because at the CFO level, the game changes. The role is no longer just about ensuring accuracy in financial reporting—it’s about guiding business strategy, managing risks, and influencing decision-making at the highest level. Those who stay stuck in the belief that technical expertise alone is enough often find themselves sidelined while more strategic thinkers are promoted.
Executives do NOT need another accountant in the boardroom. They need a financial leader who can see the bigger picture, connect financial insights to business goals, and communicate them effectively to non-financial stakeholders. If a finance manager only focuses on numbers, they’ll always be seen as a “bean counter” rather than as a business leader.
In my experience of coaching finance professionals, they must do three things to break from the mindset that technical mastery is everything:
• Develop business acumen – Understand the industry, competitors, market trends, and the company’s strategic direction. A CFO is not just a financial leader but a business leader.
• Think beyond numbers – Learn to translate financial data into strategic insights. Instead of just presenting reports, focus on how financial metrics impact growth, investment, and profitability.
• Engage with other departments – Build relationships with sales, marketing, operations, and HR. A CFO must understand how all parts of the business function and contribute to financial success.
Finance Managers who shift from a technical mindset to a strategic one stand a much better chance of being seen as CFO material.
Belief #2: “My work should speak for itself.”
Many finance types assume that as long as they do great work, they will be recognized and rewarded. They believe that promotions are based purely on merit, and if they keep delivering results, leadership will naturally take notice.
Some even have the ridiculous belief that self-promotion is unethical.
The reality is, doing great work is not enough. Visibility and perception matter just as much—if not more—than competence. If you are buried in spreadsheets, working late nights, and never stepping into leadership conversations, you won’t be seen as a potential CFO.
As I mentioned in my book Let’s Get Real, Bosses are usually too busy managing their work and THEIR bosses to do a deep dive into what you have delivered.
In large organizations, promotions don’t happen in isolation. They happen through sponsorship, visibility, and a strong personal brand. If Finance Managers don’t speak up for themselves, they’ll be overlooked in favor of those who do.
To make an impact and position themselves for the CFO role, finance professionals must:
• Build executive presence – Speak confidently in meetings, contribute to high-level discussions, and present insights with clarity.
• Network strategically – Develop relationships with senior leaders, mentors, and decision-makers. Being top-of-mind when leadership considers promotions is crucial. Out of sight, out of mind.
• Market their value – Instead of assuming that leadership knows their contributions, finance managers should communicate their impact through storytelling, presentations, and direct conversations.
A CFO is not just a behind-the-scenes operator. They are a visible leader who influences decisions and represents the company externally. Finance managers who understand this will actively shape their professional image and career trajectory.
Belief #3: “Finance is separate from strategy and operations.”
Many Finance Managers see their role as one of financial oversight rather than business leadership. They focus on numbers, budgets, and reporting rather than actively shaping the company’s direction. They assume that strategy and operations belong to the CEO, COO, or business unit heads, while their job is to “keep the books in order.”
This mindset creates a self-imposed ceiling. If a finance professional sees themselves as separate from the company’s strategy, they will never be considered for the CFO role—because today’s CFO is not just a financial steward but a business architect.
Modern CFOs are expected to drive business performance, optimize operations, and provide insights that help the company grow. If finance leaders don’t actively engage in strategic discussions, they won’t be seen as key decision-makers.
When coaching finance professionals, I keep telling them that if they want to become CFOs they must:
• Adopt a commercial mindset – Instead of just looking at financial reports, analyze business drivers, profitability levers, and market trends.
• Get involved in strategic initiatives – Volunteer for cross-functional projects, M&A activities, or technology transformations that impact the company’s long-term growth.
• Communicate like a business leader – Move away from finance jargon and speak the language of executives: growth, market share, customer insights, and operational efficiency.
When finance professionals position themselves as business partners rather than just finance managers or financial controllers, they become indispensable at the executive level.
Conclusion
If you want to become a CFO it is not about working harder or being technically flawless—it’s about breaking free from limiting beliefs that keep finance professionals in the background.
1. Technical expertise alone won’t get you promoted – Develop strategic thinking, business acumen, and leadership skills.
2. Your work won’t speak for itself – Build visibility, executive presence, and a strong personal brand.
3. Finance is not separate from strategy – Engage in decision-making, understand operations, and position yourself as a business leader.
Finance professionals who recognize and overcome these mental barriers will position themselves as future CFOs. Those who cling to outdated beliefs will remain stuck in mid-level roles, watching others rise with surprise and envy and blaming it on sycophancy, racism, nepotism etc.
The choice is clear: stay comfortable in the back office or step up to lead.
