For as long as investors have been investing, chief executive officers (CEOs) have dominated investors’ attention. CEOs have been the charismatic storytellers, market visionaries, and cultural figureheads shaping the future of the firm.

But in an era defined by economic volatility, regulatory shifts, and relentless digital acceleration, today’s investors are recalibrating who can best safeguard their capital. And the answer is increasingly clear: investors are now betting on chief financial officers (CFOs) — not CEOs

This shift isn’t anecdotal. OneStream's Finance 2035: Return to Investment global study, which surveyed more than 2,000 business leaders and investors, reveals why. Per the study, CFO competence now ranks as the second-most important factor in investor decision‑making. That factor is outranking CEO competence, which sits at seventh (the primary factor is “market expansion opportunity”).

On average, investors even increase their initial allocation by 2.6% when the CFO is considered the strategic growth leader. That figure rises to as much as 3.6% among the largest asset managers.

So why, exactly, are investors shifting their confidence toward CFOs? The answer lies in three forces reshaping the modern enterprise: data, digitalization, and the elevation of finance as the core strategic engine.

CFOs Deliver What Investors Trust Most: Verified, Data‑Driven Reality

Investors care about fundamentals. They want to know the following:

Is the business allocating capital intelligently?
Can it weather uncertainty?
Are its forecasts trustworthy?

More than anyone else, CFOs are positioned to answer these questions. The Finance 2035 study found that 78% of investors expect CFOs to combine technical, operational, and strategic competence. In other words, investors rely on the CFO as an objective interpreter of organizational health.

This reliance aligns with broader market research. For example, McKinsey reports that CFOs are increasingly the executives overseeing digital activities, performance management, and capital markets engagement. Investors thus view CFOs as the stewards of long‑term value.

CFOs ultimately own the integrity of the numbers (not just the narrative). As a result, investors view the CFO's perspective as more credible, more consistent, and more predictive of future performance than the CEO’s (still valuable) outward‑facing vision.

The CFO Has Become the Strategic Engine of Transformation

The world is shifting under the feet of every major enterprise. What used to be periodic modernization is now constant reinvention. According to Accenture, today’s environment is a “highly disruptive decade,” with 86% of CFOs reporting that transformation moves faster than ever before.

Investors reward organizations that can adapt quickly. And CFOs are increasingly the ones leading to the operational, technological, and analytical reinvention required to stay competitive.

The Finance 2035 findings reinforce this notion:

74% of CFOs believe AI and automation will fully reshape finance by 2035.
75% believe data will be their organization’s biggest asset.
Investors increase their investment by 2.9% in companies whose CFOs have modernized finance operations.

BCG’s research aligns with that data. Per BCG, CFO‑led transformations generate faster execution, more streamlined processes, and stronger cross‑company credibility. Finance is thus the natural starting point for enterprise reinvention.

What investors see: A CFO who can modernize finance can modernize the business.

And in a world where reinvention is a survival skill, that makes the CFO indispensable.

CFOs Are Better Positioned to Connect Digital, Operational, & Financial Strategy

Modern CFOs aren’t just tracking performance — they’re also predicting it. Sitting at the intersection of operational data, financial signals, and enterprise‑wide risks, CFOs are best positioned to create holistic, integrated insights that investors can trust.

According to McKinsey’s research, CFO digital responsibilities have more than doubled in recent years, reflecting the CFO’s central role in tech-enabled decision-making. Accenture goes further, describing CFOs as “digital stewards” who use AI and analytics to interpret complex information and accelerate strategic decision-making. And Wharton notes that CFOs are increasingly the strategic partners and co‑pilots to CEOs, synthesizing disparate data sources into actionable long‑term direction.

In essence, CEOs articulate the vision, but CFOs validate the reality behind it. And when money is on the line, investors choose the CFO.

The CFO Has Become the ESG Translator Investors Rely On

Environmental, social, and governance (ESG) may be polarizing in public discourse, but among investors, one trend is consistent: measurable sustainability performance signals long-term resilience.

The Finance 2035 study shows the following:

73% of investors believe ESG strength is essential for global competitiveness.
88% are more likely to invest in organizations with a comprehensive net‑zero plan (100% among mega‑investors).
85% say CFOs must quantify value beyond profit alone.

Here, CFOs play a unique role because ESG only influences investment when tied to metrics, risk exposure, and cost-of-capital implications. The CFO is the executive best equipped to connect sustainability to financial outcomes.

What Makes an “Investable CFO”?

According to the Finance 2035 study, the CFOs that investors trust most excel in five core dimensions:

Strategic vision: Clear long‑term thinking informed by data.
Technology fluency: AI, automation, and digital architecture.
Capital allocation expertise: The heart of investor confidence.
Risk management strength: The ability to balance opportunity with discipline.
Narrative clarity: The ability to explain complex realities simply.

These capabilities strengthen the CFO’s credibility, and that credibility translates directly into investor dollars.

The CFO Is the Investor’s Most Trusted Guide to the Future

CEOs aren’t being abandoned by investors. But in a world defined by uncertainty, complexity, and technological disruption, investors recognize the CFO is the executive best equipped to do the following:

Validate strategic claims
Quantify long‑term value
Interpret rapidly shifting risks
Lead digital transformation
Reinforce operational discipline
Connect ESG impact to measurable outcomes
Guide capital allocation with clarity
Deliver the truth — in numbers, not just narratives

Simply put, investors bet on CFOs because they reduce uncertainty.

And reducing uncertainty is the greatest value any executive can create in today’s world.

To become Forward Finance organizations, inspire investor confidence, and outcompete in the decade ahead, companies must elevate — and fully empower — the CFO. The future of enterprise performance isn’t just shaped by bold vision. That future is secured by leaders who can translate vision into financial reality.

Read more about Finance 2035: Return to Investment.

How CFOs Became the Decisive Force Behind Investor Confidence