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| McKinsey Classics | December 2021 |  |
| What do CFOs do upon taking office? In retrospect, what do they think they should have done? McKinsey conducted a survey to find out. Many of the answers depended on conditions at specific companies—some newly appointed CFOs had to lead turnarounds straight out of the gate; others were forced to rebuild inadequate finance organizations. But the results found that certain things are important for almost all new CFOs. For starters, they should master the CEO’s agenda. When one newly appointed CFO asked the chief executive what was expected of him, the CEO replied, “When you’re able to finish my sentences, you’ll know you’re on the right track.” | | But perhaps the biggest, most important challenge is to learn to think and act like the CFO of a corporation, not its lead controller or the CFO of a business unit. Challenging business plans and strategies isn’t necessarily about cutting investments and squeezing out incremental margins. A CFO with a mindset based on compliance, cost cutting, and control probably won’t be able to make the difficult decisions needed to help companies grow. Read our 2008 classic “Starting up as CFO.” | | — Roger Draper, editor, New York | |  | | | | Did You Miss Our Previous McKinsey Classics? | | | | | Most companies can anticipate the strategic side of growth—where, when, and how it happens—but many underestimate its organizational side. Read our 2011 classic article “Preparing your organization for growth.” | | | | | | McKinsey Insights - Get our latest
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