Victoria Bell, a highly experienced former Group CFO, Non-Executive Director, and senior advisor to private equity firms, has offered a candid and insightful look into the high-pressure world of private equity finance leadership.
In a recent Chat CFO interview, Bell, who has led finance functions through growth, turnaround, and major transformation programmes, shared the unfiltered realities of the role, warning that many aspiring CFOs underestimate its intensity and complexity.
One of the biggest misconceptions, according to Bell, is the true nature of the job. While many understand the fast pace, few fully grasp what she describes as the “boardroom to basics” challenge.
“You need to be very blue sky in the boardroom, talking big picture and strategy, and literally hours – if not minutes-later, be sitting with treasury analysts fixing an error in a spreadsheet,” she explained. “The ability to shift fast between those different perspectives is one of the biggest challenges.”
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Bell highlighted a key difference between private equity and listed corporate environments. In private equity, she noted, shareholders are deeply engaged, having made a very conscious and significant investment in the business. This creates a level of intensity and involvement that is far greater than in most public companies, where shareholders are often more passive.
“It’s the complete opposite of a listed corporate where most shareholders own you because you’re in an index,” she said.
While acknowledging the appeal of private equity, the dynamism, interaction with exceptional talent, and potential for significant rewards, Bell cautioned that it is “not for everyone” and certainly not the guaranteed “golden ticket” many perceive it to be.
“Be careful what you wish for,” she warned. “You have to genuinely like the dynamism, the challenge, and the pace.”
Bell also shared practical advice for finance leaders evaluating private equity opportunities, stressing the importance of understanding the fund’s style, the CEO-CFO relationship, and the organisation’s perception of the finance function. She emphasised that finance must move from being viewed as a back-office support to a true strategic partner.
Her insights underscore a central truth in private equity: success depends on strong governance, disciplined risk management, data excellence, and the ability to build resilient teams — all while delivering long-term value creation under intense scrutiny.
