Myles Corson, EY Global and Americas Strategy and Markets Leader for Financial Accounting Advisory Services, has seen the role of the Chief Financial Officer (CFO) transform dramatically over his three-decade career.
In a recent interview, Corson emphasized that today’s CFOs must go beyond analytical expertise, embracing clarity, consistency, and communication to navigate an era of constant disruption.
“Communication and collaboration are what differentiate successful CFOs, especially in transformation,” Corson said, highlighting findings from EY’s research with Oxford Saïd Business School. The study revealed a stark reality: 75% of CFOs have faced a failed transformation in the past five years, underscoring the need for finance leaders to foster environments that encourage experimentation and innovation.
The Alignment Challenge
EY’s DNA of the CFO report found that 67% of CFOs experience misalignment within the C-suite, a tension Corson sees as both a challenge and an opportunity. “You want debate and diversity of opinion, but you need to bring the room to a decision,” he said. CFOs, armed with data and credibility, are uniquely positioned to shape strategy, not just report on it.
This shift demands storytelling—a skill not traditionally tied to finance. “A good CFO must simplify complexity and tailor messaging for investors, boards, and teams,” Corson noted. He advocates for underused tools like visualization platforms and social media to make finance more accessible and human, particularly in global organizations.
Balancing Roles in a Polycrisis World
CFOs today juggle multiple roles: strategists, compliance stewards, and transformation architects. Corson stressed the importance of a clear vision to guide teams through uncertainty. “If your people understand where you’re heading, they can make better short-term decisions,” he said.
Technology, particularly AI and blockchain, must be approached pragmatically. “Don’t look at AI as a hammer in search of nails,” Corson cautioned, citing Microsoft’s Modern Finance program, led by Corey Hrncirik, as an example. “Their journey took time, starting with solid data foundations and cultural change.”
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From Protection to Creation
Corson sees the CFO role evolving from value protector to value creator. Yet, many finance leaders undermine their strategic ambitions by focusing solely on cost and efficiency metrics. “If you claim to care about business partnership, your KPIs should reflect that—like tracking how finance drives decisions,” he advised.
This shift requires probabilistic thinking, where CFOs take calculated risks on technologies with uncertain returns. “Some of the biggest breakthroughs come from thoughtful bets and learning as you go,” Corson said.
Strategic Tech Investments
When asked where CFOs should focus their technology investments, Corson avoided a blanket answer. “Start with the problem, not the trend. Define the outcome and find the right tools,” he said. He warned against overusing energy-intensive solutions like agentic AI for tasks better suited to simpler automation, freeing up resources for high-value work like driving growth.
Ultimately, Corson’s message is clear: CFOs must enable better, faster, and more informed decisions across the business. “If your peers don’t see you as a partner in decision-making, you’re not yet where you need to be,” he concluded.
