Cfo Requirements

CFO Requirements in South Africa: Skills, Experience and Compliance

Understanding CFO requirements in South Africa is essential for any organisation that wants strong financial leadership and governance. While there is no single legal template for a Chief Financial Officer (CFO) role, common expectations have emerged from professional bodies, corporate governance codes and senior finance job profiles.

Below is a consolidated, factual view of typical CFO requirements in South Africa, based on credible public sources.

1. Typical Qualifications for a CFO in South Africa

Most South African CFO roles require a strong formal finance qualification. Many employers specify a Chartered Accountant designation or an equivalent finance-related degree:

The Institute of Directors in South Africa (IoDSA) notes in its King IV guidance that executives with financial responsibilities must have appropriate financial literacy and expertise to support the governing body’s oversight of financial reporting and risk management, which in practice drives demand for highly qualified senior finance leaders such as Chartered Accountants [IoDSA – King IV™ Report on Corporate Governance].
The South African Institute of Chartered Accountants (SAICA) describes the Chartered Accountant [CA(SA)] designation as equipping professionals with high‑level financial, auditing, reporting and strategic business skills – competencies that are directly aligned with the expectations for CFOs in medium and large entities [SAICA – Why a CA(SA)?].

From these sources and from senior CFO job specifications on South African career platforms such as Careers24, which typically list CA(SA) or equivalent finance degrees as minimum requirements for CFO roles [Careers24 – Chief Financial Officer job listings], common qualification requirements include:

A recognised bachelor’s degree in accounting, finance, or a related field.
Frequently, a postgraduate qualification such as a BCom Honours, CTA, or Master’s in Finance/Business.
A professional designation such as CA(SA) is often preferred or required in corporate and listed environments.

2. Professional Experience Expected from a CFO

CFOs are senior executives and are typically expected to bring several years of progressive experience in finance and leadership:

South African executive job descriptions commonly require 8–10+ years of post‑article experience in finance, with at least 3–5 years at a senior management or executive level (e.g., Finance Director, Financial Manager, Group Financial Controller). Representative profiles on Careers24, for example, specify extensive experience in financial management, reporting, budgeting, and leadership as prerequisites for CFO appointments [Careers24 – Chief Financial Officer job listings].

Key experiential requirements that recur across South African CFO roles include:

Proven track record in managing full finance functions (financial reporting, budgeting, forecasting, tax and treasury).
Experience leading finance teams and interacting at board or executive committee level.
Demonstrated involvement in strategic planning and business decision‑making.
Exposure to fundraising, banking relationships, or capital markets in larger or listed entities.

3. Governance and Regulatory Requirements

3.1 Alignment with King IV and Corporate Governance

In South Africa, CFOs operate within the corporate governance framework set out in King IV™, which is widely applied across listed companies and many private organisations. The King IV Report emphasises:

The governing body must ensure financial reporting is reliable, transparent and compliant, and must be supported by executives with appropriate financial expertise [IoDSA – King IV™ Report on Corporate Governance].
Executives responsible for finance (often the CFO) are key to enabling the governing body to discharge its responsibilities relating to financial reporting, risk, compliance and internal controls.

As a result, CFO requirements usually include:

Strong understanding of King IV principles and their practical application to financial reporting, risk, and assurance.
Ability to support the audit committee and board in meeting their financial oversight responsibilities.

3.2 Interaction with the Companies Act and Financial Reporting Standards

Although the South African Companies Act 71 of 2008 does not define a CFO role specifically, it sets expectations for financial accountability and reporting that the CFO typically helps fulfil. The Act requires:

Annual Financial Statements (AFS) that comply with applicable reporting standards such as IFRS and, in some instances, requires audit or independent review [Companies Act 71 of 2008 – South African Government].

CFOs are therefore generally expected to have:

Deep knowledge of IFRS (or other applicable frameworks) and how these are applied in South Africa.
Familiarity with the Companies Act provisions relating to financial reporting, solvency and liquidity tests, and director responsibilities.
Capacity to work with external auditors and ensure statutory deadlines and compliance are met.

4. Core Competencies and Skills of a CFO

Professional bodies and governance codes highlight the combination of technical, strategic and leadership skills that senior finance executives must possess:

The IoDSA stresses the need for financial literacy and an understanding of risk, strategy, performance and reporting for leaders involved in governance [IoDSA – King IV™ Report on Corporate Governance].
SAICA describes CA(SA) professionals as being trained not only in accounting and auditing, but also in strategy, leadership and business management competencies [SAICA – Why a CA(SA)?].

Drawing from these references and senior CFO role profiles, typical CFO requirements in terms of skills and competencies include:

Technical and analytical skills
– Advanced knowledge of financial accounting, reporting and analysis.
– Strong grasp of budgeting, forecasting, financial modelling and scenario analysis.
– Understanding of tax, treasury and cash‑flow management.

Strategic and commercial acumen
– Ability to link financial information to business strategy and performance.
– Capability to evaluate investments, capital allocation and returns.
– Support for mergers and acquisitions, due diligence and valuation where relevant.

Governance, risk and compliance
– Knowledge of corporate governance principles (especially King IV) and their impact on finance.
– Experience establishing internal controls, risk management frameworks and compliance processes.

Leadership and stakeholder management
– Proven leadership of finance teams, including mentoring and organisational development.
– Strong communication skills to present financial information to boards, investors and non‑financial stakeholders.
– Ability to collaborate closely with the CEO and other executives on strategic initiatives.

5. The CFO’s Role in Strategy and Value Creation

Modern CFOs in South Africa are expected to move beyond traditional reporting and play a key strategic role:

King IV emphasises integrated thinking and value creation across financial and non‑financial capitals, which influences how CFOs contribute to strategy and reporting [IoDSA – King IV™ Report on Corporate Governance].
CA(SA) training includes business strategy and leadership, preparing finance leaders to participate in long‑term planning and performance management [SAICA – Why a CA(SA)?].

As a result, common strategic CFO requirements include:

Participation in developing and implementing long‑term strategies.
Translating strategic objectives into budgets, KPIs and financial targets.
Providing insights into profitability, efficiency and capital structure.
Supporting digital transformation and finance‑related technology decisions (e.g., ERP systems, data analytics).

6. Compliance and Ethics Expectations

CFOs in South Africa are expected to uphold high ethical standards and professional conduct:

SAICA’s Code of Professional Conduct outlines fundamental principles such as integrity, objectivity, professional competence, confidentiality and professional behaviour for CA(SA) members [SAICA – Code of Professional Conduct].

Where a CFO is a CA(SA), these ethical requirements apply directly. Even for CFOs without the designation, organisations often expect adherence to equivalent ethical standards by virtue of their fiduciary responsibilities as senior executives.

Typical ethical and compliance‑related requirements for CFOs are:

Adherence to applicable professional codes of conduct (e.g., SAICA Code for CA(SA) CFOs).
Commitment to fair presentation and transparency in financial reporting.
Active support for anti‑fraud and anti‑corruption measures, internal controls and whistle‑blowing processes.

7. Summary: Key CFO Requirements in South Africa

Based on the combined guidance from professional bodies, governance codes and senior finance job profiles, the core CFO requirements in South Africa generally include:

Education: A finance‑related degree; often an honours or postgraduate qualification.
Professional designation: Frequently a CA(SA) or equivalent, especially in larger or listed companies [SAICA – Why a CA(SA)?].
Experience: Typically 8–10+ years of progressive finance experience, including several years in senior management or executive roles [Careers24 – Chief Financial Officer job listings].
Technical expertise: Strong knowledge of IFRS, budgeting, forecasting, tax, treasury and financial analysis.
Governance and compliance: Understanding of King IV, the Companies Act and audit/assurance processes [IoDSA – King IV™ Report on Corporate Governance; Companies Act 71 of 2008 – South African Government].
Strategic capability: Ability to contribute to and shape business strategy, capital allocation and value creation.
Leadership: Proven track record in leading finance teams and engaging with boards, investors and regulators.
Ethics: Commitment to ethical conduct and transparent reporting, often guided by professional codes such as the SAICA Code of Professional Conduct [SAICA – Code of Professional Conduct].

Organisations that understand and implement these CFO requirements are better positioned to appoint financial leaders who can drive robust governance, support sustainable growth and ensure compliance with South Africa’s regulatory and reporting environment.