Highlights

• Today’s CFOs need a more diverse skill set than ever before.
• Books written by leaders in both the financial and leadership industries can help you stay up to date on the latest industry trends and best practices.
• The pieces selected here provide real-world examples and practical strategies to drive performance and business success for all C-suite executives.

Today’s CFOs need a more diverse skill set than ever. Once seen mainly as the company’s chief accountant, the modern CFO is a key player in shaping business strategy and driving growth. This shift means that modern CFOs need to be more versatile, blending financial expertise with strategic thinking, technological savvy, and leadership skills.

To navigate these new challenges, CFOs must keep learning and growing. Reading books by leaders in both finance and leadership can help you stay up to date on the latest trends and best practices.

In this blog post, we explore 12 books that provide valuable perspectives and practical advice for today’s CFOs.

These books cover a range of topics, from digital transformation and strategic leadership to financial innovation and risk management, chosen to equip you, as a modern CFO, with the tools you need to excel in your dynamic role.

Here are our recommendations — both classic and not-so-obvious — in no particular order.

1. The Chief Financial Officer: What CFOs do, the influence they have, and why it matters by Jason Karaian

Why We Recommend It

This book provides an in-depth look at the expanding role of the modern CFO. It explains how CFOs have risen to become the second most important executives in most companies, the unique skills and perspective they bring, and how they are shaping their finance teams to deal with new challenges. This book is essential reading for CFOs who want to benchmark their own performance and expand their influence.

Key Takeaways for CFOs

• The CFO role has evolved to encompass strategic planning and leadership.
• Effective CFOs must balance financial expertise with business acumen.
• The CFO’s influence extends beyond finance to drive organizational success.
• CFOs must be able to communicate effectively with stakeholders.
• The role of the CFO is critical in driving business growth and profitability.

2. The New CFO Financial Leadership Manual by Steven M. Bragg

Why We Recommend It

Bragg provides a comprehensive guide for CFOs looking to improve their financial leadership skills. The book addresses key topics such as financial reporting, internal controls, and strategic planning, offering practical advice for CFOs to excel in their roles. It’s an invaluable resource for CFOs looking to enhance their leadership capabilities and drive organizational success.

Takeaways For CFOs

• Effective financial leadership requires a strong foundation in financial reporting and internal controls.
• CFOs should develop strategic planning skills to align financial goals with business objectives.
• Implementing robust internal controls is crucial for maintaining financial integrity.
• CFOs need to foster a culture of continuous improvement and efficiency.

Clear communication and collaboration with other executives are essential for driving organizational success.

3. Principles: Life and Work by Ray Dalio

Why We Recommend It

Legendary investor Ray Dalio shares the unconventional principles that he’s developed and refined over his career that have led to Bridgewater’s exceptional results. Dalio emphasizes the importance of having clearly defined principles for decision making in both life and work. His structured approach to problem solving is valuable for any executive.

Key Takeaways for CFOs

• The modern CFO role extends beyond financial reporting to being a strategic partner to the CEO.
• CFOs need a multifaceted skill set spanning finance, strategy, leadership, and communication.
• Developing trust-based relationships with key stakeholders is critical for CFO success.
• CFOs must balance stewardship of company assets with finding opportunities to invest for growth.
• Adapting the finance function to leverage new technologies and data analytics provides a competitive edge.

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz

Why We Recommend It

Ben Horowitz shares his experiences as a startup founder, offering practical advice on navigating the toughest challenges in business. The book covers how to handle the inevitable crises, make tough decisions, and lead through adversity. It’s particularly useful for CFOs who need to make high-stakes decisions and support their CEOs in turbulent times.

Key Takeaways for CFOs

• Effective CFOs must be prepared to make tough calls during challenging times.
• CFOs should develop a structured approach to addressing and resolving business issues.
• CFOs need to lead confidently and provide stability during periods of uncertainty.
• Clear and honest communication with stakeholders is crucial in difficult times.
• CFOs must be flexible and resilient to navigate unexpected challenges.

5. Storytelling with Data: A Data Visualization Guide for Business Professionals by Cole Nussbaumer Knaflic

Why We Recommend It

Cole Nussbaumer Knaflic teaches the art of data visualization to help professionals present their data in a compelling way. The book focuses on transforming data into engaging stories that drive decision-making. CFOs will find this guide invaluable for making data-driven insights accessible and persuasive to stakeholders.

Key Takeaways for CFOs

• CFOs should create clear and impactful data visualizations to convey insights.
• Turning complex data into engaging narratives helps drive better decision-making.
• Choosing the right charts and graphs for different data types is an important skill.
• CFOs must emphasize context and storytelling in data presentations.
• Improving communication of financial insights to non-financial stakeholders is critical.

6. Crucial Conversations: Tools for Talking When Stakes Are High by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler

Why We Recommend It

This book offers tools and techniques for having difficult but necessary conversations in high-stakes situations, an essential skill for the modern CFO. It provides a framework for engaging in dialogues that can significantly impact relationships and results. CFOs will benefit from learning how to navigate sensitive conversations with confidence and effectiveness.

Key Takeaways for CFOs

• Maintaining dialogue under pressure is a critical skill for CFOs.
• CFOs should use effective communication frameworks in high-stakes situations.
• Mutual respect and understanding are key to successful conversations.
• CFOs must employ strategies for resolving conflicts and reaching consensus.

7. The 80/20 Principle: The Secret to Achieving More with Less by Richard Koch

Why We Recommend It

In this classic especially useful for newer CFOs, Richard Koch explores the 80/20 principle, which suggests that 80% of results come from 20% of efforts. The book shows how to apply this principle to focus on what truly matters and optimize performance. CFOs can use these insights to streamline operations and drive efficiency within their organizations.

Key Takeaways for CFOs

• CFOs should identify and focus on key drivers of success.
• Prioritizing high-impact activities is essential for maximizing results.
• Efficiency and resource optimization are crucial for performance.
• Better time management and decision-making can enhance effectiveness.

8. The Alchemy of Finance by George Soros

Why We Recommend It

George Soros shares his investment strategies and philosophies, offering a unique perspective on financial markets. The book covers the theory of reflexivity, which explains how market participants’ biases influence market outcomes. CFOs will gain insights into market dynamics and strategic financial decision-making.

Key Takeaways for CFOs

• Understanding the theory of reflexivity helps CFOs navigate financial markets.
• Recognizing market psychology is crucial for financial planning.
• Risk management and strategic thinking are key components of success.
• Critical analysis of financial data and trends is essential for effective leadership.
• Insights into Soros’s investment strategies can inform decision-making.

9. Winning by Jack Welch

Why We Recommend It

Jack Welch shares his business philosophy and strategies that led GE to success during his tenure as CEO. The book covers leadership, management, and operational excellence. CFOs will find practical advice on driving performance, building strong teams, and fostering a culture of innovation.

Key Takeaways for CFOs

• Operational excellence and efficiency are crucial for business performance.
• Effective leadership and management practices drive organizational success.
• Building high-performing teams is essential for achieving goals.
• Innovation and continuous improvement should be a focus for CFOs.
• Driving organizational success and growth requires strategic planning.

10. Deep Finance: Corporate Finance in the Information Age by Glenn Hopper

Why We Recommend It

Glenn Hopper explores the evolving role of corporate finance in the digital era, focusing on the impact of data and technology. The book provides insights into leveraging advanced analytics and fintech innovations. CFOs will learn how to harness technology to drive financial strategy and business transformation.

Key Takeaways for CFOs

• Leveraging data and technology can transform corporate finance.
• Digital transformation is crucial for staying competitive.
• Advanced analytics and fintech offer new opportunities for innovation.
• Integrating technology with financial strategy enhances decision-making.
• Staying ahead of technological trends is essential for CFO success.

11. The Personal MBA: Master the Art of Business by Josh Kaufman

Why We Recommend It

Josh Kaufman distills key business concepts into an accessible guide, covering everything from marketing to finance. The book offers practical advice for mastering business fundamentals without the need for a traditional MBA. CFOs will find valuable insights to enhance their business acumen and strategic thinking.

Key Takeaways for CFOs

• Broader knowledge beyond finance supports overall business success.
• Understanding essential business concepts enhances strategic decision-making.
• Continuous learning and self-education are important for career growth.
• Practical advice helps CFOs master business fundamentals.

12. Modern Captive Insurance: A Legal Guide to Formation, Operation, and Exit Strategies

Why We Recommend It

This book, published by the American Bar Association, serves as an indispensable legal resource for CFOs exploring the details of captive insurance. Matthew Queen, a recognized expert in the field, offers a detailed examination of the legal aspects surrounding the formation and operation of a captive insurance arrangement. The book is particularly valuable for CFOs seeking to navigate the legal foundations of captive insurance while optimizing their company’s risk management and financial strategies.

Key Takeaways for CFOs

• Captive insurance provides businesses with unmatched flexibility regarding coverage, claims, premiums, and control.
• Risk pooling in a group captive stabilizes healthcare expenses.
• Potentially lucrative dividends and returns enhance company savings.
• Captives offer financial control, allowing businesses to make informed decisions about their healthcare spending.
• Captives provide customizable funding strategies that align with business needs.

This book is essential for CFOs considering captive insurance as a sophisticated tool for risk management, ensuring compliance and maximizing financial benefits.

Elevate Your Leadership and Transform Your Financial Strategy

Navigating the complexities of today’s business landscape requires CFOs to be more than just number crunchers. These 12 books offer a wealth of knowledge, from strategic leadership and financial innovation to effective communication and data visualization. Take advantage of these resources to sharpen your financial acumen and enhance your ability to lead and inspire.

As you continue to build your knowledge and expand your capabilities, consider how you can further transform your organization’s financial strategy. One effective way to do this is by exploring self-funding with a Roundstone group captive. This innovative solution offers cost containment opportunities that put you in control of your healthcare spend.

Self-funding your employee benefits provides the flexibility, health plan transparency, and healthcare cost control you need for smarter financial management — we guarantee you’ll save money. In fact, self-funding through a group captive with Roundstone works so well, we use it ourselves; read the Roundstone case study to learn how our employees have enjoyed zero increases in premium costs for the past eight years.

Ready to Learn More About Self-Funding with Roundstone?

Take the next step in revolutionizing your company’s health benefits. Contact us to request a proposal and free benchmark review.