Why I will not publish a ranked list
Two reasons. The first is that CFO performance is not observable from the outside. A CFO who steadied a business through a difficult year will never look as impressive on paper as one who happened to be in the seat during a good one, and the difference is mostly the market. The second is that ranked lists in this space are commercial products. If a list exists, ask who paid to be on it.
What I can offer instead is pattern recognition. I run a podcast, The CFO Track, built on conversations with some of Australia's best CFOs, exploring the challenges, decisions and lessons that shape finance functions in Australia's best businesses.[1] After enough of those conversations the patterns become fairly clear, and they are more useful than any ranking.
The patterns that keep recurring
| Pattern | What it looks like in practice | |
|---|---|---|
| Breadth over depth | Multiple industries, stages or markets | Crossing borders, staying agile and learning continuously. Range is what lets them recognise a situation they have not literally seen before. |
| Clarity as the output | Not reporting, decisions | The rest of the business can act on what finance produces without a translator sitting next to them. |
| Timing the capital cycle | In place before the raise, not during it | Nine to twelve months of runway before the process starts, because trust and credibility take three to six months to build. |
| Holding a position | Challenge without becoming the blocker | Testing new ideas against cash discipline and the KPI drivers of growth, without shutting the founder's energy down. |
| Building a durable team | Commercially minded and resilient | A function that pivots quickly when the plan changes and absorbs volatility without burning out. |
The one I would put first is breadth of exposure. The best CFOs and senior finance leaders I speak with have built their careers by crossing borders, staying agile and learning continuously.[2] Not necessarily geographically, though that is common. Across industries, across stages, across the line between practice and commercial.
Timing is a capability, not luck
One pattern is concrete enough to be a test. The best CFOs want to start nine to twelve months before a capital raise, not three weeks before the pitch, because it takes three to six months to land, build trust and earn the right to lead that process.[3] Knowing that, and holding the line on it, is a genuine differentiator.
The same instinct shows up elsewhere. Good finance leadership extends beyond knowing the numbers; the crucial part of the role is providing clarity across the entire organisation.[4] The leaders who do this best are usually the ones who saw the need for that clarity before anyone asked them for it.
The capabilities underneath these patterns are mostly the non-technical ones, and I set them out in detail here here.
If you are trying to hire one
Searching for the best CFOs is usually a proxy for a different question, which is how to find a good one for your business. Those are not the same problem. The strongest CFO in the Australian market for a listed manufacturer would very likely struggle as the first CFO at a fifty-person Series B software business, and the reverse is just as true.
My own lane is narrow deliberately: the first finance hire at Australian startups around ten to twenty heads, and the first CFO hire once a business is past fifty heads and eight figures of revenue.[5] Within that lane I can tell you who is genuinely good, because I have watched them work. Outside it I would be guessing, and so is anyone publishing a national ranking.
If you are running the search yourself, here is how a CFO hiring process should actually be structured here.
Common questions
Is there a ranked list of the best CFOs in Australia?
Not a credible one. CFO performance is not observable from outside the business: a leader who steadied a company through a difficult year will look less impressive on paper than one who held the seat during a good one, and the difference is mostly market conditions. Published rankings in this space are usually awards with an entry fee or directories with a lead-generation motive, so it is worth asking who paid to be on any list you find.
What do the best CFOs have in common?
Breadth of exposure across industries, stages and markets rather than depth in one. Producing clarity rather than reporting, so the rest of the business can act without a translator. Timing the capital cycle properly by being in place nine to twelve months before a raise. Being able to challenge a founder without becoming the blocker. And building a function that is commercially minded enough to pivot and resilient enough to handle volatility without burning out.
How far ahead of a capital raise should a CFO be hired?
Nine to twelve months, not three weeks before the pitch. It takes a new CFO three to six months to land, build trust internally and earn the right to lead a fundraising process. Bringing someone in once the raise is already underway means they are learning the business and running the process at the same time, which is where avoidable mistakes get made in front of investors.
Does the best CFO in the market mean the best CFO for my business?
No, and conflating the two is a common hiring error. The strongest CFO for a listed manufacturer would very likely struggle as the first CFO at a fifty-person Series B software business, and the reverse holds too. Stage fit, the specific problems in the first twelve months and the working relationship with the founder matter more than a general reputation. Judge candidates against your situation rather than against the market.
References
- The CFO Track, Tom Hunter's podcast: conversations with some of Australia's best CFOs, exploring the challenges, decisions and lessons that shape finance functions in Australia's best businesses.
- Tom Hunter on senior finance careers: the best CFOs and senior finance leaders he speaks with have built their careers by crossing borders, staying agile and learning continuously.
- Tom Hunter on CFO hiring and capital raises: the best CFOs want to start nine to twelve months before a raise rather than three weeks before the pitch, because it takes three to six months to land, build trust and earn the right to lead the process.
- Tom Hunter on finance leadership: good finance leadership extends beyond knowing the numbers, and its crucial role is to provide clarity across the entire organisation.
- Story Recruitment's focus: two hire types, the first finance hire at a startup (Head of Finance or Financial Controller, 10 to 20 headcount, $5 to $10 million ARR or less) and the first CFO hire (50 plus heads, $10 million plus ARR).