What Makes a Great CFO in 2025? Insights from the Frontlines of CFO Hiring, with Dav Masaon
Hiring the right CFO can propel your startup forward. Hiring the wrong one can cost you millions.
In this episode of The Growth-Minded CFO, Alex and Lauren are joined by Dav Masaon, Co-Founder of the executive search firm Zanda, for a masterclass in hiring finance leaders who actually fit your stage of growth.
With over two decades of experience recruiting CFOs in London and New York, Dav’s seen it all: the mismatched hires, the rushed decisions, the founders who don’t know what a CFO actually does. And in today’s environment—where cash is expensive, investor expectations are high, and the hypergrowth era is over—getting this hire right has never been more important.
“We’ve seen more CFOs become CEOs in the last year. That’s how central this role has become.”
Understanding What Kind of Finance Leader Your Company Needs Today
Not all CFOs are built the same—and what your company needs at Series A is vastly different from what you'll need by Series C.
Dav breaks down the evolving profiles of finance leaders by stage. For earlier-stage companies (Series A to C), there’s increasing demand for CFOs or VPs of Finance with CPA backgrounds. These candidates can balance strategic leadership with hands-on accounting—ideal for startups that need financial discipline without a bloated team, and a leader who can get stuck in on the practical side of finance too.
In later stages—particularly post-Series C—companies benefit from leaders with investment banking or consulting experience, who can navigate more complex fundraising, reporting, and board-level expectations.
The bottom line? Don’t just hire based on title. Align the candidate’s experience with the complexity of your business and where you’re headed.
Avoid Hiring a CFO Too Late
One of the most common mistakes Dav sees? Hiring too late.
By the time investors are asking tough questions or a board is demanding metrics, it’s often already overdue. But bringing someone in too early can backfire, too—especially if the role doesn’t challenge them or align with their skillset.
So how do you time it right?
Dav recommends evaluating three things:
Runway: If you have 12–18 months of cash and ambitious goals, a CFO can help optimize fundraising and strategy.
Growth Ambitions: High growth = high complexity. You’ll need someone to build systems that scale.
Your Own Background: Founders with limited finance experience may need support earlier. Those with banking or consulting experience might wait longer.
“It’s a balance. Too early, and your CFO is bored. Too late, and you’re drowning in investor demands.”
How the CFO Role Has Evolved
Forget the old-school “numbers guy.” Today’s CFO is a business partner, a strategist, and often the CEO’s closest advisor.
According to Dav, the CFO role has transformed dramatically in just a few years—accelerated by market volatility, shifting investor expectations, and the rise of real-time reporting.
“VCs today want a weekly narrative, not a quarterly update. That’s a big shift.”
Today’s CFO needs to bring:
Data fluency: Not just reporting on the past, but projecting the future
Storytelling: Being able to communicate a clear, compelling financial narrative
Operational leadership: Building systems, leading cross-functionally, and guiding the business toward sustainable growth
CFOs are no longer behind the scenes—they’re front and center, co-piloting the company alongside the CEO.
Don’t Just Hire—Pitch
A standout insight from Dav? Founders should approach CFO candidates the way they pitch investors.
Top-tier finance leaders are in high demand, and many are cautious about startups in a tighter funding climate. It’s on the founder to articulate the upside: the product, the team, the trajectory—and how the CFO will play a central role in it.
Full Episode
Whether you’re hiring your first finance leader or considering your next CFO role, this episode is a must-listen.
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