Q: How is private equity influencing CFO hiring trends even in non-PE companies?

Teresa: Private equity has had a major ripple effect across the entire CFO talent market. Even companies that are not PE-owned are adopting many of the same expectations around speed, accountability, and value creation.

What we’re seeing is a shift in mindset: CFOs are increasingly expected to think like investors. That means focusing on margins, cash flow, working capital efficiency, and enterprise value creation, not just financial reporting and compliance.

PE firms have also raised expectations around data visibility and decision-making speed. As a result, non-PE companies are now benchmarking their CFO roles against PE-style operating rigor, especially when they are preparing for a future transaction, recapitalization, or strategic sale.

Q: What separates CFO candidates who get hired in PE environments from those who don’t?

Teresa: The candidates who get hired are the ones who can show they have actually helped build value, not just report on it. Most CFOs have solid technical backgrounds, so that alone does not differentiate them. What really stands out is when someone can point to specific ways they have driven growth, improved margins, or helped the business scale in a meaningful way.

The strongest candidates tend to have been deeply involved in transactions—running diligence, helping shape the deal, and then staying close to execution post-close. They are also comfortable working directly with investors and can communicate clearly at the Board level without overcomplicating things. Where some candidates fall short is leaning too heavily on controllership-type experience. That is important, but in a PE environment, it is just table stakes.

Q: How has the definition of a “successful CFO” changed over the last 5 years in PE-backed and M&A-heavy organizations?

Teresa: The role has definitely shifted. It used to be more about financial oversight and control; now it is much more about partnership and execution. A strong CFO today is essentially a co-pilot to the CEO. They are involved in setting direction, not just tracking performance. There is also a much bigger expectation around being hands-on with M&A, whether that is diligence, integration, or helping evaluate new opportunities.

Another big change is around data and systems. CFOs are expected to build finance functions that are forward-looking and scalable, not just accurate. That often means putting better tools and processes in place so the business can move faster and make decisions with more confidence. And overall, the pace is just faster. There is less room for perfection and more emphasis on being able to make good decisions quickly with the information you have.

Q: What are some of the biggest mistakes CFO candidates make when positioning themselves for PE or M&A-focused roles?

Teresa: One of the biggest issues is that candidates do not clearly connect their experience to outcomes. They will talk about what they were responsible for, but not what actually changed as a result. They need to quantify everything (e.g., clearly linking actions to EBITDA growth, cash flow improvement, or valuation impact).

Another common mistake is underselling their role in transactions. Even if they were heavily involved, they sometimes describe it too passively instead of owning their impact. It is also not uncommon to see candidates who do not fully reflect how a PE-backed business operates, things like the focus on value creation, the importance of the exit, or the level of accountability to investors.