The CFO Buddy Network has been developed to offer informal support to newly appointed CFOs, recognising the challenges and pressures that come with these high-stakes roles. It aims to normalise the practice of seeking friendly, informal advice, reassurance, and support, helping to ensure that new CFOs have peer-to-peer connections when taking on this role for the first time. This support is particularly valuable as the transition from a deputy CFO role to executive CFO can feel lonely and isolating.

The CFO Buddy Network is an informal system that pairs well-experienced CFOs with those new to the position which aims to provide a strong network of peer-to-peer guidance, helping new CFOs navigate the complexities of their role with the insight and experience of well experienced colleagues.

The role of the CFO Buddy includes:

• Sharing your contact details (telephone and email) so the new in post CFO can reach out to you directly for informal advice.
• Offering regular catchups in your diary with the new in post CFO during their first 12 months, as needed.
• Being open to sharing honest, personal advice on work-related issues and challenges that the new in post CFO may be facing.
• Making time to regularly check in with the newly appointed CFO, both virtually and in person where possible.
• Taking on a mentoring style role for career support, if appropriate, for the new in post CFO

If you’re a newly appointed CFO looking for support, advice, or guidance from someone who has already walked this path, then sign up to the network to be matched with an experienced CFO. We aim to match you with a Buddy in your system or region, however this is not guaranteed.

By connecting CFOs through this supportive network, the Buddy System aims to build lasting professional relationships that foster growth, confidence, and resilience in navigating the demands of the role.

The HFMA has updated its Role of the NHS chief finance officer statement. It provides an authoritative analysis of what being a CFO in the NHS involves, the skills and values required and the key part they play as leaders within their organisation and the wider health economy.

It is a resource for existing CFOs, aspiring CFOs, or people who want to understand how to better work with CFOs to deliver high quality care. As well as being an explanatory tool, it also provides an objective blueprint that individuals can use to support their professional development.

Read the statement on the HFMA website.