The latest Horváth CFO Study 2025 shows that a clear majority of CFOs (65 percent) are optimistic about the coming months. 32 percent expect stable growth and a further 33 percent anticipate a noticeable increase in growth by the end of 2025. But where does the optimism of CFOs come from in face of the tense economic situation?
First, the Horváth study shows that most respondents do not believe that the outcome of the US election - Donald Trump's second term in office - will have a major negative impact on finance departments. Only 18 percent are concerned about the future in this regard. One-third are neutral about the election results (34 percent). Roughly half of respondents say that the outcome of the election will have no negative impact on their company. "Political events and developments are always monitored by companies and are factored into business assessments and decision-making. However, they are not always decisive for business prospects," says Achim Wenning, head of the study and partner at management consultancy Horváth.
Good performance management has a positive impact on business development
According to the study, the companies that are optimistic in terms of growth prospects in 2025 are primarily those that have very good performance management, which relies on a broad data-based information base with many variables in order to be able to provide daily and rapid decision-making support. A lot has happened in this area in recent months, according to expert Wenning. The majority of the financial managers surveyed rated their performance management as at least satisfactory in six out of eight dimensions. For example, three-quarters state that the results have a demonstrably positive impact on their business development - i.e. that conclusions are drawn consistently and concrete optimization measures are implemented.
Finance plays a key role in the upturn
The finance department therefore has a key role to play on the path "back to sustainable growth". This is also shown by an increase in internal inquiries and a greater appreciation of the finance department, which is perceived by many of the participating CFOs (72 percent). However, the increased demand for steering information and forward-looking analyses is also reflected in "capacity utilization at the limit" in most of the companies surveyed. 54 percent state that the workload has increased enormously in recent months. And there is no short-term increase in personnel in sight. According to the study, only less than a third of the finance departments surveyed are able to fill specialist profiles in a timely manner. "Despite a general easing of the situation on the labor market, the specialists that are urgently needed in finance departments are still hard to come by," says Horváth expert Achim Wenning. "In addition, the ongoing economic uncertainty is making it difficult for many companies to approve staff increases in cross-functional areas that do not directly add value," adds Wenning. Yet, experts are urgently needed in strategically important support areas that have a direct impact on corporate management and an acute need for action.
About the study
For the current Horváth CFO Study 2025, over 150 finance managers, from companies with a majority of over 1,000 employees were surveyed across industries and countries, with focus on Europe. The study was evaluated in November 2024. Here you can find the complete study report to download: https://hrvth.com/4hZVVrN
