
Three CPA societies—the Massachusetts Society of CPAs, the Indiana Society of CPAs and the Tennessee Society of CPAs—in partnership with CPA Crossings, a continuing education services provider, have published a report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders, providing “a roadmap for aspiring CFOs to excel in today’s dynamic financial landscape.”
The report is based on a survey of 320 hiring managers—including CEOs, chief human resource officers, and executive recruiters—who were asked their opinion about the most important competencies for senior finance leaders.
The survey assessed eight major skill categories and more than 80 specific sub-competencies, providing a detailed perspective of what hiring managers value most in CFO candidates.
The report states that its findings “serve as a crucial guide for CPAs who want to ascend to senior finance roles, particularly in light of the evolving expectations and responsibilities of CFOs. Hiring managers for the CFO position tell us opportunities do exist for CPAs to take the next steps."
The report offers five key findings:
1. CPAs need to evolve: While there has been a decrease in the percentage of S&P 1000 CFOs who are licensed CPAs, CPAs are still highly valued for CFO roles. But CFOs today need a broad range of skills that extend beyond traditional financial reporting and compliance. Such skills include strategic planning, risk management and technology oversight.
2. CPAs must be forward-looking: CPAs need to manage their companies’ future finances. They need to be skilled at capital management, financial forecasting, and cash flow.
3. CPAs need to be strategic leaders: In order to be effective, CFOs need to excel in leadership, strategic and critical thinking, and the ability to build and lead high-performing teams.
4. CPAs need to have emotional intelligence: While the survey respondents ranked this skill lowest in priority, emotional intelligence is still a necessary skill for effective leadership. It is an asset in building relationships, managing teams, and making balanced decisions.
5. CFOS must have industry-specific competencies: Because different industries require CFOs to have unique skills, CFOs need skills relevant to their organizations, including corporations of all sizes and nonprofits.
The report’s summary concludes, “While CPA credentials provide a strong foundation, aspiring CFOs must cultivate a diverse set of competencies to meet the dynamic demands of today’s financial leadership roles. Strategic planning, advanced financial acumen, leadership, and adaptability are critical for those looking to secure a seat at the executive table.”
"The landscape for CFO roles has evolved significantly in recent years," said MassCPAs president and CEO Zach Donah in a statement, Accounting Today reported. "Our report provides valuable insights for CPAs who are aspiring to take on top leadership positions. By understanding the key competencies that hiring managers are seeking, CPAs can better position themselves for success."