Is your company looking to hire a new CFO? A recent survey found that hiring managers want more than just financial skills when choosing CFOs. In fact, only 38.5% of CFOs at big companies like Fortune 500 and S&P 500 were licensed CPAs in 2023. So, what other skills do they need?
Financial Skills Are Important
The Pennsylvania Institute of Certified Public Accountants asked over 320 hiring executives about the most important skills for a CFO. Their report, “2024 Corporate Finance Report: CPAs in the C-Suite,” found that the top skill for CFOs is managing the company’s finances well.
Here are the top 10 financial skills they identified:
- Managing and planning capital
- Predicting financial outcomes
- Handling operations and financial reports
- Thinking critically
- Following financial reporting rules
- Creating strategies
- Predicting industry trends
- Following tax rules
- Managing accounts receivable
- Building industry relationships
The survey found two key points. First, CPAs who want to become CFOs need to learn more than just accounting. They need skills in strategic planning, risk management, and technology. Second, today’s CFOs must plan for growth and stability, not just report past results.
Non-Financial Skills Matter Too
Today’s hiring managers want more than just finance and accounting skills in CFOs. They prefer candidates with these general skills, in order of importance:
- Leadership and strategic thinking to build strong teams and goals
- Knowledge of laws and regulations to ensure the company follows them
- Technology and analytical skills to make data-driven decisions
- Industry-specific knowledge to understand market conditions
- Communication skills to build relationships with stakeholders
Additionally, CFO candidates should have general business knowledge and emotional intelligence. However, most hiring managers assume that candidates for executive positions already have these skills.
Finding the Right Fit
Finding the right person to lead your company’s finance and accounting department can be tough in today’s job market. The CFO’s main job is to provide important financial data to other departments like IT, operations, sales, and supply chain logistics to help improve the business. They also need to get support from other departments for major projects. So, it’s important to choose a candidate who’s a team player. You might even consider outsourcing the position to a skilled professional. Contact us for help finding the right CFO with the right mix of skills and experience for your company.
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