
As CFO demands evolve, CPAs who desire senior leadership positions must broaden their skills beyond traditional accounting. The 2024 Corporate Finance Report, “CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders,” highlights essential CFO competencies based on insights from 320 hiring executives. NCACPA partnered with CPA Crossings to survey key stakeholders, uncovering eight skill categories and over 80 sub-competencies crucial for CFO candidates to excel.

CPAs in the C-Suite: Key Competencies for Aspiring CFOs
The 2024 Corporate Finance Report provides valuable insights into the evolving role of Chief Financial Officers (CFOs) and the essential skills CPAs need to rise to executive leadership roles. With input from over 320 hiring managers, including CEOs, chief human resource officers, and executive recruiters, the report serves as a comprehensive guide for CPAs navigating the path to the C-suite. It also addresses concerns about the declining percentage of CFOs in the S&P 1000 who hold CPA licenses and highlights how CPAs can secure their place at the executive table.
The findings reflect a dynamic shift in expectations for CFOs, emphasizing that traditional financial reporting and compliance are no longer enough. Today’s CFOs are expected to demonstrate broader expertise in strategy, leadership, and adaptability while balancing technical skills with forward-thinking financial acumen.
Key Findings

While CPA credentials remain respected and provide a strong foundation, the role of the CFO has outgrown traditional financial expertise. Hiring managers revealed that CFOs are increasingly tasked with responsibilities that extend far beyond accounting, including strategic planning, risk management, and oversight of technology initiatives. As a result, CPAs aiming for CFO roles must diversify their skill set to meet these expanded demands.
Notably, the report emphasizes that CPAs remain as valued as candidates with MBAs when seeking CFO positions, especially in private companies, mid-sized organizations, and nonprofit sectors. However, technical expertise alone is no longer a differentiator; candidates must also excel in leadership and strategic roles to stand out in the competitive landscape.

The ability to manage a company’s future finances has become the most sought-after competency for CFOs. Forward-looking financial management skills, such as capital strategy and financial forecasting, ranked highest among the competencies assessed. These skills equip CFOs to go beyond reporting past results by enabling them to anticipate financial risks, secure funding, and strategically allocate resources.
“Capital Management and Strategy – Funding the Organization” was ranked the top sub-competency overall, underscoring the importance of ensuring financial stability while planning for future growth. Similarly, “Financial Forecasting” placed second, reflecting the demand for CFOs who can deliver accurate predictions and ensure organizational profitability. These insights highlight the shift from traditional accounting to a more strategic, forward-thinking mindset.

Modern CFOs are no longer just financial technicians; they are key strategic partners to CEOs and boards. The ability to lead high-performing teams, create impactful strategies, and foster collaboration is critical for success in today’s corporate environment.
“Leadership and Strategy” ranked as the second most important general competency in the report, with “Critical Thinking” highlighted as a pivotal sub-competency. Effective CFOs must excel in questioning assumptions, analyzing complex problems, and synthesizing solutions. These skills enable them to address growth opportunities, market challenges, and internal dynamics with confidence and precision.
The report further emphasizes that CFOs must not only devise strategies but also possess the vision to align organizational structures and business models with long-term goals. By demonstrating strong leadership and strategic planning capabilities, CFOs can become indispensable partners in driving organizational success.

Although emotional intelligence ranked lowest among general competencies, it remains an essential aspect of effective leadership. The report suggests that hiring managers may assume executive-level candidates already possess a baseline of EI skills, such as self-regulation, adaptability, and social awareness. Nevertheless, CFOs with high EI can distinguish themselves by fostering trust, managing diverse teams, and resolving conflicts with finesse.
Strong EI is particularly important for CFOs with responsibilities that extend beyond finance, such as overseeing human resources and technology teams. Building relationships across departments and ensuring alignment with organizational goals require empathy, active listening, and the ability to motivate others.

Different industries present unique challenges for CFOs, making adaptability and specialized expertise indispensable. For instance, CFOs in high-growth companies must navigate volatile cash flow, secure funding, and implement scalable systems to support rapid expansion. Conversely, nonprofit CFOs face challenges like unpredictable funding, limited resources, and donor fatigue. Success in these roles demands a deep understanding of the respective industry’s dynamics and the ability to tailor financial strategies accordingly.
The report advises aspiring CFOs to pursue opportunities that expose them to diverse industries and operational environments, thereby broadening their perspective and enhancing their ability to adapt to varying demands.
Conclusion
The CPA license remains a valuable credential, but the path to the C-suite requires more than technical expertise. Aspiring CFOs must proactively build skills in strategic planning, leadership, and forward-looking financial management while also cultivating emotional intelligence and industry-specific knowledge.
The report outlines several actionable steps to prepare for CFO roles:
Expand Leadership Experience: Seek roles that involve managing cross-functional teams or departments.
Develop Strategic Acumen: Pursue opportunities to lead or contribute to high-level strategic initiatives.
Leverage Continuous Learning: Engage in professional development programs, such as those offered by NCACPA, to stay ahead of industry trends.
Network Effectively: Build relationships with mentors, peers, and industry leaders to gain insights and open doors to new opportunities.
Volunteer for Board or Advisory Roles: Gaining governance experience in nonprofit or small business settings can provide invaluable insights and hands-on learning.
By embracing a mindset of continuous growth and adaptability, CPAs can position themselves as well-rounded leaders capable of thriving in the ever-evolving world of corporate finance. The 2024 Corporate Finance Report serves as a blueprint for those ready to take the next step in their careers, offering a clear roadmap to secure a seat at the executive table.
