2024 Corporate Finance Study

Elevate Your Financial Leadership: Insights from the 2024 Corporate Finance Report  

As the demand for CFOs evolves, CPAs must adapt and expand their skill sets beyond traditional accounting to stay competitive. The 2024 Corporate Finance Report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders," reveals crucial insights into the competencies that distinguish successful CFOs. Our comprehensive analysis, based on feedback from over 320 hiring executives, provides a roadmap for aspiring CFOs to excel in today’s dynamic financial landscape. 
 
MassCPAs partnered with the Indiana Society of CPAs, Tennessee Society of CPAs and CPA Crossings to survey CEOs, chief human resource officers, and executive recruiters to determine the key attributes needed for CFO roles. The survey assessed 8 major skill categories and over 80 specific sub-competencies, offering a detailed view of what hiring managers value most in CFO candidates.

Key Insights for Aspiring CFOs

1. Evolving CPA Roles
   Although CPAs remain highly valued for CFO positions, there is a noticeable decline in their representation among S&P 1000 companies. Modern CFOs must now excel in strategic planning, risk management, and technology oversight, extending beyond traditional accounting expertise.
2. Future-Focused Financial Acumen
   Effective financial forecasting and capital management are crucial. Today's CFOs need to proactively strategize for growth and stability rather than merely reporting historical financial data.
3. Leadership and Strategic Excellence
   Exceptional leadership, strategic thinking, and team-building capabilities are essential. These skills drive organizational success and are vital for securing a top leadership position.
4. Emotional Intelligence
   Despite varying priorities, emotional intelligence remains a key leadership trait. It supports effective relationship-building, team management, and balanced decision-making.
5. Industry-Specific Expertise
   Expertise must be tailored to industry needs. High-growth sectors require advanced financial management and risk strategies, while nonprofits need skills in managing fluctuating funding and resource constraints.

Snapshot of Key Findings

CPAs in the C-Suite: Evolution and Value

• Key Insight: CPAs can still "get a seat at the table" in a CFO position, but what got you here might not get you there.
• Skills Needed: Beyond financial reporting, modern CPAs must build comprehensive skill sets that position CPAs to drive strategy, plan for growth, and provide enterprise leadership.

The Importance of Forward-Looking Financial Acumen for CFOs

• 320 CEOs, talent executives, and other senior leaders across the United States, who are directly involved in hiring CFOs, ranked future-oriented skills as the most critical aspect of financial acumen.
• CPAs Should Reorient Their Focus: For CPAs to become CFOs they must not only report past results but also strategize for future growth.

Leadership Skills for CFOs

• Insight: Leadership skills are essential for effective CFOs. Going beyond traditional financial expertise to add strategic innovation enhances decision-making and drives company success.
• Key Points: CPAs should focus on building skills in team leadership, decision-making, and strategic thinking.