The CFO of the future needs these skills—and they go far beyond finance

We’re taking this week to delve deeper into what it takes to become a CFO. All week we’ll be looking at the next generation of finance leaders and what they should be doing early on to propel their careers to the highest echelons. Know someone who would benefit from this coverage? Forward them this email and let them know they can sign up for CFO Daily here.

So you want to one day be a chief financial officer? 

Yes, your job description will still entail closing the books, reigning in costs, and talking to investors. But that’s just for starters. The role has evolved radically over the past decade, and now includes: being an effective strategic partner to the CEO, creating value, and aligning talent with business priorities. 

Here’s what experts say aspiring CFOs should be thinking about in terms of skill sets, educational background, and credentialing.

First off, what type of degree makes the most sense?

Crist Kolder Associates, an executive search firm, just updated its Volatility Report to capture the end of 2022. The findings are based on data from 681 companies in the Fortune 500 and S&P 500. Sixty-one percent of CFOs have an undergraduate degree in business. Of those, 47% are accounting majors—the highest percentage among business majors (including economics, finance, and business administration). And 51% of finance chiefs have MBAs, while 35% have the certified public accountant (CPA) credential. “CFOs with MBAs have steadily been on the rise, while the number of CFOs with CPAs have been on the decline over the past five years,” Clem Johnson, president of Crist Kolder Associates, says.

A ‘seismic shift’

Finance chiefs are focused on the road ahead that includes the major trends of digital transformation, new e-business models, and a “seismic shift” in corporate responsibility and purpose, says Tom Hood, EVP of business engagement and growth for the Association of International Certified Professional Accountants.

Hood explains what the association’s Future of Finance Leadership Advisory Group (a group of 40 senior finance leaders at large corporations formed in mid-2021 who meet regularly) found to be the top skill sets for CFOs going forward:

– Leadership DNA: The CFO is increasingly the co-pilot of the business alongside the CEO steering the direction of the company. It’s important to highlight experience leading teams and managing change.

– Digital and tech-savvy: This could…