An MBA degree ranks slightly higher than a CPA credential when hiring executives seek CFOs, Accounting Today reported, citing a survey conducted by the Pennsylvania Institute of CPAs (PICPA).

PiCPA surveyed 320 hiring executives, including CEOs, asking them to rank various certifications on a scale of zero to 100 (zero meaning "not important," and 100 meaning "extremely important"). The survey found that the responding CEOs ranked the CPA certification third, at 75.3, a bit behind a bachelor's degree in a related major (78.1) and master of business administration (76.8). Ranked behind the CPA credential was certified management accountant (73.7), chartered financial analyst (71.8) and master of science in finance (71.6). 

The CEOs and hiring executives said that financial acumen is the most requested competency for CFO candidates. The other competencies were, in order of importance: compliance and regulatory knowledge; technology and analytics; industry-specific knowledge; communication; business acumen; and emotional intelligence.

“CPAs are highly valued for CFO positions despite a declining trend in S&P 1000 companies,” the report noted as one of several key insights for aspiring CFOs. “This is likely because modern CFOs need to expand their skill sets beyond traditional accounting. Mastery in strategic planning, risk management, and technology oversight is now critical.”

Another insight was that "the ability to forecast and manage future finances is paramount. Key skills include capital management, financial forecasting, and cash flow management. CFOs today must strategize for growth and stability, not just report past results." In addition, the report provided this insight: "Today’s CFOs must excel in leadership, strategic thinking, and team-building. These are not just soft skills; they are essential competencies for driving organizational success and securing a leadership position."