Do CFOs Still Need to Be Accountants? Rethinking the Role of the Modern Higher Ed Finance Leader

In an era where higher education and college athletics are undergoing seismic shifts (think financial pressures, demographic cliffs, NIL and athlete revenue sharing), the role of the chief financial officer is also evolving. But amid all this change, one question lingers…

Do CFOs still need to be accountants?

The short answer: not necessarily. But someone on their team better be.

The CFO Beyond the Balance Sheet

Take Eric Kutcher, McKinsey’s CFO. No CPA. No finance background. An engineer by training, he learned finance on the job by getting involved, digging in and building influence. His story, shared widely on LinkedIn, is a masterclass in how today’s CFOs are not just financial stewards but strategic operators, brand builders and translators of complexity.

If an engineer can become a CFO of one of the world’s leading firms, it raises the question: What really matters in financial leadership today, especially in a complex and highly visible environment like higher education?

Why Higher Ed Needs More Than a “Traditional” CFO

There is no shortage of challenges facing higher education institutions:

• Declining enrollment
• Federal and state political uncertainty
• Reductions in financial aid availability
• Shifts in research grant structures
• Capital maintenance needs
• Rising demand for student support services
• Athletics both as a brand driver and a financial risk.

The CFO can no longer simply manage the books. They must understand how financial strategy intersects with advancement, enrollment management, facilities planning and college athletics. These points help frame why today’s CFO must be part strategist, part storyteller and part risk navigator while still ensuring financial discipline is protected.

But financial acumen still matters. A lot.

6 Qualities of the Modern CFO in Higher Education

To thrive in this new world, a higher ed CFO needs more than accounting chops or even an MBA. They need six essential qualities.

#1: Systems Thinker

Whether they come from finance, engineering or strategy, today’s CFO must be able to see how the institutional machine functions as a whole. From tuition pricing models and scholarship discounting to research funding, auxiliary services and athletics subsidies, nothing exists in a silo.

This perspective is critical as institutions work through interdependent challenges like enrollment declines, reduced federal support and athlete revenue share obligations. A CFO who can zoom out and see the cause-and-effect chain between operational decisions and financial sustainability becomes invaluable in boardrooms and budget cycles alike.

#2: Risk Translator

CFOs need to work across various campus units and integrate the risks institutions are facing into practical, actionable ERM frameworks. It’s not enough to identify risks. They must also help stakeholders understand them and prioritize a response.

Today’s risk landscape is complex and fast moving. Knowing COSO and enterprise risk models is helpful. But knowing how to apply them in collaboration with your campus partners is what drives true risk mitigation.

#3: External Communicator

Donors, trustees and state legislators don’t speak “finance nerd.” The modern CFO must tell financial stories that inspire confidence and action. But beyond just translating numbers, they must also lead conversations about sustainability and growth. This is especially crucial as traditional revenue sources like tuition face pressure from demographic decline.

The CFO becomes a key voice in articulating the need for innovation in revenue generation, from public-private partnerships to microcredential programs to philanthropy and auxiliary services. Communicating these strategic pivots with clarity is essential to securing buy-in and unlocking new funding opportunities.

#4: Partnership Builder

Working hand in hand with advancement, student affairs, research and athletics is no longer optional; it’s a survival strategy. As funding sources diversify and institutional complexity grows, the CFO must be trusted beyond the finance office.

Whether co-developing a fundraising strategy with advancement, supporting athlete-focused initiatives with your athletic director or aligning financial aid packages with enrollment goals, the CFO must be a collaborative problem-solver who builds coalitions, not silos. Institutions that fail to align across units risk duplication, inefficiency and missed opportunities.

#5: Technological Curiosity

GenAI, predictive analytics and modern ERP systems can make or break decision-making. A CFO doesn’t have to code, but they do need to ask the right questions of their tech teams and vendors. They must also be willing to explore tools that make insights more timely, accessible and strategic.

This is especially vital as finance teams are asked to do more with less. Whether automating athlete revenue share distributions, improving enrollment forecasting or integrating data dashboards for cross-campus decision-making, technology is a leadership advantage.

#6: Financial Integrity

At the end of the day, someone has to own GAAP financial reporting and IRS compliance. While today’s CFO may come from a nontraditional background, they must still ensure the institution operates with transparency, discipline and credibility.

That means either having that technical grounding themselves or building a team of experts who do. As scrutiny increases from accreditors, regulators, bondholders and the public, the CFO must safeguard institutional integrity without getting lost in the minutiae. In an age of disruption, financial trust is your institution’s license to operate.

We don’t need CFOs to be CPAs. But we do need them to understand the language of finance, respect its discipline and leverage it to lead. Whether they come from accounting or not, the best CFOs today earn influence, build trust and align dollars with mission. And yes, sometimes the best route to that seat isn’t through the finance class. It’s through real-world complexity, collaboration and courage.

Whether you’re rethinking the role of your institution’s CFO or confronting new financial risks, James Moore’s  higher education and collegiate athletics teams bring deep financial expertise — paired with real-world strategy — to help you lead through change and uncertainty.

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