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CEO at Firmbase | Helping FP&A teams plan faster using AI agents | Agentic AI platform for strategic finance | Ex-Facebook/Meta
The cost of hiring the wrong FP&A person can easily reach $40K. Yet, I'm seeing many businesses with misguided priorities when hiring FP&A talent. Here’s the #1 mistake over 50% of companies make (and what to look for instead). ? In recent conversations with finance leaders, I've noticed a recurring theme when it comes to new FP&A hires: ? - "Excel wizard needed for fast-paced work" - "Seeking a data cruncher for Excel models" - "Must be expert in VLOOKUPs, INDEX, Excel" - "Looking for FP&A with advanced Excel skills" ? It feels as if they're trapped in a time loop. ? Don't get me wrong, I know that FP&A involves a lot of number-crunching. ? Absolutely, technical modeling skills matter. ? And yes, Excel remains an important component in FP&A's toolbox. ? But, c'mon -- it’s 2024. ? Mastery of Excel is definitely NOT the most important quality to seek in your next FP&A hire. ? Being an Excel power-user doesn’t automatically translate into strategic insights or better forecasts. ? Plus, you should build your financial models using modern technology and continuous planning methodologies. ? This will allow you to turbocharge your team's speed, productivity and decision making process. ? Hiring FP&A primarily based on Excel skills is missing the mark. ? Big time. ? To succeed in FP&A today, your team needs to go beyond outdated forecasting processes. ? Prioritize hiring business-savvy individuals who are skilled in aligning data with business objectives. ? TAKEAWAY It's time to move past yesteryear's job requirements. If you’re still hiring based on Excel skills above everything else -- don't. Your FP&A team should consist of strategic thinkers, not Excel technicians. ? Focus on FP&A hires who can leverage business insights and AI-powered technology to drive better, faster decisions.
Great insight! Too many businesses are still caught in the Excel-focused mindset when hiring FP&A talent. While technical skills matter, the real value comes from hiring individuals who can align data with strategic goals and leverage modern tools to enhance decision-making. FP&A professionals should be forward-thinking, business-savvy, and comfortable with technology that enables agility and real-time insights. In today's world, it's about strategy and innovation, not just spreadsheet mastery.
While I agree that FP&A roles should prioritize strategic thinking and modern tools, I respectfully disagree with the notion that Excel skills are no longer critical. Excel remains a foundational tool in FP&A, and mastering it is essential before transitioning to more advanced technologies, including AI. Excel proficiency complements strategic thinking, and it’s often the first step in building robust financial models before expanding to other platforms.
If you know how to gain a lot of value out of Excel (besides typing speed and knowing formulas), you are more than likely equipped with the right logical toolset to be a great FP&A professional. So, Excel can still be an indicator for the qualification. I agree it shouldn't be the qualification itself though.
I agree with this, but I also think that part of the problem is that FP&A can mean different things to different people. At some companies, you're expected to be a trusted advisor, focus on value-added & insightful analysis, and question/challenge the status quo - which is ideal in my opinion; at other companies, you're expected to be a McDonald's finance person where you do anything the customer asks whether it's reclassing $25 of expense to the right cost center or getting new accounts created to track how many gold pens they purchase and you're just supposed to be an order-taker & not challenge anything. I'm not sure what the answer is
Tomer Federman that very much depends on how you build your team… Strong data capabilities on the analytics side enables your BPs to focus on insight instead of data integrity and availability. That being said - the goal is to build a robust company wide data infra and leverage spreadsheets for ad-hoc analysis and modeling, as an interim step before implementing in more robust tools.
Tomer Brilliant write up. But u r missing the point here. The reasons companies stress on high excel skills in FP&A is because 1) they need people to understand the models and dashboards made by the previous employee. 2) the same hires needs to use his/her skills to find better ways to make less complicated models and dashboards or make changes to the existing ones. Companies are still very dependent on MS excel because it is cheap and it is like clay; make use of the it the way u want with the data u have.
Absolutely spot on. For FP&A professionals, it's crucial to evolve beyond Excel and traditional tools. Leveraging modern technologies to streamline processes is essential to creates space for strategic thinking and delivering impactful insights.
Very much agreed! The FP&A role is completely changing (and the CFO role is also changing).
CEO at Firmbase | Helping FP&A teams plan faster using AI agents | Agentic AI platform for strategic finance | Ex-Facebook/Meta
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