The modern financial planning and analysis (FP&A) job market presents a surprising paradox. Despite billions of dollars invested in sophisticated Enterprise Performance Management (EPM) platforms, 96% of FP&A professionals still use spreadsheets for planning, according to the Association for Financial Professionals’ 2025 benchmarking survey. This isn’t a failure of technology adoption — it’s a fundamental shift in what employers actually need from candidates. Rather than replacing traditional tools, modern FP&A demands layered proficiency across multiple platforms, from Excel mastery to emerging AI capabilities.
The Arkansas State University (A-State) online Master of Business Administration (MBA) with a Concentration in Financial Planning & Analysis program addresses this evolving landscape by ensuring students develop hands-on expertise with the complete tool stack employers prioritize. The 2025 AFP survey of 362 global FP&A practitioners reveals exactly what that stack includes — and why neither spreadsheet expertise nor platform experience alone proves sufficient for today’s hiring decisions.
The Spreadsheet Reality Employers Can’t Ignore
The persistence of Excel in modern FP&A work reflects practical necessity rather than technological inertia. The Association for Financial Professionals found that 93% use spreadsheets for daily or weekly reporting, making spreadsheet proficiency the universal baseline for any FP&A role. This dominance stems from Excel’s unmatched flexibility for ad hoc analysis, its universal accessibility across organizations and the deep institutional knowledge most finance teams maintain around spreadsheet-based processes.
However, this reliance on spreadsheets creates significant challenges that employers must address. The AFP research revealed that 61% cited lack of data reliability as their primary technology challenge, while 60% reported lack of accessible data as a significant obstacle. These data quality issues explain why employers simultaneously invest in more robust platforms while maintaining spreadsheet workflows.
Why Employers Invest in Enterprise Performance Management Tools
The AFP survey found that 71% of FP&A professionals use EPM tools at least quarterly, demonstrating that these platforms have become standard infrastructure rather than niche solutions. EPM tools like Anaplan, Workday Adaptive Planning, SAP Analytics Cloud, and Oracle Hyperion specifically address the data reliability and accessibility challenges that plague spreadsheet-heavy workflows. These platforms provide centralized data management, automated consolidation across business units and real-time collaboration capabilities that manual spreadsheet processes cannot match.
The coexistence of high EPM adoption alongside continued spreadsheet dominance reveals an essential reality for job candidates. Employers don’t view these tool categories as competing alternatives — they represent complementary layers in the modern FP&A technology stack. Organizations leverage EPM platforms for structured planning cycles and enterprise consolidation, while using spreadsheets for detailed analysis and flexible modeling. This explains why job postings increasingly specify both Excel expertise and EPM platform experience rather than one or the other.
The “Last Mile” Skills That Separate Candidates
The technology landscape for FP&A roles extends beyond Excel and EPM platforms into what the Association for Financial Professionals calls “last mile” skills — the capabilities that transform raw data into actionable business insights. AFP research shows that 83% of FP&A professionals value technology and data skills on par with finance skills, marking a fundamental shift in role requirements.
The Association for Financial Professionals goes on to report that 79% of employers hire for specific technology skills, while 78% of current practitioners focus their professional development on technology and data capabilities. The specific skills employers prioritize include:
- SQL for data extraction: Direct database access eliminates dependence on IT support
- Business intelligence platforms: Tableau and Power BI for interactive dashboards and visualizations
- Automation capabilities: Python or VBA for eliminating repetitive manual processes
- Advanced spreadsheet techniques: Complex formulas, pivot table mastery and sophisticated modeling
The U.S. Bureau of Labor Statistics confirms this evolution, noting that financial analysts must be adept at using software to analyze financial data and trends, create portfolios and make forecasts.
AI and Automation: The Emerging Expectation
Artificial intelligence adoption in FP&A currently sits at a tipping point. The Association for Financial Professionals found that 23% of survey respondents use AI on a daily, weekly or monthly basis, while 40% are in testing phases with plans to implement within the following year. This data suggests that AI proficiency will shift from a differentiator to a baseline expectation within the next hiring cycle.
The types of AI applications reshaping FP&A work include predictive forecasting, anomaly detection and scenario planning automation. While these capabilities don’t replace human judgment, they accelerate analysis and enable finance teams to focus on strategic interpretation. Senior leadership recognizes this shift — PwC’s Pulse Survey found that 58% of CFOs have increased their FP&A focus since last year, driven partly by technology’s potential to enhance financial decision-making.
Building Your Tool Stack for Market Readiness
Employers evaluate FP&A candidates through a three-layer framework that balances foundational skills, enterprise platform experience and emerging capabilities. The essential layers include Excel mastery with pivot tables and complex formulas, experience with at least one central EPM platform and data visualization capabilities with tools like Tableau or Power BI and basic automation skills.
A-State’s online MBA in Financial Planning & Analytics program ensures students gain hands-on proficiency with the budgeting and forecasting tools most valued by employers in both specialized FP&A roles and broader corporate finance departments, enhancing their market readiness. The structured exposure to multiple tool categories — difficult to replicate through individual learning — produces graduates with the verified technical competencies that employers prioritize in hiring decisions. Career progression in FP&A increasingly depends on building these tool layers systematically rather than developing deep expertise in a single platform.
Frequently Asked Questions
Understanding the modern FP&A tool landscape raises practical questions about which specific platforms to prioritize and how to build proficiency systematically. The following answers address the most common concerns professionals have when navigating tool selection and skill development.
What is the best software for budgeting?
No single “best” software exists — employers use tool stacks combining multiple platforms. Excel remains universal, with the Association for Financial Professionals reporting 96% usage for planning purposes. However, the AFP also found that 71% of organizations use EPM tools like Anaplan, Workday and SAP. The most effective approach combines spreadsheet mastery with EPM platform familiarity rather than relying on either alone.
What do employers look for in FP&A hires?
According to the Association for Financial Professionals, 79% of employers prioritize candidates with specific technology skills, including Excel expertise, EPM platform experience and emerging capabilities like data visualization and SQL. The AFP research shows that 83% of employers value technology and data skills on par with traditional finance skills, marking a significant shift in hiring criteria.
Which FP&A tools do Fortune 500 companies use?
Based on AFP survey data, Fortune 500 companies typically deploy Excel (near-universal), EPM platforms including Anaplan, SAP, Oracle, and Workday Adaptive Planning, business intelligence tools like Tableau and Power BI, and increasingly AI-powered forecasting solutions. The Association for Financial Professionals reports that 71% use EPM tools at least quarterly alongside continued reliance on spreadsheets.
Is Excel still relevant for FP&A careers?
Absolutely. The Association for Financial Professionals found that 96% of FP&A professionals use spreadsheets for planning purposes, making Excel proficiency essential. However, modern expectations include Excel competency plus additional platform experience rather than Excel expertise alone. The combination of spreadsheet skills with EPM and business intelligence capabilities defines current market standards.
How important are data visualization skills for FP&A roles?
Increasingly critical for career advancement. Modern FP&A requires what AFP research calls “last mile” skills, which transform financial data into visual insights that business partners can quickly understand and act upon. Proficiency with tools like Tableau or Power BI has shifted from optional enhancement to standard expectation, particularly for roles involving stakeholder communication.
Should you learn SQL for financial planning roles?
Yes, SQL has become a valuable differentiator in FP&A hiring. The capability to extract data directly from enterprise databases — rather than waiting for IT support — enables faster analysis and greater autonomy. The Association for Financial Professionals reports that 78% of practitioners focus on developing technology and data skills, with SQL being among the most valued technical competencies for modern FP&A work.
Are EPM tools replacing spreadsheets in FP&A work?
No — research shows they’re complementary rather than competitive. Despite the Association for Financial Professionals finding that 71% use EPM tools, 96% still rely on spreadsheets for planning. The most effective FP&A professionals leverage both, using EPM platforms for standardized enterprise processes and spreadsheets for flexible analysis and detailed modeling work.
About Arkansas State University’s Online MBA – Financial Planning & Analysis
Arkansas State University’s online MBA with Financial Planning & Analysis concentration directly addresses the tool proficiency gap identified in employer surveys. The program ensures students develop hands-on expertise with the complete technology stack modern FP&A roles require: advanced Excel techniques for financial modeling, exposure to enterprise performance management platforms and emerging capabilities in data visualization and automation. This structured approach to tool mastery — difficult to replicate through individual learning — produces graduates with verified market readiness. The curriculum aligns with employers who value technology and data skills on par with finance expertise, preparing students for immediate contributions in FP&A roles across corporate finance departments and specialized planning teams.
Learn more about Arkansas State University’s online MBA – Financial Planning & Analysis program.