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Having served in a CIO role for 11 years of my to date 27 year IT career, I would say that understanding business operations is the key to being successful as a CIO. My undergraduate degree in Industrial Engineering gave be a well rounded education and included courses in corporate finance, operations management, communications and engineering disciplines. A solid college education in any field really matters as it develops a necessary skill set, i.e. ability to muti-task, focus on results, collaborate and communicate.