Reaching your way up to becoming a Chief Financial Officer (CFO) isn’t an easy feat to achieve. But if that’s something you genuinely aspire to be then perfect planning is a must. And by planning, we mean charting out your learning journey, internships, training and work experience. At the same time, it may sound a bit tedious at first. We are here to simplify this process for you by bringing you the top seven ways to become a CFO. Before we dive deep into the best ways of becoming a CFO, let’s first understand what a CFO is, does and what makes this profession so prestigious. A Chief Financial Officer (CFO) is someone who has mastered business activities, financial automation, and corporate communications. They are the ones to coordinate with all the department leads and ensure the economic success of the company. To know more about being a CFO and the responsibilities that you may handle here’s an overview of the profile of a CFO and their duties.
Top Responsibilities Of A CFO
A CFO is a top-level executive that manages a team of financial experts while coordinating with external and internal parties to discuss issues that affect the company. CFOs in any company is often viewed as CEOs as they are second in command. If you are curious to know more about the responsibilities of a CFO, here’s a gist into the same.
- Addressing and troubleshooting finance-related issues.
- Ensuring accurate reports from client servicing accounting and finance.
- Communicating with top-level executives, leaders and stakeholders to understand their financial goals.
- Analyse these goals and create data-driven strategies to achieve them
- Planning and managing the company’s overall cash flows.
- Researching relevant investment opportunities and making the most out of them for the company.
How To Become A CFO in 5 Simple Steps
Planning to become a CFO as you pursue a successful career in finance? Here are five simple steps that can get you there.
1. Continue to pursue your higher education
To become a CFO, you need to continue to pursue relevant professional courses that help you widen your skillset and learn to prepare better strategies. International professional courses such as ACCA, US CMA and CFA not only give you a global perspective but also brings you several practical learning opportunities.
2. Stepping into leadership opportunities
As a CFO, you’ll be responsible for major tasks with multiple people reporting directly to you. Being a CFO isn’t just about making the right decisions and having a pool of financial knowledge, it’s about using this knowledge and decision-making skills in the right direction. To become a CFO, you’ll have to know to set the right goals and help your teams achieve them.
3. Keep honing your analytical skills
A CFO is supposed to have the sharpest technical skills in order to analyse all the data and reports coming to them and catch even the minutest glitches. To do this, you need to master technical skills such as budgeting, compliance, analysis, financial management, etc. You also need to stay up to date with the financial reporting, mergers and expenditures.
4. Network with industry experts
Excellent communication skills and regular networking with industry experts are quite essential as you step up the ladder towards becoming a CFO. Whether it is collaborations or gaining knowledge of the changing industry trends, networking can go a long way.
5. Stay up to date with technological advancements
Technology continues to advance, making several tedious processes easier. As a CFO, you’ll have multiple responsibilities and reportings to handle. You can make your work seamless by mastering the latest technological advancements and managing data in an efficient manner.
We hope that with this detailed article on how to become a CFO in six simple steps, you’ve received a fair understanding of your pathway towards becoming a CFO. To take the first step towards your journey, start with a professional finance or accounting degree Zell Education. Choose from top-level courses like Association of Certified Chartered Accountants, Chartered Financial Analyst and US Certified Management Accountant. To know more about these courses, click on the WhatsApp icon at the side of this blog and get in touch with our experts directly.
What are the steps to becoming a CFO?
The steps to becoming a CFO include continuous learning, building leadership, analytical and technological skills and networking.
How long does it take to become a CFO?
It depends on how quickly you gain the skills to become a CFO and what your career progression is like. Ideally, the time period could range anywhere from 5 to 20 years after entering your first job.
Can I become CFO after the 12th?
No, you cannot become a CFO after the 12th. You need to complete a professional degree and gain leadership skills on the job to become a CFO.
At what stage do you need a CFO?
A company can hire a CFO after they have crossed an annual revenue of $50 million.