Your Guide to Becoming a CFO

So you have a deep knowledge of finances?

Overseeing the accounting operations of a company makes you feel fulfilled?

Would you love to develop the financial strategy of a company? 

Then we have some good news for you.

You could be the right match for a chief financial officer (CFO)role.

But what exactly does a CFO do? And what can you do to become one?

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What Does a CFO Do?

Who’s the person in charge of keeping a company’s finances in line?

The chief financial officer, of course.

As a CFO, you are the person who's fully responsible for making sure the business you work for stays financially stable and grows according to the company's goals. 

It could involve handling something administrative like treasury and taxes but it could also put you under the spotlight to:

• Develop the company's financial strategy.
• Offer financial insights to the CEO and board.
• Create annual budgets.
• Carry out financial forecasting.
• Spot potential risks
• Participate in investment initiatives.
• Manage mergers and acquisitions.
• Lead the finance and accounting team.

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And so much more 

Is a CFO a rewarding career?

If you like finances and be on the lookout for effective strategies to improve a company's financial value, the answer is a solid yes.

Putting aside the high levels of earnings you could reach-which let's be honest is also great, it can also give you the opportunity to play a key role in major business decisions. 

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While it's true that you are going to need years of experience, skills and a deep understanding of financial management, having a career with long-term growth, stability and the chance to make a positive impact is certainly a huge reward.

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What Studies Do I Need to Become a CFO? 

Bachelor degree

There's no one-size-fits-all all in this career journey. You could be an undergraduate in finance or business analysis, and you could also be someone who majored in philosophy. 

You could even have dropped out of college, the thing is that to be a successful chief financial officer, there's no specific route in terms of undergraduate education. 

If a traditional pathway appeals to you, however, the best decision you can make is to focus on a study field that gives you some knowledge about finances and management.

Postgraduate studies 

Okay, so you finished your degree, and now you are wondering: Do I have to keep studying?

Again, it's going to depend on your priorities and personal situation, yet, for most people, pursuing an MBA or a master's in finance management is an excellent option to increase their knowledge and put into practice their skills with relevant projects.

If doing a master's degree isn't part of your current plans, you can start by strengthening your profile with online courses and specializations.

Finding the Right Experience 

In large companies, you'll find that CFOs have an extensive amount of experience, between 15 and 20 years. For start-ups and smaller companies, that's not often the case. Remember that startups work under an agile mindset, so career progression can be quicker.

That being said, you'll need to accumulate as much practical knowledge as possible.

If you are still at the beginning of your career, you could use the benefits of participating in an internship related to financial or accounting services.

Positions like financial analyst, accountant, or auditor are a great starting point because they help you to develop the technical skills you are going to need later.

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Leadership positions 

One of the main qualifications of a good CFO is measured by how well they lead the company. 

So yes, investing in developing leadership skills should be a top priority.

Once you've built a solid foundation of work experiences, you can move into seeking more managerial roles like:

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• Accounting manager 
• Financer manager 
• Director of Finance 

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Relevant Certifications for a CFO 

Let's get something straight: certifications aren't a complete must-have to become a chief financial officer.

In fact, we could guess that many CFOs don't hold a specific certification.

But…

That doesn't mean following one won't boost your profile in your quest to keep advancing in your career. Especially if you are looking to start in an industry that demands deep technical knowledge.

So why not go over the most common certifications for CFO aspirants?

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Certified public accountant (CPA)

If you are already in the financial industry, there's a high chance you've already heard about this one.

After all, it's considered the most recognized certification for financial and accounting professionals.

The CPA certification can be quite relevant if you come from an accounting background or are planning to work as a CFO in that sector. 

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Chartered financial analyst (CFA) 

What if you want to work on investment management, financial strategy, or corporate finance?

Well, this one is for you.

The program covers areas like financial analysis, portfolio management, and risk assessment.

While not all CFOs hold a CF, A, it can represent a major advantage if your career path is more investment-focused. 

Additional certifications

• Certified Management Accountant (CMA): Focuses on financial strategy, management, and decision-making. A great choice if you’re working toward a CFO role in corporate finance.
• Association of Chartered Certified Accountants (ACCA): An internationally recognized certification that covers financial management, taxation, and business strategy. Useful if you’re working for a global company.
• Certified Treasury Professional (CTP): Specializes in cash and risk management, making it valuable for CFOs handling liquidity and corporate treasury functions.

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What Skills Do I Need to Become a CFO?

Yes, working as a CFO requires a lot of experience and technical knowledge, but as with any other leadership position, that's just not enough.

Soft skills, for example, are equally relevant.

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• Leadership: You'll be leading finance teams, as much as true, but your influence? Extends across the whole company.  You need to be able to motivate people, promote collaboration, and set a clear vision for growth.
• Communication:  As the leader of the financial operations of a company you can expect to meet with several people, from members of the executive board to investors.  The clearer you can articulate your ideas and lead better conversations, the simpler is going to be to achieve positive outcomes.
• Strategic thinking: You need to be able to anticipate challenges, analyze risks, and find the best strategies to keep the company growing.
• Emotional intelligence: As a CFO, there are going to be moments when you must make tough decisions or have to lead people under a lot of pressure. Working with a high EQ helps you deal with conflicts and remain calm no matter what.
• Negotiation: It could be that you have to secure new funding sources, manage partnerships, or influence board decisions. Whatever the scenario, you need to rely on strong negotiation skills.

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The Power of Networking 

Building a strong professional network can open doors to new opportunities, provide valuable mentorship, and keep you updated on industry trends. 

The right connections can make a huge difference in your career growth. 

Here’s how to make networking work for you.

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Work on your connections. 

Surrounding yourself with experienced finance professionals can help you learn from those who’ve already made it. Whether it’s a mentor who guides you through tough career decisions or peers who share insights, having a solid network can fast-track your path to CFO.

You don’t have to be a natural extrovert to network effectively. Start by engaging with people in your field like colleagues, former classmates, and industry leaders.

Attend industry events

Finance and leadership conferences are great places to meet top executives and stay on top of financial trends. Events like the CFO Leadership Conference or other industry-specific summits can introduce you to key players in the field.

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