You love finance and you’re wondering how to become a CFO. But what does this entail, anyway?
Everyone dreams of landing an executive-level job. These include jobs like CEO, COO, and CFO. However, these jobs aren’t always within reach.
The position of a CFO is one of the most important and demanding jobs in a company. CFOs are responsible for the financial planning and record-keeping of a company. They have to make sure that the company is making money and not overspending.
If you’re looking to take your career to the next level, then becoming a CFO is a great option. Keep reading to learn how to become a CFO now.
Best Degree for CFOs
Most CFOs hold a master’s degree in business administration or accounting. But having a high level degree isn’t alwyas essential.
However, if you want to increase your chances of becoming a CFO, then getting a degree from a top business school is a good idea. MBA programs will give you the skills and knowledge that you need to be successful in this role.
Loving this post? Make sure to check out our other article about what a CFO is in business before you leave!
Work Experience
In addition to having the right education, you’ll also need to have the right work experience. CFOs typically have at least 10 years of experience working in finance. They also have experience working their way up the corporate ladder.
If you want to be a CFO, then you need to start working in finance as soon as possible. You should also try to get experience in different areas of finance. This will give you a well-rounded skill set that will come in handy when you’re trying to land a CFO job at one of the larger firms.
Skills You Need to Be a Successful CFO
There are certain skills that all successful CFOs share. If you’d like to become a CFO in any space, these basic skills are essential for your success:
- The ability to understand and use financial statements
- The ability to create and manage budgets
- Strong leadership skills
- Excellent communication skills
- The ability to think strategically
Becoming a CFO means you need to make sure that you have all of these skills. You can develop these skills by taking courses, reading books, and attending seminars. But you may find information that will help you perfect these skills online, too.
How to Prepare to Be a CFO
The preparation process for becoming a CFO is long and arduous. But if you’re willing to put in the work, then it’s definitely worth it.
Here are some tips on how to prepare for this role:
- Get a degree from a top business school
- Start working in finance as soon as possible
- Gain experience in different areas of finance
- Develop your leadership skills
- Work on your communication skills
- Think strategically
If you do all of these things, then you’ll be well on your way to becoming a CFO. Ultimately, these skills will come in handy, regardless of which industry you plan to work.
How to Become a CFO of a Bank
Becoming a CFO of a bank is no easy feat. But if you have the right education and experience, then it’s definitely achievable. Here are the steps that you need to take:
Get a degree from a top business school
As we mentioned earlier, most CFOs have a master’s degree in business administration or accounting. If you want to increase your chances of becoming a CFO of a bank, then getting a degree from a top business school is a good idea.
Start working in finance as soon as possible
CFOs of banks typically have at least 10 years of experience working in finance. So if you want to be a CFO of a bank, then you need to start working in finance as soon as possible.
Gain experience in different areas of banking-related finance
It’s important to have a well-rounded skill set when you’re a CFO. But it’s equally essential to specialize in the space you plan to work. That’s why you should try to gain experience in different areas of banking-related finance.
CFO FAQ
What degree do you need for CFO?
A bachelor’s degree is typically required for most entry-level chief financial officer (CFO) positions. However, many employers prefer applicants who have a master’s degree in business administration (MBA) or a master’s degree in finance.
How long does it take to be a chief financial officer?
In most cases, it takes several years of experience working in finance-related positions before being promoted to CFO. Some organizations may require candidates to have at least 10 years of experience before being considered for the position.
