The role of a Chief Financial Officer (CFO) is crucial to any organisation, as they are responsible for the overall financial management and decision-making of the businesses for which they work. If you are interested in becoming a CFO, there are a few important steps that you can take to ensure that you get there, which we will outline in this article.
We will start by discussing some of the key skills and qualifications you need to acquire to realise your goal of becoming a CFO, then move on to some of the other steps you will need to take. As finance recruitment specialists in Australia, we will also be able to share some useful tips with you along the way, which you can follow if you are interested in achieving this particular career goal as efficiently as possible.
Starting your journey to CFOÂ
Let’s get started with the most important steps that you need to follow in order to achieve your goal:
Gain a strong educational background
If you would like to become a CFO, you will need a solid educational background in accounting, finance or a related field. Most CFOs have a bachelor’s degree in finance, accounting, economics or business administration and some have a master’s degree in finance or business administration too. It will also help you in your goal if you pass exams that enable you to achieve professional status, such as a Certified Public Accountant (CPA) or a Chartered Financial Analyst (CFA).
Acquire relevant work experience
CFOs typically have extensive work experience in finance or accounting. They often start their careers in entry-level positions in finance departments, then work their way up through the ranks to become financial analysts, controllers and, eventually, CFOs. Some CFOs also have in-depth experience in other relevant areas, which may include operations, marketing and general management.
It is important to gain experience with various finance and accounting functions, such as financial reporting, budgeting, forecasting and analysis. Developing a well-rounded skill set will make you a more attractive candidate for any CFO jobs that you may wish to apply for in the future.
Develop strong leadership skills
CFOs need to have excellent leadership skills, as they are responsible for managing finance teams and overseeing the financial strategy of the organisation. This includes setting goals, developing budgets and making strategic financial decisions. It is important to have very strong communication skills as CFOs often need to communicate complex financial information to non-financial stakeholders such as senior executives and board members.
Stay abreast of the latest industry trends
To become a successful CFO, you will need to stay up to date with industry trends, as well as any significant changes in accounting and finance regulations. This will involve your attendance at conferences, reading industry publications regularly and staying informed about emerging technologies.
Network with industry peers
Networking is an important part of any career, but it is particularly important for CFOs. Through effective networking, you will be able to learn about the most interesting and lucrative job opportunities. You will also be able to gain valuable insights from other finance professionals in your industry. Joining professional organisations will provide you with the best opportunities for developing a strong network of useful contacts who can help you achieve your career goals.
Be Prepared to Take on Additional Responsibilities
As CFO, you will be responsible for more than just financial management. You will also need to be prepared to take on additional responsibilities such as risk management, legal compliance and corporate strategy. This means being adaptable, flexible and willing to learn.
In conclusion, becoming a CFO requires a combination of education, experience and leadership skills. It’s important to have a strong educational background in finance or accounting, as well as relevant work experience. Developing strong leadership skills, staying up-to-date with industry trends and networking with peers can also help you to advance. By being prepared to take on additional responsibilities and constantly learning and growing, you will be better equipped to position yourself for success as a CFO.
CFO recruitment: the most effective approach
We’ve talked about how best to become a CFO but what if you are looking to hire a new CFO rather than become one? How can you most easily find and recruit the best candidate for this key position?
In our extensive experience, the easiest way to maximise your chances of finding the best CFO candidates in your area is to find a CFO recruitment specialist. In other words, you need to engage the services of a top CFO recruitment agency. Organisations that are currently looking for someone to fill CFO jobs in Sydney should of course contact us for immediate assistance. As CFO recruitment Sydney specialists, we are ideally positioned to help you.
