If in case you have a finance background and are already working in accountancy and finance, your final goal could well be to grow to be a Chief Financial Officer (CFO). However what does a CFO do and what skills and expertise do you should turn into one?
Who is a Chief Financial Officer?
CFOs oversee all of the financial operations of an organisation, including accounting, monetary reporting, tax, business control and treasury. They handle all facets of monetary matters and choice making.
What does a Chief Monetary Officer do?
The Chief Financial Officer directs a company’s monetary goals, targets and budgets. If you work as a CFO, you oversee the investment of funds held by the corporate and assess and handle associated risks. You also supervise money management activities, execute capital-raising strategies to help a firm’s growth, and deal with mergers and acquisitions. Most CFOs are additionally answerable for managing the corporate investments and will sit on the board.
Should you work as a Chief Financial Officer in a smaller firm, you may be anticipated to carry out a range of accounting tasks, while executives at bigger firms typically assessment reports and data from various divisions within their companies.
Education and training needed
As with all ‘Chief’-level executive positions, you’ll need a number of years of experience at a senior management level as well as a degree in accounting, finance, economics, business or a related subject. Many CFOs start their careers as finance professionals, external auditors (Big four), accountants or managers of small divisions, and work their way as much as senior positions within a company.
The number of years of management expertise you’ll need will rely on the scale of the corporate and the extent of the duties involved. Many Chief Financial Officers have an MBA, a Masters or one other type of advanced degree.
Skills needed
If you’re willing to become a profitable CFO you will have to demonstrate more than just excellent finance skills. You will need to have the ability to make smart and strategic decisions on behalf of the organisation, and try to be able to look holistically at the company and understand what it needs.
Importantly, you should also be able to translate financial data into useful data for these across all levels of an organisation. Leadership, interpersonal and communication skills are also important in such a high level position.
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