If being a chief financial officer (CFO) is your ultimate professional objective, you are undoubtedly already thinking about the processes necessary to get there.
Perhaps you are considering your options after your present employment or whether your background qualifies you to head the financial operations of an organization.
Whatever your circumstance, becoming a financial leader calls for a specific set of abilities and actions.
You must put in a lot of effort and be totally dedicated to improving your technical and interpersonal abilities if you want to rise to the top of your career. First and foremost, from the perspective of an employer, it boils down to who stands out more on paper, and a flawless academic record is always remarkable. Any learner who advances to this level will also require a solid commercial knowledge, which virtually goes without saying.
You must have a solid understanding of the foundational concepts of budgeting, analysis, compliance, risk management, and other accounting principles if you want to become a CFO. Making sure that the CEO and board choices are financially sound—both in terms of the resources available and regulatory compliance—will be your responsibility as CFO.
Therefore, having extensive financial knowledge ought to improve your ability to make these decisions. Sometimes, especially in small businesses, the CEO and CFO are the same person, which makes having strong financial knowledge even more important.
In order to increase your chances of being considered for a promotion, you must first perform above expectations in your current position, according to Gareth Davage, senior managing director of Michael Page Finance London & South East Regions.
In addition to having high technical proficiency, it’s crucial to have an image of being a trustworthy, competent, and diligent worker. Always try to take the initiative; comprehend the business requirements that led to the developments you are operating on, and always try to go above and beyond what has been requested.
Plan ahead about the tasks you will be expected to perform that will provide you with the required abilities and expertise since you will undoubtedly need to be promoted numerous times prior to being ready to become a CFO.
Make a long-term strategy for yourself, and then decide when you want to have gotten your next promotion.
Finding those who can assist you in learning the skills you need to advance will be a key tactic on your path to becoming a CFO. Find out whether there are any possibilities to learn from the experience of the senior employees in your firm by taking a look at them. Many businesses provide mentorship programmes where trainees can seek advice and direction from senior management.