If you’re an accountant and have big dreams for your career, then you may want to aim towards becoming a Chief Financial Officer (CFO). CFOs are some of the highest-ranking executives in a company and play a pivotal role in shaping a business’s financial success.
In this guide, we’ll talk you through the journey of becoming a CFO, including your typical duties and the qualifications you’ll need to get to this position.
A CFO is a high-ranking executive who works closely with the CEO and other top-level management to steer a company's financial operations. Your everyday responsibilities will depend on the size of the business you work for and the industry you’re in. Typically, all CFOs are expected to work on financial strategies while ensuring the business remains compliant with financial regulations.
Think of a CFO as the financial steward of a business. They strategise all financial decisions and guide the company toward financial success.
The duties and tasks of a CFO can be diverse and complex, but they revolve around financial management, strategic planning, and leadership. Here are some of the typical responsibilities you can expect as a CFO:
Becoming a CFO is a journey that combines education, experience, and leadership development. Here's a step-by-step guide to help you navigate this impressive career:
No matter where you are with your journey, you’ll need at least a Bachelor's degree in finance, accounting, or economics. If you haven’t gotten your degree yet, it usually takes around three years of study full-time.
If you already have a degree, you may want to consider taking online short courses to hone your skills in areas typically undertaken by a CFO, like risk management and compliance.
Look for universities offering double degrees to help you improve your specialisation. Something like a combination of a Bachelor of Accounting with a Bachelor of Economics may be the right step if you want to become a CFO.
Becoming a high-ranking accountant is all about experience. While you’re studying at University, you should actively look for internships at accounting firms or financial departments to help you gain practical experience.
From there, you can begin to look for entry-level jobs. Roles like an accounting assistant, financial analyst, or finance officer will give you the experience you need to develop your skills further.
Look for roles that provide opportunities for leadership and management experience, such as finance manager, financial controller, or audit manager.
Building people management skills is crucial as CFOs often lead and inspire teams.
Consider pursuing a Master of Business Administration (MBA) or a Master of Applied Finance or Accounting to gain advanced skills and knowledge.
Many CFOs also become Certified Public Accountants (CPAs). Completing a CPA program, along with a recognised university degree, is often a requirement for entry.
Networking is essential for any career advancement, including accounting. Networking goes beyond turning up to work. You need to attend industry events, join professional organisations with fellow accountants, and seek mentorship from current CFOs to boost your professional development over time.
If you’re ready to reach CFO status, you need to give yourself the best possible chance of success by demonstrating your abilities. One way you can do this is by using QuickBooks Online.
As an accountant, mastering QuickBooks allows you to manage a company's finances efficiently. When you become a CFO, these skills are invaluable in overseeing the financial operations of the entire organisation.
QuickBooks offers powerful analytics and reporting features. Learning how to use these tools can help you make data-driven recommendations, a vital responsibility of a CFO, to guide your company toward its financial objectives.
By mastering QuickBooks, accountants can gain a competitive edge and demonstrate their readiness for executive-level financial positions. Sign up for QuickBooks Online today and help your career as an accountant.
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