When I finished high school, my dream job was a career in finance. I wanted to reach the maximum level in my finance career, which is to become a Chief Financial Officer of a Fortune 500 company. But not everybody can make it up to that level. Today we are going to look at the qualifications and skills required to become a CFO.
First, let’s look at who a CFO is and what he does?
The Chief Financial Officer (CFO) is the person who has complete responsibility for the financial operations and overall business performance. The CFO has a wide range of responsibilities and accountability. He is responsible for creating and increase revenue and driving business strategies. These are some tasks and responsibilities of the CFO.
- Corporate investment
- Risk management
- Resource allocation
- Capital raising strategies
- Acquisitions, diversification, and expansion
- Dividend policies
- Relationships with other departments
Depending on the company, the CFO doesn’t have to involve in the process of creating and managing financial statements. The CFO needs a group of managers and professionals he can trust and work to the company’s best interest. He should maintain a good relationship with the other departments and divisions to obtain information to make quality decisions and to report to the board.
The CFO needs to be an expertise in finance and an efficient manager. To become a CFO, it takes at least 5-10 years of experience is required.
Qualification and skills required to be a CFO
The qualification of a CFO needs to have a financial, business, management background. A degree in Finance or Accounting related to professional qualifications is essential. Most importantly, having a better working experience is the main indication to know that one is qualified to become a CFO.
The Skills required to be a CFO are
- Leadership skills
- Time Management
- Innovative thinking
- Business understanding
- Financial Analysis
- Decision-making skills
- Communication skills
- Risk management skills
The CFO must also be self-confident, Fearless, Encourage others, and also optimistic. These are the primary qualifications and skills required to become a CFO. I channel all the luck in the world to your dream of becoming a CFO. Good luck!