Everyone hopes to find success in their career, but some people hope to find prestige, too. You don't have to start your own business to land a prestigious corporate leadership job. One of the most important roles in a company is that of the chief financial officer (CFO).
What does a chief financial officer do, and how do you become one? Read on to learn everything that you need to know about this incredible career goal to go for CFO.
What Does a Chief Financial Officer Do?
The role of a chief financial officer in a business is to make sure that the business performs well financially. This is accomplished through things like drafting financial reports that go out to shareholders, employees, and lenders, among others.
CFOs also make sure that the company is able to meet its financial demands by coordinating a treasury group. This group controls all the ingoing and outgoing money in a business. They also manage inventory.
Finally, a CFO is responsible for maximizing the business's return on investment. This helps the business plan growth and create budgets.
A good CFO understands things like lead to cash cycle time and stays on top of the latest news.
What Is Their Educational Background?
Many CFOs begin their career by majoring in a subject like finance or accounting. People who are career-driven and know what they want to do when they graduate often seek out undergraduate programs that are highly ranked. They also complete prestigious MBA programs in order to boost their appeal to companies.
Education doesn't end when they leave college, however. Many CFOs continue to hone their skills and knowledge base by completing certification programs throughout their career. This makes them even more effective at their jobs, and it also adds more value to their resume.
How Do You Become a CFO?
You know that the key to becoming a CFO involves investing in your education, but it also requires experience. It is important to start dipping your toe in the water of career experience through internships in both undergrad and grad school. The more experience you gain in college, the better poised you are to enter the workforce.
Many CFOs started their careers by accepting an accounting job. Typical jobs include becoming an internal audit manager or a controller. Seek out ways to expand your responsibilities in your job in order to improve your chances of promotion and eventually becoming a CFO. Sometimes a CFO can even become the CEO, or at least interim CEO if there is a change in the position and the company needs a stable captain for a time.
Ready to Start Your Career as a CFO?
What does a chief financial officer do? As it turns out, they perform a wide variety of tasks that keep a company in good financial shape. If this sounds like being CFO something that might be up your alley, now is the time to start taking steps that'll land you that dream position with an incredible company!
Are you interested in more content that will help you make all the right moves in your career, including CFO? You're in the right place! Check out the rest of our blog for everything you need to make your career a success! Visit the Careers, HR, and Finance sections of the Bootstrap Business Blog to help increase your chances of becoming a CFO.
