Becoming a CFO requires more than a bachelor’s degree and a master’s. You’ll also need years of experience in accounting and finance.
Many CFO hopefuls start as controllers and work their way up, getting hands-on experience in the various departments that comprise a big corporation’s treasury department. You’ll also need the right tech to do your job from anywhere.
How an Online MBA Can Help You Reach Your Goals
Whether you want to move up the corporate ladder or start your own company, an online MBA finance can help you reach your goals. With the proper determination and hard work, you can earn an MBA while still working full-time and caring for a family.
Many business schools offer MBA scholarships to help students pay for their degrees. The scholarships may be based on financial need, academic merit, or area of study. Students should carefully research online master’s in business administration programs to find one that meets their career and personal needs.
Many colleges and universities, like William Paterson University, offer online MBA programs with a finance specialization. The program also provides a variety of finance- and accounting-related electives. The flexible, asynchronous coursework can be completed around your schedule.
Prepare for the CFO Role
Preparing for a CFO career involves building a body of experience and skills. It’s a long journey that requires significant time and commitment. But if becoming a CFO is your goal, making strategic career moves along the way can accelerate your progress and make you more likely to achieve that executive position.
The best candidates have a diverse skill set. That includes managing budgets, finance and accounting departments, business development activities, financial strategy, and decision-making. They also understand a variety of industries and can communicate with other executives and the board.
Many people who become CFOs start in other finance and accounting roles, such as controllers. They often have years of experience managing all aspects of a company’s finances, which can give them a strong foundation for meeting the challenges and expectations that come with the job. And it can help them develop the leadership skills necessary to succeed.
Get the Skills You Need for the CFO Role
Whether your degree program is business or finance-focused, you’ll need a robust accounting knowledge body. It includes budgeting, analysis, and compliance responsibilities. Gaining experience in various accounting software platforms and financial technology is also essential.
Additionally, CFOs need expert communication and presentation skills. They regularly collaborate with leaders across the organization to share information and shape a company’s overall direction. It often requires building trust and generating optimism to move the needle for the company.
To sharpen these skills, consider taking on a virtual vCFO position or another executive-level role that allows you to manage teams and build leadership capabilities. It is an excellent way to get the real-life experience you need to excel in a chief financial officer role without waiting for a promotion. CFOs are often former accountants, so you can use the job as a bridge into the C-suite and earn a credential like a Certified Management Accountant (CMA).
Get the Credentials You Need for the CFO Role
The chief financial officer role requires a variety of credentials and a breadth of knowledge across multiple areas. As a result, the road to becoming a CFO will likely look very different for everyone.
Having the proper education and experience helps, but so do several soft skills. According to the latest salary guide, companies expect their CFOs to have business and financial analytics skills and know how to make high-level decisions about the company’s strategy and direction.
An excellent way to build your soft skills portfolio is by gaining corporate experience. You can get your foot in the door with a controller or treasurer position at a large corporation, and many current CFOs started in these roles first. Some MBA programs even offer career networks that can help you find opportunities to gain this experience. Ultimately, you will need leadership experience, too, as a CFO must manage teams and cast a vision that gets the rest of the company on board.