While there are many rewarding careers that an individual could pursue, opting to become a CFO (Chief Financial Officer) can be particularly advantageous. This is the case for several reasons, including the fact that there are opportunities for professional advancement and salaries are competitive. If you are thinking about pursuing a career as a CFO, you should gain as much information about the field as possible. In so doing, you will be able to make an informed decision regarding whether this vocational path is right for you.
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CFO – The Basics
Although broadly defined, the role of the CFO is basically to operate as a corporate officer who takes primary responsibility for management of a corporation’s financial risks. Additionally, a CFO is responsible for record-keeping, financial reporting to higher management, and financial planning. In many cases, a CFO might be responsible for data analysis. Typically, the CFO will report to a board of directors and chief executive officer. The CFO may also be a member of the board. In addition to supervising the finance unit and operating as the chief financial representative for the business or organization, the CFO assists the Chief Operating Officer (COO). In working with the COO, the CFO reports on all tactical and strategic matters that pertain to cost benefit analysis, forecasting needs, securing new funding, and budget management.
How Do I Become A CFO?
If you are interested in becoming a CFO, the first thing you should think about is the educational requirements involved. In order to meet the educational requirements to become a CFO, you need to become familiar with the organization to which you plan to apply. This is the case because educational requirements can vary from institution to institution. Despite this variegation, CFO’s generally attain a bachelor’s or master’s degree in order to make themselves highly marketable job candidates. In discussing the various majors that a prospective CFO might pursue, Education Portalnotes that one might opt for a degree in business administration, finance or economics. Additionally, a CFO might pursue a degree in the liberal arts or a job-specific field. For example, many CFOs who work within the public or medical sectors might attain a degree that will equip them with the education and experience necessary to successfully operate within their chosen field. In many cases, a CFO who operates within the field of education will earn a PhD in educational administration.
If you are considering a career as a CFO, you may want to consider attaining a degree that places primacy on management. Because the CFO often manages information systems as well as working with human resources, acquiring management skills can play an integral role in helping a CFO establish and accomplish company goals.
Other Forms Of Preparatory Training
In addition to preparing to become a CFO by attaining a college degree, it is also advantageous for prospective CFOs to take on leadership positions in their schools and/or communities. Because CFOs operate in a position of leadership that requires discipline and decision-making, taking on a title that exercises these types of skills while attaining one’s degree can facilitate the process of preparatory training. In working with an extracurricular club such as a Math Club, CFOs have the opportunity to take on leadership roles that enable them to understand and address the challenges they will likely experience once they begin working within their chosen field.
Salary And Job Outlook
In reporting on the average salary of a CFO, Salary.com states that individuals who opt for this vocational path can expect to earn around $307,982. This figure can vary based upon a wide variety of factors, including education and experience.
If you are thinking about pursuing a career as a CFO, you should know that opting for this vocational path can be very rewarding. In addition to offering you opportunities for personal and professional development, becoming a CFO can help you gain access to the economic security you desire. By considering the information listed above, you can decide whether becoming a CFO is the right decision for you to make.