How to become a CFO?

25 Sep 2024

You reach the pinnacle of a firm as a Chief Financial Officer (CFO). The CEO is the only person above you operationally; the owners- the chairman, shareholders, and entrepreneur—are the ones you have to satisfy and answer to. You see, it's very nearly the last and most senior position for many finance professionals. For many CFOs, the next hurdle is CEO, firm ownership, or retirement. In this blog, we will answer some questions like how to become a CFO, CFO course duration, Chief Financial Officer qualifications, and more

Who is a CFO? - CFO Work and Job Profile

Complete control over an organization's financial operations and a major portion of overall business strategy and performance fall to the CFO. A great degree of job satisfaction and extensive responsibility and accountability are features of the CFO position. From operations to information technology to human resources, financial executives of today impact every aspect of their companies.

Driving company strategy and ensuring and creating revenue streams are the responsibilities of the CFO. They accomplish this by ascertaining risk controls and creating creative capital-raising and funding plans to propel modernization, growth, or product development. They must be adept with technology and able to include technology strategy within the company. Working directly with the CEO, a CFO shapes and propels company strategy and frequently serves as a board member in charge of corporate investment.

What are the steps to become a CFO?

How to become a CFO? - To get admitted to an accounting or finance course, a candidate must do a few things. Below are the steps to become a CFO.

Making decisions:

Students should start planning to become CFOs before their tenth-grade year. A candidate must pick what they want to study so they may be ready for the several entrance exams that are held to acquire admission to a certain course. To be accepted to the course, they must do well on the tenth and twelfth exams.

Subject Options:

To enter this field, a candidate must have done well in their 12th-grade studies. Selecting the courses one wants to study further is essential to a top college. Students who have studied commerce before, though, and who want to pursue a BBA, MBA, or BBM, would be preferred.

Preparing for the Entrance Exam:

Few universities admit students to bachelor's and master's programs through an entrance exam. As such, a candidate ought to study in line with the most recent exam pattern. To be accepted to the intended course, all the portions must be thoroughly prepared.

Making the Right College Selections:

Students should do their homework before selecting a college and aim to select one that offers internships as a means of gaining practical experience and job exposure. Bachelor's and master's degrees in accounting, finance, and business are offered by several universities. A candidate must pick the ideal college for himself.

How to become a CFO in India?

How to become CFO in India? Though the process is quite easy, becoming a CFO (CFO) in India requires a great deal of merit and commitment. They must psychologically get ready for the demanding work of becoming a CFO. Indian students hoping to become CFOs must begin preparing in class 12 and must also select the appropriate courses.

School Level Preparation: Students wishing to become CFOs must have completed their 12th standard with a minimum of 50% in either of the arts, commerce, or science subjects. A student must begin preparing appropriately for the admission exams.
UG preparation: To obtain a respectable proportion of admission to colleges, a student should study hard in the 12th standard. Certain colleges admit students depending on the entrance exam after they have finished class 10+2. To be admitted into those courses, applicants must therefore pass the entrance exam. Undergraduate studies in India last three years.
PG Preparation: A candidate can go on to further study to become a CFO once they graduate. A candidate seeking admission to the master's level courses must hold a bachelor's degree in a finance-related discipline.

Courses to become a CFO

A CFO must possess an extensive understanding of finance and other associated fields, including accounting, business management, entrepreneurship, etc. The most often CFO courses taken by students are covered below.

Bachelor of Business Administration (BBA)
Certified Public Accountant (CPA)
Master of Business Administration (MBA)
Association of Chartered Certified Accountants (ACCA)
Bachelor of Business Management (BBM)

What are the essential skills of a CFO?

Almost all you do as a CFO requires leadership to some extent. CFOs must be strategic thinkers who carry out plans and be mindful of changing markets and rival conduct. Fundamental knowledge for a CFO is also accounting and tax. Among the following are the Chief Financial Officer qualifications or characteristics of chief executives:

Communication
Problem-Solving
Making Decisions
Leadership Management
Organization of time
Data expertise

We hope this article has provided valuable insights into the role of a CFO and the other relevant course details. If you dream of being a CFO or you're seeking a broader scope in finance, consider pursuing the ACCA (Association of Chartered Certified Accountants) qualification. ACCA is globally recognized and offers diverse opportunities in accounting, finance, and business. If you're ready to embark on this journey, explore our ACCA course for comprehensive preparation.

Frequently Asked Questions (FAQs)

What does a CFO do?

A CFO has complete control over an organization's financial operations and a significant portion of the business strategy and performance. They drive company strategy, ensure and create revenue streams, manage risk controls, and develop capital-raising and funding plans.

What are the steps to become a CFO?

To become a CFO, one must plan early, ideally before the tenth-grade year. Perform well in the tenth and twelfth exams. Choose relevant subjects in the 12th grade, preferably commerce for pursuing a BBA, MBA, or BBM. Prepare for and pass entrance exams for bachelor's and master's programs. Select the right college, ideally one that offers internships for practical experience.

What qualifications are needed to become a CFO in India?

In India, aspiring CFOs must: Complete their 12th standard with a minimum of 50% in arts, commerce, or science subjects. Pass entrance exams for undergraduate programs. Earn a bachelor's degree in a finance-related discipline for admission to master's level courses.

What courses should one take to become a CFO?

Popular courses for becoming a CFO include:

Bachelor of Business Administration (BBA)
Certified Public Accountant (CPA)
Master of Business Administration (MBA)
Association of Chartered Certified Accountants (ACCA)
Bachelor of Business Management (BBM)

What skills are essential for a CFO?

Essential skills for a CFO include:

Communication
Problem-Solving
Decision-Making
Leadership Management
Time Organization
Data Expertise

How does a CFO impact a company?

A CFO impacts every aspect of a company, from operations to IT to HR. They are involved in shaping company strategy, and technological integration, and serve as board members in charge of corporate investment.

What is the career progression for a CFO?

For many finance professionals, becoming a CFO is nearly the last and most senior position. The next steps could be CEO, firm ownership, or retirement.