Do you have what it takes to become a CFO?
So, you want to be a CFO, but don’t know where to start. There are different certifications you could obtain to achieve your CFO dream but the CMA qualification is one of the few career choices that will help you significantly in your career and even help you achieve your dream of being a part of the c-suite.
The Certified Management Accountant (CMA) qualification is often associated with the role of the CFO because it includes core topics such as financial management, strategic decision-making, and accounting. As the global benchmark for auditors and financial experts, it offers candidates greater job security and a wider range of potential career opportunities, from financial controller to chief financial officer (CFO).
In fact, almost half of Robert Half’s employees report that accountants who hold the CMA certificate can expect entry-level salaries that are above the market average. Investopedia also recently profiled a finance chief who recognized his CMA certification for the decision-making skills that helped propel his career and guided his company through the recession.
If you want to be one of the young CFO’s in the industry, start gaining actual CFO experience instead of waiting for a promotion. Start thinking about how you will take decisions as a CFO, the impact of your decisions, and build a network that will be useful to you. By building a career at an early age, you will be able to gain the practical experience required to communicate effectively, formulate goals and be ready when your dream job comes.
Here are some questions that will help you plan your CFO journey:
Do you need strong analytical and digital skills?
CFOs are expected to analyze data in a manner that they can relate important information and help make executive-level decisions. More and more, CFOs are dependent on innovative software for data analysis. Therefore, CFOs will also be expected to understand blockchains and how blockchain-based solutions will impact finance and accounting.
Is it Hard to be a CFO?
A CFO is the highest (and highest paid) finance position in a company. It can come with a significant set of responsibilities, not limited to making strategic decisions that impact all employees. While it can be stressful, it can also be immensely rewarding and lucrative. If you have the ambition, it’s well worth the effort.
What does a CFO do?
The common responsibilities of the CFO include preparing the annual reports of a company, making capital expenditure decisions, reporting and evaluating financial performance as well as managing financial risks of the company.
What degree does a CFO need?
While an MBA degree is a very popular one, it is too generic in nature. It will give you a general idea about how business is to be done and also about the basic concepts of finance. However, it is too broad-based and the syllabus of most MBA programs across the world does not contain many financial concepts which are critical to performing the role as a CFO.