After ten years as the chief accountant of the company, several things have happened: you were too apprehensive to throw your name in the hat for the next CFO position, you failed to improve your skills to truly qualify for the CFO role, and you did not learn why your colleague was promoted to that position while you were not.
Suffice it to say, it is not easy to become an executive. It is a highly competitive field that demands the cream of the crop, a pool of talent that has the vision necessary to advance the company to levels never seen before – at least from a financial perspective. Not everyone has the ability to be the best and carry the weight of the company on their shoulders. Want to know how to become a CFO? Then it’s time to change course, launch a new strategy, and adopt some of these tips to be hired as the next CFO.
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1. Get the qualifications
To become a CFO, you must possess five basic qualifications:
- at least 10 years of experience in a management position
- a CPA designation
- a master’s degree in accounting, business, or finance
- the most current knowledge of accounting software applications and current financial accounting practices
- impeccable communication, organizational, and analytical skills.
Of course, these are just the basic requirements to become the most important person in the company. As studies show that most CFOs are recruited internally, it is imperative that candidates maintain a track record of success in risk management, financial modeling, strategic planning, and regulatory compliance. Ultimately, every CFO has first demonstrated their expertise as a COO, CFO, or administrator before receiving that huge promotion.
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2. Learn related skills
Every CFO must possess core skills to be an effective executive, such as attention to detail, leadership, problem-solving, work ethic, and vision. But there are additional and more complex skills that all CFOs must possess, whether they are applying for a job or looking to excel in their role. Here are a few:
- payroll and tax administration
- cost accounting
- business, contract, and tax law
- financial management
- compliance control
- internal auditing.
Just like a CEO or COO, the CFO must acquire the general and specific skills – in business, accounting, or finance – that will allow them to excel in their job. A study conducted by Ernst & Young among 800 CFOs revealed that 79% of them believed their expertise and experience increased the demand for these professionals for positions within boards of directors.
3. Take risks
Some of the most successful businesspeople will tell you that the three most important things that contributed to their success are hard work, knowledge, and luck. If our careers are too important to be left to fate, a less-traveled path could often be the way to a rewarding job. In other words, you may need to take risks before landing that lucrative CFO role. This could involve making decisions that might be contrary to what many people would do. You might even decline an initial job offer as CFO if you feel you are not ready. Indeed, if you lack sufficient skills, ambition, or experience (for now), it may not be fruitful for you or the company to become its CFO.
4. Network with the right people
Networking is a lost art form. Many young professionals think that simply using LinkedIn or connecting on Facebook is enough to make contacts with people in their industry. This may seem archaic to millennial or Gen Z talents, but face-to-face networking is the solution. Indeed, there is nothing better than in-person, physical contacts when you want to meet other professionals in your niche. After all, it is highly unlikely that someone will ask you to join their multimillion-dollar accounting firm by following you on Twitter and reading your tweets about the latest Avengers movie.
5. Live in reality
Let’s be honest: this may go against what your parents or teachers told you growing up, but you cannot become a business leader on your first day. You may think you can do a better job than the boss when you are an intern, but that is impossible because you do not understand the inner workings of the business. And, most importantly, you do not have the experience necessary to be an executive. If your ultimate goal is a senior executive position, then stay humble, work your way up, and do what it takes to achieve that goal. Whatever you do, do not think that you will be given the position simply because you are a newcomer.
6. Become the king or queen of finance
Will you become an industry-recognized veteran as soon as you graduate? No – and you should not expect that either. That said, you could become a prominent figure over time. And, no, it will not be handed to you either. To gain the reputation of being the go-to source for almost everything in your field, you need to show insight, achieve real success, and be recognized. For example, if you have been called upon to turn around a company’s finances while achieving its growth objectives, your name will make headlines, meaning it will be mentioned repeatedly. Take Bob Iger, the current CEO of Disney, as an example. He successfully transformed that company into a true entertainment juggernaut by acquiring iconic brands like Star Wars, Pixar, Marvel, and even ESPN, until it became a news network. He has made billions for the company, and he will likely be sought after by other companies looking to make a fortune.
7. Know your technology
Technology is now an integral part of finance. The days of relying solely on Microsoft Excel spreadsheets are coming to an end. Nowadays, there is a whole range of software programs to integrate into your daily routine, from QuickBooks Enterprise to ADP Workforce Now. Other technological advancements are also being used by financial experts, such as cloud computing, big data analytics, and mobile devices. Without this knowledge, it could be too difficult to steer a company in the right direction.
8. Stay motivated
It is not easy to access an executive position. It is an extremely challenging task accomplished by a small percentage of internal employees and external candidates. Disappointment is prevalent when trying to climb the corporate ladder in a company where you have worked for 10 years. The important thing is to stay motivated and determine what may have gone wrong.
- Do you lack enough references?
- Are you missing a key skill?
- Is there a qualification you did not mention in your application?
- What can you do to improve your chances of getting the job?
It is always better to be introspective, to dig around, and to stay positive than to wallow and harbor resentment. This negative behavior will not get you very far in your professional – or personal – life.
9. Adopt a future vision
To succeed as a business leader today, you need to have a vision for the future. Unfortunately, it is no longer the good old days when the status quo remained supreme. Look at McDonald’s, home of the Big Mac and the Quarter-Pounder. The same goes for Apple. These companies failed to innovate for far too long, and the situation plummeted until the company brought in fresh blood. You cannot just balance a budget or be a businessman/woman – you need to have an idea that could revive a dying brand or rejuvenate a thriving company.
10. Prove your worth
That’s life; nothing will be handed to you for free. As the economic principle states, there is no such thing as a free lunch. In other words, you must prove your worth, work hard to obtain a position, and continue to show why you are ready to work or why you were chosen for that position. For many people, the job market is an eternal struggle, a perpetual competition with hundreds of others vying for the same position. You must always stay ahead of your rivals. This may involve an additional certification, two more years abroad, or a language that others do not speak. Your human capital, combined with your vision for the future, must always surpass your competitors. This is the first way to advance in your career.
Chief accountant or financial operations director – there is always a path to the fame of CFO before actually reaching executive roles. In today’s market, the demands placed on CFOs are exhaustive, rigorous, and highly technical, which is crucial for businesses and small companies competing in the global economy. Thus, knowing how to get an internal promotion or be recruited externally for that job opportunity is one thing, but employing tactics to fill that role effectively and competently is another. Ultimately, we have just one question: are you ready to take on the challenge?
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