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The “corporate ladder” has long been a fixture in the business world, and many people who enter into entry-level finance positions begin wondering immediately how they can become a CFO and earn higher salaries as their job responsibilities increase, according to US News and World Report. The good news is that the corporate world enjoys renewed economic momentum, and promotion to a CFO position is perhaps more within reach now than it has been at any other point in the current decade. All it takes is following a few careful steps while letting a career mature.
Get the Right Education Required of a Chief Financial Officer
A CFO has one of the most far-reaching executive responsibilities in an organization, since their decision-making and analytical skills literally control the company’s purse strings and determine whether or not the organization will be able to afford to stay in business. For this reason, the CFO must be among the most highly educated people in the organization. It all starts at the undergraduate level, where aspiring executives should pursue a degree in business with a concentration in finance, or a pure bachelor’s degree in finance. Both pursuits will help teach the fundamental financial and managerial skills needed for early success in the corporate sector.
The undergraduate degree is not the only one required, however. Those who dream of making it into the CFO position should also pursue a graduate degree in the field to enhance their prospects of long-term career advancement and promotion. Most CFOs pursue a Master of Business Administration, but many others choose a more narrow focus that comes from a Master of Science in Finance. Both degrees are an essential way to gain the skills necessary in an executive position.
Get the Right Experience for an Executive-Level Position
Chief Financial Officer is not an entry-level position. It’s not even a mid-level or top-level position. This executive role is open only to those financial professionals who have worked hard throughout their careers, accruing more than 10 years of experience in financial management and oversight across a broad array of increasingly high-level roles. The hiring committee for a CFO position will want to see managerial experience, financial experience, and positive data that shows an individual knows how to analyze risk, make financial determinations, and lead a department or smaller organization to financial success over time. Without this experience, the CFO role will be largely out of reach for many.
Persistence and Good Networking Skills
There are lots of companies, but each of them only has one CFO position and that job hardly ever opens up. That means it’s going to take a lot of persistence to make it through the interview process and actually land the job in this executive capacity. It also means that aspiring CFOs must constantly engage in good networking, so that they start to learn the names of other industry executives. Meeting people on a personal level, and having them keep a name in mind when a job opens up, is often the best way to make it past the first few interview rounds and stand a much greater chance of winning the job.
Related Resource: Financial Examiner
A Great Position that Requires a Great, Lifelong Commitment
Becoming a CFO isn’t easy. It’s possible, of course, but it will take advanced education, decades of work experience, dogged persistence, and a vast professional network that must be built over the long course of a growing career. With these building blocks in place, financial professionals stand a much better chance of finally becoming a CFO.
