A company's Chief Financial Officer (CFO) is endowed with one of the most crucial roles, managing its financial assets.
Among their many other responsibilities as a company’s financial head, the position of a CFO is significant in a company that requires strict budgeting and financial planning. If being a CFO is your dream, you need to enrol in a strategic CFO course to support and help you achieve your career goals. Read the article to learn more about the position, eligibility criteria and responsibilities.
Who is a CFO?
The position of a Chief Financial Officer (CFO) in a company is an executive leadership position. The CFO is a senior executive employee responsible for supervising the company's financial assets. The executive controls and tracks the correct amount of cash inflow/outflow from the company. They are positioned to supervise and suggest any economic changes that can bring about and increase the company’s positive benefits. Accordingly, they act as the company’s ‘Controller’ or Treasurer.
Set Your Goals: Degrees and Skills Required for Becoming a CFO
Bachelor’s degree:
On your goal towards the CFO leadership training, it is essential to start early. If your goal is to become a CFO one day, you can start by obtaining a bachelor’s degree in a relevant field. These include Economics, Finance, Accounting, Business Administration or other related fields.
Master’s degrees:
Following this, you can obtain a Master’s in Business Administration (MBA) or a related financial degree. While gaining experience in a job is wise, many choose to enrol in postgraduate diploma courses to enhance their theoretical knowledge.
Work experience:
Since the CFO of a company is a top-tier executive, a prospective candidate must have over 8-10 years of experience in financial planning before being considered for the role. During this period, your chief goal should be to develop the skills needed for the role.
Communication skills:
As a senior executive, the CFO needs to engage with critical stakeholders of the company and provide insights about its financial planning. Excellent communication skills hence become a must.
Leadership qualities:
CFOs need to engage directly or indirectly with company employees. They must exhibit strong leadership skills that inspire company productivity and increase monetary benefits.
Time management:
Setting goals for both oneself and the company’s growth is the other essential part to be taken care of by the CFO. In addition to self-management, the CFO must manage their team to produce better results. It falls under a CFO’s responsibility, if not directly, to provide a company vision and keep it moving.
What are the Responsibilities of a CFO?
If you have these skills and degrees ready, it is time to familiarise yourself with the various responsibilities of a CFO. Among the myriad of responsibilities, these three responsibilities make up the core of a CFO’s duties. Read on to know more:
Managing liquid cash flow
The chief role of the CFO includes managing the company’s financial resources efficiently. The CFO heads a team of employees responsible for analysing any financial assets. The group then decides on liquid cash flows, capital, financial balances and managing other investments.
Reporting to the company
The CFO remains the nodal executive who communicates with the stakeholders of the company, thereby previously assessing the annual integrated reports of the company prepared by a specialised team. Such progress reports are often crucial for conducting the following business plans of the company, and it is hence essential that they be prepared, evaluated and handed on in a convenient form and method.
Managing investment returns
Last but not least, the CFO heads all decisions of the company’s financial planning and analysing regarding their proceedings with a long-term goal. The CFO guides a comparison between what is budgeted and its actual implementation in a company’s cash flow.
Conclusion
When your focus is set, it is only time and dedication before you live your dream of becoming the CFO. And what better than achieving an additional degree from IIM Indore? You can apply to the Postgraduate Certification Course for Emerging CFOs by IIM Indore by Imarticus. This strategic CFO course is built for professionals with over 5 years of job experience and a focus on the nitty-gritty of financial planning.
With a duration of 12 months, this course has a hybrid class structure. It provides a campus immersion experience as well as online classes, which is suitable for many professionals who are unable to dedicate much time to the course due to their jobs. The class schedule is also set for Saturday and Sunday, which benefits employees. This CFO leadership training program focuses on the theoretical nuances of tech-based analytical skills and their practical applications in business valuation, fintech and risk management. This chief financial officer course is perfect for a budding CFO. To enrol or learn more, book your seats today!
