Should I Consider Becoming a Chief Financial Officer?

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Deciding on what career to pursue and who you want to be in the future is certainly not easy, and pursuing that line of work is even more intimidating if you don’t have a career plan. Consider the Chief Financial Officer position.

Becoming a CFO is hard work and requires many unique responsibilities and challenges that come with the job description. It is a position that will require work experience and schooling and many years of your life invested. However, the fruits of this job make your endeavors worthwhile. CFO’s are paid well, as Salary.com reports that they can make anywhere from $176,480 per year to well over $460,000 per year.

To qualify for this position you will need:

Education

Chief Financial Officers are well rounded in education. Plan to earn a degree from a recognized university. A master degree is the usual standard for most large companies. This isn’t an easy job, as you are in charge of the financial operation of an organization, financial health, account management, taxes and even the evaluation of financial risks. You are not merely expected to preside, but to produce and represent the company to shareholders and supervisors.

Experience

Having experience working in this environment is also essential. Gaining experience in more than one company, for a number of years respectively, also helps. Knowledge of how treasury functions are handled will beneficial. You will also gain confidence in making business decisions as you learn how to interpret risks involved, how to tackle them, how to prevent risks and at the same time, how to build your portfolio and the company’s profits.

Be a Strategist

Strategic thinking is required if you wish to work as a Chief Financial Officer. You must have a plan and execute it with efficiency; all the while maintaining trust from your co-workers and helping the company’s business remain transparent.

You should be a natural team leader. Be aware that your decision making carries a lot of weight and will affect every worker, consumer, and everybody associated with the business. Work experience and education will help you learn how to make financially motivated decisions that impact the company corporation in a positive way without sacrificing any resources. Building a fine reputation in business is expected for this position, so start brand managing yourself now!

Network and Make Yourself Known

If you’re a jobseeker looking forward to becoming a CFO, prepare to step out your normal customary duties and “comfort zone.” Go out and partner with other professionals in the same field. Get in touch with law firms and meet directors of different organizations. It’s not easy, but networking in this manner can only help.

According to the BLS (Bureau of Labor Statistics) CFOs, top executives and other financial managers are all set to grow over the decade, at least until 2022. Top executive positions are projected to grow 11 percent, though it does vary by industry. Even financial managers are projected to grow 9% until 2022.

This is a promising career worth your time, money, and spirit!