The journey to becoming a CFO with an IIM course
A top executive responsible for supervising a company's financial operations is known as the chief financial officer (CFO). The chief financial officer's responsibilities include:
- Tracking cash flow.
- Budgeting the company's finances.
- Identifying its economic strengths and shortcomings.
- Making suggestions for improvements.
Since they oversee the accounting and finance departments and ensure that the company's financial reports are complete and finished on time, a CFO's job is equivalent to that of a controller or treasurer. This writing will discuss how to become a CFO with an IIM course.
Who is a CFO?
When you become a CFO, several responsibilities are associated with your position. The highest-ranking financial adviser in an organisation, the chief financial officer (CFO), is in charge of the company's economic well-being.
Building top-notch finance and accounting team is one of the CFO's duties, along with maintaining revenue and expense balance, managing FP&A (financial planning & analysis) operations, endorsing mergers and acquisitions, securing funding, collaborating with department heads to analyse financial data and create finances, attesting to the integrity of reports, and providing advice to boards of directors and the president on strategy are some of the responsibilities of a CFO.
Based on their financial insights and domain expertise, CFOs may also recommend changes to supply chains and marketing strategies and help determine the future of technology, particularly fintech.
How to become a CFO?
Boosting your education
In the past, finance directors frequently progressed from the accounting division to the highest rank, starting as staff accountants or internal auditors and progressing to director of finance, controller, or audit manager. CFOs were expected to be accounting, reporting regulations, and financial planning professionals because the position was nearly entirely focused on economic issues. Many CFOs also hold master's degrees in finance or accounting in addition to their credentials in accounting.
There are numerous paths to becoming a CFO, and the position now involves much more than just accounting and money. Due to this, many finance executives now have an MBA. To effectively interact with human resources, information technology, and risk management, applicants can benefit from visiting business schools to learn more about strategy and operations. The IIM Indore chief financial officer course is excellent for starting your learning process.
Acquire the required technical skills
Making sure that the board and CEO's decisions are financially sound is a large percentage of the CFO's work. Therefore, the finance director must be an expert in accounting principles such as planning, research, compliance, etc. Look for positions that will let you hone these technical abilities.
Consider working as a staff accountant, chartered accountant, or auditor to gain first-hand experience with how your company manages its finances, responds to reporting obligations, and decides what to buy and spend money on.
Enhance your leadership and communication abilities
To effectively oversee their firm's finance and accounting departments, CFOs must be influential individuals. It's more crucial than ever for CEOs to set a strong example at the top to assist their organisation in attracting top talent and retaining the best performers in today's candidate-driven hiring market. Additionally, they need to be able to act as a mentor to other executives and board members, assisting them in making decisions that will put the business in the best financial situation.
Start seeking opportunities to grow and improve your communication, presentation, and team-building skills immediately because they are essential to meeting these goals.
Increasing your corporate knowledge across departments
The CFO must frequently work with managers and executives from many organisation departments. Additionally, the finance director often makes choices that impact the entire company. Therefore, the CFO needs to be aware of the company's structure, its most and least profitable business segments, and the threats and competitors it faces.
Job shadowing and cross-training are two effective strategies to begin acquiring this in-depth expertise. Consider talking to your manager about taking a temporary position in, for example, the operations or manufacturing department if you have always worked as a staff accountant. If that's not possible, consider offering to represent your department in cross-functional groups as a volunteer.
IIM course for becoming a CFO
There are many courses developed by IIMs available for all aspiring CFOs. The courses have been created keeping in mind the industry needs which will prepare all the candidates to become successful CFO. The IIM Indore chief financial officer course is a well-structured program targeting financial services and marketing.
Due to the coronavirus pandemic, an environment that has cycled from recession and high unemployment to inflation and labour shortages, and substantial changes in consumer behaviour and worker expectations of their employer, managing the financial activities of a business has become more complex. CFOs are the backbone of a company, holding the economic pillar of a company. The Imarticus CFO IIM Indore course has been developed for professionals having five years of experience.