{"id":248140,"date":"2022-08-22T11:35:07","date_gmt":"2022-08-22T11:35:07","guid":{"rendered":"https:\/\/imarticus.org\/?p=248140"},"modified":"2022-08-29T11:38:27","modified_gmt":"2022-08-29T11:38:27","slug":"do-you-need-formal-training-to-become-a-cfo","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/do-you-need-formal-training-to-become-a-cfo\/","title":{"rendered":"Do you need formal training to become a CFO?"},"content":{"rendered":"<h1><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Do you need formal training to become a CFO?&quot;}\">Do you need formal training to become a CFO?<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">CFO, or a Chief Financial Officer, is one of the senior-most positions in a company. The individual holding this position shoulders the responsibility of managing the finance of the organisation and ensuring that it has enough flexibility to manage any unwanted burden and has ample scope to grow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, he is the man\/woman who will be in charge of the accounts and finance department of the company, managing the team members and ensuring everyone is working in the right direction. Moving ahead, in the current scenario, a CFO works closely with other senior managers to draft the company\u2019s growth prospects and plans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, for handling all these responsibilities, formal training is required, and it is a part of the process to\u00a0<\/span><a href=\"https:\/\/imarticus.org\/postgraduate-certificate-programme-for-emerging-cfos-iim-indore\/\"><b>become a CFO<\/b><\/a><span style=\"font-weight: 400;\">. But the question is, how crucial is it? Well, to understand, you need to know the functions of a CFO first.<\/span><\/p>\n<h2><b>The Functions of A CFO<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Well, to\u00a0<\/span><b>become a CFO<\/b><span style=\"font-weight: 400;\">, you need to know what awaits you post that \u2013<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring the budget of a company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Giving reports and advice to other top Company executives, financial stakeholders, insurers and banks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CFOs also take care of a company\u2019s investments, capital expenditures, mergers and acquisitions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, with the functions of a CFO out of the way, let\u2019s take a look at the aspect of formal training to\u00a0<\/span><b>become a CFO<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Do you need formal training to become a CFO?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In one word, the answer will be no; you don\u2019t need any formal training to become a CFO because it is not a mandate. However, on the other side, you need to have the right qualification and experience to rise through the ranks and become the top finance guy in a company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now in terms of academic credentials, you need to keep a few pointers in mind. These are \u2013<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It helps if you take commerce after your class 10 or equivalent<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Following your 10+2 or equivalent take up finance and accounts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After that, you go for a regular master\u2019s degree<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, in a country like India, CFOs are usually Chartered Accountants (CAs) or Cost and Management Accountants (CMAs) or Chartered Financial Analysts (CFAs).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CAs work in various finance-related sectors managing an organisation\u2019s finances and providing financial consultation, and managing money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CMAs are management and costing professionals with in-depth knowledge of costing, management and MIS operations in a company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CFA is a globally recognised investment credential. They help in analysing the financial analysis of a company and also help in handling sales, training and relationship management.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, you can opt for any of these courses to move ahead to become a CFO. On the other hand, there are many other certifications like CIMA, ACCA and many more which will equip you to become a new-age CFO.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from that, leading educational institutions like Imarticus Learning are offering a\u00a0<\/span><a href=\"https:\/\/imarticus.org\/postgraduate-certificate-programme-for-emerging-cfos-iim-indore\/\"><b>CFO certification course<\/b><\/a><span style=\"font-weight: 400;\">\u00a0in partnership with the IIM Indore. Now, completing a certificate course from a top business school in India will give a boost to your career in this domain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A\u00a0<\/span><a href=\"https:\/\/imarticus.org\/postgraduate-certificate-programme-for-emerging-cfos-iim-indore\/\"><b>CFO online training<\/b><\/a><span style=\"font-weight: 400;\">\u00a0course like this is a unique certification in the finance industry. This certification course will allow working professionals who are working full-time and cannot attend college to further develop their financial know-how. These courses also give access to the recent developments in this field.<\/span><\/p>\n<h2><b>So how much salary can you expect with these top credentials<\/b><span style=\"font-weight: 400;\">?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to salary reporting websites like Payscale and Glassdoor, on average, mid-career CFOs can expect to earn around \u20b990 lakh to \u20b9 1.2 Crore per annum. However, this figure increases substantially as you grow in your job and become an experienced professional.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides your qualification and experience, and what you have done till now, the company you select also plays a big role here. If you are aiming for top MNCs and Fortune 500 companies, then you are likely to get a much bigger package than what you are earning now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, to sum up, if you aspire to\u00a0<\/span><a href=\"https:\/\/imarticus.org\/postgraduate-certificate-programme-for-emerging-cfos-iim-indore\/\"><b>become a CFO<\/b><\/a><span style=\"font-weight: 400;\">, what you need more than formal training is a deep understanding of the field and relative working experience in this domain. Since any training program only gives you technical knowledge, you have to work hands-on to face problems and find their solutions. That is the only way you can move on in your career and find better opportunities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having said that, it is not ideal to undermine the\u00a0<\/span><a href=\"https:\/\/imarticus.org\/postgraduate-certificate-programme-for-emerging-cfos-iim-indore\/\"><b>CFO certification courses<\/b><\/a><span style=\"font-weight: 400;\">. They will prepare you with ample knowledge and real-life examples to understand what awaits you when you sit in the hot seat.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you need formal training to become a CFO? CFO, or a Chief Financial Officer, is one of the senior-most positions in a company. The individual holding this position shoulders the responsibility of managing the finance of the organisation and ensuring that it has enough flexibility to manage any unwanted burden and has ample scope [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":247120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[3716],"class_list":["post-248140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-become-a-cfo"],"acf":[],"aioseo_notices":[],"modified_by":"Imarticus Learning","_links":{"self":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts\/248140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/comments?post=248140"}],"version-history":[{"count":0,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts\/248140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/media\/247120"}],"wp:attachment":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/media?parent=248140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/categories?post=248140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/tags?post=248140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}