The responsibilities and requirements for CFOs vary slightly from one organisation to another. Despite this, there are several core competencies that any individual must possess in order to bring value to this role.
An MBA increases your chances of taking the title of CFO, but it is not the only thing that matters. In addition to the technical competencies gained through an economics or accounting degree, good people skills are essential. Communicating with people on your team in order to develop and empower them is critical.
A great CFO listens to others.This is crucial for good communication, since this eases the application of other skills in real work environments.
The only person with more responsibility than the CFO operationally is a Chief Executive Officer. They must report to shareholders, chairmen and entrepreneurs, making sure they keep them happy.
Assessing contractors, service providers and third-party consultants is critical. CFOs are often personally involved in selecting consultants, digging deeper on references and investigating their prior work in detail.
Embrace New Challenges
As companies grow, CFOs should learn to perform additional duties, some of which are more complex. This requires an eagerness to change in order to excel in the new business world and benefit from new opportunities.
As fresh technologies and innovations come their way, flexible CFOs use their discipline and exceptional level of organisation to carry their company further. They analyse financial strengths or weaknesses with contemporary tools and suggest strategies for improvement.
Experience that Informs Understanding
CFOs typically have experience in either the treasury or controller roles. This helps them to understand the obstacles team members face while performing those functions. It is imperative to keep growing via continuing professional education in the modern regulatory environment.