9 Steps to Becoming a Chief Financial Officer

#1.  Continuously update your skills

If you aren’t confident with your skills or abilities, your employer won’t be either. Employers will want to see that you are dedicated to advancing your skills to keep up with the fast-paced industry of modern life so keep your continued professional development ongoing.

#2. Take calculated risks

Nobody wants a CFO how is too tight on the purse strings. Financial investment is essential for a company’s growth and this is going to mean looking at the numbers and making the best decision. Take calculated risks in your current position to prove your abilities at a potential higher level.

#3. Start networking

You might be one of the lucky ones who is headhunted on LinkedIn but it’s never wise to sit back and wait for things to happen. Getting out there and meeting those in your field has two main benefits: you are making yourself visible and you have the opportunity to learn from those with experience.

#4. Think long-term

So many big names of today had times of great difficulty in the past because their leaders were thinking only in the present. We have all seen that, for companies to thrive in an unpredictable world, they need leaders who can innovate to keep pace with an ever-changing world.

#5. Create strong relationships

Now is the time to start forging relationships with department heads, managers and Chief Executive Officers. For a CFO to do their job well, they should begin to create strong relationships as soon as possible so that the transition into an executive role is smoother. Don’t forget to work on external relationships too, particularly bankers and investors.

#6. Start acting like you are in the ‘big league’

We’ve all heard of the expression ‘fake it till you make it’. Dress for the part and speak the part now. Practise and develop your communication skills so that you’re comfortable conversing with Board members. Make sure that the moment you are invited to join the top table, you’re fully prepared.

#7. Learn from successful CFOs

There are plenty of amazing examples whether you choose to look locally or globally. How did they get there and what makes them so good at their job? Follow them online, read their (auto)biographies and find out if there is a way to reach out to them for personal insights.

#8. Understand your industry inside out

Every industry has different laws, trends, percentages, you name it. It’s essential that you not only know your company but also your industry inside out. Research the economy, financial history, find out what’s working and what needs fixing.

#9. Know your numbers

It sounds like a given but there is one thing to be confident with numbers but it’s another to be able to confidently present them to others. While it’s great that we can rely on technology today, never underestimate the importance of knowing and being able to communicate the message behind the numbers.

In conclusion

The role of CFO is one of great responsibility… and great rewards. You have the chance to make a difference. It might seem like a long road to get to that top position but more and more companies are now looking at individual skills and talents rather than following the traditional hiring path. Making sure you are motivated, informed and visible will go a long way to making it happen.