The job description of the chief financial officer (CFO) is diverse. While he is the primary person responsible for managing the companyҳ finances, the CFOҳ duties also extend to financial planning, risk management, record-keeping, and financial reporting. Here are some reasons why you should consider becoming a CFO. In addition, read on for an overview of education requirements and salary ranges. Once youҶe decided to become a CFO, read on to learn more about career prospects. Job outlook A CFOҳ career outlook is quite positive. According to the U.S. Bureau of Labor Statistics, the number of CFO jobs has grown by 16 percent from 2018 to 2028. The job is a highly flexible role that often requires travel and attendance at meetings with partners. A masterҳ degree in a relevant field is a prerequisite for this role. A CFOҳ salary range will vary greatly depending on the company and industry, but the median salary for the job is $118,000 per year. CFOs typically have a decadeҳ worth of experience and are considered mid-level executives. Investing in a business school can help you achieve your goal faster. CFO prospects are usually over 40, but there are a few exceptions to the rule. Most CFOs have at least 10 years of experience. Taking the time to develop your resume and pursue further education will help accelerate your career trajectory. By focusing on your qualifications and the job description, youҬl be able to get the job youҲe dreaming of faster. While a bachelorҳ degree is a prerequisite for the position, many top employers prefer candidates with a masterҳ degree. A CPA designation may also help you advance faster in the career. In addition to a degree, continuing education is essential for a CFOҳ success. Non-degree programs teach you best practices and trends in accounting and can help you build a network of peers. So whether you want to become a CFO or have no formal training, an MBA will help you get there. While the pay for a chief financial officer varies greatly from one industry to another, the overall career outlook for this role is favorable. According to the U.S. Bureau of Labor Statistics (BLS), employment for financial managers will increase by fifteen percent between 2016 and 2029, which is faster than the national average. The projected growth in the field is highly varied, however, and it will be important to know what salary to expect as the career moves forward. While the job of chief financial officer is an excellent career choice for an experienced professional, it is not for everyone. CFOs must be adept at strategic planning and analytical skills, as well as have a strong communication style. Additionally, they should be able to work well with the companyҳ chief executive officer, board of directors, and other senior management. A high-level CFO will be able to lead a team of financial professionals and oversee the businessҳ fiscal operations. As the highest-ranking financial executive in an organization, the role of a chief financial officer is critical to the companyҳ overall success. The job responsibilities of this position include managing a companyҳ financial functions, building an excellent finance team, and overseeing FP&A functions. As the chief financial officer, you will be responsible for assessing the strength of the organization, as well as working to foster its growth and financial stability. Education requirements A CFO is responsible for the financial health of a company and ensures the CEOҳ decisions are financially sound. As such, this position requires technical skills that are crucial for financial management. To acquire these skills, candidates should look for jobs that will allow them to grow and develop their expertise. These positions include staff accountants, financial analysts, and auditors. Earning a CPA designation will also help them develop the necessary expertise. For the position of chief financial officer, you need to have extensive experience in the finance department of a business. Earning an MBA and a CPA designation are valuable assets. While CPA certification is not a requirement for this role, it will improve your chances of getting hired as a CFO. The job requires you to oversee financial operations and administrative operations of a business, including controlling risks. If youҲe not sure which educational qualification is right for you, consider getting a masterҳ degree in business administration. CFOs are responsible for analyzing data and reporting findings to company representatives. They also determine risk controls and create innovative funding and capital-raising strategies. They must also be technologically-savvy and have experience integrating technology into their daily routine. They also work closely with the CEO and are often responsible for corporate investment. The role of a CFO has expanded dramatically as companies expand in the international market and utilize digital technology. In the latest report from Accenture, CFOs are expected to analyze data, identify opportunities, and implement the best practices in financial management. While CFOs may need a graduate degree, they must have extensive work experience and a solid finance background. For those who are new to the role or who are stepping into a new role as a CFO, this program can help them get their footing in the financial world. Throughout the program, youҬl learn from leading industry experts and develop the skills to drive financial strategy and the transformation of businesses through digital technology. A graduate degree in accounting or finance is recommended, as is experience in business and management. CFOs earn a median salary of $173,320. The majority of their jobs require working regular weekday hours, and may have a flexible schedule as well. If you have the desire and the drive to succeed in this role, you should consider becoming a CFO. YouҬl be glad you did! Itҳ a rewarding career that pays well and will lead to plenty of opportunity! A CFOҳ education requirements are different for every company. Generally, CFOs need at least a Bachelorҳ degree in accounting, although experience and a CPA license are also helpful. Experience is the most important thing when aspiring to be a CFO, but employers may accept education in lieu of experience. If youҲe interested in becoming a CFO, you should start planning your future now. Salary The median annual salary for a Chief Financial Officer is roughly 190,000 USD. This means that 50% earn less than this amount, while the other half earn more. The median is the middle point, so most Chief Financial Officers hope to be on the higher end. Below are some statistics on the salary range for this position. You can also see the salary distribution of other CFOs. If you are considering a career in this field, you can read our salary report to learn more about the typical income level. The salary for a CFO is not set in stone. This position requires experience, education, and skill, and often comes with an attractive benefit package. Many CFOs earn a lot of money in stock options, bonuses, and other types of variable compensation. Depending on the role and your qualifications, you can expect to make a highly competitive salary for this position. However, itҳ important to note that the highest paid positions in this field donҴ require the qualifications of a CFO. The salary of a CFO depends on many factors, but the average is around 371,548 USD annually. The salary of a CFO can vary considerably based on the size of the organization, but in general, it is eight times higher than the average worker. This makes the position one of the most lucrative careers in the field. You can even double your salary if you are experienced. To help you determine your potential salary, itҳ helpful to know the experience level of the incumbent. The average salary range for a CFO varies depending on the size and location of the company youҲe working for. As a general rule, larger companies pay more and offer a larger total compensation package. CFOs in high-cost areas earn slightly more than those in moderate-cost areas. If youҲe thinking about a career in this field, itҳ wise to get started by learning more about the job. YouҬl be glad you did. The salary of a CFO is close to the average salary for similar jobs in California. In fact, the salary of a CFO should be around $186,084 a year. The best-paid CFOs make up to $371,000 a year. However, the compensation depends on the companyҳ size and how much influence they have in generating revenue. Generally, the salary for a CFO is close to that of an Executive Vice President. As a CFO, you are responsible for developing the financial strategy for a company. In addition to overseeing the organizationҳ financial operations, youҬl also have to ensure that the company complies with applicable laws. Your job is to help the company make the most of its resources and weather economic storms. And youҬl get a salary that matches your level of experience. A salary like this will be well worth the investment. The postWhy Should You Become a CFO? appeared first onSMB Place.