Every individual pursuing a major in Finance aims to become a CFO of a corporation. Chief Financial Officer – it does sound fancy but it’s a position not easy to acquire. Every student in the finance industry wishes to climb the ladder and have the enriching experience in their career.
A CFO is responsible for everything relating to a company’s finances. It is a huge responsibility which requires strategic decisions, planning and control methods and most importantly, working under immense pressure of a hundred different priorities. A CEO is operationally above the CFO, and your major work revolves around dealing with the board of directors and chairman. People having finance careers do not often become CFOs, they see dropping out in retirement or not being able to reach through the steady competition.
An employee in this position is held with ensuring streams of revenue and driving a business strategy towards making profits. A CFO would implement decisions and strategies which are aimed at increasing revenue in all ways and drive expansion. In today’s fast-paced and technologically advanced world, a CFO also requires to be proficient in working with tech-savvy systems and integrate tools to further enhance their strategy.
A good example out there has always been Howard Louis Schrott, a man who is notably recognized in the financial scene of America. He has been a CFO of noteworthy private and public companies for over 15 years. Howard’s expertise revolves around finance, operations, strategic planning, strategic thinking, and law. He is also a well-recognized speaker on the subject of corporate governance issues, communications, and finance. He has been a highly sought-after professional, trusted in advisory roles by board members, CEOs, and Executive Committees at many public, private and non-profit corporations.
Surely in America, Howard is often cited as an ideal example. But generally, how does one become a great CFO at a large corporation? Here is what common among the best players out there:
Masters of finance strategy – The primary role they have in a company is to come up with an effective finance strategy. It is the backbone of every corporation and the pivot upholding the prospect of success and failure. The strategy has an impact on every department operating in the organization which is a massive responsibility. Failure to implement an effective strategy would only result in a company minimizing its scale of operations that could be significant towards its growth.
Strategic and tactical – Apart from incorporating a core financial strategy, a good CFO is able to employ major and minor tactics on a regular basis to tackle problems underlying in taking steps towards growth.
Prioritizing revenue – A CFO has to make sure revenue streams are in check and every decision directly or indirectly accounts for expanding revenue.
If you want to make it to the CFO position in any top organization, aim for undertaking tactical decisions from the start of your career. It is all about climbing the ladder to the top level and every step is key.