Do you enjoy handling money wisely and responsibly? Or do you know someone who is financially savvy and aspire to be like them? Because that’s what a CFO is: a financial guru with financial foresight for the company.
This c-suite role is about leadership, power, strategy, and financial acumen, from getting the proper education to making the right connections. And the typical high CFO salary reflects a high level of responsibility and influence. If you have the skills, becoming a CFO can be a lucrative career full of exciting challenges and growth opportunities.
Do you aspire to be a CFO or just exploring the field? In either case, you’ve come to the right place! This blog discusses the skills required, colleges and courses, salary, and how to become a CFO after 12th in India . Follow the step-by-step guide in the blog to become a CFO.
Who is a CFO?
A CFO is a C-suite executive in charge of a company’s financial operations. A CFO oversees a company’s financial health, from managing business cash flows to developing a financial plan. These professionals typically ensure a company’s financial stability and commercial success.
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How to become a CFO after 12th in India?
Step 1: Stream to select
CFOs must have a broad understanding of all aspects of accounting. They will be in charge of everything from daily tasks to ongoing projects. As a result, selecting the commerce stream which has the subject ‘accountancy’ can help you prepare for a career as a CFO.
Step 2: Certification courses and project courses
The certification courses listed below can help you become a CFO.
- Certified Management Accountant (CMA)
- Chartered Global Management Accountant (CGMA)
- Certified Resume Specialist: Accounting and Finance (CRS+AF)
- Chartered Certified Accountant (ACCA)
- Certified in Financial Management
- Certified Professional – Human Resource (IPMA-CP)
- Chartered Financial Analyst (CFA)
- Certified Manager Certification (CM)
- Program Management Professional (PgMP)
- International Accredited Business Accountant (IABA)
- Project Management Professional (PMP)
- Certified Treasury Professional (CTP)
- Certified Information Systems Auditor (CISA)
- Certified Food Manager (CFM)
- Certified Financial Planner (CFP)
- Certified Management Executive (CME)
- Certified Information Technology Professional (CITP)
- Certified Government Financial Manager (CGFM)
- Certified Construction Industry Financial Professional (CCIFP)
Also, check out the JuniorMBA Chief Finance Officer Program to further get industry exposure!
Step 3: Educational qualifications
If you want to be a CFO, you must first choose the appropriate bachelor’s degree required for working in the financial sector and taking the first step in your career. Following the completion of your Bachelor’s degree, you can pursue an MBA at a prestigious institute to ensure your specialization in Finance.
How to become a CFO after 10th?
The vast majority of CFOs have a background in finance, business, economics, or management. Learning these subjects in your 11th and 12th will provide you with a solid foundation that will allow you to easily understand the advanced topics you will learn in your undergraduate programme.
How to become a CFO after 12th?
After 12th, you can enrol in a degree programme such as BBA, which will provide you with an understanding of the financial and accounting worlds. The admissions process is determined by the course you select.
Students must pass the entrance exams in order to enrol in the BBA programme. Visit the university’s website to learn more about the entrance exams and admissions process.
- UG courses to become a CFO in India:
|Bachelor of Business Administration (BBA)||3 years||₹40,000 – ₹2,00,000|
Learn more: How to become a Stock Trader
- Top UG colleges to become a CFO in India:
|Name of Institution||Location|
|Indian Institute of Management (IIM), Indore||Indore|
|Shaheed Sukhdev College of Business Studies, Delhi University||New Delhi|
|Keshav Mahavidyalay, Delhi University||Pitam Pura|
|Indian Institute of Management (IIM), Rohtak||Rohtak|
|Deen Dayal Upadhyay College, Delhi University||New Delhi|
|Anil Surendra Modi School of Commerce, NMIMS University||Mumbai|
|Indian Institute of Management (IIM) Ranchi||Ranchi|
|Indian Institute of Foreign Trade (IIFT) Kakinada campus||Kakinada|
|Symbiosis Centre for Management Studies, Symbiosis International University||Pune|
|Institute of Management, Nirma University||Ahmedabad|
To become a CFO Abroad
To be considered for admission to an international university, students must pass their 10+2 board exams with the required percentage.
Students must take various English language tests, such as IELTS, TOEFL, and PTE, in order to enroll in the BBA abroad program.
BBA admission abroad is accomplished through various entrance exams such as the SAT, ACT, GRE, and GMAT.
- UG courses to become a CFO abroad:
|Bachelor of Business Administration (BBA) in Finance||4 years||₹10,00,000 – ₹40,00,000|
- Top UG colleges to become a CFO abroad:
|Name of Institution||Location|
|London Business School||United Kingdom|
|Harvard University||United States|
|Stanford University||United States|
|University of Pennsylvania||United States|
|Massachusetts Institute of Technology (MIT)||United States|
|Università Commerciale Luigi Bocconi||Italy|
|University of Oxford||United Kingdom|
|London School of Economics and Political Science (LSE)||United Kingdom|
|Copenhagen Business School||Denmark|
Step 4: How to prepare for the job?
- Gain experience: Gain experience in a variety of fields to advance to the position of CFO. You can begin gaining this experience as early as your undergraduate studies by participating in internships. This gives you an understanding of operations and specific tasks associated with various finance roles. Look for positions that offer professional development or a diverse set of skills.
- Network in your industry: Consider expanding your professional network. Attending industry events and joining professional organisations allow you to network with other professionals and industry leaders. This step may lead you to new professional development opportunities, career opportunities, or mentorship to help you advance in your career.
- Pursue leadership opportunities: Accept positions at a higher level to gain more experience because you started your career in entry-level jobs. Learning how to manage people and work in a team prepares you for the interpersonal responsibilities that come with being an executive.
- Create a comprehensive resume: Many employers require at least eight to ten years of professional experience in finance or accounting. Some candidates may also prefer previous departmental leadership experience. Include your highest level of education as well as the quantifiable results you have obtained throughout your career.
11 most important skills to become a CFO
- Analytical aptitude
- Risk assessment skills
- Innovative management
- Leadership skills
- Strategic mindset
- Communication and collaboration
- Financial competency
- Data analysis skills
- Problem-solving skills
- Business intelligence
Salary in India for a CFO
An entry-level Chief Financial Officer (CFO) with less than one year of experience can expect to earn an average total compensation (tips, bonus, and overtime pay) of ₹20,29,400.
Salary abroad for a CFO
Some entry-level CFO salaries from around the world.
Top 10 recruiters for CFO in India
4. Self Opportunity
6. Done by None
8. Tata Motors
9. State Bank of India
10. ICICI Bank
Top 10 recruiters for CFO abroad
|1. Self Opportunity|
3. JPMorgan Chase & Co
9. US Department of Veterans Affairs
More about CFOs?
If you’ve reached this point in the blog, it can only mean one thing: you’re interested in CFOs and hope to one day become one yourself! A few interesting CFO-related movies are included as a bonus. Check them out and have fun exploring more!
- The Big Short (2015)
- The Grand Budapest Hotel (2014)
- Barbarians at the Gate (1993)
- Almost Famous (2000)
- The Great Escape (1963)
- Working Girl (1988)
- Amelie (2001)
- Catch Me If You Can (2002)
- 12 Angry Men (1957)
Becoming a CFO takes high-level financial knowledge, strong leadership abilities, and years of hard work. But it is possible – and through a variety of routes. Aspiring CFOs can become trusted strategic advisors well-versed in business elements and capable of leading teams if they plan ahead of time. You can absolutely become a CFO with the proper preparation and strategy. Best wishes on your journey to becoming a CFO!
FAQs related to becoming CFO after 12th
What qualifies you to be a CFO?
CFOs were expected to be experts in accounting, reporting requirements, and financial strategy because the job was almost entirely about money. In addition to accounting certifications, many CFOs have bachelor’s (and sometimes master’s) degrees in accounting or finance.
How hard is it to become a CFO?
It takes time and dedication to become a CFO. The CFO’s job description calls for a high level of education as well as specific work experience. There is no quick way to become a CFO. However, on the other side of the struggle, you will find a job that is critical to a company’s success.
What degree do most CFOs have?
Many CFOs begin their careers with a bachelor’s degree in finance, such as accounting. Degrees in finance, economics, or statistics can also provide aspiring CFOs with a solid financial foundation. A master’s degree in business administration is a popular qualification for CFOs, with 54% of Fortune 100 CFOs holding an MBA.
Who is the youngest CFO?
Dhivya Suryadevara, 42, is currently the youngest CFO. She is the Chief Financial Officer of Stripe, an American e-commerce payments company.
How much a CFO earns in India?
A Chief Financial Officer (CFO) earns an average of ₹3,482,595 per year.