High School

In high school, take classes in mathematics (algebra, geometry, calculus, statistics), business, economics, history, accounting, government, and computer science. Developing strong communication skills is also important so be sure to take as many English and speech classes as possible.

Postsecondary Education

Chief financial officers (CFOs) typically have a minimum of a bachelor’s degree in finance, accounting, business administration, or economics. Many large companies require their CFOs to have a master’s degree in business administration, economics, accounting, finance, or taxation.

Certification

The Chartered Institute of Management Accountants offers a certificate in business accounting. The Association of Chartered Certified Accountants offers certificate programs in international auditing and international financial reporting. Contact these organizations for more information.

The American Institute of Certified Public Accountants offers an International Financial Reporting Standards certificate program; the certificate is awarded upon completion of 25 online, self-study training courses. Visit https://www.ifrs.com/certificate.

Other Education or Training

Many associations provide continuing-education opportunities. Financial Executives International, for example, offers webcasts, conferences, and self-study programs in topics such as financial reporting, general management practices, taxation, and personal development. The Association of Financial Professionals provides webinars and in-person seminars on financial risk management, capital budgeting, cost leadership, cash flow forecasting, and software programs such as Microsoft Excel. The American Institute of Certified Public Accountants, American Management Association, Chartered Institute of Management Accountants, CFA Institute, Institute of Management Accountants, and the National Association of Corporate Treasurers also provide professional development opportunities. Contact these organizations for more information.

Additionally, many large companies offer management training programs that help develop workers who are identified as being “management material.” 

Certification or Licensing

Many chief financial officers (CFOs) become certified. Several professional associations offer certification programs. Many CFOs earn the certified public accountant (CPA) designation. The Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants, is used by all states. Additional certifications are provided by the Association of Financial Professionals (certified treasury professional, certified corporate financial planning and analysis professional), CFA Institute (chartered financial analyst), and the Institute of Management Accountants (certified management accountant, certified in strategy and competitive analysis). Contact these organizations for more information.

Experience in lower level management positions of increasing responsibility (such as chief accountant, treasurer, controller, etc.) is required to become a CFO. As companies struggle to compete in today’s competitive marketplace, CFOs increasingly need a more eclectic range of experience. “Today’s most effective CFOs are those that have a breadth of business experience in addition to finance—from operations management, to business development, to even Information Technology and human resources,” according to Changing Economy/Evolving CFO, a report from the finance and accounting staffing firm Accounting Principles.

Chief financial officers need a variety of skills to be successful in their work. They must be highly ethical and honest in all duties, but especially when preparing financial reports for government regulators and company shareholders. According to Changing Economy/Evolving CFO, “the credibility of the CFO is the foundation upon which entire companies rise and sometimes crumble." CFOs need excellent communication and interpersonal skills in order to successfully interact with business unit heads throughout their organization, colleagues, members of the media, and regulatory officials. They also need strong analytical skills because they no longer just collect financial information, but also must create financial strategies and plans for the organizations they work for and advise top executives regarding financial and business issues. Other key traits include organizational and leadership ability, creativity, a detail-oriented personality, and proficiency with technology (including the ability to use financial-related software and databases such as Microsoft Dynamics Great Plains, Oracle PeopleSoft, and SAP, as well as data management software such as Microsoft Excel). Finally, CFOs must stay abreast of developments in their particular industry and in the broader financial world by staying up to date on compliance and regulatory issues. They do this by participating in continuing education opportunities, reading trade publications, and following every move of the Securities and Exchange Commission, the Financial Accounting Standards Board, and other regulatory agencies.