What is a CFO?

Source: Insight

This article has value for CPAs who want to help their clients find CFOs and for CPAs who want to become CFOs.

The CFO used to be the custodian who safeguarded financial assets. Today the CFO is also a strategic thinker who helps the company create and focus on company goals.

The CFO must have the following qualities:

• Leadership ability.
• Diversity of experience both inside and outside the company.
• Experience in finance and operations.
• To become a CFO:
• It is helpful to have public accounting experience, but many CFOs work themselves up from positions in internal accounting departments.
• Gain experience through internship. Interns should:
  • Get to know people in other departments of the company.
  • Find a mentor.
  • Ask to attend departmental or board meetings.
  • Request varied work projects.
• Develop a network — alumni associations may be a good place to start. Join professional organizations.

CFOs are often viewed as successors to CEOs. Many if not most of the attributes of a good CFO apply to CEOs as well.

From Insight, The Magazine of the Illinois CPA Society, January/February 2008. For the complete article, click here and select Are You CFO Material? from the January/February 2008 issue.

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