How to Become a CFO

Paper Summary:

The paper explains the educational requirements and experience that are valued by those selecting chief financial officers (CFOs). The paper discusses the greater need for leadership and soft skills that include communication skills and personal integrity. The paper notes the importance of building relationships with the CEO or the CEO's bosses on the board of directors. The paper concludes that while there is no one clear path to becoming a CFO, executive recruiters, CFOs and other executives all seem to agree that these skills, traits and experiences form the core of today's CFO. The paper provides an annotated bibliography.

From the Paper:

"The role of the Chief Financial Officer (CFO) has been increasing in prominence over the past decade. Accounting scandals such as those at Enron and WorldCom, or the recent failures in the banking industry, have illustrated that failure to manage the accounting, risk controls and compliance of a company can lead to the downfall of CEOs or even of the firm itself. The passage of the Sarbanes-Oxley Act has also contributed to the rise of the CFO, by placing more emphasis on the control and reporting function. With this rise in importance, the role of the CFO has been expanded, sometimes to the point where the CFO begins to supplant the Chief Operating Officer. The increase in responsibility is reflected in the need for additional skills, education, personality traits and experience. "CFOs are more involved in discussions that don't involve their typical bean-counter role -- discussions like build versus buy, offshore operations, and political impacts ." The result is a new breed of CFO, one that takes on direct responsibility."

Sample of Sources Used:

• Gray, Carol Lippert. (2000). What Does it Take to Become a CFO? Journal of Accountancy. Retrieved October 7, 2008 from http://www.aicpa.org/PUBS/jofa/dec2000/gray.htm
• Banham, Russ. (2003). The Wrong Stuff. CFO Magazine. Retrieved October 7, 2008 from http://www.cfo.com/article.cfm/3008110/1/c_2984789
• No author. (2008) Become a CFO. Education Online Search. Retrieved October 7, 2008 from http://www.education-online-search.com/articles/careers/business_careers/become_a_cfo
• Hamilton, Matthew. (2008) How to Become a CFO. Article99.com. Retrieved. October 7, 2008 from http://www.article99.com/business/accounting-payroll/article.php?art=26633
• Stuart, Alix. (2007). The Essential Skills. CFO Magazine. Retrieved October 7, 2008 from http://www.cfo.com/article.cfm/10023372/c_10051145

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