Many young finance professionals dream of becoming a CFO, rather sooner than later. In order to achieve this, it is important to make the right career choices. Nanke van Asten, Senior Manager Finance Recruitment at recruitment organization Robert Walters, lists six important steps for ambitious finance professionals. Of course there are several roads that lead to Rome, or in this case: to the boardroom. What road best suits you, depends on your personal situation and preferences. Yet, there are a number of steps to take that will definitely help in your journey towards becoming a Chief Financial Officer (CFO).
1. Start working on your development
The road to the top will undoubtedly be rocky. Make sure that you are actively and consciously engaged in gathering the required professional knowledge and experience. It is also important that you profile yourself within your organization. Clearly state what you want to achieve, how you want to achieve it and how you can use your unique talents in the process. Knowing what your added value and points for development are, requires self-reflection. Regularly discuss this with your supervisor or even hire a personal mentor. Discuss your hard skills, your soft skills and where you want to be in five years. Set clear goals for yourself. Van Asten: ‘Think about what distinguishes you from others. Ask others what they think your best qualities are. Dare to step out of your comfort zone. Get to know your weaknesses and how to deal with them. All of this will accelerate your personal and professional development.’
2. Distinguish yourself with your education
There are various ways to make a good start. After obtaining your Master's degree, it is advised to start your career in a traineeship. This can be at a Big 4 company or at a multinational. In the first years of your career, it is advisable to follow a post-masters course, such as an RA or RC course. It distinguishes you from others and provides additional theoretical support for your practical experience. Van Asten: ‘A post-masters program shows that you are eager and that you are consciously working on your development. This fits with the new generation of CFOs. A nice side effect is that your new title also ensures that your salary will grow considerably.’
3. Go the extra mile
In addition to your current duties and responsibilities, you can distinguish yourself by tackling proactive projects. How you can do that? Make sure that you are well informed about current developments within and outside of the organization, both at a local and international level. Try to show interest in colleagues from other departments. It will surprise you how much relevant information you can gather by talking to others. Be critical in the projects you take on; make sure that they really add value. Van Asten: ‘Make sure that others are also aware that you are making those extra miles. Become a member of various committees and talent groups, and coach new colleagues. Take all the opportunities you can get.’
4. Become the CFO’s right hand
‘This probably sounds like a logical step, but oddly enough, people often don't think about it themselves. It is an excellent learning experience and a good way to get into the head of a CFO. This way you learn to understand how he or she thinks and acts and what the impact of decisions is on the organization,’ says van Asten. You will also gain experience with large projects and you will get more knowledge at a corporate level in the field of accounting and reporting. This way you can already develop important skills that will be useful later on. You may also be able to experience what kind of CFO you want to be: are you careful and risk-averse or are you prone to be innovative? Do you prefer an operational or a more strategic role? These are valuable insights.
5. Develop broad financial knowledge
A wide range of knowledge and experience within finance is crucial. Experience in accounting & reporting and financial and business control, is essential to become a CFO. Without broad knowledge, it is difficult to be the person ultimately responsible for finance. Van Asten: ‘To give an example, we regularly meet professionals who don’t have any accounting experience. That can be a disadvantage. That part-time job as administrator during your studies is not so bad at all!’
6. Make sure you’ve got suitable recruiters in your network
As a young and ambitious financial, you probably get approached by recruiters more often than you would like. But a specialized recruitment consultant who knows you personally can be a true asset to your network. Van Asten: ‘A recruiter knows exactly what is going on in the labour market and can advise you on what the best step is in your situation. Therefore, it is valuable to occasionally talk to someone like that about your career plans, even if you are not actively looking for a new employer at that time. And the great thing is that with such a personal connection, you are immediately top of mind when he or she comes across the perfect job for you.’
More information
Is becoming CFO on your list of career goals and would you like to discuss what is the best way to get there? Feel free to contact Nanke van Asten via 020 644 4655 or nanke.vanasten@robertwalters.com.
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