One thing that I observed on WSO is there is a lot of focus on professional services and investment companies (accounting firms, IB, MC, financial institutions). Understandably this is how you learn at an accelerated speed and cut your teeth in various aspects of business and finance.
Folks talk about the end game, exit options. I never hear about becoming a CFO (chief financial officer) as an end game.
There are infinitely more companies out there than accounting firms, IB, MC and banks. Money touches everything. Is it because many people do not know what a CFO does?
My take on the CFO role is: - is the top 3 person in the company in terms of decision making (CEO, CFO, COO) - could get paid a lot of money and have an equity stake - leads a finance team that covers FP&A, treasury (cash flow mgt), AR, AP, payroll, and maybe insurance/risk - important in creating financial projections and business plan creation for investors, debt, M&A, other capital raises; IPO, etc; and sound the alarm and mitigate distress - intimately knows the business and industry; understands what drives value - is trustworthy, inspires confidence in front of adversity, has a vision, is resourceful, identifies trends early - leads strategic acquisitions and divestitures - sometimes acts as a counter balance to a CEO in a healthy way; in some cases, becomes the CEO
Please share what you think makes a great CFO. I hope more people consider this goal.
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