How to become a CFO with ACCA

Man and woman sat at table, in discussion

 

Would you like to be a Chief Financial Officer? It’s a great career move, especially if you have the right qualifications. ACCA is one of the most highly respected accounting bodies in the world, which means studying for your ACCA qualification can help you reach the top of your profession.

But how does one approach this career path? Let’s take a closer look.

What is a CFO?

A Chief Financial Officer (CFO) plays a key role in every organisation. Some of the many responsibilities of a CFO include:

  • Financial planning
  • Budgeting and forecasting
  • Ensuring compliance with relevant laws and regulations
  • Providing strategic direction to the company
  • Monitoring performance indicators
  • Providing leadership in areas like investment management and cash flow.

As a CFO, you would work closely with the Chief Executive Officer (CEO) of an organisation to ensure the financial health and stability of the business, and build long-term strategies that will help the business succeed.

There is a lot of responsibility that comes with a career as a CFO, as you would ultimately be an integral part of the business to ensure its financial stability. However, it is not without its benefits.

The average salary for a Chief Financial Officer is completely dependent on how extensive your experience and qualifications are. Experienced CFOs can expect higher salaries than those who are newer to the industry, but this may also depend on the size of the company and any benefit schemes that an organisation may offer. It is also difficult to predict an average salary due to ever-changing economic conditions. However, Robert Walters UK Survey Salary 2023 estimated that a CFO’s salary in the accounting and finance industry is £115,000 per annum.

How can you become a CFO?

It isn’t easy and getting started may seem daunting, but it is achievable, and this is where the ACCA qualification comes in.

With ACCA, you’ll be at an advantage over other candidates as businesses will recognise your commitment to the job title, your knowledge in all aspects of financial management, and your skills as a credible leader. Having that extra qualification will also open you up to higher salaries due to your experience and knowledge.

What is the ACCA qualification?

ACCA is an internationally recognised qualification which focuses on all things finance, strategic management and business-related topics. You’ll need some experience, hard work and intense studying before you complete the course, but then obtaining the ACCA designation is one great step towards becoming a CFO by providing you with access to professional opportunities, recognition and more. Becoming a CFO is no small feat, but it can be achieved with the right training and qualifications.

What are the best steps to take?

To begin with, it’s worth conducting some research into the ACCA and gaining a greater understanding of what you will learn in each module. Take it one step at a time and carve out manageable chunks for yourself when both studying and planning your career goals. This will help you stay organised and motivated.

Here are some of our tips to help you plan your career journey:

  • Obtain a relevant qualification that meets your career aspirations.
  • Gain experience in the relevant field. This is something that will also be required when completing the ACCA qualification.
  • Network with senior executives to access job opportunities and build relationships.
  • Ensure that you develop an understanding of key financial concepts and technologies, such as financial modelling, forecasting and accounting systems.
  • Remain up to date with industry trends and best practices.
  • Display strong leadership and problem-solving skills to stand out from potential competitors.

Remember that commitment to your goal is essential – no matter how long it may take, or how challenging it becomes – don’t give up!

What’s next?

Take that first step and sign up for the seven-day ACCA free trial to our subscription course to get a better idea of what to expect. At Eagle Education, we also offer lots of support to help you on your pathway to success.