Chief financial officers (CFOs) are financial experts who manage everything from budgeting to forecasting to drive a company’s long-term financial health. They bring a powerful combination of education, business acumen, and leadership skills that empower them to make strategic financial decisions and drive organizational growth.
This guide outlines the steps to becoming a CFO, what the role entails and what the career outlook is for this top-tier executive position. You’ll also learn how advanced degrees like an online Master of Business Administration (MBA) in finance can help you build the skills and credentials needed to rise to the C-suite.
What Does a CFO Do?
A chief financial officer is a company’s top-ranking financial executive. They manage and oversee all financial activities, including accounting, budgeting and cash flow. Their core responsibilities include:
- Developing and overseeing financial strategies
- Monitoring the company’s cash flow and financial structure
- Managing budgeting and forecasting processes
- Collaborating with executives on company performance
- Minimizing financial risk by implementing controls and compliance practices
- Overseeing a team of finance and accounting professionals
The CFO’s primary role is to provide financial insight and strategic direction that support a company’s mission and goals. In addition to informing decision-making, they present financial reports to stakeholders, assess the impact of investments, and ensure compliance with evolving laws and regulations.
CFOs also play a key role in managing mergers and acquisitions, capital allocation, and risk management, all while collaborating with all areas of the company to ensure that these executive decisions enhance financial stability, performance and growth.
What Is the Path to Becoming a CFO?
Becoming a CFO typically requires advanced education, professional experience and strong leadership skills. Most candidates spend years progressing through various finance roles, gaining experience in budgeting, forecasting and strategic planning before being promoted into leadership.
While there are no universal educational requirements, nearly all CFOs hold an undergraduate degree in business, finance, accounting or a related field. They often then pursue an advanced degree, such as an MBA in Finance, to further their education and deepen their expertise. Many also pursue professional certifications, such as the Certified Public Accountant (CPA), Chartered Financial Analyst (CFA) or Certified Financial Manager (CFM), which help them stand out in a competitive job market.
What Degree Is Best for Becoming a CFO?
A finance MBA, such as the online MBA with a specialization in Finance from St. Thomas University (STU), is one of the most effective degrees for aspiring CFOs. This graduate-level program equips students with advanced knowledge of financial concepts, strategic management and leadership skills that empower them to become successful executive-level leaders. It prepares graduates for a wide range of high-level roles, such as financial analyst, finance director or vice-president of finance, each of which can pave the way to becoming a CFO.
The curriculum includes core courses on topics such as organizational behavior, management ethics and business data analytics, along with specialized training in areas like international accounting, global investments and financial markets. With a combination of foundational knowledge and advanced financial expertise, graduates are positioned to lead companies through complex financial decisions and sustained growth.
CFO Salary and Job Outlook
Companies are in search of highly-skilled leaders who can guide their financial decisions with an intentional and informed approach. Employment for high-level finance jobs is expected to grow by 17% through 2033, according to the U.S. Bureau of Labor Statistics (BLS), much faster than the average for all occupations. CFOs are in demand across various sectors such as technology, healthcare, energy and financial services, although their expertise is valued in nearly every industry.
As one of the top-ranking executives within a company, CFOs earn compensation that reflects their responsibilities and expertise. While salaries vary by company, location and experience, the average annual range falls between $300,000 and $560,000. Many CFOs also receive performance-based bonuses, stock options and benefits that increase their total compensation.
Inside the Online MBA in Finance Program at STU
The online MBA in Finance program at STU prepares graduates to become ethical financial leaders across a wide range of industries. Students learn in a flexible, online format that allows them to complete the program at their own pace, without having to put their personal or professional lives on hold.
STU makes earning an MBA affordable and accessible for working professionals, with pay-by-the-course tuition and flexible start dates throughout the year. Students can develop their financial expertise on a timeline that suits their lifestyle, without worrying about costly tuition fees or strict scheduling.
Enroll in STU’s MBA in Finance Online Program and Begin Your Path to Becoming a CFO
STU’s MBA in Finance online program takes a strategic, leadership-driven approach to financial education. It equips students with the tools, insights and expertise to become high-level executives who drive enduring business success. With a flexible online learning format, experienced faculty and personalized student support, graduates are well-prepared to lead with confidence and pursue top roles in finance.
To learn more about STU’s online MBA in Finance program or to start the application process, contact the admissions team today. Whether you’re just beginning your career in finance or you’re a seasoned professional who’s ready to take the next step, STU provides the guidance and flexibility to help you reach your goals.
