How to become a chief financial officer after college?

A Chief Financial Officer or CFO is one of the most respected and high-paying job designations across the globe. Depending on the kind and level of the organization the professional is employed with, the pay-cheques get fat and the designation gets powerful. The following post will the outlining a complete career chat that will help you become a chief financial officer or CFO after college and of course, the best partner for this intent and purpose. Before we venture into the career path for becoming a CFO, let us understand the job roles, responsibilities, career opportunities and various other crucial integrals of the job.

Chief Financial Officer – Qualifications, Job Roles and Responsibilities and Other Important Information:

  • In every organization, the Chief Financial Officer is the highest officer to make decisions related to the finances and accounting and provide impeccable leadership assistance at all times.
  • The various departments that are under the control and administration of a Chief Financial Officer comprise of a myriad such as pricing, purchasing, tax, debt, accounts payable and the investments.
  • All the transactions in all these departments and maintaining a perfectly synchronized record of them at all times; ensuring that all the audits and finance allocation and management is done without any error and malicious intent that might be harmful to the organization is one of the implied responsibilities of the job profile.
  • Further, with times changing and every office becoming compliant with the international standards and technological advancements, the Chief Financial Officer will also manage the online books; accounts; databases; external and internal audit records and presentation of classified and perfectly recorded information to the upper management.
  • Thus, the Accounting Courses for becoming a CFO are becoming highly popular are predicted to be in the Top Game for a long time ahead.
  • Major Tasks handled by a CFO are:
    • Internal Audit completion and classification of information in an intelligent manner to reveal patterns and other such derived information
    • Financial Compliance Management
    • Market Forecast and Expenditure management and reporting
    • Management of all kinds of finances across the whole company
    • Recording all the financial transaction across the whole company
  • The various divisions and categories of specialization for the Chief Financial Officer are as follows:
    • Managerial Finance
    • Financial Innovation
    • Financial Corporate Strategy
    • Operations Manager
    • Director of Operations
    • Business Manager
    • Director of Administration
    • General Manager
    • Finance Manager

Apart from being appointed as the Chief Financial Officer, the CFO is also a member of the Board of Directors and can also choose to go for various other roles such as People Management, Resource Management and other such profiles that require a perfect understanding and balance of theoretical knowledge and leadership.

Well, having had a good grasp of the various roles and responsibilities of a Chief Financial Officer, let us understand the Accounting Courses and Chief Financial Officer Courses or Qualifications that you are required to acquire and complete in order to become one.

Chief Financial Officer Qualifications – Education and Courses Required:

  • Masters Degree in Tax, Accounting, Auditing, Finance and Investing
  • Several years’ work experience as an on-hand expert
  • Certified Public Accountant (CPA) might be or might not be compulsory
  • A thorough knowledge and understanding of various key areas such as Financial Accounting, Computer Information Systems, Corporate Financial Reporting, Auditing, Applied Statistics and Business Taxes.
  • Apart from the one-time course, the CFOs are urged to grow and learn consistently and join the CFO Alliance or the US Chief Financial Officers Council or the American Society of Association Executives or other such global platforms to be on the top at all times.
  • A general career path to become a Chief Financial Officer would be to acquire a graduation degree in Management or Accounting. First, you have to Learn Accounting and then specialize in the various Accounting Courses such as CA. As CFO requires to be expert at perfect management of Accounts and Finances in an organization and is a crucial member of the major administration, just one specialization is not enough.
  • Hence, opting for a Global Certification or Qualification such as ACCA is a must. It equips you with the best knowledge and the qualification to run the high office and become a pioneer that excels.

To know more about ACCA and to start your career as the CFO, please log on to www.logiccpacma.com.

Best Tips to Study for the CPA Exam

The thought of clearing the CPA exam may be an intimidating one. This is because the course is a reasonably tough one. According to statistics, the pass rate for the CPA exam is just under 50 percent. However, this also means that over 50 percent of the candidates clear the exam. For those serious candidates that are attending CPA classes in Cochin, given below are a few tips that can help the candidate to prepare for the CPA exam effectively.

1: It is important to do a CPA Review course

The biggest mistake usually committed by those attending the CPA course in Kochi is not attempting to do a CPA Review Course. The practice sample questions and course textbooks may simply be not enough most often. These resources may not give you the intense A-Z thorough preparation that a review course does. Candidates who do not attempt this, often end up wasting a lot of time and regretting later on. Therefore, in the best interests of the students’ performance, it is best to do a review course.

2: Make your study environment conducive

Create a study space that helps you to study better and be in the ‘mood’. If you do not feel motivated to study for your CPA exams, it is time to examine your study space. De-clutter the space and make it airy. Turn off your mobile phone, TV and other distractions. Ensure that your study space is not noisy and is lit up well. All of these will surely help.

3: Study in the morning time

It is a good idea to study early in the morning and do the practice questions in the nights. Studying from 5 am. to when you leave for work/college is the best time. The evenings are likely to find you more tired. This helps you to understand the extent of your understanding of what you studied in the morning.

4: Inform your near and dear and get support

You would need a lot of understanding and support from your loved ones and friends. You can ask your mom/dad to call only once a week and inform friends you will perhaps hang out only once in a fortnight till the CPA exams are over. However, your mom/dad may be the person that you can confide in and explain to them your struggles and anxieties. Keep the path open for this.

5: Use the study technique that works best for you

There are many techniques available that you can use to study effectively. Whereas some would choose to write down important concepts as they study or listen to a lecture, others would prefer to do practice questions first and then review weak areas. Nevertheless, it is important that you choose the technique that suits you the best. One good way is to follow the review course recommendation. This makes it easier for you to make a start.

6: Take care of yourself

It is important to look after yourself carefully before the examination. Physical and mental health is important to perform well in the examination. Ensure that you eat right, exercise regularly, get sufficient sleep and maintain a positive attitude.

Why Logic School of Management

If you are looking for the CPA institutes in Cochin, Logic School of Management is perhaps the best pick. Designed by NASBA (National Association of State Board of Accountancy, USA) and AICPA (American Institute of CPA’s), the CPA program is very much similar to the Chartered Accountancy program in India. Passing this course ensures that the candidate has a thorough knowledge of the accounting principles practised in the US. Logic provides effective coaching for the examinations that are held during different months in a year. These exams are conducted in other countries such as USA,UAE, Kuwait, Lebanon, and Bahrain as well.

Logic assists the candidate in evaluating his/her eligibility to enrol for the course and appear in the exams, providing quality CPA course material from Wiley International, providing intensive coaching for all parts of the CPA exam and helping with other necessary guidelines. For the best CPA training in Kochi and for any other clarifications that you may need, you can visit www.logiccpacma.com.

 

CMA or CPA: Which One Should You Choose?

Students of Accounting and Finance often have a tough time choosing between Certified Public Accountant (CPA) and Certified Management Accountant (CMA) certifications. Both are of equal value – the deciding factor is the type of career path you want to take. Here are the points you need to consider before choosing to go for CPA coaching or CMA coaching.

Type of Enterprise

If you foresee a career in a public enterprise, then the CPA certification is for you. But if you, like many students, wish to join a private or corporate industry, then a CMA credential is ideal.

Scope

While the CPA designation is exclusive to the US, the CMA is a globally recognised designation. Indian students who wish to pursue an accounting career in the United States may opt for a CPA, while those who desire to pursue global financial management positions are good candidates for a CMA.

Salary

Factors like experience, job title, industry and location determine the salary that CMAs and CPAs can earn. CPAs on an average tend to earn 15% more than non CPAs whereas CMAs tend to earn 60% than non-CMA professionals.

Core Strengths

If your core skills are in the areas of compliance and regulation, taxes, audits, attestation and reporting, then you should consider going for a CPA. If your focus is in the areas of corporate finance, reporting, planning and decision making, a CMA might be the qualification you need.

Benefits

While CMA and CPA are highly valued certifications, they have different advantages. CPA is seen as highly desirable for both public and corporate enterprises in the US and offers more options. But a CMA qualification provides a practical, ground-based approach to accounting and finance and can demonstrate that you have a head for business as well as accounting.

Requirements

According to the American Institute for CPA’s, the representative body for the CPA profession, you’ll need a four years bachelor’s degree or equivalent qualification in accounting and business related courses and a couple of years under the supervision of a qualified CPA. Aspiring CMAs require a bachelor’s degree and two years of management accounting or financial management, along with membership in the Institute of Management Accountants.

Whichever certification you choose, it will be a substantial investment in your future career. Choose wisely and work hard.