I am always asked if a CAE can make the move to operations and become a CFO. My short answer is “yes” and my detailed answer is “it depends”.
My” yes” answer assumes that the CAE has the experience, educations, and mindset that enables him/her to function as a CFO. I strongly believe that you cannot audit what you do not understand; accordingly, any successful CAE should have a good understanding of the CFO function.
My “it depends “answer refers to the fact that CFO roles may be influenced by the complexity and nature of operations of the organization. I believe that there is no “CFO” fits all type of thing. Each organization has specific requirements for its CFO experience and education. An organization going through an IPO, for example, would require a different type of CFO than a small or not for profit organization.
I would love to hear from CAEs who made it to the CFO position. Please share your experience, recommendations and lessons learned during this process.
My” yes” answer assumes that the CAE has the experience, educations, and mindset that enables him/her to function as a CFO. I strongly believe that you cannot audit what you do not understand; accordingly, any successful CAE should have a good understanding of the CFO function.
My “it depends “answer refers to the fact that CFO roles may be influenced by the complexity and nature of operations of the organization. I believe that there is no “CFO” fits all type of thing. Each organization has specific requirements for its CFO experience and education. An organization going through an IPO, for example, would require a different type of CFO than a small or not for profit organization.
I would love to hear from CAEs who made it to the CFO position. Please share your experience, recommendations and lessons learned during this process.
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My view is certain CAEs can be make the switch to CFO but not all CAEs can do that. A CFO must possess a certain skill set in the financial field (accounting, analysis, treasury management, investment, etc.) A CAE need not possess such skills although having them can be a big advantage. It has been argued in this group that there are specific qualifications required for a person to become a CAE. I think the same cannot be said about a CFO.
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