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19 Nov 2009If you are interested in becoming a part-time CFO there are many internet resources that will help you understand all the things you need to do. The first and most obvious pre-requisite is a financial background in accounting or another field.
In order to be a CFO you need to have an education first. A Bachelor’s degree in Finance or accounting is a good undergraduate background. You will also need experience in finance and company management. You will need at least 15 years of experience in finance to be a part-time CFO.
Becoming a Part-time CFO also requires that you have experience with a former organization that had complex financial functions. You must have very strong experience in the financial reporting of companies.
There are skills that are needed, which include being proficient in tax planning, having advanced knowledge of Excel and other financial software programs that could be used by various companies. A Part-time CFO needs to have superior judgment skills, decision making skills, negotiation and communication skills as well.
The CFO needs to have very strong ethics about finances as well as professional integrity. People who do not hold these beliefs are the financial advisors that you will eventually see in handcuffs on their way to jail because they used their status in a company to steal money.
Moreover, a part-time CFO must have strong analytical skills in order develop a strategy that will generate a profit in the company. Also, setting up a system that will allow for collaboration and checks and balances will create the best and most profitable system.
A part-time CFO must have a mental capacity to handle the emotional requirements. To be a CFO you have to be good salesmen and develop those relationships necessary. This is an important part of being a good CFO.
In summary, a CFO needs to be incredibly knowledgeable and a jack-of-all trades. They need to be able to handle a lot of issues and responsibility.
Sandra Worthington is a part-time CFO and has dealt to be a CFO for many years and has worked through the process and knowledge. He has also dealt in companies that hire a part time CFO.