How to become a CFO: Career Guide, Courses, After 12th, Eligibility, Colleges, Scopes, Jobs, Salary

A CFO has the responsibility of planning, implementing, managing and running all financial activities of a company. They track cash and financial planning, as well as analyze the company's financial strengths and weaknesses, and thereby propose corrective actions. 

For becoming a CFO, students can pursue Undergraduate and Postgraduate Finance Courses or Management Courses such as BBA and MBA. India is home to a number of Top Management Colleges like the IIM’s and other top tier ones such as MDI Gurgaon, JIMS Rohini, Xavier Institute of Management, IMT Ghaziabad, Amity University, etc.. Admission to these colleges are usually done on the basis of Management Entrance Exams such as IPU CET, DU JAT, NMIMS NPAT (for Undergraduate Courses) and CAT, MAT, XAT, GMAT (for Postgraduate Courses).

The average course fee is INR 30,000-10,00,000 per year and the average starting salary is INR 3,50,000 per year. With experience, it may rise to INR 6,00,000 and more. Corporate Controller, Business Development Executive, CFO, Business Analyst, Investment Banker, Financial Analyst are some of the job opportunities that are available after completing Master's to become a CFO. Read More: CFO Salary 

How to Become a CFO: Quick facts 

Industry Business and Accounting
Eligibility Must have completed class 10+2 with a minimum of 50% aggregate
Average Starting Salary INR 3,50,000
Job Opportunity Business Development Executive, CFO, Business Analyst, Investment Banker, Financial Analyst

Steps to become a CFO

There are few steps that a candidate needs to follow for getting admission to a Finance or an accounting course:

  • Decision-making- Students need to decide this before their 10th standard and start preparing to become a CFO. Several entrance examinations are conducted to get admission to a particular course so a candidate must decide what they want to choose so that they can prepare for it. They must score well in the 10th and 12th examinations to get admission to the course.
  • Subject Choices- A candidate should have studied well in the 12th standard to pursue this career. It's necessary to decide what subjects they want to study further to get a good college. However students with prior knowledge in commerce would be given a preference, aspiring to pursuing BBA , MBA or BBM.
  • Entrance Exam Preparation- Few colleges give admission in bachelor's and master's courses based on an entrance examination. Thus a candidate should prepare according to the latest exam syllabus. All the sections should be prepared well to get admission to the desired course.
  • Selecting Correct Colleges- Students must choose a college after proper research and try to choose a college that provides an opportunity to get on-field experience and work exposure through internships. Various colleges provide bachelor's and master's degrees in business, finance, and accounting. Thus, a candidate needs to choose the best college for himself.

Types of CFO

A career as a CFO is very rewarding as it offers a wide range of opportunities. 

  • The Economist: A CFO seasoned in economics can significantly boost business growth as economists excel in articulating complex financial models, understanding unit economics, and have a good grasp on the other projects' economic activities and business units.
  • The Financier: A Financier CFO oversees structuring financial tools, planning and working in internal corporate work, managing investors relations, and understanding the legal aspects of financing.
  • The Operator : The Operator CFO masters in the fine art of corporate dynamics through budget building, project monitoring, financial modeling, and incentive plans devising. The operator CFO may drift into more hands-on engagement with business operations.

How to become a CFO in India 

Becoming a CFO (CFO) in India has a very convenient process but it takes a lot of merit and dedication. They need to mentally pr prepare themselves to become a CFO as it requires much focus and concentration. Students who wish to become CFO in India must start preparation from class 12th onwards and they need to choose the right subjects too.

School Level Preparation: Students who wish to become a CFO must have scored a minimum aggregate of 50% in any discipline of Arts, commerce, or science in their 12th standard. A student needs to start preparing accordingly for the entrance exams.

How to become a CFO after the 12th 

Some of the crucial ways that can be followed in order to become a CFO in india After 12th are listed below for your reference,

  • UG preparation: A student should study well in the 12th standard to achieve a good number of percentages to get admission in colleges. After the completion of class 10+2, certain colleges offer admission to the candidates based on the entrance examination. Hence, the candidates will have to clear the entrance examination to get admission to those courses. The duration of the undergraduate course is 3 years in India.
  • PG Preparation: After graduation, a candidate can pursue further education to become a CFO. A candidate must have a bachelor's degree in a finance-related field to get admission to the master-level courses.

Courses to Become a CFO 

A CFO requires one to have an in-depth knowledge about finance and all its related subjects such as Accountancy, Business Management, Entrepreneurship etc. The most frequently availed courses by students to become a CFO are discussed below,

Bachelor of Business Administration (BBA)

Bachelor of Business administration or BBA course imparts knowledge to the students regarding the management decisions through informed and analyzed perspectives. Below is a detailed discussion of the course along with its prerequisites,

BBA Entrance Exams

Entrance Exam Application Form Last Date Date of Examination
DU JAT 2023 June, 2023 July, 2023
IPU CET 2023 March – May, 2023 June – July 2023

Eligibility Criteria: Candidates who are seeking admission to the University of Delhi must fulfill the following DU JAT 2023 eligibility criteria. Below are the eligibility criteria for the exam.

  • A candidate must have passed their 12th standard from any recognized board with a minimum of 60% aggregate.
  • Candidates are needed to register themselves with the Foreign Students Registry first to be eligible for application to DU JAT 2023.

Master of Business Administration (MBA)

Master of Business administration or MBA is a popular professional degree that provides students with a wide spectrum to choose their field of career and is an advanced business degree that is designed to meet the ever-growing demand in the corporate sector.

MBA Entrance Exams

Entrance Exam Application Period Date of Examination
CAT 2023 August 2023 – September, 2023 (Tentitive) November, 2023 (Tentitive)
XAT 2023 August 10, 2022 – December 11, 2022 January 8, 2023

Eligibility Criteria: Below are the eligibility criteria for the MBA examination. 

  • A candidate needs to complete graduation or must be in the final year of graduation to be eligible for the Master of Business Administration course.
  • It must have scored at least 50% aggregate marks in graduation. For institutes like IIMs and IITs, the minimum mark is 60%.
  • These are the basic requirements but some colleges may ask for work experience as well.

Bachelor of Business Management (BBM)

BBM or bachelor of business management is a 3-year undergraduate course that includes the study of theoretical and practical aspects of business proposals like financial principles and introduction to business.

BBM Entrance Exams

Entrance Exam Application Period Date of Examination
SET December 16, 2022 – April 12, 2023 May 6, 2023 – May 14, 2023
NPAT December 1, 2022 – May 21, 2023 January 4, 2023 – May 31, 2023

Eligibility Criteria: SET or Symbiosis Entrance Test is an undergraduate exam which is conducted by Symbiosis International University to get admission into various courses. The students must meet the eligibility criteria before applying for the entrance exam. Below are the eligibility criteria for the exam.

  • A candidate must complete the 12th standard for equivalent examination passed from any recognized board with a minimum of 45% aggregate marks.
  • A candidate from SC/ST must have obtained a minimum aggregate of 50% marks.

How to become a CFO Abroad

Pursuing a CFO course abroad is one of the most sought-after professions and a candidate does not have to worry much about the future if they have to become a CFO.

UK 

In a country like the UK, there are numerous courses available for a candidate and the UK has always been at the top of the charts when international students decide to study abroad due to its flexible education system. A candidate can find various Business and accounting courses here. Various colleges in the UK also provide scholarships and accommodation facilities to the students. 

Admission Process

Educational Requirements- 

  • A candidate must have a completed class 12th with a minimum of 83% aggregate marks.
  • It must have scored 6.7 in IELTS and 59 in PTE.

Other Requirements-

  • A candidate should not have lower than 78% in any subjects with the minimum average of 83% over the four best subjects which must include English and maths in their 12th standard.

Top Colleges

Top Colleges Average Fees
University of Manchester  INR 30 Lakhs
University of Westminster INR 27.4 Lakhs
University of Bristol INR 27.9 Lakhs
University of Nottingham INR 25 Lakhs
University of Glasgow INR 24.4 Lakhs
Durham University INR 23.2 Lakhs
University of Roehampton INR 17.3 Lakhs
Swansea University INR 22 Lakhs
Middlesex University INR 22.6 Lakhs
King's College INR 28.4 Lakhs

Courses Available

B.Sc Accounting B.Sc Accounting & Finance BA Hons in Business & Accounting

US 

In a country like the US, various master’s courses are available for a candidate. Many colleges in the US also provide scholarships and accommodation facilities to the students. Pursuing higher studies from the US is a popular choice due to its amazing education facilities.

Admission Process

Educational Requirements- 

  • A candidate must hold a bachelor's degree.
  • The candidate must have a valid score in IELTS or TOEFL or GRE or GMAT.

Top Colleges

Top Colleges Average Fees
Harvard University INR 82.5 Lakhs
Massachusetts Institute of Technology INR 78.7 Lakhs
Stanford University INR 73.4 Lakhs
University of South California INR 61.9 Lakhs
New York University INR 82.2 Lakhs
Arizona State University INR 91.4 Lakhs
Northeastern University INR 52 Lakhs
The University of Texas INR 44.6 Lakhs
Georgia Institute of Technology INR 47.4 Lakhs
The University of Illinois INR 36 Lakhs

Courses Available

Canada 

In a country like Canada, various bachelor courses are available for a candidate. Many colleges in Canada also provide scholarships and accommodation facilities to the students. 

Admission Process

Educational Requirements- 

  • A candidate must hold an All India Senior School Certificate that is awarded by CBSE or Indian School Certificate awarded by CISCE.
  • A candidate must possess a good number of marks in their 12th standard

Other Requirements-

  • The candidate must have a valid score in IELTS or TOEFL.

Top Colleges

Top Colleges Average Fees
University of Toronto INR 39.5 Lakhs
The University of British Columbia INR 41.7 Lakhs
University of Alberta INR 22.9 Lakhs
Humber College INR 19.4 Lakhs
University of Waterloo INR 33.9 Lakhs
Memorial University of Newfoundland INR 12.6 Lakhs
York University INR 29.1 Lakhs
Thompson Rivers University INR 15.5 Lakhs
Simon Fraser University INR 22.5 Lakhs
Niagara College INR 18.7 Lakhs

Courses Available

Australia

In a country like Australia, various bachelor courses are available for a candidate. Many colleges in Canada also provide scholarships and accommodation facilities to the students. 

Admission Process

Educational Requirements- 

  • An applicant must hold a bachelor's degree in any discipline.
  • I need to have at least two years of work experience.
  • A candidate must have gotten 102 in TOEFL or 7 in IELTS or 65 in PTE.

Other Requirements-

  • GRE and GMAT score is also accepted where a candidate has to achieve an average GMAT of 695 or higher

Top Colleges

Top Colleges Average Fees
University of Melbourne INR 62.6 Lakhs
University of Sydney  INR 50.6 Lakhs
RMIT University  INR 55.4 Lakhs
University of Queensland INR 55.4 Lakhs
Monash University  INR 34.4 Lakhs
Macquarie University  INR 32.6 Lakhs
University of Adelaide INR 35.4 Lakhs
Victoria University INR 19.2 Lakhs
Australian National University INR 39.9 Lakhs
Curtin University INR 32.9 Lakhs
Courses Available

Germany 

In a country like Germany, various courses are available for a candidate aspiring to become a CFO. A candidate can find various business and finance courses. German universities have a variety of courses for mastering finance. Various colleges in Germany also provide scholarships and accommodation facilities to the students. 

Admission Process

Educational Requirements- 

  • A candidate must have a bachelor's degree in finance or a related field.
  • A Candidate must have a valid GRE test score
  • A candidate must have proof of English proficiency

Other Requirements- 

  • If the course is taught in English, the students must pass the English proficiency exam that is IELTS or TOEFL.

Top Colleges

Courses Available

  • MSc in Finance

Benefits of Becoming a CFO

Some of the key benefits that can be availed after becoming a CFO are listed below, 

  • Job opportunities: CFO course is the best job to do so as the earning is high and they are in great demand. Many companies hire CFO etc.
  • Good Salary: The payment structure for a CFO is good. They get between 30,000-45,000 per month as a fresher.

Skills Required to become a CFO

Some of the essential skill sets that are required to become a Financial Officer are tabulated below for your reference,

Stakeholder Management Commerce
Strategic Thinking Commercial Acumen
Financial Management Dat skills

CFO Salary 

The salary of a CFO can range between INR 5 Lakhs to INR 6 Lakhs based on the experience, skills, and qualifications they possess. Also, there are different levels of jobs in this field.

As a fresher in India, a CFO can expect an average salary of INR 3 Lakhs per annum. Experts and qualified professionals can earn up to 6 Lakhs per annum.

The salary package is determined based on the candidate’s educational qualification, skills, experience, working area, and many other aspects. Students who graduated with higher-level education can expect a better salary package.

Average Annual Salary 

Name of Organization Average Annual Salary
Govt INR 4 Lakhs
Private INR 3 Lakhs

Specialization Wise 

Specializations Average Salary
The Accountant INR 3,51,150
The Economist Radiologist INR 3,00,000
The Operator INR 3,60,000

Experience Wise 

Experience Average Annual Salary
Fresher INR 3,00,000
Experienced INR 6,00,000

How to become a CFO: FAQs

Ques. Is it worth becoming a CFO course?

Ans. Yes, it's worth enough to become a CFO as the employment opportunities are increasing day by day. There has been a job growth of 0.6 % in that sector in the last 5 years.

Ques. What are the top institutions to pursue MBA to become a CFO in India?

Ans. Faculty of Management Studies, Amity University, IIM Calcutta Asian Business School, IIM Kozhikode, IIM Rohtak, GD Goenka University, are some of the top institutions to pursue MBA courses.

Ques. What are the top job opportunities after completing a BBA course to become a CFO?

Ans. Account Manager, Marketing Executive, Business Development Executive, Brand Manager are some of the top job opportunities after completing Bachelors in Business Administration course. 

Ques. Is it important to have a Master's degree to become a CFO?

Ans. Yes, it is important to have a master's degree along with work experience to become a CFO (CFO). 

Ques. What is the average fee to do a CFO course?

Ans. The average fee for a Radiology course is INR 30,000-15,00,000 per year.

Ques. Does a CFO earn a lot?

Ans. The salary of a CFO is completely dependent upon his educational qualification, skills, work experience, etc. They can earn up to 6 Lakhs annually if they are an expert in their field.

Ques. What are the duties of a CFO? 

Ans. A CFO has to lead, direct and manage the organization's finance or accounting teams. They advise the other executive members on the financial implications of business plans or current events. Their responsibility also includes reviewing informal finance or IT-related financial procedures to enforce policies or internal controls.

Ques. What are the top entrance exams that are conducted to get admission to the MBA course?

Ans. CAT, XAT, MAT, GMAT are some of the entrance examinations that are conducted for the course.

Ques. What are the skills that are required to become a CFO?

Ans. Accounting skills, Strategic Thinking, Leadership and Management Skills, Financial Management, Data skills are some of the skills that are required to become a CFO.

Ques. What are the top countries to do a CFO course?

Ans. UK, US, Canada, Australia, Germany are some of the top foreign countries to become a CFO. 

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