A chief financial officer (CFO) is the senior manager responsible for overseeing the financial activities of an entire company.
Below is How to Become A CFO South Africa
Choose Your Degrees Wisely. You’ll need a bachelor’s degree.
Gain Broad Financial Experience. Actively choose jobs that broaden your financial experience.
Take on Roles that Expand Your Skillset. You’ll need to know more than just finances.
Join a career network.
Pursue Board-Readiness Training.
Responsibilities of a Chief Financial Officer in South Africa
CFOs are the highest port of call for all financial decision-making in an organization and are expected to assume their share of leadership responsibilities.
They’re in charge of managing departments involved in purchasing, pricing, investments, tax, debt management, and accounts payable.
As a Chief Financial Officer, you would be responsible for overseeing transactions made by these departments, recording them in books or databases, and reporting them to upper management or presenting records to external auditors.
CFOs are also responsible for ensuring financial compliance management is met by their organization.
To achieve this, they need to research and audit all departments to make sure they’re following local and federal laws and guidelines.
Here are day to day tasks of a CFO include
Management of company-wide financials
Recording of company-wide transactions
Expenditure and forecast reporting
Ensuring financial compliance management
Performing internal audits
How long does it take to become a CFO in South Africa?
Practical experience is definitely required, therefore CA’s are required to complete three years formal training known as articles.
What does a CFO earn in South Africa?
R2,348,144 (ZAR)/yr.
How many years does it take to become a CFO?
To become a CFO, you will probably need a bachelor’s degree, a master’s degree or professional accounting certificate (like a CMA) and about ten years of work experience. Some of these can overlap, but it will probably take 10-15 years to achieve this goal.
Is CFO a good job?
The Bottom Line
A career as a CFO offers a wide range of possibilities for the types of industries and companies you can work for. It also offers opportunities to not only manage a company’s finances at the highest level but to contribute to other areas as well.
What do I have to study to become a CEO in South Africa ?
Bachelor’s degrees in accounting, business, economics, finance, and management are common qualifications of CEOs.
Is being a CFO stressful?
Being a CFO, or a business owner acting as your own CFO, can be incredibly stressful, and it just gets more so the larger the company you manage. The study attributes CFOs’ rising stress levels to four factors: increasing workloads, growing business expectations, shorter deadlines, and a lack of skilled staff.
How do I get a job as a CFO?
How to Become a CFO
Choose Your Degrees Wisely. You’ll need a bachelor’s degree.
Gain Broad Financial Experience. Actively choose jobs that broaden your financial experience.
Take on Roles that Expand Your Skillset. You’ll need to know more than just finances.
Join a career network.
Pursue Board-Readiness Training.
Does CFO need CFA?
A CFO does not need to have a CPA, CFA, or MBA designation. But of the three, having a CPA designation does help dramatically . The CFA designation is best suited for those that want to be involved in institutional finance (hedge fund manager, IR, etc).