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

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 12^th 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

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

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

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

Courses Available

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

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

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

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,

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 

Specialization Wise 

Experience Wise