CFO, a day in the life of a Chief Financial Officer

Join 10,000+ professionals who enrolled in the Controller Academy 🚀
controller-aca...
[coupon 30OFFCOURSE for 30% discount]
Or
Get my Controller bundle, which includes the Controller Academy
controller-aca...
[coupon 30OFFCOURSE for 30% discount]
I am going to show you how a CFO spends his day and toward the end of the video, I will share with you the best career path to follow if you want to one day become a CFO.
Mark meets with sales leaders to discuss pricing of a new software product. The sales team presents him with their ideas, where they consider making the most money while keeping inline with similar products in the market.
At 12:30 it’s time to break for lunch. Mark always has a working lunch with someone from the company, where they combine eating and discussing one area of the business.
After spending about an hour on lunch, Mark returns to the office where he meets with the FP&A team to discuss the quarterly re-forecast…. and the Focus of the meeting is revenue forecast.
The team contemplates 2 approaches to forecasting revenue in the coming quarter:
A bottom up approach
And a top down approach
With the bottom up forecast approach, it is performed just like the name implies..you start from the bottom which is a list of your products/services, then use current customer/volume data to try and predict future revenue.
While with the top down approach, the team starts at the top, meaning they assess the size of the market it operates in and its share of that market.
They decide as a team to focus more on the bottom-up approach because it will be easier to rationalize when speaking to investors…AND use a light version of the top-down method to validate the results.
The team will have to roll up their sleeves…. LOAD UP on caffeine and start building the revenue model, which will have to account for projected growth by customer, seasonality and other variables.
Ok, it’s 3 PM and it’s time to sit down and review the board slide deck. The executive team meets with the board of directors once each quarter to review financial results, forecast and business outlook. The slides need to be easy to digest and provide good information.
Mark likes a clean minimalistic slide structure, which allows him to talk over it and provide further context.
The slides present KPIs such as DSO, CAC, Gross Margin growth among others. These board meetings are typically stressful and Mark usually takes the team out for some drinks later that day to blow off some steam.
Those who qualify for a CFO role typically come from the following background:
90% of the time come from either Investing banking or equity research, while just about 10% of the time come from an Accounting background like myself.
But generally This means to maximize your chances, you want to join an investment bank or an advisory consulting role at a big firm.
This is based on my personal observation throughout my career, and to be clear, my current trajectory as a controller is to one day become a Chief Accounting Officer rather than a Chief Financial Officer.
Hang Out with me on social media:
📸 / the_financial_controller
📱 / thefinancialcontroller
🙋🏼‍♂️www.facebook.c...
DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
All views expressed on my channel are mine alone. Not intended as financial or professional advice

[@robroy137]

Took 20 years, but finally a CFO this year - whoop whoop! Thanks for all your videos, they've been good.

[@TheFinancialController]

Nice job!

[@tobias7001]

What is your background? and what advice would you give to a Young guy, that is just starting uni, that will give them the best path?

[@adamebanks3837]

My problem with getting CFO is I don't want to be all posh and white collar 🤣

[@mariahwilliams932]

Congratulations!!!!!

[@zachz699]

@@adamebanks3837 Why on earth not. Blue collar work that is certainly not posh is infinitely easier to attain and it is needed. Go learn HVAC, you can eventually start your own company then you can be the CEO CFO and the man on the ground, AND you can even wear overalls and still get your hands dirty. I know a man who does just this and clears 6 figures net every year

[@OKREDHOT]

The main challenge for stepping either from Controller or FP&A to CFO level, is to have a more broad strategic vision of the business, which includes relationships with investors (shareholders/banks), ensuring enough financing for the business (if startup) - loans, equity raise, AP/AR financing (factoring), ... and/or if more mature, investing decisions for company growth (dividends, new projects, ...), partnering all other teams with insights (unit economics, margins, tax & compliance impacts). It's leaving just preparing 'annual/management accounts (for Controllers) or just preparing models (for FP&A); to really lead the finances of the company.

[@firasalmeshari4851]

I'm soon becoming a CFO. Please pray that I succeed and not fu' things up.

[@akhlaqueafzali8941]

🎉🎉nice all the best but how much time you needed

[@JerrySims-c8c]

I came from an ac and heating company with 15 years of experience in automation and, AC and heating. I enjoyed looking at the numbers and talking to customers more than planning and doing the projects. I would end up finding issues with other parts of the business that the owner would not like, but they would fix these things as time passed. I am now the CFO of an Oilfield Services business for about 1 year's time now. I have no idea what I am doing but the partners are depending on me for many things and I am learning as I go. The job gets easier as I absorb more and more information from simple videos such as these.

[@kuya_daddy5661]

I feel you. Not as experienced as you but I am a CFO of a very new research 501c3. I am good with numbers but end of the day I am more of a people person. I prefer meeting with partners, organizations, and community members vs. the financial duties.

[@geraldredlinger9176]

I can relate to being a people oriented financial professional@@kuya_daddy5661

[@ProfFakhryMAhmed]

thanks for sharing indeed, you speaking as if you are reading my mind or copy my day-to-day agenda... thanks again... keep such approach... it work

[@TheFinancialController]

Glad it was helpful!

[@gavinwebster9973]

Hello Bill, I am currently an undergrad majoring in accounting. My plan to become a CFO is by finishing my bachelors. Then by Obtaining my CPA and CMA. I also plan to get a master black belt in six sigma. I hope that these credentials will someday land me in the CFO role. As for what type of jobs I’ll have in between those, I am not sure lol.

[@MJ-cg8vp]

The translation from the email to the meaning is right on the point!! I can see you have held back a lot to make it youtube-friendly. 😜

[@TheFinancialController]

Haha I did

[@MJ-cg8vp]

@@TheFinancialController I knew it! I am on the same boat. Question for you. I jumped from the controller to FP&A role and am considering taking CFA courses for fun (I am a CPA already). What is your opinion on it? Worth the effort to get a CFA or just work on soft skills?

[@lunamorris2091]

Thank you for the video!!! We learn a lot with you! Thank you!

[@Iankolai]

I'm an accounting student, I really love your videos. Pls upload more

[@a.a.nnahyan9301]

I am 19 and I just started my undergrad at a business school. As it is a generalized BBA degree, it will focus not only on one major particularly but all the sectors (Finance, Accounting, Marketing, Human Resources). I wish to be a CFO one day but I do not have enough knowledge on how to approach this few crucial years to best maximize my chances of becoming one. I'd like to hear your thoughts and suggestions. Thanks in advance

[@gussy_44]

what would you recommend for a high school student who wants to be a cfo one day?

[@OscarGarcia-fe5bu]

I'm waiting to pass my CPA first and my next goal is to take your course. I watch your videos in the background learning so much from you. Understanding what I learn form college and actually applying it in real life. Also by watching your videos, I actually understand what I'm actually doing at work as a GL Accountant. My ultimate goal is to become a corporate controller or Accounting consultant for small businesses one day.

[@TheFinancialController]

Nice to have you here Oscar!

[@sylvakacou7591]

Amazing Video Sir. I am a student with MBA in Accounting and Finance Management. but no experience. Thanks

[@midnight_worlds6647]

I have 5 years of full charge bookkeeping experience. I also just started ops consulting.

[@marycdj]

Great video. I’m on my way.

[@cledara]

I found it fascinating that over 60% of CFOs in tech come from non-traditional backgrounds. If anyone’s interested, we recently analyzed 100+ CFO careers in tech and discovered some interesting trends :)

[@silversurfer9588]

About to turn 53, have a bachelor's in business and an MBA with an accounting focus. I have absolutely no experience working in any accounting or finance role for any firms. I spent my days riding financial roller coasters speculating in stocks and real estate, I also spent too many years overseas enjoying myself. So my degrees are essentially worthless and I am screwed. Back to selling cars for me, in which, I cannot even get an F&I manager position at a car dealership where I actually have several years of car sales experience because, I don't want to sell for many years hoping a manager above me will give me an opportunity, which requires the thick skin to take a lot of emotional abuse salespeople must endure to get a shot.

[@ShahbazKhan-yh6kb]

Dear Bill, I am an ACCA professional level student with experience of almost 9 years if experience in different sectors. I need your guidance how can improve my working capability to become a CFO from accounts managers. Your videos are very helpful to me and thank you for making these amazing videos full of knowledge ❤

[@TheFinancialController]

Try to ask your manager to get involved in some budgeting and planning tasks.

[@akinyeleemmanuel9574]

It will also be very helpful if you can take some courses on FP& A. Depending on your situation, a Masters degree in Finance and Accounting will help. My one cent as an FCCA.

[@springsun4156]

I am a Chinese CPA, and I have passed U.S. CPA and CMA exams but not licensed. I am Corporate Controller for 7 years, but with 23 years of total work experiences. If I want to become a CFO, shall I take CFA exams?

[@TheFinancialController]

I’d focus on getting work experience and getting the CPA designation

[@KhadimBrothers]

11 years old gonna be 12 this September but I know allot of things about finance and accounting, this beginning this read 4 books, gonna another book of 1401 pages

[@techillusion9881]

Hi Bill, please make a video on silicon Valley bank collapse like ftx,I love ur analysis!

[@kishorSolanki-ij4kn]

I would be interested in becoming CFO

[@zeroseconds1498]

Nice video, thank! I've been watching your content for a while now. Currently I'm in general accounting for a large bank's subsidiary (asset based finance), starting april as a senior Financial controller with another firm. There I want ro further my expertise in the controlling side of things and after about 5 years move to management (manager AP/GA -> head of accounting). After being head of accounting for a number of years I do want to move on to become a CFO. Currently 28 years old. Thoughts?

[@TheFinancialController]

Sounds like a good track. I would say once you nail down Accounting, try to get into some tasks related to budgeting and planning.

[@arthurouvrard8478]

I'm curious what you'd think of my current career path. After almost a decade as a project manager in the aerospace industry I'm now working on getting my CFA to eventually make my way up to CFO.

[@TheFinancialController]

This could work. I would say, watch my video on 'Break into Finance, for non Finance majors' for helpful tips on making this move

[@srjohn7311]

I am currently the Director of Finance & Administration for a Nonprofit. Been I this role for a year and a half. I am technically the CFO but I am currently functioning as a controller. I want to get some advice on what I should be doing to before strategic and functional more as a CFO. Wondering if i should potentially hire a controller under me? I came from finance/accounting in my previous roles.

[@Sam-ue6qt]

I work for a very small medical company. However, we are starting to grow. We provide medical Concierge at home. It is exciting because we are growing. I have been with them for 5 1/2 years. Talking to my boss he mentioned that we will eventually need a CFO. I have no experience in accounting or banking. I started as a scheduler and I am now the office manager. The way the practice runs from the outside. I am starting to get involved with Billing. But I would like to be that CFO😊

[@Aynelson]

Hi, I will like to be part of your team working as a data analyst.

[@rcuetojr1]

Great videos, I find myself going back to alot of your materials especially accounting related.... I have an FP&A background, is there any data as to what is the likelihood to ultimate run Finance out of FP&A vs Banking background? Thinking that the knowledge of being a operator does become very valuable, especially if one stays in a specific sector/industry. Thanks putting your work out there and the explanations.

[@wildfire812]

According to a study by the Financial Executives Research Foundation, the majority of Chief Financial Officers (CFOs) in the United States have a background in accounting or finance. Specifically, 46% of CFOs have an accounting degree, while 36% have a finance degree. Other common degrees held by CFOs include business administration (11%), economics (3%), and other majors (4%).

[@TheFinancialController]

Thanks for this input. There are several studies on this. Frankly speaking, I worked under 6-7 CFOs and not one of them comes from Accounting background.

[@wildfire812]

@@TheFinancialController I agree, could be a mix of different situations e.g. industry, geographical.

[@silversurfer9588]

I have a bachelor's in finance and an MBA in accounting but no work experience. I'm 53. Soon to be bagging groceries.

[@GENJA165]

@@TheFinancialController in my country (The Netherlands) it is very common that someone from an accounting background (Registeraccountant which is equal to CPA) becomes a cfo. However nowadays more controllers become a cfo (registercontroller which is equal to a CMA I think), since their focus lies more on business partnering instead of financial administration.

[@jordan7672]

@@TheFinancialControllerwhats their background if you can share.

[@sanyaadeyemo9543]

Thanks for the video. I just applied for a cfo role for the first time. I am hoping to get an interview invite.

[@lukemabale2115]

Interested about forensic accounting. Any thoughts on that?

[@TheFinancialController]

great rewarding field. I can lead to controller or CAO but rarely to CFO

[@lukemabale2115]

Hope you have a video of it soon. God bless!

[@zaneheyl7743]

My plan is to become a CFO and I'm an actuary by profession.

[@ShakhriddinHusniddinovich]

I have been working in e-commerce company since 2020. I started as accountant assistant and became financial assistant. In 2023 I got CFO position in company that I couldn't understand fully what CFO should do. Then end of 2023 I started studying master in Finance. Unfortunately, in start I was not sure that I made good decisions. But from your contents I starting thinking 🤔 did I make right choice. What is your opinion sir ? I will be very grateful if you give me some suggestions. Thanks you very much

[@sairam6478]

We can become cfo through private skill couching or doing MBA(finance) from a university

[@talhashahid3391]

I’m also working at one of the big 4 as an auditor. It’s been 2.5 years of working in public practice and now I’ve been offered a position of mid-senior financial analyst at one of the big Pharma companies. This video is helpful, but can anyone advise me if it is wise to shift?

[@xaviercunningham691]

Going to school for accounting. Becoming a CFO is my end goal. If I get an MBA with minor in accounting and major in marketing can that help me land a CFO job?

[@zan1971]

I'm currently pursuing ACCA qualification and working at the same time in statutory reporting. We essentially just take data from excel sheets and put it into our accounting software and make sure all of the data matches. I plan on clearing my ACCA completely, then also pursue CFA before finally shifting my job from accounting to investment. I don't know how yet but somehow I want to break into investment side and go ahead from there. What would you suggest I do and is there any flaws in my degrees I've chosen?

[@AlonsoRules]

So it's basically looking and spreadsheets, answering emails and travelling on red eye flights

[@jpgil12]

Excellent job

[@dua3653]

HELLO SIR SIR I M A CA STUDENT CURRENTLY BUT WANT TO BECOME CFO PLEASE GUIDE ME HOW SHOULD I APPROACH NEED UR BEST GUIDANCE SIR ..THANKU SOO MUCH FOR UPLOADING SUCH WONDERFUL VEDIO WHICH IS VERY HELPFUL..

[@marcmadnersho]

i was a graduate 2019 outside of the USA and looking for a job in a firm, currently working on my CPA Exams having passed FAR. Its been four years but due to covid and some document issues, i havent had Accounting experience. Any advice for me! Hope you see this

[@sanyaadeyemo9543]

I need the course. Please, how can I get it ?

[@nyya0509]

I am making the jump to VP of Accounting

[@TheFinancialController]

You got this! Best of luck!

[@cobrafinancialsolutions1039]

Great video!

[@violetchanel438]

I'm in ACCA myself and ACCA states having that qualification is a good foundation to be on the road to being a CFO, what other studies besides cima do I need to study because I was looking at economics as well and law

[@yummyfooddeals4998]

Thanks for your videos. They are great. I am interested in your comment about 90% of CFO come from investment banking, equity research or M&A advisory. Can you let me know where you found this statistic?

[@FinanceFactor1]

Hi, I am an Accountant with 10 year experience. How can I get job in Europe countries

[@shaykiran3645]

Hey so I want to be a CFO and just did my GCSEs and waiting for my results so so you know what options i should pick for A levels so I can be in the right field for a job like CFO

[@medusa8011]

Thanks for the video❤️. Just want to double check what are the chances for a financial anything to hit the role of a cfo. And do a financial analyst belongs to the 90% side or 10% like the accountants. ❤

[@TheFinancialController]

Financial analyst belong to the 90% side

[@MUMBUAMUTUATHEFUTURECFO]

Have a CMA,BCom and CPA my dream is to be a CFO Soon starting my MBA

[@TheFinancialController]

You are on a decent track!

[@shubhamshah2422]

hi, My name is shubham. I am a US CPA student and i want to be a CFO. How can i be please advice steps by step

[@maureenng2973]

Dear Bill, Given your high GPA, would a person of lower GPA, say less than 3 out of 4 be able to handle CPA materials and succeed in accounting as a controller?

[@TheFinancialController]

Yes it’s about determination more than anything else!

[@maureenng2973]

@@TheFinancialController Wow! Thank you Bill for the encouragement!

[@pablomendez8308]

Im a CFO of a startup company of 115 employees, what is the next step, you downgrade your position if I want to be a CFO of a bigger company or you just go all in in the company you are? . (Im from chile)

[@TheFinancialController]

Both are good valid opinions

[@TC-ei5lx]

Hi, Im graduated from UCSD major in international business last year. Currently working as accounts payable specialist been a year and learning from the bottom. To get level up, what should i do next. To get master degree? Advise please!

[@irvingdlamini3277]

Dear Bill. Your videos are a great help. Im studying cima and I have been working on the accounts department for the past 11 years. I'm currently a senior accountant. What could be the next move.

[@TheFinancialController]

Show you can own more tasks from start to finish, then ask for a promotion to Accounting Manager

[@ctrl51]

So I am a senior in college looking to one day become a CFO I was wondering what I should major in college to get this kind of job?

[@TheFinancialController]

You could either major in Finance or Accounting.

[@theguizi8010]

Nice video, thanks ! I’m a financial controller in a French society, and I want to develop my skills to be a member of a big international company in which I can work in english (now I’m just speaking in French in my society).. if you have some ideas for me or some advices, thanks !

[@TheFinancialController]

You are right that English will be needed if you want to break out. Maybe you can find a meetup near you (even if virtual, but better in person) with Accounting professionals to practice talking about the profession.

[@sotragik7393]

A close friend has asked me to be the cfo of a used car dealership he is starting. He wants me to take this position because of my success with handling my personal finances and leadership skills. But after researching the position, i fall short of many of the categories to even be considered for the role. Is it possible to master this position without having the recommended background

[@Woody-Tv-13]

No that’s not posible you need education and experience in the corporate world but if you have at least a bachelors degree or at least some heavy years of accounting experience you can do it for your friend if you do something wrong classification his tax returns is going to be a mess and accountant need to do a clean up of the books for the whole year controller and cfo they need at least a master degree to be considered for the position or a bachelors degrees with a few years of experience if you like it study and learn in college is not the same handle your finance than handle a business finance not even close so much methods and classifications learn how debits and credits work and you can have an idea if you like it it’s worth it trust me.

[@harmitrajyaguru2031]

Thanks for the video❤ Just wanted to ask that I have done my bachelor's in Information Technology & currently pursuing my master's in Finance with one year of experience as business analyst and my dream is to become CFO so during thee summer break I should prefer which course of yours's for better understanding and any other suggestions are welcomed🙂

[@TheFinancialController]

Master in Finance is great. Try to find a good mentor to work for who is good at analysis and budgeting (ie. you interview your own hiring manager next time). Also my course the Controller Bundle is highly recommended.

[@kirtiservices]

Nice. How can we be in touch? Thanks

[@manager4409]

I don't get why public auditing takes so long if the big companies all employ former big4 accountants anyways. Sounds redundant.

[@محسنکریمی-ن2م]

Can we be cfo with economics degree?

[@g-mane7497]

Im going in for an accounting major and a financial minkrdegree and want to be a cfo. Where should I focus or go into to get to a cfo field as soon as possible

[@TheFinancialController]

Hi, you will have to put in at least 10 years of various roles. I would start out in public accounting, spend 2-3 years, then find a financial analyst role, then follow an FP&A career path

[@zazairemashvili7285]

Why all the accounting software (excluding Odoo) do not have 6 basic columns in trial Balance ???? (Debit & Credit for starting / initial Balance, Debit & Credit during particular period of time, Debit & Credit for Ending Balance). Why nobody even understand it in USA. Many European software are designed this way. Even first greeting page starts from it. You see all the accounts with powerful information on one screen and navigate from there, Just click on any account and you are in. Why Americans have its own Miles, LB, Fahrenheit, GAAP and so silly accounting software ?

[@eyyeyy5505]

Sir, I am going to take MBA. Which Stream is Best for MBA? General or Finance??

[@TheFinancialController]

I prefer finance

[@stowe1529]

Do you teach how to do financial due diligence?

[@raheels102]

Your vlogs are awesome always, ,, watching from Pakistan 🇵🇰

[@zaman9120]

Love your video, want your course but it’s dear

[@RakeshDivakaran]

What is the cost of these course?

[@TheFinancialController]

Hi there, the Controller Academy is $499 (US), check out the curriculum on the website (link in my bio)

[@RaglanNatividad-p9f]

Arely Spring

[@Obecox]

i finally became a CFO- Chief Fun Officer😎

[@jordan7672]

Why are people making postions difficult to obtain. AS LONG as you have knowledge of the role and how to conduct the duties and responsibilities, you should create a resume to that role esp if you do it currently with or without the title. Dont follow the traditional way as you will never obtain the role you are wanting. Esp a business owner, you held every role and as long as you can conduct the position, apply for it. ❤❤❤❤❤❤❤❤❤

[@faizahassan3241]

HI HOW MUCH PR COURSE

[@moseschileshe9297]

What of someone wants to study economics is it possible to become an accountant or CFO

[@TheFinancialController]

Yes, but it will be important to get solid work experience in analysis, budgeting and forecasting

[@moseschileshe9297]

@@TheFinancialController thanks very much and the school where I want to go they don't finance and accounting there's only business administration and economics and I want to be an accountant or a CFO that's were am failing to make a decision which one should I go for please

[@MontreuxFB99]

I'm studying US CMA. Can I become a CFO???

[@TheFinancialController]

yes, just focus on getting the right work experience

[@sky_finance]

amazing

[@awsperiak]

Im studying mcom and I wanna become a cfo

[@GinaDrake-n7j]

Rudolph Plains

[@andrey_pav]

Right, me too from accounting/bookkeepers. But why all of the questions from this video looks like unseriously. Big guy with big contract price drinking coffee and talking investors about % of market? Is that all? 😮

[@hadyabisaleh8322]

I have done my bachelors in accounting. I am halfway through my CMA. I am currently a financial accountant at an international firm. I am interested in pursuing a role in FP&A later on. does it help me become a CFO? what other certificates should i look at? or should i go for a masters or MBA instead?

[@TheFinancialController]

MBA helps tons

[@shahjadamonsur1110]

Nice

[@JohnathonNeville-t7r]

Robel Track

[@avosuashielizabeth5025]

From accounting background ican certified

[@avosuashielizabeth5025]

Work as an accountant in billing unit of a company how can I improve on my skills to become a cfo

[@avosuashielizabeth5025]

Ok

[@avosuashielizabeth5025]

What is it sir

[@CarlaStephens-y4d]

Emmerich Via

[@KiplingBaldwin]

02887 Corwin Junctions