2017-04-06 34

How can a chief accountant become a financial director?

Is it enough for a chief accountant to master the aspects of budgeting, learn how to manage financial assets, deal with the features of a loan portfolio and other financial issues in order to take the post of financial director?

According to many TOPs, even an artist can become an accountant with a great desire and hard work on himself. But he most likely will not receive satisfaction from such a reincarnation.

Career ambitions for accountants

For the majority of people career- this is not a natural result of high-quality intensive work, but some kind of super-idea. Specialists dream of taking the post of director in a year or two and sitting in a comfortable chair for the rest of their lives. However, they do not understand the full magnitude of the responsibility that will fall on them after such a rapid career advancement. It is better to calm down your career ambitions a bit and gradually but surely rise up.

First of all, it is worth taking the assigned duties as responsibly as possible. You need to do business not formally, but with interest. Then career growth will not be far off. The desire to become the biggest boss should not be an end in itself, but a global perspective.

It is much more interesting and useful for yourself and your career, including improving your skills, improving your skills, learning new things in your profession.

This will be discussed in this article.

Doctor - commodity manager - financial director: what is the connection?

Anna Ivanova, director of a consulting and outsourcing company, wanted to become a doctor as a child and studied biology, chemistry and physics intensively. After graduating from school, she changed her mind about the profession and received the education of a merchandiser. The girl thought that she would do this business until old age. However, at the age of 34, Anna opened a consulting company that provides outstaffing, accounting, personnel, tax, and legal outsourcing services. She went all the way from a merchandising accountant to a financial director. It was the findir, in whose company Anna initially worked, that gave her the right direction in her professional development, which served as a good impetus for starting her own business.

According to Anna, good Chief Accountant receives about $2,000. There are specialists who can work in one place with such a salary all their lives. But there are those who want to grow further and become a financial director. The professions of an accountant and a strategist are fundamentally different, and from the point of view of human physiology, the performance of duties in these positions affects different hemispheres of the brain.

There are various ways to achieve the position of financial director, but to begin with, a specialist must have an economic education and know management accounting. And even better if the future findir crosses the chief accountant inside himself.

Who is strong in what?

How long will it take to rebuild? Take the Financial Management Quiz to find out if you are a born CFO or Chief Accountant.

What is permissible for a findir and forbidden for a chief accountant?

The main skill of the profession of a financial director is his speed and competence in making decisions. Moreover, the financial condition of the company and its future as a whole depend on these decisions. Sometimes drastic steps lead to financial losses, and sometimes big wins.

The main task of the financial director is to try, experiment, develop and not be afraid of mistakes. because negative experience is a valuable experience. And it is not the mistakes made when trying to improve something that should be punished, but inaction, indifference and negligence.

However, many Findirs, reading this article, mentally disagree. Because there is a statement that even the best chief accountant cannot replace the financial director. Indeed, in the actions of the findir, ingenuity and creative thinking can be traced. For the chief accountant, such an approach is taboo.

What is the strength and prospects of the chief accountant?

Chief Accountant - Chief Specialist companies by numbers. BUT good specialist must have a high level of knowledge of accounting and tax accounting to be able to compose correctly financial statements and timely repulse the tax authorities so that they do not encroach on the profit honestly earned by the enterprise. According to many company executives, a good accountant saves up to 40% of the company's profits. Because he adheres to two rules of the famous billionaire Warren Buffett:

“Rule one: never lose money. Rule two: never forget the first rule.

The chief accountant has a phenomenal memory, speed reading, stress resistance and can always give an answer about the extra penny spent. An accountant who is interested and hungry for professional development and growth will find it quite easy to learn new knowledge and acquire new skills to become a financial director. The future findir will be able to abstract himself in order to painlessly change his own psychology and methods of conducting the financial affairs of the enterprise. But if necessary, he activates his professional qualities as a chief accountant.

What is the power of financial management?

The head of the financial service, in addition to virtuoso knowledge in the field of accounting, must also be a good manager. CFO should not manage the process of preparing financial documents for external users, since this responsibility remains with the chief accountant. However, the head of the financial directorate must be able to manage subordinates and actively participate in the processes of financial and economic administration of the company, in particular in matters of budgeting.

A newly minted head of the financial department may declare that he does not manage the business processes of the enterprise, since this function lies with the line divisions of the company. This statement is worth taking into account, as it may indicate an erroneous appointment to the post. For the benefit of the company, specialists should not occupy positions that are not suitable for them in terms of their level of competence.

In any case, this employee is a valuable specialist who brings value by performing analytical functions, but he may not be able to cope with the work of a financial director. How can an employer objectively assess the level of influence of a findir on certain financial and economic processes and indicators? These opportunities are few, but they exist.

Check to what extent the competence of the financial director meets the requirements of the company? Offer to get tested.

What controls the findir?

Almost all stages of budgeting are in the area of ​​​​responsibility of the financial director:

• collection and analysis of information;
• coordination and approval of both operating and general budgets;
• validity of the contents of budgets;
• compliance of indicators with the system of restrictions, etc.

One of the main functions of the financial director is to control the execution. What does this function imply? This means that all payment requests, approval agreements and other internal documentation should be meticulously checked for compliance with approved plans and budgets.

The stage of control and analysis implies the search for and identification of the causes of significant plan-factual deviations. But the most important thing is the generation of solutions to improve this situation.

The regulation stage is usually considered to be a generalization of the experience gained and the expression of projects to improve the current budgeting concept.

Also to important functions financial director include the following:

• corporate strategy and planning aimed at maximizing the value of the company;
• financial management (cash flows, receivables and payables, ensuring the fulfillment of all obligations, safety of assets, etc.);
• tax planning.

In general, the goal of the work of the financial director is a qualitative result at any stage of the financial and economic functioning of the enterprise to ensure prosperity and long-term activity.

The chief accountant is responsible only for the digital reflection of the life of the company. Management of people falls on the shoulders of the findir.

Summary

The natural desire of many chief accountants is to take the post of financial director. However, there are many differences between these two professions, and most of them do not directly relate to the features of the professions themselves. The approach to work, the thinking of a specialist and ways out of difficult situations are the main differences.

Findir is a key person in the life of every company. The chief representative of the financial directorate must be a master of accounting and tax knowledge, as well as be a structural, functional and project manager. Therefore, if you currently hold the position of chief accountant and want to grow to the head of the financial department, start with yourself. Delve into all the financial affairs of the enterprise, try to solve several complex problems at the same time. Show management your desire for professional growth, not for the sake of a high position, but for the sake of the prosperity of the company. Learn to think creatively, to solve difficult issues outside the box, using an approach from different angles.

You also need to be a leader and lead a team of specialists. In addition to being an accountant, you should be a coach, mentor and manager. Since you are responsible for managing not only numbers, but also people.

Even 20 years ago in Russia, the duties of a financial director were performed by a staff of accountants. Today, in conditions market economy the country needs effective managers who can manage financial flows and engage in business development. In the article, we will consider the concept, responsibilities and algorithm of actions on how to become a financial director.

Responsibilities of the Chief Financial Officer

The financial director is the head of the financial division of the enterprise. In some organizations, another definition of this position is used - financial adviser to the CEO.

Work specifics this employee similar to the duties of a chief accountant:

1. Manage the activities of the economic departments of the organization.
2. Determine the economic line of development of the organization. Develop measures to ensure the financial growth and stability of the company and monitor their implementation.
3. Management and control over the financial flows of the enterprise.
4. Securing the organization economic security, risk analysis and control over the performance of the activities of financial units in accordance with the legislation of the Russian Federation.
5. Financial statements.

Job responsibilities of the financial director may vary depending on the specifics of the organization. In some enterprises, he only performs the functions of the chief accountant.

Requirements for a financial director

It is extremely rare for organizations to consider applicants for the position of financial director from outside. It is usually more profitable and safer for an enterprise to hire an employee who has already established himself within the company. Work experience, of course, is an important indicator, but far from the last. Consider a list of the main requirements that must be considered when applying for the vacancy of a financial director.

What it takes to become a CFO:

1. Higher economic education in the following specialties - banking, business economics, accounting and auditing, finance and credit. When considering applicants for a position, preference is most often given to those who have additional legal education.
2. At least 3 years of experience in the financial sector.
3. Knowledge of the program "1C" and confident use of a PC.
4. Negotiation skills for such a position are necessary, as the CFO is involved in negotiations with partners and is authorized to decide all the important moments of the organization related to the movement of funds.
5. Knowledge of the legal and regulatory framework.
6. Knowledge in tax, accounting and auditing.

In most organizations, the requirements for specialists of this level are identical, but there are also specific requests. This must be known in advance.

How to become a financial director from scratch

Here, rather, it is not about big company, but about a young organization just starting its way. In such cases, the probability of taking the place of a financial director without having the necessary experience and skills increases several times.

In small and medium-sized businesses, the position of chief accountant may be referred to as a financial director. At the same time, the necessary skills will most likely not be obtained, so a career outside the organization with such “experience” is unlikely to succeed. Therefore, first you need to familiarize yourself with how they become financial directors and how this position differs from the position of chief accountant.

How is a CFO different from a Chief Accountant?

The work of the financial director is closely related to the duties of the chief accountant, but there are also fundamental differences.

The main difference is that the competence of the financial director has the ability to direct the capital of the company for certain purposes as part of the development of the enterprise, while the chief accountant does not have such obligations.

It is also worth noting that the work of a financial director is directly related to working with business partners. The chief accountant interacts only with government agencies.

The Chief Financial Officer is responsible for analyzing the market and effectively allocating the capital of the organization in accordance with the needs of the firm. The duty of the chief accountant is to control the legality of all financial transactions of the enterprise.

It follows from the above that these two positions are at the same level, but the position of financial director is still considered the next step after the work of the chief accountant. Therefore, it is worth familiarizing yourself with the algorithm of actions on how to become a financial director after the chief accountant.

How can a chief accountant become a financial director?

As practice shows, one experience in accounting and an economic diploma is far from enough. Therefore, we will consider ways for the chief accountant to become a financial director:

1. As a rule, chief financial officers who previously worked as chief accountants have management and business management courses behind them.
2. Many accountants have an internship as a tax or financial advisor before becoming a CFO. It will be better if the specialist gains experience in the position of deputy.
3. Additional legal education is considered a definite plus in choosing a specialist for the position of director of finance.

Professional qualities of a financial director

Apart from general requirements For the position of financial director, a specialist must have a number of professional qualities that are needed at work.

The CFO is the right hand of the CEO. Often, the reliability of an organization (as a partner) is judged precisely by the work of a financial director, so the first qualities that he must possess are punctuality and responsibility.

Analytical mindset - the ability to quickly assess the risks and benefits of a particular operation.

Stress resistance is an integral quality of a person who wants to take the position of financial director. A high position is always a great responsibility, therefore, TOP managers most often suffer from nervous conditions, such as depression and apathy, which quite negatively affects the work process.

If a specialist has all the qualities that are necessary for this position, then, for sure, he will not have problems in his work.

How to Become an Effective CFO

It's not easy to get a CFO position, but it's even harder to earn it good reputation in this domain. Effective managers are in great demand in the labor market, but organizations put forward serious requirements for this specialty. Still, the financial director must manage all the cash flows of the enterprise and at the same time make the work profitable. Therefore, the issue of work efficiency worries many.

Before becoming a successful financial director, a specialist, at a minimum, must receive an economic education for the very understanding of financial processes. At the same time, the director of finance is obliged to acquire new knowledge and skills every day, since the supply and demand market is quite flexible. Therefore, a specialist must be able to respond to all changes in the service sector that concern his enterprise.

Quite often, top managers take courses in public speaking and sales skills. The duties of the financial director include negotiations with business entities. To convince partners of the need for a particular operation, the skill of managing a conversation is required.

In conclusion

The question of how to become a financial director worries many. There are many manuals and books, films and trainings that offer various ways to achieve the goal of becoming a director of finance. All this can be used as an additional tool in overcoming obstacles on the way to the coveted position. But still, the future director must understand that there is nothing to do in this profession without professional knowledge and experience.

You are the chief accountant. And in accounting, this is the highest level. Do you have a lot of experience, get good money, but want something more, and are you increasingly thinking about opportunities to continue your career? You can become an auditor, a tax lawyer, and finally organize own business. There is another possibility - to expand the scope of their qualifications and become a financial director. Does the chief accountant have real chances to take the position of financial director today? Is it a career dead end or a high jump?

Who is a financial director?

The specialty itself appeared in Russia about ten years ago. Demand for the profession of "financial director" was clearly indicated about six years ago, after the August crisis of 1998, when an urgent need to create a system financial control at enterprises. By 2001, the demand reached the highest levels, and today, specialists from recruiting companies state a slight decrease in the popularity of the CFO profession. But at the same time, they do not deny that financial director is one of the most demanded professions in the labor market.

draw a circle official duties It is quite difficult for a financial director, since each company sets certain tasks for him. It usually includes:

– formation of the financial policy of the enterprise;
- the financial analysis;
– resolving issues related to attracting investments and obtaining loans;
– budgeting (drawing up the budget of the movement Money);
– optimization of taxation;
– management of financial flows;
– business planning (assessment investment projects and preparation of business plans);
– organization of management accounting (implementation and subsequent operation of the cost accounting system and production output);
- planning and controlling the cost of production and preparing recommendations on pricing (preparing planned and actual calculations and making decisions on sales prices based on this information);
- setting up a reporting system (both internal, managerial, and external - financial and tax);
– work with securities (own and other issuers);
– monitoring of receivables and payables;
- supervising and coordinating the work of accounting and financial services.

Financial directors are subject to strict requirements for work experience and education: higher economics and at least five years of work in finance and accounting. These requirements are justified by law (see Decree of the Ministry of Labor of November 12, 2003 No. 75).

The main difference between a financial director and a chief accountant is that the financial director has to deal with strategic issues. If the accountant mainly works with past periods, reflects transactions already completed, then the financial director is engaged in forecasting and planning the work of the enterprise. Another difference is that the chief accountant works primarily for the tax authorities, which will check him, while the financial director focuses on the interests of the company's management.

Demand and supply

According to Elena Boykova, Deputy General Director recruiting company"NeoSTAFF", the position of financial director is very tempting for the chief accountant: the salary is higher (about twice), the routine is less. It should be borne in mind that a financial director requires a fairly wide range of knowledge and skills in a variety of areas. Therefore, only the most motivated and well-trained accountants can rise to this level. And the higher the salary offered to the financial director, the more stringent the requirements for work experience and education. Today, the level of remuneration of financial directors in large manufacturing companies is the highest. Most likely, this is due to the fact that at the moment the economy is developing most actively in the manufacturing sector. It is in this area that financial directors are most often required. The same can be said about the food industry.

Another interesting detail: if employers prefer to see a woman in the position of chief accountant, then in the vast majority of cases, a man in the position of financial director. Employers believe that a man is the best leader, he takes responsibility more often, he has the ability to think strategically. Although, judging by the surveys, in many St. Petersburg firms, financial directors are women who do an excellent job with their duties and think strategically no worse than men.

The forecasts for the development of the labor market of financial directors can be judged from the reports of recruitment agencies. In many firms, the financial director occupies the second position in terms of the level of influence on the business. At the same time, the chief accountant goes to the third or fourth place as the head of the technical department. Financial directors have firmly taken a position among top managers, and chief accountants in the list of middle management vacancies (according to the Ankor-Petersburg recruiting company).

Portrait of the applicant for the position of financial director (for St. Petersburg and the Leningrad region):
Gender: male (60% resume).
Age: 28-36 years old.
Education: higher technical (72% of CVs), second higher education in finance/economics (34% of CVs).
Work experience: 3 years in the position of the head of the financial department.
Salary: from 3000 dollars.

And most employers want to see such a financial director:
Gender: male (94% of offers).
Age: 30 - 40 years.
Education: higher financial/economic (85% of offers).
Work experience: 5 years of work as a financial manager in this area of ​​production/trade/services.
Salary: from 2500 dollars.

Additional professional requirements: MBA degree in finance (43% of offers), fluent business English, own successfully implemented projects.

Desired personal qualities: focus on professional development, responsibility, communication skills, presentable appearance.

Is there any chance?

Labor market experts say: yes, but there are enough difficulties.

First of all, it is difficult to find a job. Most of the ads posted on the Internet, job search publications do not deserve attention. However, information about such free places usually distributed through other channels - in specialized trade publications or directly on the websites of firms that need employees of this level.

The most effective way to look for a job is with the help of recruitment agencies. Many chief accountants get a job as a financial director thanks to their business relations. A common option is career growth within your company. According to Oksana Pochchivaya, head of the recruitment department at the Ankor-Petersburg recruiting company: “Many St. Petersburg chief accountants in practice determine the financial policy of the company as a whole, and this is already an almost established financial director. Perhaps the chief accountant lacks systematic knowledge of management accounting provided by business education. Even if it's about small business and this business is actively developing, then sooner or later the management of the company will come to the conclusion that it needs a financial director. And there is not always a reason to invite a person from the outside to this post. After all, it may well be occupied by the chief accountant, if in a timely manner (and not without the help of his own company) he stocks up with the appropriate knowledge and diploma.

Another problem is the prejudice of employers. Often, employers (and not without reason) believe that in modern conditions the accountant is put in such a position that after a certain time his worldview changes too much, and he really cannot become a “correct” financial director. Others, on the contrary, believe that without an understanding of accounting up to primary documents it is impossible to talk about the reliability of the information provided, so the experience of working as a chief accountant will be most welcome.

Svetlana Zvereva, financial director, wholesale: “In my opinion, it is difficult for the chief accountant to get the position of financial director, but real. I believe that the responsibilities of a financial manager go far beyond accounting and accounting. But this, of course, is a general judgment, since the chief accountant of the chief accountant is different: someone hands over the balance sheets to the tax office, and someone is engaged in tax planning and financial analysis. I myself went from chief accountant to financial director. I was lucky, I came to a young, growing company. The rapid development required that I continue to study and acquire more and more knowledge in the field of accounting and finance. I got an MBA degree and studied the experience of my colleagues. But still, 99 percent of my knowledge is my own practical experience.”

Another important requirement for employers is additional education in the field financial management or business education. The field of finance is developing very dynamically, so the chief accountant, who aspires to become a financial director, needs to constantly learn in order to meet modern requirements for financial leaders. However, you need to clearly understand what to study and where. According to Elena Boikova, employers most value diplomas (specialty - financial management) of the St. Petersburg state university of Economics and Finance and St. Petersburg State University, the MBA and ACCA programs of the International Banking Institute, as well as St. Petersburg representative offices of leading European business schools.

CFO(CFO, English - Chief Financial Officer) - one of the top managers of the company, responsible for managing the financial flows of the business, for financial planning and reporting. The profession is suitable for those who are interested in mathematics and economics (see choosing a profession for interest in school subjects).

Synonyms: financial manager (English - financial manager), financial manager. The financial director determines the financial policy of the organization, develops and implements measures to ensure it financial stability. Manages financial management based on the strategic goals and prospects for the development of the organization, to identify sources of funding, taking into account market conditions. In a typical company management scheme, he holds the position of vice president of finance and reports to the president of the company or to CEO. Knows everything about cash flows in the organization and knows how to distribute them with maximum benefit.

Features of the profession

CFO - key person in any industry. Every company has at its disposal financial resources that need to be managed. He makes decisions about the allocation of funds, obtaining loans, budget planning (not to be confused with an accountant who only monitors the movement of funds and reports on them to government bodies). expenses.

Very often in the literature, the titles of positions "financial director", "financial manager" and "financial manager" are used as synonyms. This is explained by the fact that while at the legislative level there is no regulation labor functions finance professionals. We can talk about a clear distribution of functions between financial workers in relation to foreign companies or foreign representative offices. So, for example, in foreign companies it is accepted that the management of all financial work is carried out by the vice president for finance (financial director), to whom the head of the financial department and the chief accountant report. The latter, in turn, supervise financial managers, economists, accountants, analysts and other specialists.

At the Russian industrial, trade and other enterprises, there is no clear understanding of the structure of financial management yet. Therefore, in a small enterprise, an employee responsible for financial work is arbitrarily (as a rule, by decision of the director of the enterprise) called either a financial director or a financial manager. The clearest regulation of the functions of financial managers is adopted in banking and credit institutions, brokerage firms and trust companies.

Pros and cons of the profession

The advantages of the profession include its prestige, respectability, high wages. But only people with iron nerves can correspond to the highest level of responsibility. The position of the company in the market largely depends on the actions of the financial director. You have to simultaneously work with securities, draw up a budget, evaluate cash flows, the investment attractiveness of the enterprise, study the situation on the market, the maneuvers of competitors, and the capabilities of your own company.

Place of work

Industrial and trading firms, banks, investment, trust and Insurance companies, state and commercial organizations different levels, brokerage firms, exchanges.

Important qualities

The ability to analyze a large amount of information, the ability to soberly assess the situation, the ability to make decisions, good memory, high concentration attention, patience, communication skills, the ability to convince people that they are right.

Additional requirements: The financial director must know financial management, legislation, economics, domestic and international markets valuable papers, financial and economic analysis. It is also necessary to understand the accounting, statistical reporting of the enterprise, financial information published in the press (including foreign), analyze financial results enterprise activities. A financial manager is an educated and talented person in many ways.

CFO training

Russian Institute vocational education"IPO" - recruits students to receive a specialty through a distance program professional retraining and advanced training. Studying at the IPO is a convenient and fast way to receive distance education. 200+ training courses. 8000+ graduates from 200 cities. Short deadlines for paperwork and external training, interest-free installments from the institute and individual discounts. Contact us!

Financial managers are trained at the faculties of economics in the specialty: "Finance and Credit", "Economics and Management", "Accounting and Audit". Industry universities train financial managers to work in their industry.

Salary

Salary as of 07/25/2019

Russia 45000—150000 ₽

Moscow 50000—150000 ₽

Financial directors are paid in direct proportion to their responsibility and work experience. Applicants must demonstrate excellent knowledge in the field of financial management, have strategic management skills. On the maximum income Applicants with more than 5 years of work experience are entitled to apply for the positions of financial director of the holding, large enterprise or companies with a branch network. Employers often put forward requirements for applicants to have ACCA, CFA, CPA or MBA degrees. Competitive advantages in employment, applicants who are fluent in English language and having excellent reporting transformation skills in accordance with international standards.

Career steps and prospects

Graduates of the faculties of economics and finance who have work experience as a chief accountant or experience in managing a financial service for more than 2 years can apply for the post of financial director. The main requirements of the vacancies relate to the high competence of candidates in matters of accounting and tax accounting, in the field of planning, budgeting and analysis of economic and financial activities.

CFO portrait

According to a labor market survey, the majority of applicants for the position of financial director are professionals aged 30 to 40 years (49%). There are practically equal numbers of women and men among the candidates for this post: 46% versus 54%. All CFOs have higher education. One in three is fluent in English.