Become financial director

1. Acquire a solid academic background

The foundation of any successful career in finance starts with a solid education. A degree in finance, accounting, management, or economics is generally required. According to a study by the National Association of Financial Directors (DFCG), 80% of CFOs in France graduated from a prestigious business school or engineering school [1].

For my part, I have an atypical background as I come from a chartered accountant / auditor training. Therefore, I had very solid foundations in certain technical areas, but I also had some gaps that I needed to fill later, particularly regarding the business vision of a company. What is interesting about this position is that each profile will have a unique journey, which will necessarily need to be complemented by professional experience and possibly by specialized master’s degrees in Finance to understand the financial challenges of a company.

2. Develop technical and strategic expertise

The path to the position of CFO requires mastery of varied skills, going well beyond simple accounting expertise. Of course, a solid understanding of the fundamentals remains essential:

• General and analytical accounting
• In-depth financial analysis
• Corporate taxation and international tax optimization
• Cash management and financial flow management
• etc…

If nothing is possible without these prerequisites, the CFO must also master:

• Business financing: Whether dilutive or non-dilutive, the CFO plays a crucial role in the financial structuring of the company. They must be able to lead capital increase operations, negotiate with potential investors, and implement appropriate financing strategies.
• Mergers and acquisitions (M&A): It is necessary to have an in-depth understanding of the due diligence processes, business valuation, and negotiation to effectively manage external growth operations.
• Team management: The CFO must organize their department into projects and be able to lead a large team of professionals.
• Performance management and business partnering: Beyond traditional management control, the modern CFO must be a true strategic partner for operations, capable of analyzing financial and operational data to guide decision-making.
• Being a Swiss army knife: It is difficult to list all the required skills for the role as it can vary greatly depending on the activity. The CFO should be competent in risk management and compliance, financial and digital innovation, CSR, and sustainability, etc.

The list is far from exhaustive, and these skills are acquired through experience. They also depend on the size and sector of the targeted company, greatly influencing the nature of the CFO’s mission.

3. Gain experience in different sectors and sizes of companies

For the position of CFO, assuming significant experience in many sectors, it is generally recommended to accumulate various meaningful professional experiences in different sectors. This trend is confirmed by a recent survey from Michael Page, indicating that in 2024, 60% of CFOs worked in at least three different sectors before reaching this position [2]. This diversity of experience is essential as it allows for the development of a global vision of the financial challenges in different contexts.

Fifteen years ago, financial profiles favored starting their careers in large consulting firms like the Big 4 (or similar) that offered the advantage of exposing them to numerous practical cases and provided excellent training to acquire financial rigor and a strong work ethic. These paths are now less attractive to the new generation, perhaps more in search of meaning in their professional environment.

For my part, I started my career in a demanding auditing firm (Mazars), which was an excellent school and a career accelerator. I then alternated responsibility positions in various companies ranging from a startup group (€40M in revenue) to an international IT services company (€400M in revenue).

In my opinion, this is the most important factor. It is essential to acquire skills and allow yourself time to successfully complete projects.

4. Develop managerial and leadership skills

A CFO is not just a technical expert. They must also be capable of leading a team, communicating effectively with other departments, and actively participating in the company’s strategy.

The development of these soft skills can occur through:

• Taking on progressive responsibilities in team management
• Training in management and leadership
• Participating in cross-functional projects within the company

5. Stay updated on technological and regulatory developments

The world of finance is constantly evolving. According to a PwC study, 86% of CFOs consider mastery of new technologies crucial for their role [3]. Therefore, it is essential to:

• Continuously train (professional certifications, regulatory monitoring)
• Understand the challenges of digital transformation (AI, blockchain, big data)
• Anticipate regulatory changes (IFRS standards, tax regulations)

6. Cultivate your professional network

Finally, do not underestimate the importance of networking. Join professional associations like the DFCG or specialized networking groups such as CFO Connect, Finpal, Le Cercle des DAF, participate in conferences, and maintain your professional relationships. A strong network can open doors and keep you informed of opportunities.

Becoming a financial director is a demanding but rewarding journey. It requires patience, perseverance, and a constant willingness to learn and evolve. If you are passionate about numbers and business strategy, this path can offer you a fulfilling and challenging career.

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