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How to Become A Chief Financial Officer (Cfo)

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What is a Chief Financial Officer (CFO)

A Chief Financial Officer (CFO) is the top finance leader in any organisation. It is one of the most powerful and well-paid careers in the business world.

CFOs manage budgets, financial reports, cash flow, and risk. They guide big-picture strategy and present results to the board and investors. Every major business decision goes through the CFO.

The role blends finance skills with strong leadership and clear communication. CFOs work across the whole business, not just the finance team.

The path to CFO takes time and hard work. It starts with a degree in accounting or business, then a CPA or CA credential. Many years of hands-on experience complete the path.

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Career Outlook for Chief Financial Officer (CFO)

CFO roles are in steady demand across all Australian industries, from ASX-listed companies to fast-growing private firms. The role is typically filled by professionals in their mid-40s to early 50s. This reflects the years of experience needed to reach CFO level.

CFOs usually work full-time, with hours ranging from 45 to 60 per week. Permanent roles are the norm. Contract or interim work is also common during mergers, restructures, or rapid growth phases.

Job prospects for CFOs are positive, based on recent Australian market data. Demand grows as finance law, AASB reporting standards, and risk management all become more complex. A growing focus on ESG reporting and digital finance tools is expanding the role across all sectors.

On this Article

Introduction

Average Salaries

Resources

Steps to Become a Chief Financial Officer (CFO)

Step 1: Complete a Bachelor Degree in Accounting, Finance or Commerce

Start with a Bachelor of Commerce, Bachelor of Business, or Bachelor of Accounting at an Australian university. A major in accounting is the most common pathway. This degree takes 3 years full-time and covers financial accounting, corporate finance, and business law. It lays the foundation for all later study and professional qualifications.

Step 2: Earn a Professional Accounting Qualification

After your degree, complete either the CPA Program (CPA Australia) or the Chartered Accountant Program (CA ANZ). Both are completed part-time while working. The CPA Program takes 2 to 3 years and covers strategy, advanced finance, and leadership. The CA Program takes roughly 18 months. Both require supervised work experience and are widely recognised by employers across all industries.

Step 3: Build 10 or More Years of Finance Experience

Gain experience as a financial analyst, accountant, or auditor in the early years of your career. Aim for roles with growing responsibility, such as senior accountant, finance manager, or financial controller. Each step builds the technical skill and commercial judgement that CFO roles demand. Work across different industries and business types to broaden your expertise.

Step 4: Move into a Senior Finance Leadership Role

Most professionals spend time as a Financial Controller, Head of Finance, or Deputy CFO before stepping into a CFO role. These positions provide full exposure to board reporting, budgeting cycles, and strategic planning. Aim for an organisation large enough to need a stand-alone CFO function. This step usually takes 3 to 5 years.

Step 5: Consider an MBA or Executive Leadership Program

A Master of Business Administration (MBA) is not required in every case, but it strengthens a CFO candidate’s profile. An MBA at an Australian business school takes 1 to 2 years full-time or 2 to 3 years part-time. It builds skills in strategy, leadership, and stakeholder management. Many aspiring CFOs complete this alongside their senior finance roles.

Step 6: Apply for CFO Positions and Build Your Network

CFOs typically begin applying for top-level roles in their late 30s or 40s. Join professional bodies such as FEI Australia and CPA Australia to access leadership networks and mentoring programs. Executive recruiters who focus on senior finance roles are a key channel for CFO appointments. Build a clear track record of financial outcomes, growth, and risk management to present in any application.

What does a Chief Financial Officer (CFO) do?

A CFO’s day is busy and varied. In the morning, they might review cash flow reports and approve budgets. By midday, they could be in a board meeting presenting last quarter’s results. In the afternoon, they work with the CEO on the company’s three-year financial plan. They also handle calls from investors and check in with their finance team. Every day is different, but the focus is always on keeping the business financially strong.

Tasks

A CFO is one of the most powerful roles in any business. They oversee financial strategy, lead the finance team, and report directly to the CEO. Below are the key tasks that fill a CFO’s working week.

  • Financial Planning – Builds financial strategies to support the company’s goals.
  • Budget Management – Oversees the annual budget process from start to finish.
  • Financial Reporting – Prepares and presents financial statements to stakeholders and regulators.
  • Risk Management – Spots financial risks early and puts steps in place to reduce them.
  • Cash Flow Management – Tracks the flow of money in and out of the business.
  • Investment Oversight – Reviews and approves major investment decisions.
  • Regulatory Compliance – Ensures the company follows all financial laws and reporting standards.
  • Team Leadership – Leads and mentors the finance and accounting teams.
  • Stakeholder Communication – Updates the board, investors, and lenders on financial performance.
  • Strategic Planning – Helps shape the company’s long-term direction as part of the executive team.

Skills for Success

A CFO needs a mix of technical expertise and strong leadership skills. The role is demanding, but those who work toward it build these skills over many years.

On the technical side, CFOs need skills in financial reporting, budgeting, risk management, and tax. They also need to understand corporate governance and compliance laws.

Leadership is just as important. CFOs lead finance teams, present to boards, and work with investors and lenders. Clear communication and sound judgement are essential every day.

Tech skills matter more and more. CFOs use financial systems, data tools, and forecasting software to drive smarter decisions.

Skills & Attributes

  • Financial reporting and analysis
  • Strategic planning and decision-making
  • Risk management and compliance
  • Leadership and team management
  • Budgeting and cash flow management
  • Financial modelling and forecasting
  • Corporate governance knowledge
  • Stakeholder and investor relations
  • Communication and presentation skills
  • Data analytics and financial technology
  • Mergers, acquisitions, and capital raising
  • Tax and treasury management
  • Ethical standards and integrity
  • Problem-solving and critical thinking
  • Ability to lead through change and uncertainty

Average Salaries

CFO salaries in Australia range from about $190,000 to $520,000 per year (source: Robert Walters Salary Survey, 2026). The average is around $300,000 per year. Pay is highest in Sydney and Perth, mainly at large ASX-listed companies. Company size, industry, and experience all affect the final figure.

min $190 K

max $520 K

av $300 K

About the author

Laura Atkinson - Course Finder Groups
Laura Atkinson

Laura Atkinson is an Account Management and SEM specialist at Course Finder Group with six years' experience in the Australian education sector. She works day to day with universities, TAFEs and independent training providers, which gives her a close view of how courses map to real career outcomes. She writes practical guidance on career pathways, choosing the right qualification and what to expect when moving into a new field.