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From Accountant to CFO: How to Get Promoted
Do you feel like it's time for a new challenge? Has a promotion been on your mind?
Sometimes, the business wou're working in is right, but you've outgrown your role and find yourself wanting to advance your career.
A promotion can lead to increased responsibility, a more engaging challenge and a well-deserved boost to your salary and benefits package. But how do you stand out from the crowd and secure a promotion in finance and accounting?
At Venture Recruitment Partners, we know that sometimes a new job isn't the right move. So, here are 5 key tips to help you showcase your value and set yourself on the career path to promotion.
1. Develop Your Skillset
The finance and accounting industry is always evolving so staying ahead of technological advancements and changes to legislation and accounting standards is essential. Ensure you invest in your knowledge and training.
Pursue continuing professional development (CPD) courses that keep your skillset aligned with the latest industry trends. If you haven't already started professional studies, consider accounting qualifications like the Chartered Institute of Management Accountants (CIMA) or the Association of Chartered Certified Accountants (ACCA). These professional qualifications demonstrate your dedication to your profession but also equip you with highly sought-after skills that make you a valuable asset to any team.
The Importance of Data: Data analytics is now an in-demand skill for many finance and accounting opportunities. Taking the time to learn about tools such as Power BI or Tableau will teach you to transform raw data into insightful reports that drive strategic decision-making, a key skill when progressing to the senior level.
Continuous Learning is a Lifelong Pursuit: Industry publications, online resources, and webinars are great ways to stay updated on new accounting regulations, trends, and best practices. Demonstrating a willingness to learn and constantly developing your skills will show that you're eager to contribute to the success of your team and the organisation.
2. Seek Opportunities to Add Value
Solid performance is an expectation in every role, but exceeding expectations is what will set you apart from the team and spotlight you for a promotion. One of the best ways to help you reach your career goals is to identify opportunities where you can add value to your team and the wider organisation.
Is there a process that could be streamlined to improve efficiency? Can you develop a new reporting format that provides clearer and more actionable insights? Increase your chances of receiving a promotion by leading a project that solves a problem or improves a process.
Volunteer for New Projects: Stepping outside your comfort zone showcases your adaptability and aptitude for learning. You could assist the team in implementing a new ERP system, or assist with a cross-departmental project. This develops and demonstrates your strategic thinking ability, leadership skills, and your interpersonal skills. All traits of senior leaders.
Become a Problem-Solver: You need to demonstrate that you can tackle complex problems. Use your technical skills and analytical prowess to find solutions that benefit the company. Being able to identify and address problems demonstrates your critical thinking and strategic planning skills. Every leader will need to guide the business through challenging times and learning how to be decisive will get you one step closer to a promotion.
3. Record Your Successes
In the fast-paced world of accounting and finance, it's easy for your successes to become overshadowed. Develop a way to track your achievements and use quantifiable evidence where possible. Did your process improvement lead to a 15% cost reduction? Did your new reporting format shorten month-end closing by 3 days?
Maintain a Portfolio: Compile examples of your work such as reports you've generated, presentations you've delivered, or data you've collected. This portfolio serves as a tangible record of your accomplishments and can also be a valuable resource to effectively communicate why you think you deserve a promotion.
4. Showcase Your Achievements
Technical skills are essential, but strong communication skills are equally important. Practice delivering complex financial information to technical and non-technical professionals as well as key stakeholders. Develop soft skills such as presenting and building relationships.
The ability to effectively communicate your achievements, results, and findings is going to be key in securing a promotion.
Don't Hesitate to Speak Up: Don't bury yourself in financial reporting, spreadsheets and cash flow. Seek opportunities to contribute in meetings: ask for feedback, give constructive feedback and share your ideas. Discuss your insights and ideas, participate in brainstorming sessions, and offer constructive feedback. Your voice matters, and being proactive in these areas demonstrates your confidence and leadership potential.
5. Network and Become a Team Player
Success rarely happens in isolation. All successful professionals have proactively worked on their networking efforts and communication skills.
Build your network through attending events, contributing to online forums and cultivating positive working relationships with your team. Offer support and guidance to your peers and engage with those around you, straying away from office politics.
Working in accounting and finance can be a rewarding long-term career in which you'll always be able to learn new skills, pursue professional certifications, and help build successful organisations that deliver results. It's also one of the best ways to explore various roles in one sector whether that be financial operations, audit, risk management, mentorship, or financial analysis.
The opportunities to learn and develop are endless.