For those looking for challenging and valuable roles in the spheres of business and finance, training to become a chief financial officer (CFO) may be the right career move. CFOs are vital to businesses across industries and regions. An online Master of Business Administration (MBA) in Accounting and Finance program at Florida Institute of Technology can help future CFOs reach their career goals.
According to the U.S. Bureau of Labor Statistics (BLS), business and finance career opportunities are predicted to grow more quickly than the average growth for all occupations until 2033. This adds up to 963,500 job openings yearly, with a median annual wage of $79,050 in 2023. Below is a discussion about the key responsibilities of CFOs, other roles available within finance and how to pursue an education to prepare for these fields.
Accounting and Finance Job Opportunities: The Role of a CFO
A CFO — or chief financial officer — is a “C-suite” role, or in other words, one of the executive leaders of a company. CFOs typically work alongside other key leaders like the chief executive officer (CEO), chief operating officer (COO) and chief information officer (CIO).
As one can imagine, based on the job title, CFOs deal with the financial health of the company. According to Indeed, a CFO’s primary responsibilities include: “monitoring cash flow, meeting with the CEO to discuss the best practices for company finances and coming up with strategic plans to improve their company’s overall financial health.”
What Jobs Can I Get With a Degree in Accounting?
CFOs carry important responsibilities within their organizations and, consequently, are usually well compensated members of the team. However, there are also many other interesting and rewarding roles within business which also rely on similar skills like financial acumen, strategic thinking and strong leadership attributes.
Those who want to branch out of the CFO role should consider roles like senior financial analyst, director of accounting, finance operations director, auditor, financial manager and accountant. One can see from this list alone that there are many varied and in-demand career opportunities in accounting, for example.
Pursuing an MBA degree with a focus on accounting and finance can open the door to these careers and more, since the degree gives a necessary foundation for financially oriented jobs. Many of these roles require the same base knowledge in finance, making an MBA degree a valuable investment for ambitious finance workers.
Indeed outlines what students should expect from an MBA program, including core studies applicable to a variety of businesses and roles. As students progress to more advanced topics, the courses become more specialized. For this reason, prospective students research the program before enrolling to make sure the focus is in the right area for one’s career goals. Florida Tech’s online program provides students with a unique blend of abilities like “strong business knowledge and a comprehensive understanding of financial management and accounting methodologies.”
There are several reasons why having an MBA is advantageous, from the chance to earn more to becoming a more versatile and adaptable employee. Indeed notes, “Having an MBA can give you additional leverage when you apply for a raise or promotion…An MBA can also show your dedication to the field and willingness to learn more about finance.”
The Importance of Skills Like Financial Analysis, Risk Management and Strategic Management
Students of such MBA programs are likely to learn core skills like financial analysis, risk management and strategic management. BLS explains that financial analysts “guide businesses and individuals in decisions about expending money to attain profit.” This background is also useful for CFOs and others in the accounting industry, even if it may be adjacent to the main responsibilities required by these roles.
Meanwhile, financial roles also require good reasoning skills, like understanding risk management. IBM defines risk management as “the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization’s capital and earnings,” as well as short and long-term strategic planning.
Where to Pursue Financial Career Development
Florida Tech’s online MBA in Accounting and Finance program covers the career development topics addressed in this article and more. Students in the program grain a solid skills foundation applicable to a variety of roles in business careers and specialized financial roles, in particular.
Specialized finance-focused courses in the program include Financial Management, Strategic Cost Management and Organizational Behavior, which are all designed to provide a breadth as well as a depth of expertise for future financial leaders who are adept at creating growth opportunities for their companies.
Learn more about Florida Tech’s online Master of Business Administration in Accounting and Finance program.
