Can CFOs Become Good CEOs?

“Some people dream of great accomplishments, while others stay awake and do them.”

Maureen O’Connell (Scholastic Inc.)

Not that there haven’t been CFOs who have grown to become a CEO but not everyone has the x-factor to turn silver to gold. The post of a CFO and a CEO lie in different directions but both converge at a point which helps the organization to grow.

There is more than just the typical working of the CFO and a CEO when it comes to mentioning their differences. A lot of it matters on the characteristics of the two dignitaries. Let’s understand what the two profiles comprise of;

Chief Financial Officer

CFOs are financial-driven minds, who are always on their toes to identify the issues and figure a way out to straighten a situation.

A CFOs vision is sharp enough to point out to a problem or a potential threat and come up with a solution to ensure the organization is not affected.

There is a strong sense of logical thinking and analytical excellence in their actions. They’re always on the move maintaining the flow of cash and improving the profits of the organization.

Chief Executive Officer

CEOs are people who are ready to take the risk. Their efforts bring a change and help the organization to grow. Their decisions include a lot of imagination and creative instincts. CEOs are intuitive beings who study and take decisions with great confidence. These decisions are the make or break for an organization.

Being a huge contribution during the brainstorming, a CEO comes up with out-of-the-box ideas and concepts. Their leadership is looked upon by their employees. The effective communication, creativity, and intelligence of a CEO eventually nurture’s the organization’s growth and prosperity.

In short, a CEOs authority is at the peak in the organization and their actions are the ones that are so insightful that they benefit the organization.

Can CFOs Become Good CEOs

An organization’s ultimate goal is to achieve profits, at the same time the creativity of a company must not be hampered.

CFOs are the people with an immense amount of knowledge and skills. Their knowledge about the finances of an organization is a plus point if they’ve to move up to the designation of a CEO. Developing the qualities of CEO is with time, although CFOs already strategize and plan.

CFOs Turned CEOs

CFOs turned CEOs decisions will have a sense of financial security with every step. The decision made by these CEOs will be aided with financial strategies. These CEOs will adapt a finance-driven mindset combined with the capacity to gather data from and interact with all parts of the organization. All of these abilities and skills will enhance the post of a CEO if the individual has been promoted from a CFO.

This trend of CFOs turning into CEOs has largely been accepted within organizations. Yet, not all CFOs step up to be one. Some CFOs yet contemplate the decision of accepting the growth but the other grab that opportunity.

In Short, CFOs can turn out to be a good CEOs with the integration of all experience, skills, and abilities of both finance and strategic planning.

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