If your goal is to become a hospital CFO, you will need prepare yourself for the role by attending school and getting years of professional experience. As the highest ranking finance executive in an establishment as important as a hospital, you can understand why it is imperative to earn an advanced degree if you would like to compete for the position when it is rarely open. With so much competition for this top-level job and an inventory of candidates who already have a leg up on you, you need to learn how to stand out in finance early on to become a CFO of a hospital. Read on, and learn the steps that you can take to beat the competition in the employment market.
Step One: Earn A Degree in Finance
After graduating high school, the first step you must take to become a top level executive is to earn an undergraduate degree from an accredited university. You will need to decide which major is best and pertains to finance. While most students who have aspirations of becoming a hospital CFO will start their careers as students majoring in finance, some may choose to study business or accounting. These B.S. degree programs will prepare you to complete a more advanced degree program focused on giving you the technical knowledge and skill you need to lead the finance department of a hospital.
Step Two: Earning an Advance Degree
Once you have a bachelors degree, you can enter the field of accounting, finance, or hospital administration as an entry-level employee. While getting experience is important, virtually all corporate finance officers in a hospital setting will have an advanced degree. You can either study to earn your masters degree in a relevant finance major or you can earn an MBA specializing in hospital administration with a concentration in finance. You will need to decide which degree is most practical for you and which degree will be perceived better by board members in charge of appointing executives.
Step Three: Earn Your CPA Designation
To show that you have the experience that you need to deal with financial aspects, it is in your best interest to take the time to earn your CPA. This designation, not only shows how serious you are about the field of accounting, it also shows that you are more than just competent and finance. If you have an accredited master’s degree, you should meet the requirements to sit for the CPA exam. Be sure to check these requirements in your state, and become a CPA shortly into your finance the career.
Step Four: Get Professional Experience
Obviously, you will need several years of professional managerial experience before you will be considered for an executive-level position. It is preferred that you get experience in a hospital setting as a hospital administrator in the finance department. You will need to show that you can direct the staff as you oversee finance related operations. Most of the executives in hospital settings today have at least 7 to 10 years of upper level management experience before they have enough professional experience to be considered for such an important role.
Related Resource: Health Informatics Degrees
CFO’s in any setting have a demanding job. Because the job is so demanding and there are such high expectations, CFO’s in hospital settings are an extremely high salary. It is reported that the average hospital CFO earns $117,470 per year excluding bonuses, according to the Global Post. If you would like to earn a high salary by holding a prestigious title, it is time to get to work. Start studying to become a hospital CFO, and work towards your dreams.
