Career Path to become GM or Head Accounts & Finance
Role / Profile
Who can become ?
A GM/Head – Accounts & Finance is responsible for creating financial forecasting models, evaluating risks in investments and ensuring that all the accounting activities of the organisation comply with standard industry regulations.
What are the roles of a GM/Head – Accounts & Finance?
A company’s financial health and profitability are the prime responsibilities of a GM/Head – Accounts & Finance. Some of the common roles performed by a GM/Head – Accounts & Finance are:
• Forecasting the monthly, quarterly and annual financial results of an organisation.
• Approving or rejecting budgets as per the business’ requirements.
• Conducting risk evaluation and managing investments to minimise the risks involved.
• Supervising a team of accountants and financial professionals for the effective functioning of the finance department.
• Consulting board members on fund allocations and investment avenues.
• Ensuring all accounting activities and financial processes are in accordance with the industry standards and regulations.
What are the skills required to become a GM/Head – Finance & Accounts?
To have a successful career as a GM/Head – Finance & Accounts, you will need to have the following skills:
• In-depth understanding of various accounting principles like bookkeeping and cash flow management.
• Proven experience in financial risk management and budgeting.
• Excellent analytical and problem-solving skills.
• Good communication (verbal and non-verbal) skills.
• Proficiency in the commonly-used accounting software.
What are the career outcomes with experience as a GM/Head – Finance & Accounts?
With experience as a GM/Head – Finance & Accounts, you can expect to get the opportunity to move into one of the following profiles:
• Chief Financial Officer
• Chief Operating Officer
• Chief Executive Officer
What is the average salary of a GM/Head – Finance & Accounts?
The average salary of a GM/Head – Finance & Accounts varies according to the experience, industry and organisation. Generally, a GM/Head – Finance & Accounts earns on an average around ₹ 25 Lacs per annum. A professional with a certification in finance and risk management can have a better career growth and earn a better salary package.
• Finance Manager/Senior Finance Manager – As a finance manager or a senior finance manager, you will already have some amount of experience in handling financial responsibilities of an organisation. With the help of a professional training course, you can acquire other technical and non-technical skills, which will help you to move into a GM/Head – Finance & Accounts profile easily.
• Accounting Manager/Senior Accounting Manager – To become a GM/Head – Finance & Accounts, you need to have other financial skills apart from accounting, like risk management and budgeting. You can acquire those skills through a professional finance course and become a perfect candidate for a GM/Head – Finance & Accounts role.
• VP – Finance/Director of Finance – VPs in Finance or Directors of Finance can make a smooth transition to a GM/Head – Finance & Accounts profile as they have a lot of experience in the field. However, you can improve your chances with a certification course in finance and accounting.
What is the eligibility criteria for a GM/Head – Finance & Accounts position?
There is no fixed eligibility criteria for a GM/Head – Finance & Accounts position. It is usually the senior most position in the financial division of an organisation and the eligibility depends on your experience and skills. You should have a very good understanding of the business and financial processes.
Who can become a GM/Head – Finance & Accounts?
• Non-experienced professionals – In this case, non-experienced professionals can mean either a person who has never worked in the finance industry or someone who has no experience in handling the responsibilities of a finance division. In both cases, one should acquire the skills or knowledge required to move into a GM/Head – Finance & Accounts position. You can do it with a certification course in accounting or business management.
• Experienced professionals – Professionals who have experience in handling financial responsibilities of an organisation can get the opportunity to become a GM/Head – Finance & Accounts position. To have a better chance, you can improve your other professional skills like business management and risk evaluation.
Recruiters generally look for the following areas while hiring a GM/Head – Finance & Accounts:
• Prior experience: A GM/Head – Finance & Accounts candidate is expected to have requisite financial handling experience or have been in a position where he/she has managed the finance division of an organisation. Also, it is necessary to have good communication skills and the ability to understand business processes.
• Key skills:Accounting, auditing, taxation, risk management, capital budgeting, general management, cash flow, financial modelling, etc.
Who are the top recruiters that hire GMs/Heads – Finance & Accounts?
Companies look to hire only the best professionals in the industry for the position of GM/Head – Finance & Accounts so that they are financially strong and the financial operations are aligned with the business goals. Some of the top recruiters are KPMG, JP Morgan, Infosys, Morgan Stanley, Flipkart, and Wipro.