Do you need an MBA if you want to be a CFO?

If you can get an MBA, especially if you’ve already got an accounting qualification, I think that’s great. I’d actually be slightly envious!

And, I can remember wondering whether to go for it earlier in my career.

What put me off?

Well, by the time I thought about it, I had a young family – four young children – and a very busy job. No time for the studying I used to do when I was training to get my ACA qualification.

And I couldn’t afford to take an unpaid sabbatical.

No, I considered that my days of studying and doing exams were over once I’d passed the ICAEW exams back in 1995.

And that’s aside from the fees. I mean, as an example, I was just looking online at a university that provides a full time MBA for £64,000 ($72,000). Even online versions can cost more than $20,000.

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I love learning for its own sake. And I think that there is great benefit in being a so-called “lifelong learner”.

But, the big question, when you consider doing an MBA, is will it help you in your career?

Definitely. How can it not help? The topics covered are useful to learn about.

But, what if you’ve already got a well-respected accounting qualification like from the ICAEW?

That’s where I have difficulty. Not only is there a large area of subject matter overlap, I also don’t think the additional qualification adds that much in terms of credibility on paper.

And I don’t think that it automatically boosts your earning potential and career progression...

... not in the same way as an accounting qualification (at least in the UK).

Let me illustrate what I mean:

When I passed my final exams and then received my ACA qualification from the ICAEW (Institute of Chartered Accountants in England and Wales), my salary was increased by 50% - automatically.

And within a year I was earning more than double.

If I’d got an MBA 5-10 years later? No guarantees.

For senior Finance roles, if you’re already experienced in FP&A and financial reporting, and you’re already a “qualified accountant”, then getting an MBA doesn’t automatically give you an edge.

Sure, an MBA genuinely looks good on your CV (resume). It certainly shows commitment to your career. But it doesn’t guarantee anything tangible for your career progression.

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Why?

Because later on in your career what matters is evidence that you actually make a difference, evidence that you can actually do things – you can be an effective manager, you can influence business decisions, etc.

And that doesn’t come from a qualification, degree or certificate.

It comes from demonstrating it in real life work.

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The way I think about it is that even if you get yourself an MBA, you’re still going to have to do the work to get yourself ‘CFO ready’ as well. (You’re just going to have more knowledge in your head and more letters after your name!)

So, why not skip getting the MBA and focus on the things that get yourself CFO ready???

Skip the expense and the intense studying, the stress of exams, the time commitment – and just focus on what really matters...

... which is developing into the business leader you need to be to get a CFO role. Learn how to impact the business and how to lead, and then show you can do that in real life.

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And that is what I designed CFO Readiness Builder to help you with.

CFO Readiness Builder is opening for enrolment again in a few weeks time. CLICK HERE to see a little more information and register your details to make sure you get the full information when it’s available.

The way I designed CFO Readiness Builder was to start with the questions:

-       What are the things that you really need to be CFO ready?

-       How can someone get those things in the quickest time with least effort?

CFO Readiness Builder

If you are keen to progress quickly in your Finance career, you need to focus on the skills and capabilities that make the difference – the business acumen and behavioural skills that will make you a business leader.

Our CFO Readiness Builder program is designed to help you to do just that. CLICK HERE to find out more.

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About the Author – Andy Burrows

I’m Andy Burrows, and I’m Founder and CEO of Supercharged Finance, a provider of online learning and coaching, aimed at helping Finance professionals get better at helping the businesses they work for.

I qualified as a chartered accountant in the UK, and have worked for more than 25 years as a senior Finance professional in a variety of businesses of different sizes and sectors.

I’m now a popular writer in Finance and Accounting. In 2019 Anders Liu-Lindberg described me as one of the "Top voices on LinkedIn for Finance, accounting and FP&A". And in 2024 I was given official LinkedIn Top Voice status (see the little blue badge on my profile!)

If you’d like to hear even more from me, go to my profile and click the follow button!