The Complex Role of the CFO in Higher Education By Wanda Hill

 

CFO in Higher Education
Image: universitybusiness.com

While the position of Chief Financial Officer is complex in any environment, the CFO in higher education faces a number of unique challenges. In today’s economy, CFOs in college and university settings are forced to juggle the needs of a variety of stakeholders on a daily basis.

Many of the challenges faced by CFOs in higher education today are directly or indirectly related to the current economic climate, and include:

• Fundraising needs: While CFOs are looking to cut costs on campus, they are simultaneously seeking ways to raise funds more effectively.
• Rising costs of energy and healthcare: The residential nature of many institutions of higher learning means that energy and healthcare costs are a significant part of overall expenses.
• Rising tuition and student debt: In addition to bringing in more students to raise revenue, many CFOs must establish strategies to help these students procure grants, scholarships, and loans to cover the cost of their tuition.
• Balancing a school’s reputation with its financial realities: While certain cost-cutting measures such as eliminating tenure or increasing teaching loads might improve a school’s bottom line, such measures can hurt its ability to attract competitive professors, and, in turn, students.

About Wanda Hill: In her role as Interim Vice President and CFO of Sierra Nevada College, Wanda Hill handles the challenges of managing an institution of higher education. Hill is a CPA and holds an MBA from Valdosta State University.

How Does Your Accounting Program Add Up? By Wanda Hill

If you are entering college and considering a career in accounting, you will need to choose a program that will make your transition from student to working Certified Public Accountant as worry-free as possible. There are a few things to keep in mind as you evaluate possible schools.

To become certified as an accountant, you will need a degree from a four-year college or university. Because obtaining credits at a two-year institution is typically less expensive than obtaining those same credits at a four-year institution, some students choose to pursue as many credits as possible at an accredited two-year institution before transferring into a four-year program.

An accounting professional must pass the Uniform CPA Examination to become certified. Before taking this exam, you must complete a 150-credit program and receive a bachelor’s degree. Less than half of the students who meet this requirement pass the exam, so make sure you know the CPA Examination pass rate of graduates of the programs you are considering.

Check to see if a university has professors who have practical experience in specific areas that interest you. You should also find out about networking and internship opportunities that may be available to you at each school you are considering.

Be certain you understand each institution’s level of accreditation for its accounting program. The three major groups that accredit accounting programs are the International Assembly for College Business Education, the Association of Collegiate Business Schools and Programs, and the Association for Advancing Collegiate Schools of Business. An accredited program could make a big difference in your job prospects and earnings potential after you graduate.

About the author: Wanda Hill earned both her Bachelor of Business Administration in Accounting and her MBA in Finance at Valdosta State University in Valdosta, Georgia. She has held prominent positions in the academic and public sectors, including executive roles with Washburn University in Topeka, Kansas, Clemson University in South Carolina, and Southern California Regional Rail Authority (Metrolink). She currently serves as Interim Vice President and Chief Financial Officer at Sierra Nevada College in Incline Village, Nevada.

Steps to Becoming a Chief Financial Officer (CFO)

Wanda Hill, former CEO for the California State University Dominguez Hills Foundation and former CFO for the Southern California Regional Rail Authority (Metrolink), offers simple step-by-step advice on how to start a career with the end goal of becoming a CFO. Wanda Hill has been working in financial positions since 1977.

1. Earn a degree in accounting or finance.
2. Become a Certified Public Accountant.
3. Find a job in the financial or development departments in a corporation.
4. While working in your field, fine tune your communication, management, and leadership skills; pay close attention to business strategy and trends.
5. Accept promotions within your own company or pursue higher positions in other companies. The further you advance, the closer you are to eventually being promoted to CFO.
6. Attend continuing education classes to stay abreast of the most recent topics in business.
7. View people in higher positions as mentors. They reached their position of success for a reason; learn from them and let them cultivate important leadership qualities in you.

About Rotary International

Wanda Hill, former CEO for the California State University Dominguez Hills Foundation, elaborates on the primary focus of the Rotary Club and the benefits of being a member. Wanda Hill has been an active Rotary member since 2005.

With the motto “Service Above Self,” Rotary International is a nonprofit organization that works toward a vision of a better world. It has been in operation for more than 100 years and currently boasts 1.2 million members in 200 countries. The club aims to encourage goodwill and peace throughout the world by improving health and education and by alleviating poverty. Through membership, individuals gain leadership skills and friendships, and they participate in community service and international service.

Rotary has six specific areas of service: peace and conflict prevention/resolution; disease prevention and treatment; water and sanitation; maternal and child health; basic education and literacy; and economic and community development. With these areas in mind, Rotary International organizes local and international service projects to enrich the lives of people throughout the world.

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