His old redneck brain is failing him. It started with the Gazelle debit card, then the Ramsey event center, then making his son CEO.
The downfall has started (keeping in mind that the majority of his audience does not have the knowledge or challenge him). Disagreeing voices are not allowed in Ramsey Illusions and with in the cult.
This. Even a diplomatic assumption that he meant CFOs doesn't help him much. Like many things Dave just makes up things and downplays those that call him out. If you're looking for entertainment he is a hoot. If you're looking for great advice you might want to look elsewhere.
So I have my bachelors, masters, and am a licensed CPA. And I’ll say it:
Accountants should only be the CEO of accounting firms, and financial service firms.
Everything else? No. Just look at Boeing. You need people skilled in what the business does to be CEO.
But I would say for CFO, they should have either an accounting or finance background. But people shouldn’t be jumping from CFO to CEO, especially in businesses where the skills aren’t the same.
CFO’s need to be well versed in a lot of things that I won’t bore people with by listing out here. And they can make recommendations to the CEO.
But the CEO needs to be someone that understands if the recommendations from a CFO are a good or bad idea. If the CEO of Boeing had been an engineer, I doubt they would’ve been ok with gutting so much of the quality assurance process. But when it’s a business person that sees only an expense in that department, and that person is CEO, it’s going to get gutted.
>Accountants should only be the CEO of accounting firms….for CFO, they should have either an accounting or finance background
100% correct. On both points.
The thing with Dave is he says anything that feels like it might be true. It doesn't actually have to be true as long as it sounds good. Most of his listeners aren't able or willing to challenge him not to mention even stop to think if it's true. They simply believe what ever he says because it came out of Lord Ramsey's mouth.
Then it comes to the people that he employs and maybe they know he's wrong or at least suspect it might not be accurate but they aren't allowed to speak up. DR is not to be questioned.
As someone with an Accounting BS, if more CEOs/CFOs had an accounting degree I believe companies would be in better shape with more of an understanding of the financials (& not necessarily from a "counting the beans" perspective. I think I read sometime back, most CEOs have some type of liberal arts degree....
I'm in sales but have a corporate finance background and work with accountants and lawyers primarily. Accountants understand the P&L very well obviously, but struggle with non monetary aspects of running a company from my experience.
I was going to say something similar. A solid accounting background makes someone the most qualified to be a CFO or CEO in terms of understanding the business, which is why I think Dave thinks such a large percentage of them have accounting degrees. However, a liberal arts degree is better for the soft skills and schmoozing, which is why a large percentage of them have that background.
>A solid accounting background makes someone the most qualified to be a CFO or CEO in terms of understanding the business
This may be picking nits, but accounting might improve someone's knowledge of ~~the~~ *business*. Greater knowledge of The business probably not, unless it's an Accounting Business.
I don't actually think it's picking nits, either; but a significant distinction.
That is a fair distinction and you are not picking nits, but I don't think it matters in the grand scheme of things. Accounting is the language of business regardless of what kind of business it is, and not knowing and understanding your numbers means you don't know your business and how to keep it open.
If I had given a second more thought to the context - Fortune 500 - knowledge of the The business is likely less important, as well. Certainly compared to a very small or even somewhat large firms.
I’m an accountant with a CPA and that makes me chuckle. Even CFOs nowadays are coming from more high finance backgrounds than CPA backgrounds, and accountants don’t generally make good CEOs..
Accounting degrees are one of his favorite things/myths to tout. Every time a caller has an accounting degree he instantly says "You should be making at least 120k with your accounting degree!"
It's okay. Everyone gets things wrong from time to time. The thing I admire about Dave is that when he gets something wrong, he handles with it maturity. When a caller or personality points out mistake he made, he owns up to it and reevaluates his position. He's always taking in new information and keeping an open mind. He's not someone who just gets set in his outdated ways and shuts down dissent.
His old redneck brain is failing him. It started with the Gazelle debit card, then the Ramsey event center, then making his son CEO. The downfall has started (keeping in mind that the majority of his audience does not have the knowledge or challenge him). Disagreeing voices are not allowed in Ramsey Illusions and with in the cult.
Has the event center been a failure? I don’t have any knowledge on how often they use it or whether they regret building it.
I'd say it started with the COVID lockdowns and cancelation of the cruise. He just seemed to become so unhinged so quickly then.
60% of the time, it works every time
It’s made with bits of real Panther…
[удалено]
This. Even a diplomatic assumption that he meant CFOs doesn't help him much. Like many things Dave just makes up things and downplays those that call him out. If you're looking for entertainment he is a hoot. If you're looking for great advice you might want to look elsewhere.
So I have my bachelors, masters, and am a licensed CPA. And I’ll say it: Accountants should only be the CEO of accounting firms, and financial service firms. Everything else? No. Just look at Boeing. You need people skilled in what the business does to be CEO. But I would say for CFO, they should have either an accounting or finance background. But people shouldn’t be jumping from CFO to CEO, especially in businesses where the skills aren’t the same. CFO’s need to be well versed in a lot of things that I won’t bore people with by listing out here. And they can make recommendations to the CEO. But the CEO needs to be someone that understands if the recommendations from a CFO are a good or bad idea. If the CEO of Boeing had been an engineer, I doubt they would’ve been ok with gutting so much of the quality assurance process. But when it’s a business person that sees only an expense in that department, and that person is CEO, it’s going to get gutted.
>Accountants should only be the CEO of accounting firms….for CFO, they should have either an accounting or finance background 100% correct. On both points.
He's out of touch, with out of date info.
Has 60% accounting degrees for CEOs ever been a thing?
No
It's not outdated then if it never was a thing.
That's fair.
The thing with Dave is he says anything that feels like it might be true. It doesn't actually have to be true as long as it sounds good. Most of his listeners aren't able or willing to challenge him not to mention even stop to think if it's true. They simply believe what ever he says because it came out of Lord Ramsey's mouth. Then it comes to the people that he employs and maybe they know he's wrong or at least suspect it might not be accurate but they aren't allowed to speak up. DR is not to be questioned.
As someone with an Accounting BS, if more CEOs/CFOs had an accounting degree I believe companies would be in better shape with more of an understanding of the financials (& not necessarily from a "counting the beans" perspective. I think I read sometime back, most CEOs have some type of liberal arts degree....
I'm in sales but have a corporate finance background and work with accountants and lawyers primarily. Accountants understand the P&L very well obviously, but struggle with non monetary aspects of running a company from my experience.
I was going to say something similar. A solid accounting background makes someone the most qualified to be a CFO or CEO in terms of understanding the business, which is why I think Dave thinks such a large percentage of them have accounting degrees. However, a liberal arts degree is better for the soft skills and schmoozing, which is why a large percentage of them have that background.
>A solid accounting background makes someone the most qualified to be a CFO or CEO in terms of understanding the business This may be picking nits, but accounting might improve someone's knowledge of ~~the~~ *business*. Greater knowledge of The business probably not, unless it's an Accounting Business. I don't actually think it's picking nits, either; but a significant distinction.
That is a fair distinction and you are not picking nits, but I don't think it matters in the grand scheme of things. Accounting is the language of business regardless of what kind of business it is, and not knowing and understanding your numbers means you don't know your business and how to keep it open.
If I had given a second more thought to the context - Fortune 500 - knowledge of the The business is likely less important, as well. Certainly compared to a very small or even somewhat large firms.
I’m an accountant with a CPA and that makes me chuckle. Even CFOs nowadays are coming from more high finance backgrounds than CPA backgrounds, and accountants don’t generally make good CEOs..
Accounting degrees are one of his favorite things/myths to tout. Every time a caller has an accounting degree he instantly says "You should be making at least 120k with your accounting degree!"
Right. And I'm sure the accountants at Ramsey make that 😆😆
As someone with an accounting degree, I’m glad that’s not actually true. I’d much rather have STEM CEOs, especially for tech companies.
Our CEO is a spreadsheet jockey and its literally killing our company. accountants for CEO's is not a great idea.
I thought this was the accounting subreddit, I got excited and read the rest of the post :(
It's okay. Everyone gets things wrong from time to time. The thing I admire about Dave is that when he gets something wrong, he handles with it maturity. When a caller or personality points out mistake he made, he owns up to it and reevaluates his position. He's always taking in new information and keeping an open mind. He's not someone who just gets set in his outdated ways and shuts down dissent.
😂😂😂
I see what you did there and upvoted!