What does a CFO do?
CFOs typically work for corporations across a variety of industries to provide financial direction to preserve the future of the company. They work closely with the CEO to review quarterly financial reports, identify investment opportunities and implement budgeting initiatives company-wide. Their job is to use their experience in business development and financial planning to increase revenue and pay off liabilities. They may also be responsible for writing the company’s annual financial report for shareholders and potential investors to review.
CFO skills and qualifications
CFOs use various skills and industry knowledge to effectively complete the duties for this role/ These skills can include:
- Decision-making and problem-solving skills
- Leadership skills with the ability to delegate, motivate and inspire team members
- Honesty and integrity
- Strong written and verbal communication skills
- Ability to manage time effectively
CFO salary expectations
A CFO makes an average of $136,434 per year. Salary may depend on a candidate’s education, experience level and geographical location.
CFO education and training requirements
For this executive role, most employers expect candidates to have a bachelor’s degree in finance, accounting or a similar field. However, many employers prefer candidates with a Master of Business Administration (MBA). Training requirements for this position are usually obtained through a combination of formal education and work experience. To be promoted to a CFO, candidates should first hold a Senior Financial Manager position where they can demonstrate extensive experience in this role. Although certifications aren’t typically a prerequisite to becoming a CFO, they provide evidence of knowledge in the field. Examples of helpful certifications include Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA).
CFO experience requirements
CFOs should demonstrate strong evidence of working in a financial leadership role. Candidates can work up to this level by starting out in an entry-level or associate position in a finance or accounting department. Example positions include a Financial Analyst or Junior Accountant. Once experienced, candidates then move into a financial management position. CFO candidates should have extensive experience in a leadership role with a proven ability to manage large-scale projects and oversee the long-term goals of a company.
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