What does a Director of Finance do?
Directors of Finance work on a company’s executive team to build and deliver financial policies and strategies that improve the business’ financial status. They oversee all the financial operations within each department to ensure they’re spending within the budget and following the financial policies laid out by the Director of Finance. Directors of Finance analyze the financial performance of the company and build reports for the executive team to review and provide feedback.
They also research and review the company’s statistics to make forecasts and projections that help them build more comprehensive budgets. Directors of Finance develop strategies to assess, manage and minimize any potential financial risks.
Director of Finance skills and qualifications
A Director of Finance is an executive role, meaning candidates should have extensive skills and qualifications. Here are some qualities they should possess:
- Excellent mathematical and analysis skills
- Ability to lead departments and individuals
- Verbal and written communication skills to create reports and present them to others
- Knowledge of analysis and financial software
- Strong creative skills to develop new and innovative solutions
- Ability to create and deliver unbiased budget expectations for different departments
Director of Finance salary expectations
A Director of Finance makes an average of $108,499 per year. Salary may depend on level of experience, education and the geographical location.
Director of Finance education and training requirements
A Director of Finance usually has a Master of Business Administration or a master’s degree in finance. Some Financial Directors may have a bachelor’s degree with extensive training and a proven track record of success in finance or business. A Director of Finance usually earns training through education and on-the-job experience. They begin in positions in finance or business, such as financial analysis, financial advising or business analysis. Though not required, a Director of Finance could have certain financial certifications, like Financial Risk Manager or Chartered Financial Analyst.
Director of Finance experience requirements
A Director of Finance should have at least five years of experience, though eight to 10 years is a more common requirement. They should have experience in finance and business. Leadership experience is also valuable. Many Financial Directors have experience as financial analysts or business analysts before moving into managerial positions in the same field.
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