The chief financial officer is one of the high-ranking officers of a company. In this position, you will report to the either the chief executive officer or the chief operations officer. The CFO of a company is responsible for analyzing and reviewing the financial data of a company. It involves preparing reports on the company's financial performance and the development and maintenance of a budget. Keeping a check on the company's income and expenditures is an important aspect of this job to ensure accuracy and to prevent fraud. You will have to provide regular reports to your supervisors on a regular basis and to the shareholders on a regular basis.
To obtain a position as a chief financial officer, you need to possess and advanced degree in accounting, finance, business administration or public administration. You will also need to have certification as a public accountant and experience working in an executive level position in a company or government agency. Other skills and knowledge you need to have to perform in this position include knowledge of the methods and processes of fiscal management. The ability to manage pension plan funds is also essential if the company has a pension plan for its employees. You also need to have skill in managing and mentoring staff in the company’s operation and knowledge of negotiation tactics.
Some of the daily duties of a chief financial officer include participation in committees and teams to make decisions that affect the overall operation of the company. Providing support to the accounting sectors of the industry is a must in most businesses when you work in this role. The preparation of annual financial budgets and reports is an essential part of this job, but you will also be expected to provide assistance to the Executive Director and the Chief Operations Officer in the overseeing the company’s policies and operating procedures.
The chief financial officer of a company is one that you attain through advanced skills and experience. It is not one that you will get as soon as you graduate from university as you will have to demonstrate that you have the ability to take on the complex and challenging facets of the job. Depending on the nature of the business of your employer, you may also need other qualifications. If you work with a health care company, for example, you will need some sort of certification in the medical field. Knowledge of taxation laws is essential for this job no matter what sector of the industry you work in.
The job of chief financial officer is one of high stress, but it also carries a high salary to compensate for this. You need to have excellent communication skills to deliver the reports to all concerned, as well as interpersonal skills needed to establish good working relationships with your colleagues. You may have irregular hours with meetings in the evenings and on weekends and there may be extensive travel involved. In addition, you must meet the renewal requirements of your CPA license.
