The function of a Chief Financial Officer
You probably have a finance background and are already working in accountancy and finance, your ultimate goal might well be to turn into a Chief Monetary Officer (CFO). But what does a CFO do and what skills and expertise do you have to develop into one?
Who is a Chief Financial Officer?
CFOs oversee all the monetary operations of an organisation, including accounting, financial reporting, tax, enterprise control and treasury. They handle all points of financial matters and choice making.
What does a Chief Monetary Officer do?
The Chief Financial Officer directs a company’s financial goals, targets and budgets. When you work as a CFO, you oversee the investment of funds held by the company and assess and manage associated risks. You additionally supervise money management activities, execute capital-elevating strategies to support a firm’s expansion, and deal with mergers and acquisitions. Most CFOs are also answerable for managing the corporate investments and will sit on the board.
For those who work as a Chief Monetary Officer in a smaller company, you might be expected to hold out a range of accounting tasks, while executives at bigger firms typically review reports and data from numerous divisions within their companies.
Education and training wanted
As with all ‘Chief’-level executive positions, you will need a number of years of expertise at a senior administration level as well as a degree in accounting, finance, economics, business or a associated subject. Many CFOs start their careers as finance professionals, external auditors (Big 4), accountants or managers of small divisions, and work their way as much as senior positions within a company.
The number of years of management experience you will want will rely upon the size of the company and the extent of the duties involved. Many Chief Financial Officers have an MBA, a Masters or one other type of advanced degree.
Skills wanted
If you’re willing to turn into a profitable CFO you will need to demonstrate more than just excellent finance skills. You must have the ability to make smart and strategic choices on behalf of the organisation, and you have to be able to look holistically on the firm and understand what it needs.
Importantly, you must also be able to translate financial data into helpful information for those across all levels of an organisation. Leadership, interpersonal and communication skills are also important in such a high level position.
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