OFO No: 121101
What is a Chief Financial Officer (CFO)?
A CFO holds a very senior position in the company.
They are in charge of all financial matters.
- CFO will be in charge of the company’s accounting and other financial matters.
- CFO will be in charge of overall financial matters and decisions. They’ll write reports, create budgets, do research, develop financial strategies, work out company pay-scales and employee benefits and anything else that is financially-related within the company.
In both cases, the CFO makes sure that all financial matters are up to date and above book (legally correct).
What does a CFO do?
- controls financial matters and decisions within company
- liaises with managers and to executives
- reports to the Board of Directors (if there is one)
- researches and develops financial strategies for company
- makes important decisions regarding company funds and investments
- represents the company when large deals or mergers take place
- evaluates company salaries and employee benefits
- works out the company’s budget
- works closely with the marketing department to maximise profits
Are you . . . ?
- good at mathematics?
- interested in business?
- reliable and responsible?
- organised and methodical?
- a hard worker?
- able to handle stress?
How do I become a CFO?
CFO’s do not become CFO’s overnight. A CFO holds a very senior position so it will take time and hard work and experience to get to this point.
CFO’s have usually studied a degree in accounting, finance, business or economics. In most cases, they may have more than one degree or even a Masters or doctorate degree.
- CLICK HERE to check for a training institution near you to see what they offer.
- Make sure you understand their entry requirements for each course.
- To avoid scams, make sure your institution is registered with the Department of Higher Education.
- CLICK HERE to check accredited Private Higher Education Institutions.
Once qualified, you will enter the company as a junior in the company’s financial department. From this position, you will need to learn as much as you can on the job. It’s advisable for you to collect more skills and training to jump ahead of the rest. You need to show that you’re motivated, a team player and that you’re responsible and hard-working before you will get promoted.
CFO’s are usually older because it takes time to gather knowledge and experience. The next step for a CFO is to aim to own start their own business.
Is becoming a CFO the right career choice for me?