What does a Chief Financial Officer do?
A Chief Financial Officer manages the overall financial risks of a company or organisation. They oversee the preparation and compilation of financial reports and statements, plan and pursue positive business ventures, come up with strategies for internal growth, manage the company’s revenue effectively and watch over acquisitions and mergers. Chief Financial Officers work closely with the Chief Executive Officer (CEO) to create plans and opportunities that benefit the company.
Chief Financial Officer skills and qualifications
Chief Financial Officers generally need strong presentation skills to present reports to higher management officials. They also need good data analysis skills to perform audits and should have an in-depth understanding of government rules to ensure that all departments follow HMRC guidelines. A successful Chief Financial Officer will have various prerequisite skills and qualifications that typically include:
- Excellent financial forecasting skills
- Proficiency in various computer software, such as MS Word, MS Excel and other financial management software
- Strong leadership skills
- Excellent verbal and written communication skills
- Good problem-solving skills and the ability to strategise and devise solutions
- Impeccable analytical mindset and comfort working with numbers
- Excellent financial planning skills and budget improvement
- Honesty and integrity
Chief Financial Officer experience requirements
Chief Financial Officer positions must have 10-15 years of experience in a senior management position. They must be familiar with managerial activities relating to hiring, HR, employee training and discipline policy. Many Chief Financial Officers begin their careers as financial professionals, Internal Auditors and Accountants before working their way into senior positions.
Chief Financial Officer education and training requirements
Candidates must have at least a bachelor’s degree in finance, accounting, business management, business administration or a related field. Many employers prefer candidates with a master’s degree in business administration or any other type of advanced degree. Chief Financial Officers must also be familiar with government laws and regulations, court procedures and democratic political processes.
Chief Financial Officer salary expectations
According to Indeed Salaries, the average salary of a Chief Financial Officer in the UK is £123,880 per year. This figure varies depending on factors, including experience, education, geographical location and company.
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