What does a Chief Financial Officer do?
A Chief Financial Officer is an executive or member of the senior management team. Their mandate is to determine how the company and each of its divisions should operate to maximize efficiency and productivity. They select the appropriate managers for each department and ensure they are all on the same path toward a shared goal. By leading teams, allocating funds, and presenting financial projections to stakeholders, the Chief Financial Officer is in charge of propelling the organization forward and increasing profitability.
Chief Financial Officer skills and qualifications
A Chief Financial Officer is one of the top executives in a company. They must bear a lot of responsibility on their shoulders for financial planning and success. Some skills and qualifications that make for a successful Chief Financial Officer include:
- Exceptional ability to monitor, allocate, and control finances on a large scale
- Excellent communication skills
- Strong leadership and managerial skills
- In-depth knowledge of finance, accounting, and numeracy
- Excellent analytical skills
- Strong work ethic
- Ability to present financial analysis and projections to company stakeholders
- Excellent problem-solving attitude and abilities
Chief Financial Officer experience requirements
A Chief Financial Officer needs 10 or more years of experience in leadership positions within a company’s financial department. For large businesses, consider a CFO with even more experience, and who has experience working in similar corporate environments. As high-level executives, they must be experienced accountants and have a proven track record of success leading teams within the finance department. Excellent candidates for a Chief Financial Officer role also need proven experience reading complex financial reports and communicating them to stakeholders in easy-to-understand terms.
Chief Financial Officer education and training requirements
A Chief Financial Officer must have a university degree in business administration, accounting, finance, or related discipline. Successful candidates need accreditation from their provincial or territorial accounting body as a Chartered Professional Accountant (CPA). A master’s in business administration (MBA) is an asset and prepares candidates for the role.
Chief Financial Officer salary expectations
According to Indeed Salaries, the average salary for a Chief Financial Officer in Canada is $132,144 per year. Salaries can vary based on factors such as location, size of the business and type of industry, and the candidate’s level of experience.
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