The job description covers the basic duties and responsibilities for a Chief Financial Officer (CFO) or Chief Financial and Operating Officer (CFOO). This corporate officer is primarily responsible for managing the financial risks of the corporation. This officer is responsible and accountable for the administrative, financial, and risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results, as well as financial reporting to higher management, usually the CEO.
What are the Primary Responsibilities of a CFO?
Duties include, but are not limited to of the CFO:
Planning
- Assist in formulating the company's future direction and supporting tactical initiatives alongside the Board of Directors.
- Monitor and direct the implementation of strategic business plans.
- Develop financial and tax strategies.
- Manage the capital request and budgeting processes.
- Develop performance measures that support the company's strategic direction.
Operations
- Participate in key decisions as a member of the executive management team
- Maintain in-depth relations with all members of the management team
- Manage the accounting, human resources, investor relations, legal, tax, and treasury departments
- Oversee the financial operations of subsidiary companies and foreign operations
- Manage any third parties to which accounting or finance functions have been outsourced
- Oversee the company's transaction processing systems
- Implement operational best practices
- Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package
- Supervise acquisition and negotiate acquisitions
Financial Information
- Oversee the issuance of financial information.
- Personally review and approve all Filings with the relevant Securities and Exchange authorities (if the company is publicly held).
- Report financial results to the Board of Directors.
Risk Management
- Understand and mitigate key elements of the company's risk profile
- Monitor all open legal issues involving the company, and legal issues affecting the industry
- Construct and monitor reliable control systems
- Maintain appropriate insurance coverage
- Ensure that the company complies with all legal and regulatory requirements
- Ensure that record keeping meets the requirements of auditors and government agencies
- Report risk issues to the audit committee of the board of directors
- Maintain relations with external auditors and investigate their findings and recommendations
Funding & Third Parties
- Monitor cash balances, cash forecasts and invest funds.
- Arrange for debt and equity financing.
- Invest pension funds.
- Maintain banking relationships
- Represent the company with investment bankers and investors
Background of the Chief Financial Officer
- Bachelor’s degree required, Master's degree in Business Administration and the Certified Public Accountant or Certified Management Accountant designations.
- Proven experience as CFO or in another financial Director / Managerial position.
- Experience in developing profitable strategies and implementing vision.
- Strong understanding of corporate finance and performance management principles.
- Familiarity with diverse business functions such as marketing, PR, finance etc.
- In-depth knowledge of corporate governance and general management best practices
- An entrepreneurial mind-set with outstanding organisational and leadership skills.
- Analytical abilities and problem-solving skills
- Excellent communication and public speaking skills
What are the salary expectations of a CFO?
Average salaries for CFOs would be between £100K-£250K however for many the salary range will be even higher depending on the company turnover.
Brief tips for writing a CFO CV?
- Include a profile in your CV which identifies your style of leadership and management to potential employers and highlights a particular area of success relevant to the new post e.g. A Visionary leader with a track record of increasing gross profit margins in engineering solutions
- Use Situation, Action and Result (SAR) to demonstrate achievements which had an impact on productivity and profitability in your last role.
- Familiarise and integrate all the keywords for the role and sector which the business operates in.
- Remember to include any associations you may have with professional bodies to improve the integrity of your application.
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