Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

What Do Chief Financial Officers Do?

Job Descriptions September 30, 2013

The Chief Financial Officers or CFO is an executive level worker who is in charge of managing all financial decisions. Depending on the size of a company this may be an all inclusive job or involve only certain aspects. Larger companies have the CFO review reports and numbers from multiple departments while smaller companies may have the worker perform accounting tasks, leaving the other decisions up to the owner of the business.

Nevertheless, the job description typically includes overseeing departments, creating budgets for specific projects, developing marketing strategies and figuring out pay scales.

The Levels of Responsibility for a Second in Command

Most importantly, this professional demonstrates confidence and know-how, since he or she will be handling property and finances, the main aspect of the job. Handling money is not merely an accounting task, however.

The CFO will also be asked to maintain strong relationships with work departments and be able to negotiate with employees regarding pay. It is not unusual for the CFO to act as the CEO or the president, so this is truly a job of great responsibility.

Financial officers, human resource managers, and marketing heads will work, with CFOs, to create a cohesive unit and strong centralized plan. Therefore, he/she is expected to know how to analyze investments, grants, expenses, mergers, economic policy and marketing for his specific industry.

A CFO meets with the board of directors and executives from all departments in order to discuss profit and loss. He/she not only presents budget information but also suggests ways to improve policy and performance.

There are three major sections of work that a chief financial officer covers. First, controllership; this involves reporting accurate information and doing it in a timely manner. Second, Treasury duties involve presenting the company’s condition, especially as regards investments, risk, liquidity, and capital. Lastly, Forecasting is the process of setting a course for the future, identifying problem areas and opportunities for improvement.

Simply put, the owner of a company is oftentimes better at devising marketing strategies and ideas than actually running a day to day business that stays afloat. The CFO handles the most difficult aspects of a job, planning the budget at every turn. A business owner who does not have a background in business might be confused at the requirements of running a large company. The chief financial officer may work with books, but his/her responsibilities are larger than that of a bookkeeper.

Training Required for CFOs

CFOs must hold at least a bachelor’s degree to be taken seriously by a small company. However, larger companies will expect more and rightly so. A master’s degree, an MBA or even a doctorate are oftentimes preferred by employers. In addition, the area of concentration should be in accounting, economics, finance, business or a related aspect to the company product.

Sometimes you can start out in an entry-level position and work your way up to a higher ranking position. This is a satisfying career choice for someone who is not intimidated by leadership and has an enthusiasm for numbers, big pictures, and tight budgets.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses
  • View Associates, Bachelors or Graduate Degree Programs in Business Near YOU!
  • Enter YOUR Needs and Requirements. Get Matched to the Perfect Campus or Online Degree Programs for You.
  • Free information for Business Administration and Management, Accounting, Marketing and Advertising, Business Information Systems Degree Programs and MORE.
  • Accredited, Flexible Business Administration and Management Degree Programs to Fit Your Time and Budget. Use our Matching Service - It's Easy and FREE!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • Online Courses
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!