National Avg. Salary$134,330 More Salary Data →
Job Growth Rate6.8% More Growth Data →
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A Chief Financial Officer (CFO) takes care of the fiscal aspects of a business or an organization to preserve financial assets. As a CFO, your primary role is to oversee various departments such as human resources, accounting, and treasury and investor relations.
What is a Chief Financial Officer (CFO)?
The job responsibilities of a CFO include the following aspects:
- Develop and maintain strong working relationships with the board and senior management and regularly present up-to-date financial data to the audit committee.
- Support the creation and implementation of compliance training programs for knowledge sharing, based on the assigned division and in accordance with Corporate Compliance.
- Collaborate with fundraising or development to evaluate the utilisation of funds and develop a customized planned giving initiative.
- Be proactive in establishing an integrated management reporting structure that gives key insights on different aspects of the business and potential opportunities, in the form of financial statements and variance reports.
- Monitor the credibility of the organization’s accounting and finance teams via a timely reporting protocol and accurate assessment of performance regarding budget forecasts.
Day In The Life
As the CFO of an organization, your role involves functioning as a senior manager and leader, for staff and other stakeholders. You will spend time observing the progress of the business and its annual budget for financial improvement opportunities. The CFO is held accountable for maintaining regulatory compliance requirements and tracking internal controls as they pertain to internal, external and regulatory financial reporting. In tandem with efforts by senior management, you will contribute to optimizing the structure and strategic direction of your organization, to promote long-term financial health.
With employees, you will communicate job expectations clearly and ensure their performance is consistent over time via job appraisals, updating productivity standards and sharing opportunities for personal development. The accounting and billing departments at a company also fall under your purview since you are in charge of coordinating monthly financial statements and other documentation through the year, to be shared with the Board of Directors and other senior leadership, e.g. the CEO, President and Chief Operating Officer. Occasionally, in the absence of an in-house media relations team, you are expected to represent the organization not only to various media, but also government and funding agencies along with the general public.
Work Schedule And Typical Hours
CFOs are known to deal with very stressful workloads through the year, with many working up to 80 hours in a week. If you are in a smaller company, you might have a better chance of working the standard 40 hours, but job growth in that case is more limited.
Growth Of The Job
Employment opportunities for individuals working as CFOs will go up by 9% between 2010 and 2020, as mentioned by the US Bureau of Labor Statistics. CFOs are vital for the healthy functioning of corporations and with an increasingly fluctuating economy, finance professionals find themselves in steady demand. You may be promoted within a business to senior roles after gaining several years of work experience.
Employers of CFOs include federal, state and local government bodies, private corporations, non-profits, academic institutions, medical clinics, insurance firms, investment banks, and other commercial offices.
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How To Become a Chief Financial Officer (CFO)
To build a promising career as CFO, you need to have at least a bachelor’s degree in a related field like accounting, business, finance, or economics in order to be considered for entry-level positions. Many employers prefer a CPA, CMA, or CFA designation. Interested candidates might advance more quickly with a masters’ degree in business administration, public administration or accounting. Being a continuous learner is helpful in this industry, and further education can be done via non-degree programs on accounting best practices, market trends, peer networks, etc.
A proven track record from previous work experiences in creating operational budgets and providing recommendations to senior staff at an organization regarding fiscal policies and financial management, will distinguish you from other potential candidates in the market. Since you will have to enforce compliance with accepted principles regarding accounting, state and federal government protocols, and funding requirements, this is an ideal career if you have a deep understanding of corporate financial law and best practices related to risk management. Advanced skill in data analysis and forecasting is also helpful, along with superior proficiency in MS Office and financial management systems (FMS) like SAP. You should have a penchant for analyzing complex financial information and reports in a fast-paced and international environment.
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Chief Financial Officer (CFO) Salary Data
We've provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Annual Salary
National Hourly Wage
How do Chief Financial Officer (CFO) salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Chief Financial Officer (CFO)'s can make an average annual salary of $134,330, or $65 per hour. On the lower end, they can make $84,600 or $41 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#24 Nationally for All Careers
Above Average Salary Nationally
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Highest Education Among Chief Financial Officer (CFO)
- 2.5% Doctorate
- 18.8% Masters
- 40.8% Bachelors
- 7.1% Associates
- 19% College
- 10.7% High School
- 1% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs555,900
2024 Est. Jobs593,500
Job Growth Rate6.8%
Est. New Jobs37,600
How does Chief Financial Officer (CFO) job growth stack up to other jobs across the country? By 2024, there will be a change of 37,600 jobs for a total of 593,500 people employed in the career nationwide. This is a 6.8% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#330 Nationally for All Careers
Above Avg. Growth Nationally