National Avg. Salary

$134,330 More Salary Data →

Job Growth Rate

6.8% More Growth Data →

Recommended Degree

Bachelor's Programs & Degrees →

Attributes

  • High Income Potential
  • Office Work Environment
  • Problem Solving
  • Skill-Based Work

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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.

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Job Description

Duties

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.

Typical Employers

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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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

Low Range

$84,600

Average

$134,330

High Range

---

National Hourly Wage

Low Range

$41/hr

Average

$65/hr

High Range

---

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

What Will Your State Pay?

State Hourly Annual
California $00.000 $00.000
Texas $00.000 $00.000
Florida $00.000 $00.000
Washington $00.000 $00.000
Tennessee $00.000 $00.000

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How To Become

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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Quick Summary

  • Recommended Min. Degree

    Bachelor's

Programs and Degrees

Here are the most common degrees for becoming a Chief Financial Officer (CFO). a Bachelor's is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.

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

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Job Growth Projections and Forecast

2014 Total Jobs

555,900

2024 Est. Jobs

593,500

Job Growth Rate

6.8%

Est. New Jobs

37,600

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

Is There Growth in My State?


State No. of Jobs Job Growth
California 00% 00%
Texas 00% 00%
Florida 00% 00%
Nevada 00% 00%
New York 00% 00%
Chicago 00% 00%

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What Companies Employ The Most Chief Financial Officer (CFO)s

Industry Current Jobs New Jobs Needed % Increase
Depository credit intermediation 80,100 5,100 5%
Management of companies and enterprises 0000 0000 0000
Accounting, tax preparation, bookkeeping, and payroll services 0000 0000 0000

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