Finance is considered the lifeline of all organizations. Hence, an organization that has a strong financial set up has brighter career prospects. The CFO, Chief Financial Officer, is responsible for managing the finances of the organization. He makes all the decisions regarding the financial transactions and ensures rich benefits for the organization. Here is a career outlook of CFO work.
Work Nature
Chief Financial Officer is the highest authority in the financial arrangement of an organization. He makes important financial decisions about asset purchases, investments, incomes, expenses, savings, etc. This is an authoritative position. He determines the goals and assigns responsibilities to juniors. He provides guidance and leadership to their activities. CFO work is a part of the top level management of an organization and thus is responsible for planning, management and supervision duties.
Responsibilities
The chief financial Officer handles numerous responsibilities. The financial set up depends upon the work performed by the CFO. Find below the main responsibilities of a CFO:
Qualifications
A CFO is a part of the top level management of an organization and hence the emphasis is on strong educational qualifications. Organizations demand bachelors and masters degree in finance, economics and accounting. Employers seek competence in financial terminologies, investments, banking, insurance, statistics, economics and market research while hiring candidates. Certification, Diploma or Associate Degree is not sufficient for the position of a CFO.
Skills
Skills are useful for candidates to imply knowledge and tackle every situation prudently. A CFO must possess the following skills:
Work Conditions
Work Place: Mostly, CFOs work from their office. Traveling is an essential aspect. Though not regularly, they may travel within the city or outside to meet clients, branch offices, bank or insurance agents' offices and local business authority.
Work Hours: A CFO, like other regular employees, works for 45 hours per week. CFOs work overtime, if needed. They are not required to work in shift, on weekend or during seasons and festivals.
Health Hazards: A CFO's profile does not face any safety and health hazards. However, he remains vulnerable to common desk job hazards such as back pain or eye strain, following continuous operations on computers. Occasional traveling may cause fatigue. However, traveling is an essential aspect of CFO work.
Work Stress: The work performed by the chief financial officers is highly responsible as their decisions influence the present and future of the organization. High degree of responsibility adds to the stress levels. They are not prone to any major health or safety hazard.
Career Prospects
CFO work is a higher management position. There is one CFO for an organization having employee strengths in hundreds. Hence, only the few deserving candidates get an opportunity to work as CFO. Growth opportunities are available in finance departments where candidates can take up jobs as a manager, coordinator or supervisor. Although jobs as CFOs are available, they are limited in number.
Career Advancements
A CFO can advance to handling position as a director. It takes years of hard work, experience and knowledge competence to work as a main financial officer. One begins as an assistant or executive, later handle supervisory and managerial positions and before being eligible for CFO position. Advancements beyond CFO are rare and difficult.
Employment Opportunities
Finance is a crucial department in all organizations. Whether it is a manufacturing unit or service sector, the position of a financial officer is common to all. Hence, a Chief financial Officer can work in any type of organization. Hence CFO jobs are open in production unit, services sectors, research, entertainment, education, social causes, etc.
We hope the given CFO work description has provided you valuable information on the key features, requirement and responsibilities of the chief financial officer. We hope this information works as guidelines in helping you carve your career path.