Money is fuel to a company. As with any vehicle, how far a corporation could run depends on how much finances, or fuel, is there. Thus the central role of a company’s finance sector. Every company has one. It is a very crucial segment, because the work herein affects all other parts of the group. The equation is this: a well-managed financial department yields to a well-managed company. Its performance is reflected in the performance of all of the other departments.
At the helm of a financial department is the CFO, or the chief financial officer. The CFO is the company executive principally responsible for handling its money. For more on what this job entails, see these Job Description Samples.
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The Finance Department
Essentially, this department takes care of the entire company’s money. It is the decision-making body on company finances. This duty encompasses the money’s
- risk management, and
Its Chief Financial Officer
Overseeing everything there is to these functions, and the people that form part of the financial department, is the chief financial officer or the CFO. The people that work with the CFO includes financial managers that organize and report on the company’s financial conditions, as well as financial analysts that track business and industry trends and forecasts that the company should be aware of. For more on their work, see Financial Manager Job Description Samples, and Sample Financial Analyst Resumes, respectively.
- The CFO’s responsibilities. The bulk of the financial planning and strategizing is done by the CFO. Basically, the person in position is at the steering wheel of financing, driving how the company should use its money.
- Qualifications of a CFO. A high standard of academic qualification is expected of a chief financial officer. Companies look for a master’s degree in finance or accounting, at the very least.
- Additional qualifications of a CFO. To supplement this, a CFO should also
- Have extensive and noteworthy experience. This could include an internship with a big firm, or a string of awards and recognitions from the academe or the industry as a whole. More importantly, the person to take on the CFO position is expected to have around a decade of experience working in his field and at an executive role at that.
- Have excellent communication skills, both written and oral, since the CFO represents or speaks for not only his department but for his or her company with regards to its finances.
- Have a good network. The representation extends to the entire market, even on the international sphere.
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Comparing a Chief Financial Officer and a Financial Advisor
Financial direction is common to both positions. By contrast, however, a CFO works under his or her company, and for no other. The CFO’s services are specific to the company. A financial advisor, on the other hand, may direct his or her services to a number of clients, both individuals and entities. For reference, see Financial Advisor Job Description Samples.
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