Chief financial officer

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Chief Financial Officer (Chief financial officer)

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Chief financial officer (CFO) is the English name for a financial director within companies, organizations and institutions. A chief financial officer is part of the day-to-day management and is the second-highest position within the company, organization or institution. In most cases, a chief financial officer is actually a very experienced accountant, bookkeeper or controller, but this does not have to be the case. Which activities a chief financial officer performs exactly can differ per company, but the work does have to do with finances. Think of risk management, recording financial data and making plans with regard to finances. As chief financial officer you are part of the daily management and you are responsible for the decisions that are made. The name chief financial officer can occur in various ways within the practice, such as the designation financial director. In general, the term chief financial officer will only be used when it comes to large companies, organizations or institutions. The position and title of chief financial officer, like the position and title of chief executive officer (CEO), is generally reserved only for large companies, organizations and institutions that operate internationally. When it comes to smaller companies, organizations and institutions, one speaks more of a financial director or a financial manager. The duties of a chief financial officer are diverse and are perhaps best described as trust duties, referee duties and as supporting management tasks with an emphasis on finances. After the chief executive officer, a chief financial officer is the highest director within the company, organization or institution and therefore has major responsibilities.

The responsibilities as chief financial officer (CFO) are strongly focused on supporting the chief executive officer (CEO). Think of monitoring set objectives, following the set strategy, warning the chief executive officer (CEO) in time if things go wrong and informing the chief executive officer (CEO) about important topics. The work as chief financial officer (CFO) is therefore not only related to finance, because a chief financial officer (CFO) is also part of the daily management as a business manager. In addition, in most cases, the chief financial officer is part of the board of directors. As described earlier, the chief financial officer is the most responsible with regard to the finances.

This means that the chief financial officer will direct and control all financial managers within the organization. Because organizations that use a chief financial officer generally operate internationally, the stakes are usually high. This means that as chief financial officer you also regularly have to deal with various supervisory authorities. It is also the chief financial officer, who will inform all possible shareholders in a timely and complete manner about the company's performance. Just like the CEO, the chief financial officer has to deal with large responsibilities, because it usually involves large interests.

SOME TASKS OF A CHIEF FINANCIAL OFFICER (CFO):

  • Managing other financial employees;
  • Advising and assisting the chief executive officer (CEO);
  • Analyzing figures;
  • Analyzing data;
  • Estimating risks related to finances;
  • Negotiating and networking with people;
  • Preparation of financial policies and reports;
  • Consulting and advising with other board members;
  • Watching over the finances;
  • Monitoring set objectives.

WHAT DOES A CHIEF FINANCIAL OFFICER DO:

TRAINING TO BECOME CHIEF FINANCIAL OFFICER

There are several suitable courses when it comes to the position of chief financial officer, such as the Master study Business Administration and the study Finance, Management Control and Strategy. When we do not speak of a chief financial officer but of a financial director, there are also less onerous courses that can be regarded as suitable courses, such as the Hbo programme Accountancy or the Hbo programme in Business Economics. In general, a chief financial officer will have at least a university degree, because the position of chief financial officer can be classified as a heavy position. A bachelor's degree will therefore in most cases not be enough to be able to work as chief financial officer. In addition, there are also plenty of external training institutes where you can follow a course. Accounting is also important as an entrepreneur.

COMPANIES WHERE A CHIEF FINANCIAL OFFICER MAY BE EMPLOYED

A chief financial officer works for larger companies, organizations and institutions that usually operate internationally. Within smaller companies, institutions and organizations, one speaks more of a financial director or of a financial manager. In practice, this may mean that a financial director or financial manager is actually a well-trained and experienced bookkeeper, accountant or controller. As chief financial officer, you will therefore work for large companies and other types of organizations. Think, for example, of manufacturers, shipbuilders and large small and medium-sized businesses.

COMPETENCIES CHIEF FINANCIAL OFFICER

The most important competence of a chief financial officer is that the chief financial officer is a finance professional with extensive work experience. In addition, you must be able to be regarded as a mathematician, business economist and econometrician. Good communication skills should also not be lacking as chief financial officer. This is the case because you have to deal with many different people and organizations. Obviously, a chief financial officer must also have excellent management skills and knowledge of organizational structures. Generally important words for a chief financial officer are collaboration, leadership, insight, persuasiveness, passion, vigilance, control, inspiration, solution orientation, courage and perseverance.

LABOUR MARKET PERSPECTIVE AND CAREER OPPORTUNITIES AS CHIEF FINANCIAL OFFICER

The labour market perspective as chief financial officer is generally very limited and reserved only for professionals who have the right training or studies and who have the right work experience and knowledge. The profession of chief financial officer will certainly not be accessible to everyone, because it is a position in which the right competencies play an important role. The career opportunities as chief financial officer should be seen in obtaining even more responsibilities, such as the position of Chief Executive Officer (CEO).

TERMS OF EMPLOYMENT AND SALARY CHIEF FINANCIAL OFFICER

There are no examples of the terms of employment because as chief financial officer you can work for various types of companies, organizations and institutions with different collective agreements. A chief financial officer will typically earn a salary between 5,000 and 11,000 gross per month depending on age, education and further responsibilities.

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