Updated June 05, 2023
A chief financial officer (CFO) is the employee responsible for all aspects of a firm’s finances. As the title indicates, a chief financial officer is a senior level or “C-suite” position, responsible for carrying out broad policies decided on by the firm’s board of directors, and providing periodic updates to the board. Depending on the firm’s size and scope, a chief financial officer will typically oversee a team of analysts, accountants and more, and may also oversee contracts with outside groups performing these services.
Salary (Median Pay)
For financial managers:
- Salary: $134,180/yr
- Hourly Rate: $64.51/hr
Source: Bureau of Labor Statistics
Duties and Responsibilities
- Develop long-term financial plans;
- Provide financial advice for marketing, operations divisions;
- Oversee annual budgeting process;
- Create investment strategies and identify growth areas;
- Conduct periodic risk analyses;
- Monitor tax liabilities and audits when necessary;
- Manage internal finance staff and external contracts; and
- Help firm meet regulatory obligations.
Qualifications
- Degree in finance, economics or accounting;
- Extensive financial analysis experience;
- Data-oriented approach to problem-solving;
- Good understanding of budgeting process;
- Ample knowledge of securities, bond markets; and
- Ability to motivate those in demanding jobs.