Chief Financial Officer (CFO) Requirements and Duties

Chief financial officers (CFOs) oversee the overall financial risks of a business. They pursue positive business ventures, prepare financial reports and communicate with other executives to ensure the maximum growth of the company. The requirements to become a CFO vary based on the field of work, but most candidates will need a bachelor's or master's degree in business administration, finance or economics.

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Job Requirements of a Chief Financial Officer

The requirements for becoming a CFO may vary considerably based upon the type of organization where the position is sought. Generally, most candidates will have a bachelor's or master's degree in business administration, finance or economics, although some may carry degrees in liberal arts or a job-specific field of study. For instance, many in medical or public sector professions may have degrees specific to their original occupations and later receive additional training toward the tasks of a chief financial officer. Likewise, the CFOs within the educational workforce typically possess a doctorate degree in educational administration.

Within some industry organizations, such as manufacturing, retail or transportation, the possibility may exist for a lower level executive who does not possess a college degree to be promoted into the CFO position. In these cases, candidates will possess extensive experience and training within a company, as well as progressive advancement and increased responsibility over the financial decision-making process.

Chief financial officers generally must possess strong analytical and communications skills to both understand complicated financial data and effectively explain the ramifications of that data to the workers they oversee. CFOs must also maintain vital leadership skills, such as determination, decisiveness, accountability and self-confidence, and be able to encourage these traits in others.

Job Duties of a Chief Financial Officer

Chief financial officers manage the overall financial risks of a business. They supervise the compilation and preparation of financial statements and reports, develop and pursue positive business ventures, watch over mergers and acquisitions, develop strategies for internal growth and effectively manage the revenue of the corporation. The CFO works in close cooperation with the chief executive officer (CEO) to create plans and opportunities for the maximum benefit of the organization.

The position of CFO requires strong self-discipline and managerial skills, as well as an equally strong spirit of teamwork and cooperation. CFOs must set appropriate goals for an organization and oversee the action required to complete them successfully. They must likewise build and maintain productive business relationships in order to achieve a unified vision that ensures everyone within the organization remains committed to the company's course of action.

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