A Chief Financial Officer (CFO) provides operational support to the company. It is the CFO who supervises the finance unit and acts as the chief financial spokesperson for the company. They report directly to the Chief Executive Officer (CEO) and assist the Chief Operating Officer (COO) with strategic matters relating to budget management, cost benefit analysis, and securing funding.
A CFO is required to hold a formal qualification at an accredited college or university, and must additionally have completed a Master’s degree in a relevant discipline. Most employers prefer a CFO to be a Certified Accountant.
Typical duties of a CFO include:
- working with the CEO on strategic matters including fostering and maintaining stakeholder relationships
- identifying funding opportunities and drafting prospective budgets
- assessing the benefits of prospective contracts and advising the executive team accordingly
- ensuring security and financial procedures are in place and that all operations are in compliance with legal and financial regulations
- overseeing the management and coordination of financial reporting activities
- overseeing purchasing and payroll activity
- attending board meetings
- monitoring bank activities of the company
- investigating cost-effective benefit plans on offer to employees
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