Chief Financial Officer (CFO) Job Description (2021)
Free CFO job description. A CFO or Chief Financial Officer oversees all finance, accounting, budgeting, forecasting, cash flow, credit, and debt obligations of a business. A CFO is a senior-level executive that is responsible for the financial management of a company or organization. And is held accountable for their work on behalf of the CEO (Chief Executive Officer) or other senior management executives. The primary responsibility of the CFO to ensure the overall financial performance of the organization.
CFO Job Description Sample
Our organization is seeking a new CFO and senior executive to oversee our finance department. The ideal candidate has previous experience directing finance teams, including accountants, tax professionals, controllers, and more. Candidates who have experience in investor relations will be preferred. And candidates who have experience preparing financial reports for both publicly traded investors and private investors will be preferred. The candidate must be able to handle all the strategic planning of our finance department and work closely with other executive management team members. The candidate should be familiar with all the modern CFO duties and requirements of today’s CFO. Those with 10+ years of previous experience in the CFO role will be preferred.
According to data collected by PayScale during 2019, the national average salary for a chief financial officer is $132,028.00 per year. That equates to, on average, a median wage of $33.51 per hour. Entry-level chief financial officers with less than one year of experience can expect to see salaries of $91,000.00 per year. Those who have been working for twenty years or longer are reporting earnings of at least $148,000.00 or more.
CFO Job Boards
Hiring for executive positions can be difficult. It's advised to use a "niche" job board when hiring an executive. Another option for hiring executive positions is to use an executive recruiter.
Top chief financial officer job boards
Top executive recruiting firms
In order to find an experienced chief financial officer, it's advised to use an executive search firm. Rather than using a national job board like Indeed, Monster, or Dice.com. Executive search firms have a rigorous process for accepting candidates. And can save board members, executives, and businesses a significant amount of time during the search.
CFO Responsibilities & Duties
Below are sample duties and responsibilities of the chief financial officer role.
- Handle the financial performance of our business. From income statements to the general ledger to inbound and outbound balances.
- Pull a regular financial statement for the executive staff to review per quarter. And per annum to ensure the business is in a healthy state.
- Oversee all controllers, financial accountants, CPA’s (Certified Public Accountants), tax professionals, and other financial professionals.
- Handle reporting and oversee each department’s spending, profit, and loss, or other financial figures that provide the performance of the department.
- Handle reporting and oversee the business's overall profit and loss statements.
- Oversee all the organization’s liabilities and ensure that the business is following through on all debts, credit obligations, or other financial commitments.
- Work closely with the human resources team to oversee the budgeting of all human resources. And allocate the annual sums for raises, new hires, and other salary requirements.
- Oversee all financial reporting needs for the various teams, financial planning needs, and more.
- Oversee all capital structure (debt obligations, equity, and other forms of funding).
- Be accountable for our financial forecasting, financial information, and financial results.
- Define accounting policies and ensure the finance team has a clear understanding (through training) of what they mean. And how to deploy them for the finance function of our organization.
- Oversee general budget management for human resources, investments, debt obligations, and more.
- Work closely and hire a Vice President of Finance to direct our finance teams.
- Have triggers that indicate financial risk on the business and internal controls to counteract risks.
Top candidates in the CFO position have the following skills:
- Impeccable written and verbal communication skills.
- Outstanding interpersonal skills.
- Proven skills in negotiation.
- Can make wise decisions and understand new issues quickly.
- Works well under pressure.
- Is a natural leader.
- Must be able to manage teams at all levels.
- Can delegate tasks effectively, and has excellent time-management skills.
- Excellent problem-solving and critical-thinking skills.
- High level of dependability and integrity.
Additionally, Mark Freebairn says that "a successful chief financial officer must be able not only to see the risks and opportunities behind the numbers. But to act as a strategic business partner to the CEO." And goes on to say, "Doing that well requires strong leadership, excellent communication, and team-building skills."
Below are sample requirements for the chief financial officer job.
- Bachelor’s Degree or MBA in Finance preferred.
- 5+ years of previous experience in an executive finance role.
- Must be a Certified Public Accountant.
- Required to have previous experience with investor relations.
- Must have previous experience managing a finance team.
- Must have previous experience hiring for a finance team.
- Previous experience managing finances in higher education is a plus.
- Familiarity with all tools required for the CFO position, which includes Microsoft Office Suite and other professional financial software.
Related job descriptions
Download the free chief financial officer job description PDF template. And use the sample chief financial officer job description provided to make an efficient job posting for your company. For more information please visit the U.S. Bureau of Labor Statistics.
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