How much does a CFO earn
CFO (Chief Financial Officer) salary compared
The CFO (Chief Financial Officer) describes an individual job or position within a company rather than a legally relevant profession. The CFO generally ensures that everyone involved in a company always has an overview of the respective financial situation. Such a position is very often filled internally, rarely is someone brought in externally for an ongoing company. He is then employed in administration, or rather in the financial office. As a rule, the Chief Financial Officer works across departments in order to always have an overview of the respective areas. He then works with evaluation tools and collects facts that describe the financial situation of a company. A CFO is always responsible for the financially correct presentation of a company.
Duties and functions of a CFO (Chief Financial Officer)
The main tasks of a CFO include all activities in a company that have to do with finances. In this way, he monitors the flow of money within the company and determines strategies to optimally exhaust or use the capital. In addition, he documents the financial situation and recognizes if this is developing in a wrong or uneconomical direction in a company. A CFO plans the use of the funds in the company and must always keep an eye on profit optimization. He always acts in the interests of the company and then prepares the financial data for the management or for the CEO.
Monitoring the flow of money within a company is an important task for the CFO. He determines the current figures, observes and analyzes them. It is important to know how the funds will be used. In order to be able to optimize the processes in the future, professional analyzes and processing are required. A Chief Financial Officer knows the financial markets very well and knows how to react to them accordingly. It is also used to assess possible investments. These may have to be reduced or they could be used more. The CFO must be able to present a summary of his work to the managing director at any time. They finally get a picture of the overall situation, which they draw from the figures and data of the CFO.
Objectives of the areas of responsibility
A CFO has a number of goals that he has to pursue in his job. He has to make the best possible use of available funds at all times. Any money holes must be recognized and uncovered so that financial bottlenecks or bankruptcies are prevented. At the end of an evaluation, it is important to draw up correct balance sheets and statistics, which can be presented to the management. A CFO must recognize a company's investment needs and maintain a balance between equity and debt. This balance should also occur in expenditure and income.
A CFO is often used internally and has undergone several training courses before taking up his position. Depending on requirements, the CFO will work flexibly in one area. He can work in accounting and dunning, but also in controlling, in close contact with the CEO or the team leader.
Personal and professional skills of the CFO
One of the personal skills of a CFO is always to be resilient and reliable. He should also have a certain talent for organization, be comfortable with numbers and be ready to think like an entrepreneur. The latter is particularly important because as a CFO you always act in the interests of the company. Furthermore, the CFO should have a feel for the financial markets and be loyal to his CEO. He has a certain ability to communicate and is able to keep a cool head in the event of difficulties and problems. A serious demeanor is just as much a part of his personal skills as the passion to juggle with numbers and analyzes and to work on solutions in the financial area.
The technical skills can be found in the commercial area, in which the applicant should have completed an apprenticeship. As a rule, however, a degree is required, which can take place in business administration or accounting. Of course, other courses of study are also useful for this profession; the economic and, in this case, financial factor are usually important. The CFO needs knowledge of administration and personnel management. He is familiar with the world of finance and has extensive knowledge of financial law.
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