A chief financial officer, or CFO, is the top financial executive within a company. He or she is responsible for overseeing a company's accounting and financial departments to make sure everything runs smoothly and accurately. The CFO will work with the CEO and other executives to ensure that the company is in compliance with all accounting laws and adheres to generally accepted accounting principles.
Chief Financial Officer Jobs Education Requirements
The typical CFO will have a master's degree in business, finance or accounting. In addition to an MBA, a CFO will generally also be a certified public accountant or a chartered accountant. The position requires spending many years in the classroom, and an aspiring CFO will also work for a number of years in the financial or accounting departments of private companies or government agencies before assuming an executive role.
Chief Financial Officer Job Outlook
While most CFOs oversee the finances of large companies, it is possible to find work with start-up companies or the government. Since 1990, the federal government has had a CFO for each of its agencies.
The job market for chief financial offers is likely to grow 11 percent through 2022. The Bureau of Labor Statistics states the growth will arise from the need for strong leaders as new companies are established and current companies grow. The prestige and pay that comes along with the title could mean that those who are interested in the role will face stiff competition for available positions.
Chief Financial Officer Pay
According to the Bureau of Labor Statistics, the median salary for any chief executive in 2012 was $168,140. The pay scale ranges from around $76,000 for those earning the smallest average executive salaries to more than $187,000 for executives employed by high-profile companies.