Chief financial officer
Controller Job Description
A chief financial officer (CFO) is the highest-ranking financial professional in an organization and is responsible for the fiscal health of the business. The CFO’s responsibilities include, but aren’t limited to, building a top-notch finance and accounting team, ensuring revenues and expenses stay in balance, overseeing FP&A (financial planning & analysis) functions, making recommendations on mergers and acquisitions, obtaining funding, working with department heads to analyze financial data and craft budgets, attesting to the accuracy of reports and consulting with boards of directors and the CEO on strategy. CFOs may also help set technology direction, especially fintech, and make recommendations on everything from supply chain to marketing based on their fiscal insights and industry knowledge. The most-valued CFOs are visionaries — they have an eye toward the future, work closely with top leadership and aren’t shy about recommending strategic moves.
To be an effective business partner, today’s CFO must have the necessary leadership and communication skills. They must give advice and counsel as well as provide a voice of reason. They should possess a strong understanding of the company’s business model and industry and be able to use this knowledge to provide an independent perspective and to constructively challenge the commercial and operations teams, ensuring that business decisions are grounded in solid financial criteria. In an increasingly global and volatile environment with additional regulatory burdens, it often falls to the CFO to ensure adequate assessment and mitigation of risk as well as compliance with applicable regulatory or other legal requirements. Supporting strategy development and helping enable its execution. The CFO also plays a role in prioritizing and ensuring the strategy can be funded.
The position requires considerable financial management experience and academic training in accounting or finance. CFO qualifications are often an MBA — master’s degree in business administration — in accounting, finance or a related field; a CPA — certified public accountant certification; or a CMA — certified management accountant certification. Some CFOs are certified management or public accountants. A CFO candidate is often expected to have at least 10 years of accounting or finance experience, five years of which must have been served in a managerial role. CFOs must have a strong understanding of GAAP and other tax accounting principles and preferably have experience working with or reporting to the SEC.
Typical duties of a Controller
• Providing leadership, direction and management of the finance and accounting team
• Providing strategic recommendations to the CEO/president and members of the executive management team
• Managing the processes for financial forecasting and budgets, and overseeing the preparation of all financial reporting
• Advising on long-term business and financial planning
• Establishing and developing relations with senior management and external partners and stakeholders
• Reviewing all formal finance, HR and IT related procedures
Skills:
• Decision-making and problem-solving skills
• Leadership skills with the ability to delegate, motivate and inspire team members
• Honesty and integrity
• Strong written and verbal communication skills
• Ability to manage time effectively
Qualifications: Bachelor’s degree in finance, accounting or a similar field; Master of Business Administration (MBA)