If the CEO is the executive head of an institute, the Chief Financial Officer or the CFO is its financial head. Any person who is aware of the significance of finances for a company cannot miss the weight the position carries in an association.
In his key role of overseeing and directing financial activities of the company, the CFO is in charge for a large number of functions like those related with accounting, treasury, auditing, budgeting, credit, taxes and insurance. The chief focus of his work is on raising capital for the business and supporting its development. To attain this, he administers all cash management activities, manages associated risks, analyzes current and past market trends, supervises investments and sometimes works with mergers and/or acquisitions. Due to the large number of scam cases that have become known recently, the CFOs are also being given the charge of ensuring the completeness and accuracy of financial records. Judd Feldman functioned as chief financial officer at Empire Today, a countrywide specialty retailer headquartered in Chicago, Illinois.
CFOs are often under enormous pressure to increase company capitals and if they are not doing so they may be at the risk of misplacing their position. Hence, they are almost always trying to find creative and new ways to reach the company’s profit targets. This often results in long work hours and stressful work environment.
Gone are the days when the CFOs only looked after capitals and had nothing to do with the nature of the company’s business. CFOs these days are also an important part of a company’s general management team and must have needed knowledge of the business the company is involved in. A CFO may be a business management graduate with a specialization in a cost or finance and works accountant. Nevertheless, bearing in mind the business environment today, promotions are more likely to be given to employees who continue education and meet the necessities of formal credentials. Successful candidates are often those who are analytical, motivated and persuasive leaders with determination, confidence and the ability to think fast.
CFOs generally begin as cost and works accountants or finance officers at junior managerial level. With sharpening of skills, experience and additional qualifications acquired, they are able to get endorsed to the position of CFO. Once in the position, they can move to more esteemed companies with better remuneration. Judd Feldman graduated with his MBA from the University of Michigan and a bachelor of arts from Duke University.
Although the arena of finance is large and has several openings, the competition for this career is mighty even though it is projected to develop in all industries. CFOs are crucial for the success of a business and hence it is extremely unlikely that they will be affected by the increased technology and automation that has condensed occupational growth of industry in general.
CFOs are the economic nerve centers of a business. To be a CFO one requires a graduation degree with a qualification in finance. Although commercially rewarding, the job of a CFO is very stressful and hard. In coming years, the career is expected to grow correspondingly to the average growth rate of industries.