The full form of CFO is Chief Financial Officer. The CFO is the officer of a company who is largely in charge of the organization’s finances, including financial risk management, financial planning, financial analysis, and record-keeping. The CFO is also in charge of data supervision in other areas.
A CFO is commonly referred to as an FD in the United Kingdom (Finance Director). The CFO typically reports to the CEO (Chief Executive Officer) and the Board of Directors and may also serve on the board. The CFO is the company’s chief financial officer and oversees the finance department.
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Eligibility Criteria to become CFO
- Many CFOs in large corporations have professional credentials such as an MBA (Master of Business Administration), a Master of Science in Finance or Accounting, or a CPA with an accounting background or CFA.
- Professional accountants such as Certified Public Accountants, CA (Chartered Accountants), Chartered Certified Accountants, and Certified Management Accountants are commonly found in financial units.
Primary duties of CFO
Create and implement the company’s financial strategy.
- Examine the financial statements
- Responsibilities for capital structure and financial operations
- financial information to the chief executive officer
- Approaches to tax and financial planning
- Financial reports must be submitted to the board of directors.
- Examine the company’s economic weaknesses and strengths and take the necessary actions.