Chief Financial Officers

Experience in lower level management positions of increasing responsibility (such as chief accountant, treasurer, controller, etc.) is required to become a CFO. As companies struggle to compete in today’s competitive marketplace, CFOs increasingly need a more eclectic range of experience. “Today’s most effective CFOs are those that have a breadth of business experience in addition to finance—from operations management, to business development, to even information technology and human resources,” according to Changing Economy/Evolving CFO, a report from the finance and accounting staffing firm LHH Recruitment Solutions.

Chief financial officers need a variety of skills to be successful in their work. They must be highly ethical and honest in all duties, but especially when preparing financial reports for government regulators and company shareholders. According to Changing Economy/Evolving CFO, “the credibility of the CFO is the foundation upon which entire companies rise and sometimes crumble." CFOs need excellent communication and interpersonal skills in order to successfully interact with business unit heads throughout their organization, colleagues, members of the media, and regulatory officials. They also need strong analytical skills because they no longer just collect financial information, but also must create financial strategies and plans for the organizations they work for and advise top executives regarding financial and business issues. Other key traits include organizational and leadership ability, creativity, a detail-oriented personality, and proficiency with technology (including the ability to use financial-related software and databases such as Microsoft Dynamics, Great Plains, Oracle PeopleSoft, and SAP, as well as data management software such as Microsoft Excel). Finally, CFOs must stay abreast of developments in their particular industry and in the broader financial world by staying up to date on compliance and regulatory issues. They do this by participating in continuing education opportunities, reading trade publications, and following every move of the Securities and Exchange Commission, the Financial Accounting Standards Board, and other regulatory agencies.