If your ultimate goal in life is to become a CFO and hold the highest finance position in a company, you might want to find out what a typical day for a CFO looks like before heading off to Savile Row to commission a whole new suit wardrobe at £3600 a pop.The work day of a CFO depends on company size and the type of company or industry. However, there are many activities that utilize the analytics, people management, disruptive technology, and several other crucial skills that a typical CFO would have acquired and mastered over the years. Here are some standard activities that future CFO hopefuls can expect to complete on a daily basis if they succeed in achieving the position of CFO.
- Providing Input on Company Investment Strategy
The CFO is a team leader to other employees, both inside and outside of the financial function. Not only will a coach manage a team, they are also responsible for getting results out of the talent on their team. The CFO is responsible for reviews and approves the company’s investment plans, developed by the financial directors and their team. They guide and support the company’s growth by providing input on all financial aspects, based on their years of experience. Corporate CFOs sit on the board of directors for their organization. After providing input and approving the investment strategy planning documentation, the CFO presents this key investment road map to the other members of the board. The CFO is responsible for presenting the information in a way that attracts prospective shareholders.
- Cooperate with Heads of Departments on Financial Matters
Nearly all company functions and departments must reach out to the “Finance Minister” at one time or another. The Finance Director is responsible for handing out advice on individual spend plans, however, department heads look to the CFO to determine salaries and budgets for projects that require bigger budgets for research and development. The CFO will analyze financial statements and reports from all business units to ensure that their financial activities are in accordance with the company’s strategic goals and objectives.
- They vouch for the financial feasibility of a company
CFO’s in construction companies become responsible for cementing (no pun intended) the company’s brand in the minds of potential investors, the industry and the communities in which the company operates. The CFO and the public relations department liaise to create comprehensible and easy to understand financial data. This helps to convince investors that a company is able to provide a lucrative return on investment, so the CFO becomes the “face” of the company to customers looking for truth regarding the financial viability of the company (without sugarcoating anything).
Some may say CFOs are glorified accountants that have moved into their company’s executive ranks. However, after looking at the typical day in the life of a CFO, it’s clear that being a successful CFO requires multi-functional executive with financial skills.