The financial chief officers are corporate person who are responsible for the management of finances and to give advice on the financial risks of a corporation. He is also responsible for many other things related to finance such as financial planning which means he will have to advise how and how much to spend, keeping the records of use of money in any way is also one of their responsibility, also they do give monthly reports about all these things to the upper management of the corporation they work for. These officials are also known as CFOO, chief financial and operating officer. They lead the finance department and its unit and they work as chief financial spokesperson. They report only to upper management and sometimes also sit with board. In some organizations they also get responsibility to analyses the data. They contact directly with CEO and COO on plans and practical matters of handling the finance such as how to maintain the budget and do a project with as less money as possible, plan the budget for upcoming requirements.
They have high qualifications for this job that is why they got position in big corporations. Most big companies hire people with a degree of masters in business administration, or Master of Science or with one who have accounting certificates and backgrounds such as certified public accountant. Many people hire accountant with other certificate related to this field such as chartered accountant, certified management accountant, or those which are equivalent to masters.
The role of chief financial officers or we can say CFO has been changes very much in recent years. In the past the role was of a keeper of finances, one who will keep records and make budgets but now things have changed, these professionals also give advices to CEO and work as strategic partner. In fact a report has shown that they are more active and working partner in strategy planning’s of organizations. Many CEOs make them to challenge their strategies.
It is being said that in upcoming years he will be the person who would have to be more outspoken than reserved, he would have to work as a thinker rather than as a detail-oriented. They are being seen as key players in stockholders and also being seen as leaders and team builders. They are playing a very critical part in the business world, and moving it towards new ways.
The duties have been changed to direct sighting of operations and responsibilities. The CFOs have proven that the environment in which people work very much affect the success and profits of an organization.