What is a CFO and how to be a successful one

What is a CFO? 

A CFO is a Chief Financial Officer, a C-suite executive, who is responsible for managing the financial affairs of a company. They are the highest-ranking financial professional in an organisation and report directly to the CEO. 

At Marks Sattin, our demonstrable track record, specialist knowledge and relationships, speak for themselves. That is one of the reasons we are a trusted to source the highest quality and experienced CFOs and Financial Directors for investor-led businesses, usually going through change. 

We work with a wide range of private equity-backed and privately owned businesses across all sectors and locations. So if you are on the search for a CFO or interested in landing your next CFO job, Marks Sattin is here to help. 

What does a CFO do day to day? 

A CFO’s responsibilities are diverse and critical to the financial health and success of a business. Everything they do and every decision they make is with the company’s overall objectives and goals in mind. 

Here are some key responsibilities of a CFO: 

• Financial strategy - they set the company’s financial direction and long-term vision, this includes budgets, capital management, forecasting, and more. 
• Financial analysis - they analyse financial data to inform business decisions and ensure that resources are allocated appropriately. 
• Risk management - they identify, assess, and manage financial risks that could affect the organisation’s stability or profitability. This allows them to plan ahead and avoid such issues and stay on track. 
• Financial reporting - they oversee that all financial reports are transparent and accurate as they are shared with stakeholders and important for corporate governance. 
• Stakeholder management - they manage financial expectations within the C-suite and help to make informed decisions to support the overall strategy. CFOs also interact with external stakeholders such as investors, the board of directors, and regulators. 
• Managing finance teams - they are the head of finance so manage employees such as accountants, payroll, and budget staff. 

What qualifications does a CFO need? 

CFOs need extensive experience in their field as well as in leadership positions. On average, CFOs have 8 or more years of experience. 

The qualifications needed depend on the industry, company size, and the requirements of the company. However, there are some general requirements that are expected from CFOs: 

• A bachelor’s degree in finance, accounting, business administration, economics, or a related field is usually a minimum requirement. 
• Advanced degrees, such as a Master of Business Administration (MBA) or a Master's in Finance (MSF), are a bonus as they enhance core skills and knowledge. 
• In terms of prior experience, common roles include accounting, financial controller, financial director, or director of operations. It is important to remember that there are many paths you can take to get to this career destination. 
• Often CFOs seek to enhance their credentials by adding more certifications to their CV. For example, the Certified Public Accountant (CPA), the Chartered Global Management Accountant (CGMA), or the Certified Treasury Professional (CTP).

Marks Sattin can assist you in finding the right CFO role based on your skills and experience as well as your career aspirations. We are specialists in finance recruitment and, with over 30 years’ experience, we are confident in placing the right candidates with the right business.

How do you succeed as a CFO? 

Succeeding as a Chief Financial Officer (CFO) requires a combination of skills, strategies, and qualities that contribute to effective financial leadership and organisational success. 

CFOs possess a strong understanding of financial principles, accounting standards, identifying and mitigating financial risks, industry-specific knowledge, and an understanding of company operations, market dynamics, and competitors. 

They often have diverse backgrounds that allow them to pull skills and knowledge from their experiences to contribute to overall growth of an organisation.

What skills do you need to be a CFO? 

CFOs have a well-rounded skillset that combines hard and soft skills to helps them succeed in their roles. Here are some skills and the reasons why they help CFOs to succeed: 

• Leadership - to guide the finance team and collaborate with other teams and departments. 
• Crisis management - to navigate financial challenges and find effective solutions. 
• Interpersonal skills - to build relationships and collaborate effectively with board members, investors, and other stakeholders. 
• Technological proficiency - to leverage financial software such as data analytics tools or payroll software to streamline processes. 
• Ethical integrity - to maintain an unwavering commitment to ethical conducts in reporting and decision making. 

Partner with Marks Sattin for CFO jobs 

Meet our director of the Investor-led CFO & Finance Executive Search team, Tracey Alper, who has vast experience in recruiting chief financial officers, finance directors and financial controllers in private, public and private equity-backed businesses. You will be in safe hands with Marks Sattin. 

Learn more about how we can help you to recruit and be hired as a CFO.