Financial Director: What is it and what does it do?

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Financial Director

The CFO (Chief Financial Officer, CFO) is the one who takes care of the finances of a company’s management. His duties include monitoring cash flow and financial planning, as well as analyzing the company’s strengths and weaknesses and proposing corrective actions. We can say, in summary, that the figure of the interim finance director is very similar to that of a treasurer or a controller because he is responsible for managing the financial and accounting divisions. This professional must ensure that the company’s accounting, financial and economic reports are accurate and completed in a timely manner.

Its role is very delicate, as it postulates enormous precision in the reading and management of numbers. For this reason, the CFO must always keep everything under control so that the company’s accounts are in order and comply with the standards set by the top management. The chief financial officer typically reports to the chief executive officer and has a significant role in managing the company’s investments as well as income and expenses. Starting a career in this area, therefore, requires solid experience in financial management and highly specialized training in accounting and finance.

What skills should a CFO have?

Generally, an administrative or financial director must have a degree in Economics and Commerce, preferably accompanied by a master’s or specialized course. Although training is a solid foundation from which to start, there are some unique skills that a person must possess in order to perform his profession optimally. First, an auditor must have good problem-solving skills. His decisions influence the future of the company so rather than getting a good deal right now, he has to think about the long term. And, of course, he needs to know his company thoroughly in order to know what the best solution is to adopt.

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Another quality of the CFO is leadership and strategic vision. He must be able to devise plans quickly and have an objective view of things. In addition to these character skills, the statutory auditor must also have a very accurate knowledge of cash and financial accounting and so-called Corporate Finance. To this knowledge must be added a strong work ethic and great reliability, since there are many people who count on his work.

How do you become a financial director?

Like many other professions, experience in the field and professional skills count a lot in climbing to the top of a company. However, given the multiple knowledge and skills of this professional figure, a solid educational base is also needed. Generally, whoever enters the position of administrative director is a person with considerable training behind him. Not only does he have a bachelor’s degree in economics, but also a master’s or doctorate in finance. There are also many cutting-edge courses designed specifically for those who have already embarked on this career and want to improve themselves to have promotions or improve the performance of their company.

How much does a financial director make?

Obviously, given the prestigious and responsible role, a financial director can earn very high figures. They range from 70 thousand euros per year up to 300 thousand (in the case of large multinationals). The range varies according to the type of company in which one is employed, its size, and the experience of the employee. It is one of the best-paid jobs in the world: for this very reason, many young people have decided to invest in this sector and focus their training in this field. In recent years, in fact, the number of masters and courses dedicated to the figure of the financial director have grown in order to meet the growing demand.

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