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This question is about finance vice president, finance director, and finance vice president salaries.
What is the difference between a CFO and a VP of Finance?
The difference between a CFO and a VP of finance is that VPs often have a hands-on role in managing a company's finances, while CFOs are more involved in the strategic financial future of a firm. These roles are fairly similar but have different day-to-day tasks and levels of strategic involvement.
VPs of finance often have a hands-on role in managing a company's finances. They get involved more in the details of the company's finances and are in charge of putting controls in place, making sure payroll is done on time, and managing the balance sheet. Often, they are CPAs who may have experience as a controller.
CFOs, on the other hand, are more involved in the strategic financial future of a firm. The role is less about accounting and more about reaching long-term goals. They are focused on what it takes to get businesses to the next level financially - whether by raising capital, making acquisitions, or growing organically.
To put it simply, a VP of finance works with the numbers, and the CFO works beyond them. This is not always true--some VPs of finance are playing the role of a CFO and vice versa.
When organizations are considering the two positions, it is important to understand these distinctions to give them the best shot at finding the right candidate in a tight talent market.
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