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Become A Chief Finance And Operating Officer

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Working As A Chief Finance And Operating Officer

  • Making Decisions and Solving Problems
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $217,075

    Average Salary

What Does A Chief Finance And Operating Officer Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Chief Finance And Operating Officer

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Do you work as a Chief Finance And Operating Officer?

Chief Finance And Operating Officer Jobs

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Average Length of Employment
Finance Director 3.9 years
Corporate Director 3.9 years
Top Employers Before
Controller 11.3%
President 2.7%
Director 2.5%
Top Employers After
Consultant 5.0%
President 4.5%
Controller 3.6%
Principal 3.4%
Owner 1.7%

Do you work as a Chief Finance And Operating Officer?

Chief Finance And Operating Officer Demographics

Gender

Male

77.3%

Female

19.5%

Unknown

3.2%
Ethnicity

White

64.1%

Hispanic or Latino

13.1%

Black or African American

11.5%

Asian

7.5%

Unknown

3.8%
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Foreign Languages Spoken

Spanish

24.7%

Mandarin

9.9%

French

9.9%

German

7.4%

Russian

6.2%

Cantonese

6.2%

Portuguese

4.9%

Dutch

3.7%

Malay

3.7%

Italian

3.7%

Chinese

3.7%

Swedish

2.5%

Teochew

2.5%

Japanese

2.5%

Arabic

2.5%

Cherokee

1.2%

Hindi

1.2%

Danish

1.2%

Ukrainian

1.2%

Norwegian

1.2%
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Chief Finance And Operating Officer Education

Schools

University of Phoenix

10.2%

New York University

8.3%

University of Chicago

6.8%

University of Southern California

5.3%

DePaul University

5.3%

Babson College

4.9%

Harvard University

4.9%

Fairleigh Dickinson University

4.5%

Cornell University

4.5%

Northeastern University

4.5%

Columbia University

4.5%

Brigham Young University

4.2%

Northwestern University

4.2%

Auburn University

4.2%

Georgia State University

4.2%

University of Utah

4.2%

Hofstra University

4.2%

George Washington University

3.8%

Pace University - New York

3.8%

University of Pennsylvania

3.8%
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Majors

Business

31.6%

Accounting

28.2%

Finance

21.8%

Management

3.8%

Economics

2.3%

Marketing

1.5%

Education

1.5%

Health Care Administration

1.1%

Law

1.1%

Political Science

0.8%

Operations Management

0.8%

Communication

0.7%

Real Estate

0.7%

Psychology

0.7%

Small Business Management

0.6%

Human Resources Management

0.6%

International Business

0.6%

Business Economics

0.6%

Computer Information Systems

0.6%

Legal Research And Advanced Professional Studies

0.5%
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Degrees

Masters

46.7%

Bachelors

37.3%

Other

9.9%

Doctorate

2.3%

Certificate

2.1%

Associate

1.5%

Diploma

0.2%

License

0.1%
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Real Chief Finance And Operating Officer Salaries

Job Title Company Location Start Date Salary
Cfo/Coo Giroski Operating, LLC Miami, FL Oct 01, 2011 $462,000
Coo/Cfo John Hardy USA Inc. New York, NY Jan 07, 2015 $450,000
Coo/Cfo John Hardy Management Inc. New York, NY Mar 16, 2015 $450,000
Coo/Cfo John Hardy Management Inc. New York, NY Mar 25, 2015 $450,000
Coo/Cfo John Hardy Management Inc. New York, NY Apr 01, 2015 $450,000
Chief Operating Officer and Chief Financial Office Fibrocell Science, Inc. Exton, PA Dec 01, 2010 $300,000
Chief Operating Officer and Chief Financial Office Fibrocell Technologies, Inc. Exton, PA Dec 01, 2010 $300,000
Group Chief Operating Officer/Chief Financial Offi Global Life Distribution (Us) Inc. Armonk, NY Aug 15, 2014 $250,000 -
$375,000
COO & Global Liquidity Head-Financial Institutions & Correspondent Banking Sales Citicorp North America Inc. New York, NY Feb 08, 2016 $215,000
Chief Operating Officer, Kroger Personal Finance The Kroger Co. Cincinnati, OH Mar 16, 2014 $200,000 -
$270,000
Global Chief Operating Officer/Chief Financial Off SMI Media Inc. New York, NY Jun 10, 2013 $195,000 -
$225,000
Chief Financial Officer/Chief Operating Officer National Society of Interior Designers Washington, DC Sep 15, 2016 $170,000
Chief Operating Officer, Kroger Personal Finance The Kroger Co. Cincinnati, OH Mar 02, 2013 $160,000 -
$260,000
Chief Financial Officer and Chief Operating Office Redbubble, Inc. Palo Alto, CA Jul 28, 2011 $152,838 -
$200,000
Chief Financial Officer/Chief Operating Officer Twomey Concepts LLC Dallas, TX Apr 26, 2014 $150,000
Chief Financial Officer/Chief Operating Officer Twomey Concepts LLC Dallas, TX Apr 25, 2012 $150,000
Coo/Cfo Shapeways Inc. New York, NY Nov 01, 2010 $145,000
Chief Financial Officer/Chief Operating Officer Paperg, Inc. San Francisco, CA Oct 01, 2015 $130,811
Director of Operations and CFO The Reece School New York, NY Sep 26, 2011 $129,000
Chief Operating Officer-Kroger Personal Finance The Kroger Co. Cincinnati, OH Mar 01, 2010 $125,000 -
$250,000
Chief Financial Officer and Chief Operating Office Faxitron Bioptics LLC Tucson, AZ Oct 01, 2012 $107,640 -
$200,000
Chief Operating Officer & Finance Controller Martin Flyer Jewelry, LLC New York, NY Dec 08, 2013 $103,599
Chief Operating Officer & Finance Controller KGK Jewelry LLC New York, NY Dec 08, 2013 $103,599

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Top Skills for A Chief Finance And Operating Officer

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  1. Financial Statements
  2. Compliance
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Managed external audit process to produce audited financial statements for the broker/dealer.
  • Selected and managed outsourced partners/vendors, conducted 38a-1compliance reviews and managed SEC filings.
  • Managed all financial resources and ensured compliance with operational and financial internal control procedures to achieve goals and objectives.
  • Addressed payroll and benefits matters, including salary decisions and commission calculations.
  • Worked with and assisted the CV Gaming Commission in creating tribal MICS, along with audit checklists and regulatory SOP's.

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Top 10 Best States for Chief Finance And Operating Officers

  1. New York
  2. Delaware
  3. New Jersey
  4. Connecticut
  5. District of Columbia
  6. Colorado
  7. Rhode Island
  8. Virginia
  9. North Carolina
  10. California
  • (851 jobs)
  • (76 jobs)
  • (354 jobs)
  • (196 jobs)
  • (127 jobs)
  • (264 jobs)
  • (55 jobs)
  • (335 jobs)
  • (334 jobs)
  • (1,703 jobs)

Top Chief Finance And Operating Officer Employers

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Jobs From Top Chief Finance And Operating Officer Employers

Chief Finance And Operating Officer Videos

A Day In The Life: Chief Operating Officer

Fireside Chat With John F. Milligan, PhD, President and Chief Operating Officer, Gilead Sciences

Career Advice on becoming a Chief Operating Officer by Rob S (Full Version)

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