What does a Chief Finance And Operating Officer do?

A Chief Finance and Operating Officer is a senior executive who is part of the management team that manages the financial actions of an organization. This executive must produce financial statements to communicate results with shareholders and stakeholders of the organization. They must revise all their financial policies and procedures to strengthen internal controls and ensure the continuance of work to accommodate rapid growth. They must also establish cross-functional alliances to assist the effectiveness of the organization's marketing and business development initiatives.
Chief finance and operating officer responsibilities
Here are examples of responsibilities from real chief finance and operating officer resumes:
- Manage employees in GL, A/R, A/P, Credit/Collections, sales, warehousing, and shipping.
- Manage development and implementation of customize ERP system.
- Lead implementation of new worldwide consolidation system, Hyperion, significantly reducing closing time and improving controls over the consolidation process.
- Streamline risk management, convert banking relationship and convert payroll processing to a third party payroll processor.
- Work closely with CPA firm to improve operational and financial controls with no significant deficiencies note after year one.
- Reduce independent CPA audit time and eliminate audit corrections.
- Evaluate existing payroll / independent contractor issues and implement new salary structures.
- Provide oversight over all commercial, legal and regulatory matters, client negotiations, procurement, compensation and profitability models.
- Direct oversight of all accounting issues including acquisition, revenue recognition, inventory valuation and accounting, asset valuation and restructuring.
- Demonstrate expertise in healthcare revenue cycle management by developing cost/benefit analyses of clinical services and identifying key indicators for optimizing revenue.
- Facilitate successful internal and SOX audits through sound and thorough documentation.
- Create and review model inventory to support SOX and model validation requirements.
- Restructure accounting system methodology to more closely match recurring-revenue SaaS model.
- Manage financial and operational functions of SaaS and hosting provider for deregulate energy markets.
Chief finance and operating officer skills and personality traits
We calculated that 21% of Chief Finance And Operating Officers are proficient in Financial Statements, Oversight, and Human Resources. They’re also known for soft skills such as Analytical skills, Detail oriented, and Math skills.
We break down the percentage of Chief Finance And Operating Officers that have these skills listed on their resume here:
- Financial Statements, 21%
Full responsibility for preparing, analyzing, and interpreting financial statements for management and governing boards - both internal and external.
- Oversight, 5%
Managed Monthly Filter Change and Preventative Maintenance Contracts for customers per contracts designed and reviewed per legal oversight and approval.
- Human Resources, 5%
Direct responsibility for the following departments; finance, manufacturing purchasing/inventory, engineering, human resources, payroll and marketing.
- Payroll, 4%
Streamlined risk management, converted banking relationship and converted payroll processing to a third party payroll processor.
- Regulatory Compliance, 4%
Supervised six accountants in financial operations and regulatory compliance.
- Risk Management, 4%
Evaluated and negotiated business partnerships, joint ventures, investor relations, risk management and other contractual arrangements.
"financial statements," "oversight," and "human resources" are among the most common skills that chief finance and operating officers use at work. You can find even more chief finance and operating officer responsibilities below, including:
Analytical skills. The most essential soft skill for a chief finance and operating officer to carry out their responsibilities is analytical skills. This skill is important for the role because "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." Additionally, a chief finance and operating officer resume shows how their duties depend on analytical skills: "implemented it roadmap including enhanced data analytics, siop and conversion to sap erp system. "
Detail oriented. Another soft skill that's essential for fulfilling chief finance and operating officer duties is detail oriented. The role rewards competence in this skill because "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." According to a chief finance and operating officer resume, here's how chief finance and operating officers can utilize detail oriented in their job responsibilities: "developed and instituted business processes to improve fact based decision making including weekly business review and monthly detailed financial operating reviews. "
Math skills. chief finance and operating officers are also known for math skills, which are critical to their duties. You can see how this skill relates to chief finance and operating officer responsibilities, because "financial managers need strong skills in certain branches of mathematics, including algebra." A chief finance and operating officer resume example shows how math skills is used in the workplace: "analyzed revenue and expense statistics using financial models, business logic and trends, focusing on variations against plan. "
Organizational skills. A big part of what chief finance and operating officers do relies on "organizational skills." You can see how essential it is to chief finance and operating officer responsibilities because "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." Here's an example of how this skill is used from a resume that represents typical chief finance and operating officer tasks: "pioneered the implementation of internal controls and reporting systems that encompassed organizational control, records control, and reporting control. "
Communication skills. Another crucial skill for a chief finance and operating officer to carry out their responsibilities is "communication skills." A big part of what chief finance and operating officers relies on this skill, since "financial managers must be able to explain and justify complex financial transactions." How this skill relates to chief finance and operating officer duties can be seen in an example from a chief finance and operating officer resume snippet: "led due diligence teams shareholder communications"
The three companies that hire the most chief finance and operating officers are:
- Bank of America14 chief finance and operating officers jobs
- Raytheon Technologies2 chief finance and operating officers jobs
- CliftonLarsonAllen2 chief finance and operating officers jobs
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Chief finance and operating officer vs. Controller, vice president
A Controller, Vice President is focused on controlling and directing financial planning and budget management. They supervise the daily operations of the finance department, such as financial reporting, accounts payable, and payroll.
While similarities exist, there are also some differences between chief finance and operating officers and controller, vice president. For instance, chief finance and operating officer responsibilities require skills such as "r," "business plan," "private equity," and "strategic plan." Whereas a controller, vice president is skilled in "internal audit," "sox," "nyse," and "treasury." This is part of what separates the two careers.
Controllers, vice president earn the highest salaries when working in the manufacturing industry, with an average yearly salary of $162,621. On the other hand, chief finance and operating officers are paid more in the internet industry with an average salary of $163,246.The education levels that controllers, vice president earn slightly differ from chief finance and operating officers. In particular, controllers, vice president are 4.3% less likely to graduate with a Master's Degree than a chief finance and operating officer. Additionally, they're 0.7% less likely to earn a Doctoral Degree.Chief finance and operating officer vs. Corporate vice president
A corporate vice president is an executive professional who is vital in managing staff and supervising departmental operations of a corporation. Corporate vice presidents must assist the president and the board of directors in designing the overall mission, values, and strategic goals of the corporation. As determined by the business's strategic goals, vice presidents must contribute to sales innovations, strategic business development, and the profitability of the corporation. Corporate vice presidents must also attend meetings with the board of directors to share information about competitors and expansion opportunities.
In addition to the difference in salary, there are some other key differences worth noting. For example, chief finance and operating officer responsibilities are more likely to require skills like "cash flow," "cpa," "private equity," and "financial management." Meanwhile, a corporate vice president has duties that require skills in areas such as "portfolio," "project management," "healthcare," and "treasury." These differences highlight just how different the day-to-day in each role looks.
Corporate vice presidents may earn a lower salary than chief finance and operating officers, but corporate vice presidents earn the most pay in the hospitality industry with an average salary of $167,797. On the other hand, chief finance and operating officers receive higher pay in the internet industry, where they earn an average salary of $163,246.corporate vice presidents earn similar levels of education than chief finance and operating officers in general. They're 3.7% less likely to graduate with a Master's Degree and 0.7% more likely to earn a Doctoral Degree.Chief finance and operating officer vs. Executive vice president
An executive vice president is responsible for monitoring departmental operations, managing customer relationships, developing the company's strategic goals, and identifying business opportunities that would maximize the company's performance, drive revenues, and achieve the business's profitability goals. Executive vice presidents contribute to sales innovations, negotiate business contracts, analyze financial reports, and minimize the company's expenses without compromising high-quality operations and customer satisfaction. An executive vice president must have excellent leadership and communication skills to support its daily operations to achieve its long-term goals and objectives.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from chief finance and operating officer resumes include skills like "cash flow," "cpa," "private equity," and "financial operations," whereas an executive vice president is more likely to list skills in "healthcare," "strategic partnerships," "evp," and "loan portfolio. "
Executive vice presidents earn the best pay in the telecommunication industry, where they command an average salary of $198,405. Chief finance and operating officers earn the highest pay from the internet industry, with an average salary of $163,246.When it comes to education, executive vice presidents tend to earn lower degree levels compared to chief finance and operating officers. In fact, they're 5.3% less likely to earn a Master's Degree, and 2.8% less likely to graduate with a Doctoral Degree.Chief finance and operating officer vs. Director of administration & finance
A director of administration & finance oversees and directs an organization's administration and finance department, ensuring operations run smoothly and efficiently according to company standards and regulations. It is their duty to set goals and guidelines, lead the research and development efforts, establish procedures, manage the budgets and costs, review and evaluate financial reports, and implement the organizations' policies and standards. Moreover, a director of administration & finance leads staff and supervises all operations, solving issues and concerns if any would arise.
Types of chief finance and operating officer
Updated January 8, 2025