How to Hire Chief Financial Officers in Pasadena
Current Environment
Hiring a Chief Financial Officer for your company can seem like a daunting task and something that you may not need or be able to afford. However, not having a CFO can actually be more expensive than hiring one. A successful CFO Recruiter will apply a process for identifying a top-notch candidate who matches both the required qualifications and is a long-term cultural fit with your company.
A chief financial officer can help your company generate the requirements for operational and departmental budgets, create and enforce operational policies that increase systemic efficiency and reduce costs, and manage or co-manage all banking activities, financial agreements, and funding as well as debt sources.
History
For most of the 20th Century, the role of the chief financial officer didn’t exist. However, after the regulatory changes of the 1970s, companies had to take financial considerations much more seriously than they ever did before.
Then, as mergers became particularly popular in the 1980s, companies learned that they needed to perform better or get swallowed up by the competition. CFOs became indispensable for identifying the weakest performing business units and helping them to grow and improve efficiency.
Today, 70% of billion-dollar companies have expanded the role of their chief financial officer to include strategic business analysis. Of course, your company doesn’t need to be a billion-dollar company to hire a CFO. The vast majority (76%) of 250 surveyed CFOs see themselves as a “navigator,” well equipped to guide their teams through fluctuating economic conditions.
Will COVID-19 Affect the Finance Field?
The COVID-19 pandemic has affected employment and the job market, however, the role of the CFO has become increasingly important for companies as they look to recover from the economic challenges experienced in the past year. Describing their future priorities, 86% of CFO respondents say they will be required to protect their organization today while enabling future growth. Also, the CFO will continue to need to focus on traditional mandates, such as corporate reporting, along with new ones like overseeing digital transformation.
2021 has seen a mix of responses as economies start to open up once again now that the distribution of the vaccine has increased. There is much to be hopeful about. The role of the CFO will be front and center in helping economies – big and small – to recover and prepare for the future. In fact, with the right talent, preparation and insights, CFOs can successfully navigate their company through a crisis—and emerge stronger.
How will Hiring chief financial officers Help Your Company?
In today’s fast-paced business landscape, a company’s CFO is more integral to operations than ever. In fact, about 41% of CFOs spend the majority of their time on non-finance-related activities, fueling data-driven decisions across the business.
The role and responsibilities of the job are rapidly changing. It’s clear that for the modern CFO, the job description now includes business strategist. These company power players are expanding their traditional responsibilities and tapping the power of data analytics to forecast and make strategic decisions to fuel business success. By providing company stakeholders with a holistic view of the entire organization, the CFO takes center stage and enables the executive team and board of directors to embark on a rapid growth trajectory.
chief financial officer Details
Responsibilities
Before we get to exactly how to hire the best Chief Financial Officer, let’s review some of the details of the job.
CFOs are responsible for managing the financial decisions of a company or organization. They are often responsible for executing the company’s financial strategy, developing plans for growth to increase company profit while also reducing expenditure, identifying investment opportunities and managing mergers and acquisitions, and assisting the Chief Executive Officer (CEO) to develop financial plans.
Additional job responsibilities:
- Manage accounting procedures and generally an accounting and finance staff
- Financial forecasting
- US GAAP
- Understanding of compliance and regulations
- Finance/cash management
- Accounts payable/receivable
- Big data and analytics
- Mathematics
- Leadership abilities
- Excellent communication skills, both written and verbal
- Have a growth mindset and the ability to instill that in others.
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Education
Most CFO positions require a Bachelor’s degree, and many CFOs require a CPA, CFA, and/or an MBA and significant experience in the financial industry (5+ years). Some experienced CFOs may be able to use their years of experience to replace an academic degree. While candidates can complete a degree in Business Administration, Public Administration, Finance, or Accounting, a wide variety of degrees may qualify someone for the role, depending on their previous experience.
Top Schools – US News & World Report rankings.
Top Schools
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University of Texas at Austin
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BYU-Provo
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University of Illinois at Urbana-Champaign