This position is a VP position, often the highest finance position in any organization in any industry.
• The CFO oversees the entire financial operations of the company, all accounting departments and functions, as well as the internal audit function. The CFO is directly responsible for the company’s financial reports to stakeholders and tax authorities.
• The CFO directs the company’s financial strategy, heads management planning as top management – CEO and the other VPs confer on company action plans and forecasts. (Often, the CFO is known to be the most influential of all VPs as he or she can make or break any other VPs department goals with an opinion on the financial soundness of their plans and intentions.)
• The CFO directly supervises investment of company assets and its activities to raise funds from whatever sources.
• The CFO is responsible for identifying opportunities and trends for business expansion and other opportunities to raise the market value of the company’s stocks, if it is publicly-held, or to give more returns to investors.
• Experience – At least a 10-year experience in a senior accounting/finance/audit position. This role requires extensive industry experience because seasoned judgment is key to making sound financial decisions especially in turbulent economic times.
• Education – Often, a master’s degree is required specifically in the finance and/or accounting field. Continuing Professional Education (CPE) is also a standard requirement, which is actually earned in credit units for various specialized trainings or conferences attended.
• Technical Qualifications – A professional license as an accountant (CPA or similar) is required. In specific financial services industries, additional certifications or licenses may be required. CFOs are also expected to be proficient with the latest accounting or audit applications in the market.
AED 45,000 – negotiated sums. Salaries for top management positions are rarely disclosed and varies widely even within the industry. The bottom-line determinant of a CFO’s compensation package is their reputation, built over years of experience and industry associations.
All reputable organizations with highly structured operations have finance directors. Often, these are large multinational or international firms with complex financial needs and operations. However, smaller firms with local, UAE only operations or Middle East-only operations may also hire CFOs.