what is a chief financial officer cfo 
the term chief financial officer cfo refers to a senior executive responsible for managing the financial actions of a company the cfo s duties include tracking cash flow and financial planning as well as analyzing the company s financial strengths and weaknesses and proposing corrective actions the role of a cfo is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company s financial reports are accurate and completed in a timely manner investopedia zoe hansenrole and responsibilities of chief financial officers cfos the chief financial officer is a member of the c suite a term used to describe the most important executives in a company alongside the cfo these roles include the chief executive officer ceo the chief operating officer coo and the chief information officer cio becoming a cfo requires a certain degree of experience in the industry the majority of people who end up in this position have advanced degrees and certifications such as a graduate degree in finance or economics and the chartered financial analyst cfa designation it also helps to have a background in accounting investment banking or analysis 1the cfo reports to the ceo but remains one of the key personnel in any company in the financial industry it is a high ranking position and in other industries it is usually the third highest position in a company people in this role have significant input in the company s investments capital structure and how the company manages its income and expenses this corporate officer may assist the ceo with forecasting cost benefit analysis and obtaining funding for various initiatives the cfo also works with other senior managers and is a vital participant in a company s overall success especially when it comes to the long run for instance when the marketing department wants to launch a new campaign the cfo may help to ensure the campaign is feasible or give input on the funds available for the campaign a cfo can become a ceo coo or they can assume the role of company president regulations and compliance for cfosthe cfo must report accurate information because many decisions are based on the data they provide the cfo is responsible for managing the financial activities of a company and adhering to generally accepted accounting principles gaap adopted by the securities and exchange commission sec and other regulatory entities cfos must also adhere to regulations such as the sarbanes oxley act that include provisions such as fraud prevention and disclosing financial information 2local state and federal governments hire cfos to oversee taxation issues typically the cfo is the liaison between local residents and elected officials on accounting and other spending matters the cfo sets financial policy and is responsible for managing government funds the benefits of being a cfothe cfo role has emerged from focusing on compliance and quality control to business planning and process changes and they are a strategic partner to the ceo the cfo plays a vital role in influencing company strategy the united states is an international financial hub and global economic growth increases employment growth in the u s financial industry companies continue to increase profits leading to a demand for cfos the bureau of labor statistics bls predicts the job outlook for financial managers to grow 16 between 2022 and 2032 the average annual salary for a financial manager was 139 790 in 2022 latest information 3