Getting to the top takes dedication
03 March 2008
For many in the accounting and finance profession, attaining the chief financial officer (CFO) role is viewed as reaching the pinnacle of your career - Hong Kong
For many in the accounting and finance profession, attaining the chief financial officer (CFO) role is viewed as reaching the pinnacle of your career. It is the most senior finance position in most firms and its impact on the business can be tremendous.
The profile of the CFO has increased substantially as organisations have tightened financial controls in the wake of corporate governance changes. While corporate scandals have put the CFO firmly in the spotlight, it has also raised the position's liabilities.
There are many different types of CFO roles. Some act as the financial guardian of an organisation, ensuring the books and records are accurate and up-to-date and comply with all necessary regulations, whereas the responsibilities of more commercially focused CFO roles include working closely with the chief executive in driving business growth, such as mergers and acquisitions, dealing with investors and representing the company.
Attaining this role can take a lot of hard work and dedication and is not something that happens quickly. In most cases, CFOs are qualified accountants so a formal education plus an internationally recognised accounting qualification are of great importance. There are many ways to reach the top. Some stay within professional services firms and occasionally move from partner level into commercial CFO roles. Most CFOs enter the commercial world much sooner and build a career through the finance functions of one or more corporations.
Salaries vary greatly depending on the nature of the role and the size and industry sector the company is in. For smaller, locally focused companies, salaries can be relatively low compared to CFOs in multinational corporations. Bonuses and long-term incentive plans can also comprise an important part of a package. Some CFOs can earn a 100 per cent bonus and group CFO's of listed companies in Hong Kong or those with major financial institutions earn substantially more.
Article contributed to South China Morning Post by Andrea Williams, Managing Director, Hong Kong at Ambition, a recruitment specialist covering Hong Kong, China, Singapore, Australia and Britain.
You can view the article at SCMP here.
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