what is a chief financial officer?

You have overall responsibility for the organisation's finance department. Being a chief financial officer means holding a responsible key role in further developing the business. The chief financial officer creates financial plans, compiles forecasts and results, and establishes control systems for follow-up. You analyse profitability and are responsible for tax matters and declarations. In this role, you advise managers and the business on financial issues. The chief financial officer works closely with the CEO and reports to the board. It is common for the chief financial officer to have personnel responsibility and be part of the management team. The amount of strategic and operational work varies depending on the size of your organisation. Your title may be chief financial officer, CFO, or finance manager.

what does a chief financial officer do?

A chief financial officer is responsible for all or parts of the organization's finance function. You work strategically and operationally depending on the size of the company. The tasks include financial analysis, ongoing accounting, forecasting, and budgeting. With overall responsibility for the finance department, you usually lead and coordinate the accounting. You prepare and follow up on budgets, forecasts, and financial plans. In larger organizations, you also handle strategic issues such as capital management, financing, and business development.

You are an important part of the management team and act as an advisor to the board on matters concerning finance and business development. In this role, you analyze the company's profitability and identify opportunities for growth and efficiency. Your tasks may also include ensuring that the business complies with legislation regarding tax, VAT, and accounting. The responsibility includes improving and developing internal control systems and reporting procedures. Additionally, you usually have personnel responsibility, which means you lead and follow up with the team in the finance department. As automation and digitalization become increasingly common, it is necessary to have knowledge of modern financial systems. You need to be well acquainted with technical tools to ensure efficient and accurate financial management. As chief financial officer, you have the opportunity to influence the company's strategy and thereby contribute to long-term success.

chief financial officer jobs
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average salary as chief financial officer.

According to Framtid.se, chief financial officers have an average monthly salary of 79,800 kr. The starting salary varies greatly depending on industry, sector, and experience. According to current salary statistics, a chief financial officer's salary can range from 45,000 kr up to 80,000 kr.

factors that affect the salary as chief financial officer.

Your salary as a chief financial officer is influenced by many factors. If you have extensive experience and a lot of operational responsibility, you usually have a higher salary than someone who is new to the role. The geographical location plays a major role. Salaries for chief financial officers tend to be higher in metropolitan areas, such as Stockholm, Gothenburg, and Malmö. Salaries in the private sector are generally higher than in the public sector. It is advantageous to have an academic education in economics, such as a degree in business administration. You can also receive a higher salary if you have specialist knowledge in taxes and financing, as well as experience managing complex operations.

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different roles of chief financial officer.

There are several different areas of work for chief financial officers. Here the most common ones are described: 

  • Operational chief financial officer: You work continuously with finance, including accounting, reporting, closing of accounts, budgeting and forecasting. you can also manage financial systems, revenues and costs, as well as monitor financial flows.
  • Strategic chief financial officer: You focus on long-term decisions and plans, investment analysis and business development. as an advisor to the board and CEO, you develop growth strategies and handle risk management as well as efficiency improvement.
  • Interim chief financial officer: This is a temporary assignment where the chief financial officer leads change, improves financial functions, and manages restructuring. If needed, you implement new systems and processes.
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working as a chief financial officer.

This role is responsible and varied, where you need to be able to think strategically before you act. The work requires high flexibility as you often need to handle unforeseen financial situations.

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education and qualifications as chief financial officer.

Most chief financial officers have a post-secondary education in business administration or economics, usually from a college or university. There are also specialized certification courses aimed at chief financial officers. A secondary school education in economics is usually fundamental for the role but is rarely enough to become a chief financial officer. The most common path is to first work for a few years as a business economist, accounting economist, or assistant auditor.

skills and qualities.

Below are some examples of skills and qualities that can be useful to have in the job as chief financial officer. 

  • Analytical ability: You need to be able to interpret and analyze key figures, financial data, and forecasts to provide a basis for strategic decision-making.
  • Leadership: As chief financial officer, you are responsible for the employees in the finance department. You need to have the ability to lead and allocate work as well as to coach the team.
  • Digital competence: It is important to have experience with financial systems and an understanding of digital workflows. With digital competence, you can carry out effective reporting and analysis.
  • Communication skills: You communicate financial information to management and department heads. In this role, you act as a sounding board and CEO and need to be able to translate numbers into business insights.
  • Strategic thinking: A chief financial officer contributes with investment assessments, business planning, and financial management.
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frequently asked questions about working as a chief financial officer.

Here are the most common questions about working as a chief financial officer.

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