Chief Financial Officer (CFO) - Career Guide

The main responsibility of a CFO is to ensure the financial health and operational efficiency of the organization. Their duties can be grouped into four main areas:

• Coordinating and managing services: The CFO oversees all departments involved in financial and administrative activities on a daily basis, including accounting, taxation, human resources, auditing, and legal affairs. He or she ensures that resources are optimized and sometimes manages relationships with external parties such as suppliers, banks, and shareholders.
• Managing financial activities: This professional is responsible for managing accounting and ensuring the reliability and health of the accounts, as well as compliance with accounting procedures. They also manage all aspects of cash flow, including planning various budgets, monitoring liquidity, and analyzing strategic investment opportunities. They also implement an optimal reporting policy that serves as a basis for decision-making.
• Managing administrative and legal activities: A true pillar of governance, the CFO ensures compliance with internal processes. He or she also oversees overall human resources management: employment contracts, payroll, leave, compliance with applicable regulations, etc. 
• Participating in decision-making: As a key member of the management team, the CFO actively participates in strategic decisions, contributing his expertise to assess the financial viability of projects and identify growth opportunities.

CFOs are most often found in large organizations and multinational corporations. They report directly to senior management and are usually members of the executive committee, giving them a central role in the organization’s decision-making structure. Their position provides a cross-functional perspective, allowing them to align financial strategy with operational priorities.

On a daily basis, CFOs work closely with operational managers to harmonize departmental objectives with the company’s overall growth strategy. They are also the main point of contact for external partners such as auditors, banks, and investors, ensuring transparency and trust in the company’s financial management.

The difference between a CFO and a AFM

The role of Chief Financial Officer is often confused with that of Administrative and Financial Manager (AFM). Although the two roles share similarities, there are two major differences:

• The CFO is a management position, often found in large companies and groups. Their role is to oversee all financial and administrative services;
• The AFM, on the other hand, is a position more commonly found in SMEs. They are a more operational figure, focused more on management than on strategic direction.

Becoming a Chief Financial Officer requires a solid academic background in finance, accounting, and management, usually combined with significant professional experience. Most CFOs hold a five-year degree or higher, and many complete additional certifications to strengthen their expertise. Recommended pathways include:

• A Bachelor’s degree in Finance, Accounting, or Business Administration to gain foundational knowledge in financial analysis, corporate accounting, and management principles.

• A specialised programme such as a Bachelor in Accounting and Financial Management, which provides hands-on training in budgeting, reporting, and financial planning.

• A Master’s degree in Finance, Accounting and Auditing, or Business Management to deepen expertise in corporate finance, mergers and acquisitions, and international financial regulations.

• An MSc in Finance and Risk Management, Financial Engineering, or International Management, often taught in English and recognised worldwide, offering broader career opportunities in multinational companies.

• Professional certifications such as CPA (Certified Public Accountant), ACCA (Association of Chartered Certified Accountants), or CFA (Chartered Financial Analyst), which are highly valued and can accelerate access to senior finance roles.

Practical experience is essential for aspiring CFOs. Internships, work-study programmes, or entry-level roles in auditing, financial analysis, or controlling provide the foundation for career growth. Many CFOs also build expertise in consultancy, investment banking, or corporate finance before moving into executive leadership.

The natural progression for a CFO often leads to positions as Chief Executive Officer or CEO. This brings them to the highest level of responsibility within the company, with the task of managing the entire organization. To ensure this overall management, they may be supported by deputy chief executive officers.

Some executives choose to set up as independent consultants, putting their CFO expertise at the service of various companies. These companies often call on experts to assist them with strategic operations, such as mergers and acquisitions or financial restructuring.

Although less common, a CFO may also decide to create their own structure, such as a finance and management consulting firm. Thanks to the skills acquired throughout their career, they are able to structure their project and manage it effectively.