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wallstreetfighter
wallstreetfighter, Employment Lawyer
Category: Employment Law
Satisfied Customers: 17223
Experience:  14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits
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My boss just told me my job title was now CFO, does that come

Resolved Question:

My boss just told me my job title was now CFO, does that come with any benefits or is it just a jazzy title? Does being CFO entitle me to do anything other than what I was already doing without the title.
Submitted: 5 years ago.
Category: Employment Law
Expert:  wallstreetfighter replied 5 years ago.

wallstreetesq. :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

wallstreetesq. :

In terms of your new Title, the duties and pay would be determined by the employer.

wallstreetesq. :

CFO's job can be broken down into three major components:
1. Controllership duties - These make up the backward looking part of a CFO's job. Controllership duties hold the CFO responsible for presenting and reporting accurate and timely historical financial information of the company he or she works for. Every stakeholder in the company - including shareholders, analysts, creditors, employees and other members of management - relies on the accuracy and timeliness of this information. It is imperative that the information reported by the CFO is accurate, because many decisions are based on it.




2. Treasury duties – The CFO is also responsible for the company's present financial condition, so he or she must decide how to invest the company's money, taking into consideration risk and liquidity. In addition, the CFO oversees the capital structure of the company, determining the best mix of debt, equity and internal financing. Addressing the issues surrounding capital structure is one of the most important duties of a CFO.



3. Economic strategy and forecasting - Not only is a CFO responsible for a company's past and present financial situation, he or she is also an integral part of a company's financial future. A CFO must be able to identify and report what areas of a company are most efficient and how the company can capitalize on this information. For example, the CFO of an auto manufacturer must be able to pinpoint which models are making the most money for the company and how this information can best be used to improve the company in the future. This aspect of a CFO's duties also includes economic forecasting and modeling - in other words, trying to predict (given multiple scenarios) the best way to ensure the company's success in the future.

The CFO's job is a very complex one. We have only scratched the surface of the many things this executive is responsible for. One thing is certain: a great CFO will usually differ from a good CFO by the way that he or she is able to project the long-term financial picture of the company and by how the company thrives based on his or her analyses.


Read more: http://www.investopedia.com/ask/answers/04/042204.asp#ixzz1tGmfJWdG

wallstreetesq. :

As you can see the CFO position is a upper level executive position, and you should be given a significant pay raise, and this should be discussed with your employer.

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