Becoming a Chief Financial Officer (CFO)
The Chief Financial Officer (CFO) holds significant responsibilities within the organization, playing a vital role at the heart of companies. They are not only responsible for finances but also for managing human resources, legislation, and broader aspects of business management. As a key partner in defining the company’s strategic direction, the CFO often works closely with the CEO, COO (Chief Operating Officer), and other executive leaders to ensure alignment between financial goals and overall business objectives. This role opens the door to a prestigious career that can be both international and local, often involving collaboration with various agencies and executive teams. If this job interests you, discover the role of a CFO here.
What is the role of the CFO ?
As a key player in a company's management, the Chief Financial Officer (CFO) holds a strategic position, coordinating with the council and various agencies within the organization. As the name suggests, they are responsible for the financial management of the company, but their role also extends to assisting the Director of Human Resources. Therefore, the CFO manages the human needs necessary for the proper functioning of the company, oversees investments, and ensures compliance with federal regulations. In addition, they play a crucial role in defining and monitoring the company’s budget, aligning financial resources with strategic objectives to maintain a solid financial position. In concrete terms, the CFO manages disputes with clients, monitors tax declarations, and ensures compliance with regulations, maintaining the integrity of the organization's financial capital.
Main activities of a chief financial officer
Within the company, CFOs are responsible for managing financial activities such as accounting, budgeting, forecasting, financial reporting, and risk management. Their strategic role includes ensuring regulatory compliance, safeguarding the company’s financial health, and providing accurate and timely financial reports to support decision-making by the executive suite and board of directors.
- Ensures compliance with laws and monitors regulatory developments to ensure the company is always in compliance.
- Analyzes the financial situation and prepares a tax strategy adapted to the needs and objectives, , ensuring proper reporting of financial matters.
- Manages the various departments of the company, including internal controls, and communicates regularly with all departments.
- Resolves disputes with clients.
- Supervises negotiations with banks and investors including public and private agencies.
- Supports the company's administrative department.
Required skills for a CFO
Personal and interpersonal skills are necessary to carry out the role of CFO on a daily basis. Among the most essential soft skills are communication abilities, which are crucial for negotiating, reporting to senior management, and managing teams. A good sense of negotiation is also indispensable. Beyond interpersonal competencies, the CFO must demonstrate strong strategic thinking to guide financial planning and support long-term business goals. They must also have a perfect command of financial, tax, and accounting techniques, including knowledge of internal control requirements and financial forecasting. For example, they need to know how to use digital tools for company management, including online financial management systems. A good command of professional English is also a significant asset for effective communication with banks, investors, clients, and other stakeholders, including federal government bodies.
Studies to become a chief financial officer
A degree, at least at the master's level (Bac +5), in finance, financial engineering, or business administration is necessary to enter the private equity sector and excel in the investment role. The more prestigious the school from which your degree is obtained, the more likely you are to impress recruiters from the most attractive companies, including major federal agencies.
- The Master in Finance offered by emlyon business school aims to develop a solid and in-depth expertise that will enable you to fully understand the challenges and demands of finance, including the analysis of complex financial data. This program offers a common core followed by a specialization in corporate finance or market finance, thus providing a comprehensive view of financial aspects, including cost-benefit analysis and strategic financial planning.
Brochure of the Master in Finance
- For those seeking a more generalist program, the Master in Management-Grande École program from emlyon, which awards a master's degree, is also a pathway that prepares students for careers in finance. It aims for excellence in general management with progressive and tailor-made specialization, including modules on financial systems, cash management, and fiscal planning. Elective courses and specialization tracks allow students to build their careers in market finance and corporate finance.
Brochure of the Master in Management
- The Master in Management, Finance & Tech is a triple degree offered by emlyon business school, Bayes Business School, and POLIMI Graduate School of Management. This innovative program combines management skills, strong financial knowledge, and technological expertise, preparing you to become a fintech leader in an ever-evolving financial landscape. Over two years, you will study in three European cities (Lyon, London, and Milan) and gain practical experience through a six-month internship in the dynamic financial sector, including roles in government and private investment planning.
Brochure of the Master in Management, Finance & Tech
- The MSc in Financial & Business Performance is a two-year programme designed to train experts capable of mastering management control and finance tools to drive corporate performance. Faced with strategic challenges and the evolution of digital technologies, you will develop essential analytical skills to collect, analyze, and interpret financial and operational data, which are crucial for strategic decision-making. This immersive programme includes group projects, academic and professional challenges, as well as two internships, providing you with hands-on experience and international exposure.
What is the average salary of a CFO?
In France, the compensation of a Chief Financial Officer (CFO) typically depends on a variety of factors, including experience, the size and industry of the company, geographic location, and the complexity of the financial operations they oversee.
The salary also reflects the CFO’s educational background, many hold advanced degrees such as an MBA or certifications like Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA). In established firms or fast-growing businesses undergoing digital transformation, chief financial officers are viewed as strategic partners, often playing a key role in financial planning and analysis, capital structure optimization, and mergers and acquisitions.
Here is the median gross annual salary range based on level of experience:
- Junior CFO: €50,000 — typically early in their career, with responsibilities focused on accounting processes, reporting, and supporting budgeting tasks.
- Experienced CFO: €71,000 — responsible for leading financial initiatives, improving internal controls, and advising on financial strategies.
- Senior CFO: €84,000 — in charge of comprehensive financial governance, long-term strategic planning, treasury functions, and investor relations, with a strong influence on the organization’s overall direction and performance.
As CFOs progress in their careers, they are increasingly required to demonstrate strong leadership skills, business acumen, and the ability to implement efficient financial processes that improve cash flow, reduce costs, and support sustainable growth.
Career progression for a CFO
A CFO has a promising career progression trajectory, often progressing to senior executive roles within the organization, such as CEO, Sales Director, Operations Director, or Marketing Director. They can also become a partner in a consulting firm, manage fiscal strategy, or start their own business. Opportunities also exist within federal government and agencies focused on economic growth and financial management.
emlyon business school
emlyon business school is one of the best business schools available in France, offering advanced training in finance, accounting, and business administration. With a focus on professional development and leadership, emlyon prepares its students for roles as CFOs, financial controllers, and leaders in financial services. The school's extensive alumni network provides valuable opportunities for mentorship and career advancement, enabling students to connect with industry.