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This question is about what a chief executive officer does and what a chief finance officer does.
CEO vs. CFO
A CEO, or Chief Executive Officer, is the first in command at a company or corporation, while a CFO, or Chief Financial Officer, is an executive at a company or corporation that is in charge of finances.
The CEO is the head of a company or corporation and its highest ranking official. CEOs formulate business objectives and make strategic decisions, such as expanding into a new market or developing a new product. A CEO reports to a company's board of directors. Their focus is external as they collaborate with investors, partners, and other external stakeholders.
A CFO is a high-level executive at a company or corporation who is responsible for a company's financial operations. CFOs control and build a company's financial department, execute financial planning, manage financial risks, and oversee record keeping and financial reporting. A Chief Financial Officer reports directly to the CEO and board of directors of a company.
Here are the key differences between a CEO and a CFO:
| A CEO is first in command of a company and reports to the company's board of directors. | A CFO is an executive in charge of a company's finances and reports to the CEO. |
| A CEO formulates business objectives and makes strategic decisions. | A CFO controls and builds a company's financial department. |
| A CEO seeks to collaborate with investors, partners, and other external stakeholders. | A CFO executes financial planning, manages financial risks, and oversees record keeping and financial reporting. |
| A CEO has an external focus related to the company. | A CFO has an internal financial focus related to the company but also can have external input in the form of investments and other external financial dealings. |
| A CEO has an average salary of $796,134 per year. | A CFO has an average salary of $415,427 per year. |
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