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Job outlook for chief finance officers in the United States
Chief finance officer job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected chief finance officer job growth rate is 6% from 2018-2028.
About 189,200 new jobs for chief finance officers are projected over the next decade.
Chief finance officer salaries have increased 3% for chief finance officers in the last 5 years.
There are over 131,815 chief finance officers currently employed in the United States.
There are 145,184 active chief finance officer job openings in the US.
The average chief finance officer salary is $143,947.
Are chief finance officer jobs in demand?
Chief Finance Officer job and salary trends over time
Chief Finance Officer jobs over time
Chief Finance Officer job growth rate over time
Year  | # Of Jobs | % Of Population |
|---|---|---|
| 2021 | 131,815 | 0.04% |
| 2020 | 126,467 | 0.04% |
| 2019 | 126,987 | 0.04% |
| 2018 | 118,317 | 0.04% |
| 2017 | 112,627 | 0.03% |
Average chief finance officer salary over time
Chief Finance Officer salary by year
| Year | Avg. Salary | Hourly Rate | % Change |
|---|---|---|---|
| 2025 | $143,947 | $69.21 | +0.8% |
| 2024 | $142,794 | $68.65 | --2.7% |
| 2023 | $146,773 | $70.56 | +3.5% |
| 2022 | $141,873 | $68.21 | +1.1% |
| 2021 | $140,278 | $67.44 | +3.5% |
Chief Finance Officer jobs by state
Most common states for chief finance officers
| Rank | State | Population | # of Jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 476 | 69% |
| 2 | Massachusetts | 6,859,819 | 2,672 | 39% |
| 3 | Virginia | 8,470,020 | 3,016 | 36% |
| 4 | North Dakota | 755,393 | 262 | 35% |
| 5 | Minnesota | 5,576,606 | 1,896 | 34% |
| 6 | Rhode Island | 1,059,639 | 353 | 33% |
| 7 | Delaware | 961,939 | 282 | 29% |
| 8 | Vermont | 623,657 | 183 | 29% |
| 9 | Maryland | 6,052,177 | 1,709 | 28% |
| 10 | Colorado | 5,607,154 | 1,542 | 28% |
| 11 | New Hampshire | 1,342,795 | 380 | 28% |
| 12 | Washington | 7,405,743 | 1,993 | 27% |
| 13 | Idaho | 1,716,943 | 461 | 27% |
| 14 | Illinois | 12,802,023 | 3,374 | 26% |
| 15 | New York | 19,849,399 | 4,942 | 25% |
| 16 | New Jersey | 9,005,644 | 2,237 | 25% |
| 17 | Nebraska | 1,920,076 | 484 | 25% |
| 18 | California | 39,536,653 | 9,292 | 24% |
| 19 | Georgia | 10,429,379 | 2,521 | 24% |
| 20 | Connecticut | 3,588,184 | 844 | 24% |
Most common cities for chief finance officers
| Rank | City | # of Jobs | Employment/ 1000ppl | Avg. Salary |
|---|---|---|---|---|
| 1 | Foster City | 3 | 9% | $161,175 |
| 2 | Bethesda | 2 | 3% | $138,090 |
| 3 | Des Plaines | 2 | 3% | $142,931 |
| 4 | Washington | 12 | 2% | $164,149 |
| 5 | Atlanta | 10 | 2% | $115,158 |
| 6 | Stamford | 3 | 2% | $141,234 |
| 7 | Evansville | 2 | 2% | $88,434 |
| 8 | Birmingham | 2 | 1% | $95,195 |
| 9 | New York | 8 | 0% | $159,169 |
| 10 | Los Angeles | 7 | 0% | $158,511 |
| 11 | Chicago | 6 | 0% | $142,942 |
| 12 | Austin | 4 | 0% | $135,625 |
| 13 | San Francisco | 4 | 0% | $161,038 |
| 14 | Boston | 3 | 0% | $146,205 |
| 15 | Phoenix | 3 | 0% | $127,109 |
| 16 | San Diego | 3 | 0% | $156,952 |
| 17 | Charlotte | 2 | 0% | $111,421 |
| 18 | Colorado Springs | 2 | 0% | $126,541 |
| 19 | Denver | 2 | 0% | $124,308 |
| 20 | Detroit | 2 | 0% | $140,065 |
Chief Finance Officer job outlook: Expert opinions
Our panel of chief finance officer experts
Manhattan College
Fairfield University
University of Akron
University of Oregon
Stonehill College
King's College
American University
Albion College
Cedar Falls
Lawrence Technological University
Pacific Lutheran University
Kean University
William Paterson University of New Jersey
James Madison University
University of Washington
What general advice would you give to a Chief Finance Officer?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
What general advice would you give to a Chief Finance Officer?
John McDermott Ph.D.: To maximize your salary potential, keep learning, investing in your human capital, and expanding your capabilities. Learn as much as you can about your new position and industry, work with a variety of people at your firm, and seek opportunities outside your comfort zone. Your salary potential will increase as you are recognized as a capable and hard working colleague.
What will help Chief Finance Officers increase their earning potential?
Clemens Kownatzki PhD, MBA: As a beginner in any field, it pays to listen more than to talk. Be humble, pay attention, be nice to folks and probably most helpful is having a mentor who can guide you along and show you some best practices for navigating your career. You should take advantage of your education, not just to show a piece of paper that says you graduated but think of every single project, essay or paper that you write as part of a portfolio that demonstrates your skill sets. Especially in finance where we can sometimes be enamored with the beauty of a mathematical model, think about how any model should be applied in the real world. In some cases that might mean that you have to “get your hands on the wheel and learn how to drive.” I am not suggesting that you should put all your savings at risk and buy the next iteration of the latest cryptocurrency, but If you’re interested in a career in investing, put a small amount of money at risk and trade a stock, or if you must trade a few dollars’ worth of Bitcoin or Ether – as much as you would risk for a movie ticket seems reasonable. There are lots of virtual trading apps where you can trade with paper money, but there’s nothing like understanding risk when your own dollars are at stake, even if it’s just a few dollars. You should also absorb all the workshops, seminars and resources available out there. Follow Prof. Aswath Damodaran who has a YouTube Channel and hundreds of spreadsheets with financial models, all for free! Also follow some good content providers on various channels to get additional insights – in the field of finance, you need to be up-to-date on all events because those influence markets and the economy. Be ready to continue learning and update your skills and understanding while you’re working. Education doesn’t end after you finish your degree. All successful people are life-long learners.
What will help Chief Finance Officers increase their earning potential?
Timothy Egan M.S. Marketing: -Under promise and over deliver. -Know your value, self-assess your skills, your knowledge and your role. Understand when and when not a company can give increases. -Build an internal support system. Make sure you have people who will go to bat for you when you want to move up internally. -After succeeding don't be afraid to ask for an increase. -And remember, stay humble. The minute you think you know everything; you haven't learned anything.
What general advice would you give to a Chief Finance Officer?
Eric Brisker Ph.D.: The finance industry is a very competitive industry to compete for jobs in even when graduating with an undergraduate degree in Finance. Fresh graduates beginning their career in finance should focus on the following areas to give them a competitive advantage on other job market candidates: 1. Develop your professional skills to include communication, networking, and social skills. 2. Develop analytical skills and learn the tools used for analyzing financial data. 3. Continue to develop and expand your financial knowledge. 4. Work towards obtaining a professional certification that are highly valued in the finance industry. 5. Being open about career paths is recommended.
What will help Chief Finance Officers increase their earning potential?
Eric Brisker Ph.D.: Focusing on developing skills in communication, networking, social skills, analytical skills, financial knowledge, and obtaining professional certifications can help maximize salary potential in the finance industry. Developing these skills and following the advice provided can lead to opportunities for higher salaries.
Z. Jay Wang
Department Head, Associate Professor of FinanceUniversity of Oregon
Finance And Financial Management Services
What will help Chief Finance Officers increase their earning potential?
Z. Jay Wang: Students who have a history of doing work in the field outside the classroom either through internships, industry projects, or school-sponsored clubs managing financial decisions are better poised to maximize starting salary potential. Starting early to secure internships with top companies will also position students well for higher earning potential. Most top banks and firms will post internships from April/May to August, and close by the end of September for the following summer. They are also rolling, so may fill the roles by as early as June of the sophomore year for the following summer after junior year. Finally, networking with industry and alumni professionals in the companies, firms, banks prior to applying for an internship or full-time position will have an impact. The candidate will learn more about the opportunity and company culture for their resume and potential interview, and most top companies in finance will have a referral program. If the candidate impresses the internal connection with excellent questions and strategic answers, they may get a referral that moves them up in the stacks of applicants.
What general advice would you give to a Chief Finance Officer?
Z. Jay Wang: As you onboard into your first roles in finance, a great work ethic and strong technical skills are obviously important for your long-term success. Moreover, your human skills will be as important as your technical skill. Ensure you practice and develop your communication, problem-solving, critical thinking, and project management skills. In terms of technical skills attention to detail, use of data analytics tools, and visualization will be very valuable. Another often overlooked skill is written communication. Many students fail to realize the importance of effective communications.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Z. Jay Wang: Big data analytical and quantitative skills have become increasingly important in the past decade. Moreover, AI will be a part of how you work. Understand and practice how this tool can help you solve simple tasks, and do research and assessment of data efficiently and strategically.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Dr. Wayne Durr: My advice to a graduate beginning their career in Finance is don't stop learning. You've spent
the last four plus years grinding through the required academics to graduate, but how much did
you learn? Most students spend most of their time "memorizing" the content necessary to pass
their exams, but memorizing isn't learning. Employers aren't as patient as in years past and
want new graduates to jump in and be productive. Employers aren't spending money and
resources on long training periods for new graduates. This doesn't mean you must return to
college or spend money on additional courses. Once you've landed that job that begins your
career in the world of Finance, find ways to increase your knowledge of the tasks assigned to
you by that employer-great sites like Coursera, Udemy, etc. Find current books related to the
topic, use audiobooks, ebooks, podcasts, etc. These can all be ways to update your learning in
a simple and shorter time frame. You might find listening to an audible book or podcast more
enjoyable without memorizing the content to pass an exam. Even contact a former professor for
recommendations. Many of your former professors do the same thing to stay current in their
field.
What general advice would you give to a Chief Finance Officer?
Dr. Wayne Durr: Maximizing your salary potential starts with understanding your value. What skills and
capabilities can you articulate to a prospective employer? The ability to articulate these skills
and what you bring to that company can be challenging. Think of your resume like an artist
thinks of their portfolio. What projects or analysis have you worked on? You cannot articulate
the value you will bring to that prospective company without the ability to articulate your skills
and capabilities. Do your research to determine what other employers pay people with the
same abilities. Ask employers what the salary range is and use that as your baseline. As you
get close to graduating, your classmates talk about the job offers they receive and most likely
share the salaries they are being offered. Listen and use this as a baseline. All this gives you
an idea of your value. Your first job isn't always the place where you'll be able to maximize your
earning potential. Think of your first job as where you will get the work experience to maximize
your future earning potential. Look at this as the place where you will sharpen your skills and
develop new ones. This first job will be where you fill out your resume and either have an
opportunity to maximize your earning potential there or elsewhere in the future.
Additionally, think about passive income and the "side gig". If you don't feel like you're
maximizing your earning potential at that first job, think about how you can make money on the
side. I believe we now live in a society where truly maximizing your earning potential comes
from more than your current employer. The ability to earn money from a side gig is more
prevalent than ever before. I think every student should take an entrepreneur class. Think
about your skills, which one could make you some side money. Don't dismiss jobs you did
growing up, like delivery service, landscaping, etc. There are so many apps and websites that
people and companies are looking for anything from an hour to a couple of days worth of work.
Take that first six months on the job to get settled in, and then start thinking about that side gig.
What will help Chief Finance Officers increase their earning potential?
Dr. Wayne Durr: In the next 3-5 years, I anticipate the continuous evolvement of Finance and soft skills.
Financial technology is rapidly changing, and current CEOs, CFOs, and other leadership levels
assume that new college graduates are all tech-savvy. This doesn't mean a minor in computer
science, this means the current leadership isn't going back to school to learn new technological
advances in the world of Finance, and, frankly, may still be afraid of new technology. New
graduates have spent the majority of their lives embracing new technology and are more
advanced than they realize. Continue to explore the new technologies being created in the
world of Finance, even if your current role doesn't use it. One day, there may be a meeting
where leadership asks, "Has anyone ever heard of this technology?" Be that person that can
say "yes." It doesn't mean you're an expert, but being familiar with that technology will go a long
way.
Soft skills, like time management, working independently, and problem-solving, will become
even more important. We have a job market that has been doing well but can change quickly.
Employers will be looking to do more with less. Those employees who can work independently
on multiple tasks without constant oversight will be more valuable in the future. The ability to
problem-solve without the need for guidance will also be valuable and secure your future in that
organization. The industry loves maximizing the work they can get from salaried employees, so
time management is very important to the business world and to ensure the worklife balance.
Peter Ibbott
Associate Professor of EconomicsKing's College
Economics
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Peter Ibbott: Optimizing your LinkedIn profile and CV are the most basic steps to increase salary potential at the start of your career. For students who do not have the grades to pursue graduate or professional studies, there is another path for post-graduate acquisition of valuable career focussed skills. Most universities offer post-graduate diploma programs through their schools of continuing studies. Community colleges also offer similar post-graduate diploma programs aimed at providing industry certification and essential career oriented skill development. These programs can open doors to more specialized and lucrative careers in business and finance.
What will help Chief Finance Officers increase their earning potential?
Peter Ibbott: If you are considering a career in economics or finance, it is best to get an MA in Economics or a Masters in Financial Economics. If you are considering a career in Business or Finance, it is best to develop your experience through work, while seeking additional educational opportunities throughout your career. Many find that accumulating micro-credentials can be useful. A more valuable path is to work towards obtaining a Chartered Financial Analyst designation. For strong students, taking a break later in your career to pursue an MBA or Masters of Finance can be useful in advancing your mid-career prospects.
Octavian Ionici PhD
Sr. Lecturer in FinanceAmerican University
Finance And Financial Management Services
What general advice would you give to a Chief Finance Officer?
Octavian Ionici PhD: The right education and training along with solid interpersonal skills should be at the top of their skill set. With those skills they can navigate potential disruptions to the workforce, future business trends and emerging technologies.
Hard core financial modeling skills are a must for finance, especially now with algorithmic business applications multiplying with the emergence of AI. Knowing how to develop a model that will answer multiple what-if scenarios for allocating resources, securing funding, managing risk, developing future plans, and making smart decisions overall.
Because AI, chatbots, blockchain and other "robots" will help companies simplify the workflows (preparing the reports and processes) faster, people will need to understand how to apply these technologies in order to analyze the results and to make decisions in real time.
People will also need to monitor the AI models and to constantly check for accuracy and biases. A big emphasis will be on collaboration of interdisciplinary teams of professionals working in IT, finance, accounting, HR and leadership. This means that companies will value employees that know how to find business information and deliver answers across functional areas proactively.
Finally, as they are working in a global interconnected world, they need to understand different cultures, regulations, and societal norms, so that they can respectfully communicate their ideas in cross-cultural situations. Along with the necessary technical skills, having an open mind and strong customer service focus will benefit them as the field continues to evolve.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Octavian Ionici PhD: The finance profession is lucrative, rewarding and very competitive. Graduates should do their research about the organization they are interviewing with and be able to discuss how their skills can contribute to the business. They should also know if they would rather interact with people and clients or if they are drawn to intellectual pursuits such as analysis. Do they value power, prestige status, risk, or something else? Ultimately our core values, personal goals, interests, aptitudes, and personality will shape our career paths.
Being able to articulate what sparked their interest in the financial field and why they are interested in a chosen role will be an advantage during the hiring process. While still in college, students should join a professional association like the Financial Management Association to give them more access to that broad network, as well as access to career development resources that can set them apart from the crowd.
It's also critical to get an internship (paid or unpaid) in order to show some real-life experience. They can do this while they are still in college, during the summers, or even afterwards, to get a foot in the door.
Reading the WSJ and FT daily, and listening to Bloomberg, or other financial programs as a regular practice will help them to have fluency in the language of our profession. Because the finance sector is heavily regulated and changes occur due to changing economic and political conditions, they will need to stay updated with those changes. Financial media sources will help bring them that context to stay up to date on all of these moving parts.
What will help Chief Finance Officers increase their earning potential?
Octavian Ionici PhD: Try to understand what your boss or your company needs, then see if you can fill that gap with your skill set and work ethic. Finance constantly evolves. A career with lifelong learning will help keep you employable. Investing in continuous learning and skill development can increase your income potential down the road.
Plus, don't underestimate the power of a positive attitude and strong work ethic. You may not be an expert at the beginning, but you can take on every challenge given to you, work hard and try to turn it into a success for your organization. Each win will build your reputation and your portfolio of skills which you will then bring with you to your next job. As you do this, you will inevitably acquire specialized skills.
What general advice would you give to a Chief Finance Officer?
Noah Alatza: As you begin your career, there are two areas that are critical to your success. First, it is essential that you commit to continuous learning. Strive to become knowledgeable on a wide variety of issues and developments in the financial sector, and set yourself apart by becoming an expert in a few key areas of interest. Secondly, actively build your professional network. Always take the opportunity to make new connections, and commit dedicated time each week to building and maintaining those relationships.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Noah Alatza: Prior to graduation, gain as much relevant experience as possible through internships. Having multiple internships where you've proven yourself to be successful and hardworking is essential to getting the best offers for full-time roles. In the early years of your career, take note of the qualifications of your next promotion and proactively take steps to ensure that you achieve those qualifications. Finally, make sure to do your research on salary levels for similar positions and don't be afraid to ask for an increase when your work performance and data support that request.
What will help Chief Finance Officers increase their earning potential?
Noah Alatza: Effective communication skills and the ability to quickly adjust to changing conditions will become even more important in the next few years. Technology is changing rapidly and financial professionals can enhance their success by learning to utilize those new tools to their advantage.
What general advice would you give to a Chief Finance Officer?
Dr. Kimberly Gaither: Finance majors will also be valued for their analytical skills, but more and more soft skills will be valued into the future. Communicating your analysis in a manner consistent with your audience will make you a valued person in the field. Students who were forced to navigate learning along through COVID will need to be able to re-engage in person-to-person professional relationships, even when those meetings are remote. Clear writing is essential today and may not have been stressed in your curriculum. There are many opportunities to continuously upskill, take advantage of those courses.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Dr. Kimberly Gaither: Maximize your salary potential by asking questions and learning as quickly as possible. Be a good communicator with those above and below you as well as your peers. Be dependable. Persons who show up early and work hard will be valued and rewarded.
What will help Chief Finance Officers increase their earning potential?
Dr. Kimberly Gaither: Maximize your salary potential by asking questions and learning as quickly as possible. Be a good communicator with those above and below you as well as your peers. Be dependable. Persons who show up early and work hard will be valued and rewarded.
Dr. Jon Hooks Ph.D., CFA, CFP®
Professor of Economics and ManagementAlbion College
Economics
What general advice would you give to a Chief Finance Officer?
Dr. Jon Hooks Ph.D., CFA, CFP®: Do not underestimate the importance of your GPA. Work hard in every class to get a 4.0. An increasing number of employers are requesting students with at least a 3.7 or 3.8 GPA. Also, set yourself apart. Add some skill that distinguishes you from the huge number of other finance graduates.
What will help Chief Finance Officers increase their earning potential?
Dr. Jon Hooks Ph.D., CFA, CFP®: I encourage all my finance students to double major or minor in data analytics, computer science, or math. The top jobs are increasingly quantitative.
Brett Olsen
Department Head and Professor of FinanceCedar Falls
Finance And Financial Management Services
What general advice would you give to a Chief Finance Officer?
Brett Olsen: This question is not as simple as it appears. Companies across different industries have job titles labeled "Finance Analyst," yet the job duties can differ. In other words, this is a very company-specific position. If we take a step back and examine this position from a broader perspective, we could describe the Finance Analyst as one who identifies a problem related to financial cash flows, obtains the data and information to assess the problem, performs quantitative and qualitative analysis, develops a proposed solution to the problem, and communicates the proposed solution to the concerned party. "Financial Cash Flows" could describe internal funds for projects, compensation packages, customer investment funds, taxpayer dollars, etc., that may be historical, current, or future (potential) in nature.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Brett Olsen: Every business, every institution, every family, and every fund deals with cash flows. Being able to evaluate, understand, quantify, analyze, compute, and communicate the flows of cash is necessary and cannot be avoided. This is a good profession at any point in time. The use of cash is ubiquitous.
What will help Chief Finance Officers increase their earning potential?
Brett Olsen: To succeed as a Finance Analyst, one needs to be interested in math, willing to solve problems, and driven by both. Those who dislike math or problem-solving may find the career challenging.
Matthew Cole Ph.D.
Interim Dean, College of Business and Information TechnologyLawrence Technological University
Architecture And Related Services
What general advice would you give to a Chief Finance Officer?
Matthew Cole Ph.D.: Important Skills for the Next 3-5 Years: Digital fluency in accounting software and data analytics, strategic financial planning capabilities, in-depth knowledge of regulatory and compliance issues, and expertise in sustainability accounting will become increasingly important.
What will help Chief Finance Officers increase their earning potential?
Matthew Cole Ph.D.: Specializing in high-demand areas like tax or forensic accounting, demonstrating strong technology skills, negotiating based on industry salary standards, and pursuing professional development and additional credentials will maximize salary potential.
Fang Lin
Assistant Professor of FinancePacific Lutheran University
Finance And Financial Management Services
What general advice would you give to a Chief Finance Officer?
Fang Lin: Proficiency in coding and statistical modeling is essential. At a minimum, individuals should be able to understand basic financial models. Ideally, they should be able to code or at least interpret code in languages such as Python and R. Additionally, soft skills such as communication, problem-solving, and critical thinking will continue to be invaluable.
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Fang Lin: Don't be afraid to negotiate your starting salary. Young journalists have a lot to offer newsrooms through social media skills and a willingness to adapt to new technologies such as artificial intelligence. Technology skills have value and should not be undersold. Also, young journalism students should not discount the value of their student media and internship experiences. Young journalists must use everything on their resumes to show how they bring value to their position and ask to be compensated fairly for the work they will contribute to the newsroom's success.
What will help Chief Finance Officers increase their earning potential?
Fang Lin: I believe that data analysis is becoming increasingly crucial for finance professionals. Therefore, proficiency in coding and statistical modeling is essential. At a minimum, individuals should be able to understand basic financial models. Ideally, they should be able to code or at least interpret code in languages such as Python and R. Additionally, soft skills such as communication, problem-solving, and critical thinking will continue to be invaluable.
Dhruba Banjade
Assistant Professor in Finance & Department Chair of Business AnalysisWhat general advice would you give to a Chief Finance Officer?
Dhruba Banjade: i. The industry technology is changing fast. Specific skills will be more critical in the finance field in the next 3-5 years. Some of these are:
ii. Data analysis/ data mining skills. Knowledge of Excel, R, Python, data visualization, Tableau, RapidMiner, machine learning, and financial modeling skills are essential in finance and business.
iii. Skills and knowledge of artificial intelligence and machine learning will give more opportunities and help career development.
iv. Network security and cybersecurity are essential to protect financial transactions and digital data.
v. Knowledge of financial regulations and risk management will be in high demand in the next 3-5 years.
vi. Soft skills such as politeness, ability to work in a diverse group, good communication, learning attitude, etc, are also necessary.
vii. Many industry and business companies today focus on sustainable development and environmental, social, and governance activities. Knowledge of sustainability and ESG measures is also helpful.
viii. Broad knowledge of global financial markets, international finance, global economy, etc., will be valuable in the next 3-5 years.
What type of skills will young Chief Finance Officers need?
Dr. Michael Tin Shan Suen: Students need to have both hard and soft skills. Some of the in-demand hard skills are data analytics, the ability to code, analytical thinking, and the ability to tackle unstructured problems. The essential soft skill includes creativity, self-motivation, work ethics, perseverance, and being patient with your career development.
What technology do you think will become more important and prevalent for Chief Finance Officers in the next 3-5 years?
Dr. Francis Cai Ph.D.: Microsoft Excel will still be one of the vital tools for finance graduates. In the meantime, junior finance professionals should also pay attention to new technology to improve financial performance. Companies have increased their focus on big data, especially topics such as artificial intelligence and statistics. Learning programming languages such as R or Python, or similar programming language, will help office automation improve financial performance.
How would you rate the starting salaries for Chief Finance Officers, as well as the prospects for salary advancement?
Dr. Francis Cai Ph.D.: The latest data from the website Payscale.com indicates that graduates with finance majors generally have a higher starting salary than the average college graduate salary. There are many career advancement opportunities in finance, either on Wall Street or within finance and treasury departments at corporates.
What general advice would you give to a Chief Finance Officer?
Dr. William Wood Ph.D.: The main two things are: (1) Be a great team member by working hard with your colleagues and being friendly to everybody, especially people who are not in a position to directly help you -- for example, a cleaning crew member. This will make you a better person and possibly also attract favorable notice from those who can now help you. And (2) Be obsessive about learning new skills. If you get an optional opportunity to learn some new software or train on a different system, treat it as mandatory.
What technology do you think will become more important and prevalent for Chief Finance Officers in the next 3-5 years?
Dr. William Wood Ph.D.: I believe open-source software, such as R and Python, will become even more important and prevalent. But beyond learning as much R and Python as they can get, I think economics graduates should be alert to what replaces R and Python -- because no technological system or feature lasts forever. The useful life of technical systems seems to be getting shorter.
Jarrad Harford Ph.D.
Professor of FinanceUniversity of Washington
Department of Finance and Business Economics
What Chief Finance Officer skills would you recommend for someone trying to advance their career?
Jarrad Harford Ph.D.: They should try to enhance the practical skills to complement the foundational knowledge they learned in college. So, this could include spreadsheet modeling, programming in R, expertise with Bloomberg terminals, etc. There are plenty of online courses that can help with these types of practical skills.