Chief Financial Officer - Career Profile |
Career OverviewA chief financial officer is generally considered to be the position responsible for ensuring the financial stability of the hospital or healthcare facility. They are responsible for overseeing all aspects of financial planning and budgeting for the agency as well as making predictions based on analysis as to what the hospital or facility can expect to realize financially in the future.
The chief financial officer may also be very involved in working with the business analyst and the other financial team members is determining long range goals and financial objectives for the hospital or healthcare facility.
A chief financial officer must be very current in understanding financial trends within the healthcare industry as a whole and the given facility they are working with. They will need to understand risk management as well as managing the various types of financial accounts the facility may have. A chief financial officer often has extensive background in business management, accounting or financial planning but may not be a CPA.
Most chief financial officers work standard hour jobs with no weekends or evenings. They are however required to make presentations regarding the financial state of the hospital to the various stakeholder groups so this makes indicate evening or weekend meetings. In addition some chief financial officers that work for healthcare companies may be required to travel to the various facilities as well as attend conferences and presentations relevant to their work.
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Career RequirementsA chief financial officer requires a background in business or finance or a combination of the two. Most chief financial officers in the United States are CPAs, certified public accountant, or a have a Masters in Business Administration or Healthcare Administration.
In addition a chief financial officer must have a proven record with hospital or healthcare financial planning that is usually obtained by working within a financial department of a larger hospital. Some hospital chief financial officers have no formal certification but have worked within the facility and have extensive on the job training, usually in excess of ten years in a financial planning or management position.
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Job OutlookThe career prospects for a chief financial officer are approximately equal to the average rate of employment in the United States. This is a very specialized position requiring significant training and experience so there is not as many jobs as chief financial officers as there are for entry-level positions.
There is a steady demand for individuals to fill chief financial officer jobs and usually employers are looking for highly experienced chief financial officers with proven management skills. Additional training and certifications in accounting and business management are usually essential to be a successful candidate.
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Career TrackChief financial officer is considered an upper management position and there are not many higher paying positions within the healthcare field. Some chief financial officers move to bigger hospitals as they gain experience and become responsible for more staff and larger financial budgets. There are also some chief financial officers that move into their own companies offering consulting and business analysis on a contract or part-time basis.
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CompensationThe salary range of chief financial officers varies according to the size of the facility, the budget amount, and the amount of profit that was generated. Most chief financial officers have an average salary of $111,000 and $125,000 with bonuses pushing these salaries to close to $150,000 per year. Very experienced chief financial officers or those with consulting companies in the private sector can expect to earn over $500,000 per year.
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