Corporate Finance: Not Just Bean Counters

By Colleen Kay Watson, Star Tribune Sales and Marketing

Last update: June 17, 2004 - 11:00 PM

"The world is changing, and so is the financial community. To stay competitive, corporate financial professionals are changing to meet the demands of this new world order. The successful financial worker must be a strategist with a breadth of business knowledge.

"Corporate financial professionals are now in a more consultative role. They are not just bean counters any more," according to Cheryl Leitschuh, Ed.D, a leadership development consultant with RSM McGladrey in Minneapolis.

Corporate Finance

A career in corporate finance means working for a company to help it find money to run the business, grow the business, make acquisitions, plan for its financial future and manage any cash on hand. A good corporate finance person has the ability to look ahead and forecast the company's financial future.

Abundant Career Opportunities

A variety of job titles comes under the heading of corporate finance. Each job has differing duties.

Financial Analyst: Duties involve implementing financial plans, monitoring the market and projecting financial needs.

Credit Manager: Duties include setting policies for granting credit to suppliers and guidelines for collecting receivables.

Treasurer: Duties involve financial planning, raising funds, and acquiring and disposing of assets.

Controller: Duties involve financial planning, accounting, financial reporting and cost analysis. This job requires extensive accounting experience.

Chief Financial Officer/CFO: This individual is the financial whiz, strategist and partner of the CEO.

Degrees of Compensation

Starting salaries, according to the Robert Half International annual survey, are:
Rookie Financial Analyst$23-$31K
Seasoned Financial Analyst$33-$47K
Credit Manager$30-$63K
Assistant/Divisional Treasurer$40-$78K
Chief Financial Officer$80-$295K

Qualifications

Bill Gleason of Gleason, Dale & Associates (www.gleasondale.com), a local search firm specializing in financial careers, reported the following: "Most companies are looking for CFOs who are excellent 'business professionals,' and who also happen to be well-grounded in accounting and finance," says Gleason.

"Today a CFO is responsible not only for capturing, analyzing and reporting the financial activity of a firm, but also is expected to heavily impact its current operations and future direction," says Gleason. They need to have a clear understanding of their company and what its various drivers are, as well as how they fit in to their industry and economy. Additionally, they need to be exceptionally good working with sales, operations and other nonfinancial folks to provide vision, strategy and direction.

Those who go to the top of the financial world have developed strong consultative skills.

Good consultants are able to think strategically, come forward with fresh perspectives, and express themselves with candor.

The demand for financial executives who can formulate strategies and create change on a global scale will only increase in this changing world.

Colleen Kay Watson is chief executive officer of Career Professionals, Inc., and is a freelance writer based in Edina, MN.

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