Finance is an up-and-coming industry, and many aspire to become a part of this department. Choosing a career with the head of finance job will be your first step to a progressive career. When you become the head of finance, you take responsibility for your company’s finances.
Out of many extensive duties as a job responsibility of the head of finance job, some important ones include conducting risk management, approving or rejecting budgets, monetary budgets, etc. You might also be assessing many critical financial risks. It’s an inspiring and challenging career, and you will know what you need to write a job description to attract talents for this job.
What is the head of finance job?
The head of finance job for any company or business institution takes care of the company’s financial health. You can also call them financial managers or chief financial officers. As head of finance, you have to take job responsibilities, including preparing financial statements and detailed reports based on business activity.
Helping to manage essential business decisions and supervising employees is something a head finance officer does daily.
It’s an administrative role that lets you undertake data analysis of reports and summarize the results for senior managers. As a result, they ensure the probability of increasing their profitability.
Head finance job is also about analyzing the market trends to find ways to grow and bring innovation and reduce costs. Then, when the time calls for it, you can have the chance to work with and advise top executives.
What does a head of finance job do?
Head of finance is the highest pinnacle of a senior executive team of finance activities, which oversees financial talents and growth. They are mainly responsible for managing a company’s financial strategy for earning profits and performance overall.
Head of finance job duties include:
- Maintain and monitor the financial performance of the company.
- Ensure quality training for accounting personnel.
- Take weekly and monthly tests and make detailed reports to submit to a higher authority.
- Make a budget with the needs of every specific department of the company.
- Allocate the money and investment funds for business capital.
- Make annual finance plans and project schemes accordingly.
- Analyze financial reports and benefits on several business initiatives
Job brief for the head of finance
For example a company will look for a Head of Finance to take responsibility for all financial tasks given by the company and ensure the proper use of capital and other beneficial resources.
Responsibilities of a Head of Finance Job
- Ensure timely predictions of monthly, quarterly, and annual results
- Manage budgets and their credibility.
- Maintain and assess risk management
- See the investments made by the company and make a detailed report.
- Manage a team of accountants under yourself.
- Allocate resources as per company rules.
- Make profit and loss statements and check their credibility.
- Develop the steps to ensure all secretive information.
- Ensure all financial and internal audits go as per the norms mentioned with financial regulations
- Meet with board members to assess the current financial situation and recommend strategies to improve it.
- Ensure economical solutions.
Requirements for a head of finance job
- Have Documents related to work experience on head of finance or Finance job relevance.
- Have a solid understanding of cash flow, bank documents, and bookkeeping.
- Hold enough experience with risk management techniques.
- Know how data analysis works and the ability to forecast models.
- Show knowledge and expertise on accounting software.
- Must have superb analytical skills as well as decision-making skills.
- Know how to lead a team.
- Have BSc, BCom in accounting, finance, or relevant fields.
- Have MSc/MBA or relevant certification. If you got a CFA, it’s a significant advantage.
Average Salary for Head of finance job
The role of the head of finance is crucial in any organization, as it involves overseeing financial planning, risk management, record-keeping, and financial reporting. Given the importance of this position, compensation varies significantly across regions and industries. This overview provides insights into the average salaries for heads of finance in the Singapore along with a breakdown by city and industry.
- Average Salary: S$360,000 per year
- Salary Range: S$180,000 to S$600,000
Industry-wise Salary Comparison Table
| Industry | Average Salary (S$) | Salary Range (S$) |
|---|---|---|
| Banking & Financial Services | 450,000 | 250,000 - 600,000 |
| Information Technology | 400,000 | 220,000 - 550,000 |
| Telecommunications | 380,000 | 200,000 - 540,000 |
Top Companies and Their Average Salaries
| Company Name | Average Salary (S$) |
|---|---|
| DBS Bank | S$450,000 |
| Singapore Airlines | S$420,000 |
| OCBC Bank | S$400,000 |
- Leading Financial Hub: Singapore is recognized as a leading financial hub in Asia with competitive salaries in finance roles.
- Attractive Compensation Packages: The competition for top talent drives companies to offer attractive compensation packages that often include bonuses tied to performance.
Head of finance Skills
You must have to possess a strict set of financial and analytical skills. Below are some of them in detail to shine in this head of finance job:
Communication skills:
These mainly focus on communicating verbally and non-verbally while also ensuring that you actively observe, speak, and empathize. The head of finance job holders should have superb verbal and written communication skills to create a trustworthy relationship with their team.
Time management skills
It means how properly you can balance and prioritize projects promptly. In other words, it helps you manage all your work on time while you can also be punctual. As a result, head of finance employees can manage work-life balance while multitasking.
Why pursue a career as Head of Finance?
Being the head of finance means greater exposure to many responsibilities while letting you have the power. You’ll have to participate with your company’s higher-ups for financial meetings, and of course, this job will allow you to influence the future of business. Head of finance, a senior-level position, can let you have an enormous sum of money as long as you know how to perform and show your consistency.
It’s not just the power, but you get a share of the benefits from the company itself. You will also have the managerial authority to manage finance teams and see a company perform annually and quarterly. It makes you feel responsible and gives you a sense of achievement when you improve the business.
Finance Head Qualification
It is challenging to become a very high position in a company, such as the head of finance. It has a set of requirements depending on industry size and other facts, such as:
Education
It would help if you had a bachelor’s degree in accounting, finance, or another related field. Though it is indeed a high position, recruiters will give preference to those who have a Master of Business Administration (MBA) in finance or Finance related master’s degree. Having a CFA on top of it will give you a big bonus to score on this job.
Training
Head of finance requires you to have at least five years of experience for its a responsibility-rich work environment for you to have. You should have a management role, likely MBA in the finance field.
Certifications
Pursue as many online finance-related certifications that will qualify you to promote yourself as a Head of Finance job employee. The additional qualification will give you a massive boost as you will have the edge over your competitors.
Related Article:
Conclusion for Head of finance job description
The head of finance job is a highly managerial role where you need to perform consistently and as per standards of the business interest. In addition, you are in charge of the company’s profitability, which means you will often have to answer CEOs for errors in duties.
This job will let you have a healthy salary and a booming career as you gain experience.
It’s very reputable and can give you a lot of job benefits while you can enjoy the work-life balance. It’s best to aim for an MBA in finance, get online certifications and internships, and then apply for this job once you hold a required job experience as a financial analyst or other finance-related jobs.
More Resources : Finance officer job description | Top 10 finance interview questions | Finance analyst interview questions | 5 core skills for a job in finance industry
