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Finance Specialist - CFO

   

Chief financial officers (CFOs), or finance specialists, plan and direct an organization’s financial goals, objectives, and budgets. Because these financial managers work extensively with various departments in each health care facility, extensive knowledge of a broad range of health related issues is essential. Financial specialist usually supervise cash management activities, execute capital-raising strategies to support a facility’s maintenance and expansion, oversee the investment of funds and calculate the associated risks, and deal with mergers and acquisitions. As computers and other technologies are increasingly used to record and organize data, many financial managers are spending more time developing strategies and implementing the long-term goals of their organization. Interpersonal skills are vital to chief financial officers because they usually manage a large staff and work as part of a team in order to solve the complex financial issues that face health care facilities. They must also have great communications skills so that they can explain complicated financial data to the other managers in the organization. 


Work Environment:

Financial managers usually work in an office setting with other top managers and department heads. Some places of employment include hospitals, clinics, community health centers, managed care organizations, nursing homes, private medical group practices, and other health care facilities. CFOs commonly work long hours and may be required to attend meetings of financial and economic associations.

High School Preparation:

Students interested in a career as a financial specialist should take high school courses in algebra, economics, geometry, government, accounting, political science, health occupations/medical professions education, English, psychology, sociology, and computer skills.


College Requirements:

A bachelor’s degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers and CFOs. Most employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management. Continuing education is vital for financial managers, who must cope with the growing complexity of changes in Federal and State laws and regulations and the proliferation of new and complex financial computer programs. 

For educational institutions in Mississippi
offering this course of study click here.

Career Outlook:

Employment of financial specialists is expected to grow 10% - 20% through 2012. Growth within this specialty is expected to be steady and will increase along with the growth of the health care sector as a whole. However, jobseekers are likely to face keen competition for top management jobs, as the number of job openings is expected to be less than the number of applicants. The best opportunities will be for individuals with strong business and management skills and those individuals with a graduate degree. As hospitals become larger and more complex, financial specialists with experience in these larger facilities will enjoy the best job security.
 

 

Salary:

 

Average Annual Salary

$140,000

 

Salary Range

$80,000 - $200,000

 

Professional Organizations:

 

Association for Financial Professionals
7315 Wisconsin Avenue, Suite 600 West
Bethesda, MD  20814
Phone: (301) 907-2862

Fax: (301) 907-2864

Web: www.afponline.org

 

Institute of Management Accountants 

10 Paragon Drive

Montvale, NJ

07645-1718

Phone: (800) 638-4427

Fax: (201) 474-1600

Web: www.imanet.org


 

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