What is a Construction CFO job?
A construction Chief Financial Officer (CFO) is a senior executive responsible for the financial management of a construction company. This role involves overseeing all financial operations, including budgeting, forecasting, accounting, and financial analysis. The construction CFO works closely with other executives to develop and implement financial strategies to support the overall goals of the company.
Construction CFOs typically report to the CEO or board of directors and are part of the company's senior leadership team. They play a critical role in ensuring the financial health and growth of the company.
What do they usually do in this position?
The primary responsibility of a construction CFO is to oversee the financial management of a construction company. This includes managing financial planning and analysis, cash flow management, risk management, and financial reporting. They also work with other executives to develop and implement financial strategies to support the overall goals of the company.
Construction CFOs are responsible for managing the company's budget, ensuring that financial resources are allocated effectively and efficiently. They also oversee accounting operations, including accounts payable, accounts receivable, and payroll. In addition, they provide financial analysis and guidance to other executives to help support decision-making.
Top 5 skills for the position:
- Financial planning and analysis
- Accounting and financial reporting
- Cash flow management
- Risk management
- Leadership and strategic thinking
How to become this type of specialist?
To become a construction CFO, you typically need a Bachelor's degree in accounting, finance, or a related field. Many employers also require a Master's degree in business administration (MBA) or a related field.
In addition to formal education, construction CFOs typically have several years of experience in financial management, accounting, or a related field. They often start in lower-level positions, such as accounting or financial analyst roles, and work their way up to more senior roles.
Construction CFOs also need strong leadership and communication skills, as well as the ability to think strategically and make sound financial decisions.
Average salary:
According to Glassdoor, the average salary for a construction CFO is around $170,000 per year. However, salaries can vary widely depending on the size of the company, location, and level of experience.
Roles and types:
Construction CFOs can work in a variety of roles and types of construction companies. They may work for large construction firms, small and mid-sized companies, or specialty construction companies. They may also work in government or non-profit organizations that focus on construction projects.
Regardless of the type of company or organization, the primary role of a construction CFO is to manage the financial operations of the company and support its overall goals.
Locations with the most popular jobs in the USA:
The construction industry is prevalent throughout the United States. However, some locations have more job opportunities for construction CFOs than others. Some of the most popular locations for construction CFO jobs include:
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Houston, TX
- Atlanta, GA
What are the typical tools?
Construction CFOs use a variety of tools to manage financial operations and support decision-making. Some of the typical tools used include:
- Accounting software, such as QuickBooks or Sage
- Financial analysis tools, such as Excel or Tableau
- Enterprise resource planning (ERP) software, such as SAP or Oracle
- Project management software, such as Procore or PlanGrid
- Cloud-based storage and collaboration tools, such as Dropbox or Google Drive
In conclusion:
A construction CFO plays a critical role in the financial management and growth of a construction company. They are responsible for overseeing financial operations, managing budgets, and providing financial analysis and guidance to other executives. Becoming a construction CFO requires a strong educational background, several years of experience in financial management, and strong leadership and communication skills. With the right skills and experience, a career as a construction CFO can be both challenging and rewarding.