There are a few degrees that will help you become a hospital CFO. These degrees are in accounting, finance, or health administration. A hospital CFO can get a position with a Bachelor degree, but a Master degree is more common. Many CFO’s have an MBA or are a Certified Public Accountant with several years of experience dealing with finances.
What is the job description of a hospital CFO?
The CFO is responsible for all financial operations. This includes insurance, financial systems, accounting, and audits. CFOs analyze data to make sure the hospital is functioning within budget. They create detailed reports to share with the department heads and board of directors. CFOs are responsible for all budgets including the capital budget and also the revenue and expense budgets. They provide assistance to the hospital’s CEO.
What type of experience is required?
A degree is not the only thing needed to become a hospital CFO. Several years of financial experience is also needed. Becoming an accountant and working in the financial field with progressively increasing responsibilities will help you gain the skills needed to become a CFO. Managerial experience is also needed to qualify for a position as a hospital CFO.
Hospital CFOs are expected to be result driven and visionaries. They are in charge of all of the financial aspects of the hospital and need to be able to look toward the future to decide what financial decisions are best.
What skills are needed to become a hospital CFO?
CFOs must have outstanding leadership skills. They must have excellent written and verbal skills. CFOs must be able to communicate with people throughout the organization, including board members. They must also have experience in creating complex financial reports and in negotiating contracts with vendors.
What is the compensation for a hospital CFO?
Most CFOs earn between $150,000 and $330,000 per year. The top paid CFOs have advanced degrees and several years of experience in the financial field. CFOs in a large urban hospital tend to earn more than CFOs in a rural hospital.
To become a hospital CFO, you must obtain a degree and start your career off with experience in a financial field. Try to obtain advance positions in management to further your career. Take financial classes outside of your degree to keep up to date with the fiscal market. Job shadow a hospital CFO if possible to see what skills you may need. Gain as many skills as possible and when you get to the point of applying for a CFO job, provide an outstanding resume. Practice your interviewing skills so you can impress the interviewers.
Becoming a hospital CFO can be challenging, but when you get there, the benefits will be well worth it. Stay positive and don’t let any obstacles interfere with your goals. To learn more about what is necessary to become a hospital CFO, visit http://www.journalofaccountancy.com/Issues/2000/Dec/WhatDoesItTakeToBecomeACfo.htm
