Train Future Ceo's in the Finance Department
2
Train future CEO’s in the finance department
This is a case assignment on if future Chief Executive Officers should be trained in the finance department. The most important role in the management of an organization is the Chief Executive Officer because they are primarily responsible to carry out the strategic plans and policies as established by the board of directors. CEO’s are a leader, visionary (information bearer), decision maker, manager and a board developer. That is a lot of responsibility on one’s shoulders and with that being said I do believe future CEO’s should be trained in the finance department. They should be trained in the finance department and groomed for CEO because they have a better insight of where the company is how to get it and its employees where they want to be. Companies that promote within always have higher employee, customer loyalty. Everything I have said is positive, but with all good comes bad. The Chief Financial Officer is primarily responsible for managing the financial risk, financial planning, record keeping, as well as financial reporting to higher management. There is a few CEO’s that have no former qualifications but many of them especially in large companies have a MBA
3
Train future CEO’s in the finance department
or come from an accounting background. If you’re like me you are asking what does this mean. This means that this person is the senior manager that is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, financial planning and mentoring the CEO. That is not only quite a multi-tasking position but also a lot of networking within the company. In the article The bottom line on CFO’s it explains why sixty five or more percent CEO’s hand pick their CFO’s to replace them. They did an article on how much of a percentile was the CFO’s involved in strategic planning and ninety seven percent were. Patrick S. Pittard, president and
Train future CEO’s in the finance department
This is a case assignment on if future Chief Executive Officers should be trained in the finance department. The most important role in the management of an organization is the Chief Executive Officer because they are primarily responsible to carry out the strategic plans and policies as established by the board of directors. CEO’s are a leader, visionary (information bearer), decision maker, manager and a board developer. That is a lot of responsibility on one’s shoulders and with that being said I do believe future CEO’s should be trained in the finance department. They should be trained in the finance department and groomed for CEO because they have a better insight of where the company is how to get it and its employees where they want to be. Companies that promote within always have higher employee, customer loyalty. Everything I have said is positive, but with all good comes bad. The Chief Financial Officer is primarily responsible for managing the financial risk, financial planning, record keeping, as well as financial reporting to higher management. There is a few CEO’s that have no former qualifications but many of them especially in large companies have a MBA
3
Train future CEO’s in the finance department
or come from an accounting background. If you’re like me you are asking what does this mean. This means that this person is the senior manager that is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, financial planning and mentoring the CEO. That is not only quite a multi-tasking position but also a lot of networking within the company. In the article The bottom line on CFO’s it explains why sixty five or more percent CEO’s hand pick their CFO’s to replace them. They did an article on how much of a percentile was the CFO’s involved in strategic planning and ninety seven percent were. Patrick S. Pittard, president and
References: http://proquest.umi.com/pqdweb?index=5&did=525442&SrchMode=1&sid=2&Fmt=6&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=11955 http://www.megaessays.com/viewpaper/23945.html97579&clientId=29440&cfc=1 http://www.managementhelp.org/chf_exec/ed_rspon.htm http://www.allbusiness.com/human-resources/employee-development/708646-1.html http://en. http://www.investopedia.com/terms/c/cfo.aspwikipedia.org/wiki/Chief_financial_officer http://www.allbusiness.com/services/educational-services/4283492-1.html