What is a Director of Finance?
This director of finance is responsible for both strategic planning for long-term fiscal growth and the operational road map to get you there. They manage all the financial components of your business, from managing the finance department to establishing a company budget. In addition, they are usually responsible for risk/financial assessment, generating annual and monthly reports, managing funding for capital projects, and developing annual plans and projections for the business.
Hiring a Director of Finance
You need to hire a director of finance with the right qualifications. The skills required of a Director of Finance are more concrete than other leadership roles. An MBA is preferred, or a degree in Finance or Accounting with some continuing education. Some companies will seek a CPA for this position, or an applicant with a strong Accounting background. Candidates should have at least five years of financial management experience. Previously held positions may include: financial analysts, finance managers, or accountant. They should also be up to date on compliance law and any regulatory parameters of your industry.
Duties of a Director of Finance
- Financial planning and strategy implementation
- Tax audit management
- Financial performance reporting
- Forecasting annual budgets
- Reviewing internal budgets
- Preparing financial statements
Interview Questions to Ask
Asking the right interview questions when hiring a Director of Finance is key. When interviewing, we recommend engaging in thoughtful conversations and purposeful relationship building. Here are some starter questions to consider when hiring for this role:
- Can you describe your experience in financial strategy development and implementation?
- How do you ensure compliance with financial regulations and reporting standards?
- How do you collaborate with other departments?
- Can you describe your experience in leading and developing finance teams?
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