The vice president (VP) of corporate finance is a key position in many successful businesses. These professionals provide financial leadership and insight for firms nationwide and around the world. An exciting and challenging career as a VP of corporate finance often begins with enrolling in an MBA program with a specialization in Finance.
VP of Corporate Finance Job Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment for top executives, such as VPs of corporate finance, will experience steady growth in coming years. Employment generally reflects the activity in a given industry; for example, strong growth in healthcare will spur demand for executives with expertise in this area. Competition for top jobs will be strong, and candidates with master’s degrees in finance or business should have the best prospects.
As a key member of the decision-making team, the VP of corporate finance works closely with other senior leaders to drive growth and seek improvements in operational processes. These high-level executives are typically responsible for coordinating financial planning, analysis and reporting.
Specific job duties for VPs of corporate finance include developing financial operating reports, such as annual plans, quarterly forecasts, periodic reviews and updates. They often also gather business performance data, analyze and compare it to previous periods, and develop recommendations for improvements in revenue growth or resource allocation.
The VP of corporate finance is typically responsible for preparing financial materials for boards of directors and other stakeholders, providing effective access to information for appropriate staff and business partners, and taking the lead in financial best practices. They often lead corporate finance teams – hiring, training and mentoring staff.
Another important aspect of the VP of corporate finance position is building relationships with investors and analysts, understanding and anticipating their inquiries, in order to address them proactively in the company’s disclosures, presentations and discussions. Clearly communicating a firm’s business strategies and results is an additional function of the VP of corporate finance.
Overseeing cash, investments and insurance programs is a job duty of many VPs of corporate finance. They may manage investments to achieve competitive returns and ensure a strong capital structure and cash flow.
Working a 40-hour week in a comfortable office is standard for a VP of corporate finance. Depending on the employer and industry, travel may be required.
Potential Salary: VP of Corporate Finance
National data on PayScale.com in January 2011 reveal a median annual total pay of $152,795 for VPs of finance. Those in the middle 50% earned between $104,678 and $200,911 per year.
Additional data on PayScale.com revealed that salary potential for vice presidents of finance can be significantly enhanced by earning a master’s degree. Based on 75th percentile salary figures, VPs of finance with an MBA earned approximately $187,513 per year, while those with a BS degree in accounting earned $151,403 per year – a differential of over 23%!
The data shows that the top salaries generally go to those with the advanced education and experience employers need to remain competitive in the global business environment.
Education and Training Requirements
A bachelor’s degree is the minimum requirement for most VP of corporate finance jobs. Some employers also require extensive experience; many prefer to hire candidates with advanced degrees, including MBAs.
Career-enhancing knowledge may be obtained in an MBA program with a specialization in Finance. Coursework typically includes managerial accounting, financial management, investment management and portfolio analysis.
Employers can be confident that professionals who have earned an MBA with a specialization in Finance are able to:
- Position a company for success through strong financial management.
- Develop successful investment policies.
- Understand how operations and business success are affected by finance best practices.
- Solve real-world business problems.
- Leverage advanced knowledge and skills to succeed as a VP of corporate finance.
Your Path to a VP of Corporate Finance Career
Are you a business professional with strong leadership, communication and business skills? Are you ready for a career change? If you thrive in fast-paced environments, can make decisions quickly and have a mind for all things financial, then you could set your sights on a career as a VP of corporate finance. Advance your skills and abilities by earning an MBA with a specialization in Finance, for the respected credentials and confidence you need to pursue this top executive position!