what is a VP finance (generalist)?
As a VP finance (generalist), you hold a strategic position in an organization's finance department. You promote the company's financial health and growth. Since it is a senior position in finance, you have a high level of responsibility for overseeing the company's financial operations. Your role is integral in managing financial resources to ensure the company's financial stability.
With your financial expertise, you shape the company's future and help the organization navigate through periods of economic downturns. You provide financial advice to the management on balancing opportunities and risks. This facilitates sound financial decisions to help the business succeed in diverse economic landscapes.
As a VP finance (generalist), your duties revolve around creating strategies and supervising finance teams. Another critical aspect of your job involves liaising with stakeholders. Your job is to promote good relationships with investors and financial institutions.
Would working as a VP finance (generalist) suit your finance acumen and strategic thinking? Then read on to find out what competencies and qualifications you need to thrive in a VP finance (generalist) role.
view jobs near youaverage VP finance (generalist) salary
According to Job Bank, the average salary of a director financial reporting is $131,422 per year. This translates to an hourly rate of $67.40. In an entry-level position, you start with a salary of $109,544 annually due to the minimal experience you have in the role. Senior directors of financial reporting often take home over $195,437 per year.
what factors affect the salary of a VP finance (generalist)?
As a VP finance (generalist), your earnings depend on your qualifications and experience. As you improve your experience, your earnings increase gradually, and you can take home a higher salary. Having additional qualifications and credentials also improves your earnings. For instance, having a master’s degree, as well as certifications in finance and accounting, improves your skills.
The industry you work in also influences your earnings. When you work in high-revenue companies like telecommunications and financial institutions, you manage huge financial resources. With the complexity of your role, you earn a higher salary than those working in low-revenue industries.
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access our tooltypes of VP finance (generalist)
VPs of finance (generalist) work in diverse companies. For instance, if you are the VP finance (generalist) in an investment company, your duties differ from those of directors in other industries. Some of the types of finance directors include:
- corporate VP finance (generalist): you are responsible for the company's financial activities. You manage investment strategies, implement financial plans and make key decisions that affect the company’s profitability.
- non-profit VP finance (generalist): you work in non-profit organizations (NPOs). Your job is to regulate the financial resources of the organization. You oversee the budgeting process, conduct audits and ensure legal compliance. Your focus is to achieve the organization’s missions instead of increasing profits.
- government finance director: as a VP finance (generalist) working in governmental bodies, you focus on ensuring transparency and the efficient use of public funds. You prepare budgets and supervise the audit functions.
working as a VP finance (generalist)
VP finance (generalist) is a senior-level position in the company. Let's explore the responsibilities, work environments and schedules of VPs of finance (generalist).
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what does a VP finance (generalist) do?
Some of the duties and responsibilities of a VP finance (generalist) include:
- directing and supervising finance staff: as the VP finance (generalist), you are a senior manager in the finance department. Your job involves overseeing finance staff. You ensure your team is motivated and well-equipped to carry out their responsibilities.
- developing the company's budget: as the VP finance (generalist), you are in charge of financial planning. You ensure the creation of the company's budget and make sure financial targets are met. You also control the company's annual operating budget and provide financial advice or guidance to managers and other staff.
- overseeing the company's financial accounts: you ensure the company prepares financial reports according to Canada's financial reporting standards. You also ensure compliance with financial and statutory regulations during the preparation of financial accounts. You make sure taxes are paid on time and that the company meets its obligations to third parties.
- developing and implementing internal audits: as the VP finance (generalist), you develop internal controls to monitor the company's financial activities. Internal audit programs ensure the organization complies with financial procedures and regulations.
- monitoring external contracts: as the director of finance, you monitor external contracts and services from suppliers. Your job is to ensure services are delivered and that the company meets its financial and legal obligations.
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work environment of a VP finance (generalist)
As the VP finance (generalist), you work in various industries, from financial institutions and investment companies to manufacturing and telecommunications companies. You typically work in an office environment and spend most of your day reviewing financial reports and analyzing data at your desk. You also attend meetings outside the office and travel for business. If the company has multiple branches, you visit them from time to time. While you can perform some duties remotely, most companies prefer directors of finance to work from the office.
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who are your colleagues?
Depending on the company you work for, you work alongside controllers, VPs of finance (large enterprise), financial analysts and accounting managers. You also collaborate with business analysts F&A, accountants and financial planners. Other professionals you are likely to interact with are product managers, operations managers and sales managers.
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VP finance (generalist) work schedule
As a VP finance (generalist), you work the traditional business hours of up to 40 hours a week. However, you will likely work additional hours if you supervise a large finance department. You should expect to work in the evenings and on weekends. For instance, you could go to dinner with potential investors or play golf and attend networking events for the company. Most organizations hire finance directors on a full-time basis, and part-time roles are rare.
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career opportunities as a VP finance (generalist)
Most finance directors start their careers in entry-level accounting or finance roles. When you gain experience as an accountant, you can progress to higher roles like finance manager or controller. These positions prepare you for senior positions, such as finance director. The role has promising job prospects in large companies and organizations. When you have extensive financial experience, you move up to executive positions in the company, like chief finance officer or chief executive officer.
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advantages of finding a job as a VP finance (generalist) through randstad
Working with Randstad offers you a range of benefits.
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
VP finance (generalist) skills and education
The educational requirements of a VP finance (generalist) include:
- bachelor’s degree: pursue a bachelor’s degree in finance, commerce, economics or business administration to start your career. Since it is a senior position in the company, you should obtain a master’s degree in business administration or finance to improve your leadership skills.
- work experience: to work as a VP finance (generalist), you require experience in accounting, auditing, financial planning and financial activities. Gain experience through entry-level and mid-level management roles. You can boost your career prospects with recognized accounting designations, such as a Chartered Professional Accountant (CPA) or Certified General Accountant (CGA) certificate. If you want to work in investment companies, you require financial designations like Chartered Financial Analyst (CFA) or Chartered Investment Manager (CIM).
competencies and characteristics of VP finance (generalist)
Some of the qualities of a VP finance (generalist) include:
- communication skills: you communicate in written and verbal formats. Having good written communication skills helps you prepare financial reports and forecasts for senior management. Your verbal communication skills help you simplify complex financial concepts during presentations.
- analytical thinking: you require analytical skills to analyze situations, review data and develop intelligent solutions to issues. For instance, you analyze the risks associated with investments or financial planning and come up with the best strategies.
- problem-solving skills: as a VP finance (generalist), you encounter numerous problems during your workday, so it's important to have the best problem-solving skills. The ability to handle issues that arise helps you adjust your strategies to mitigate risks and handle financial difficulties.
- technical skills: you rely on technical skills to analyze data and prepare financial reports. Most companies use accounting software to monitor their financial performance and write reports or financial forecasts. Knowledge of using financial software is useful in the role.
- leadership skills: as the VP finance (generalist), you are the head of the finance department. You require good leadership skills to motivate and inspire workers to achieve the company's goals.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of a VP finance (generalist).
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what is the purpose of a VP finance (generalist)?
A VP finance (generalist) develops and implements financial policies. You establish performance standards, supervise the preparation of financial reports, and ensure financial statements meet the accounting standards. Your job is to assist with financial planning, budgeting and developing investment strategies.
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how do I become a VP finance (generalist)?
The minimum educational requirement for becoming a VP finance (generalist) in Canada is a bachelor's degree. Pursue a degree in economics, finance or business administration. Having an MBA boosts your job prospects and improves your leadership skills. You also need extensive work experience in accounting, financial planning and auditing. Some companies require accounting designations, such as a Certified General Accountant, Certified Management Accountant or Chartered Accountant.
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is a CFO higher than a VP finance (generalist)?
Depending on the organizational hierarchy, the chief financial officer (CFO) is usually higher than the VP finance (generalist). As a VP finance (generalist), you are a senior manager in the finance department but not one who ranks over the executives. You report directly to the CFO. In companies without a CFO, you report directly to the chief executive officer (CEO).
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how much do VP finance (generalist) make in Canada?
VP finance (generalist) in Canada earn $160,000 per year. In an entry-level position, you start with a salary of $109,544 annually, while the most experienced finance directors take home over $195,437 per year. Your earnings fluctuate based on experience, qualifications and the scope of your duties.
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what makes a good VP finance (generalist)?
A good VP finance (generalist) has exceptional leadership skills to inspire and motivate workers to achieve their goals. You also require good analytical skills to analyze the financial reports and find any discrepancies. Since you use financial software to prepare and review financial reports, you require technical skills to use complex computer software.
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how do I find a job as a VP finance (generalist)?
Finding a job near you as a VP finance (generalist) is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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