Blog

What does a Chief Financial Officer do?

A Chief Financial Officer (CFO) plays a crucial role in overseeing the financial operations and ensuring the economic health of the venue and/or organisation. 

What are the main responsibilities of a Chief Financial Officer?

  • Create and manage the theatre’s annual budget alongside other senior leadership
  • Prepare financial forecasts 
  • Monitor financial performance against the budget 
  • Oversee cash flow 
  • Prepare regular financial reports 
  • Maintain relationships with donors, sponsors, and funding bodies 
  • Ensure compliance with all financial regulations, including tax laws, charity regulations, and accounting standards
  • Manage the theatre’s investments
  • Coordinate annual audits 
  • Participate in strategic planning sessions, providing financial insights and guidance to support the theatre’s goals
  • Lead and mentor the finance team
  • Collaborate with other departments 

What qualifications do I need to be a Chief Financial Officer?

A degree in Finance, Accounting, Business Administration, or a related field is required. Professional accounting qualifications are also desirable and can be obtained as you develop in your career. 

Search theatre training courses to help you get into theatre here

What skills do I need to be a Chief Financial Officer?

  • Understanding of financial management
  • Strong budgeting skills
  • Ability to analyse complex financial data 
  • Strong problem-solving skills and attention to detail
  • Proven leadership skills 
  • Experience in strategic planning and decision-making
  • Excellent verbal and written communication skills
  • Presentation skills
  • Strong interpersonal skills 
  • Ability to work collaboratively 
  • In-depth knowledge of financial regulations, tax laws, and charity accounting standards 

What does a career as a Chief Financial Officer look like?

You can begin your career in the finance department to build up the necessary experience. Extensive experience in financial management within the arts, entertainment, or non-profit sectors is crucial for securing a job as a CFO. 

How much does a Chief Financial Officer earn?

The national average salary for a Chief Financial Officer across all industries is £112,141 a year. This can be similar in the theatre industry with an expectation of £100k+ for the larger venues and organisations. 

The above is a guide. Pay, salary or fee can vary depending on the theatre or company, as well as your personal experience. National institutions or commercial productions can pay in excess of the above, with profit-share or community theatre paying less. 

You can find theatre jobs via The Stage Jobs here 

References:

https://www.charityjob.co.uk/jobs/royal-shakespeare-company/chief-financial-officer/916188

https://uk.indeed.com/hire/job-description/cfo-chief-financial-officer

https://uk.indeed.com/career/chief-financial-officer/salaries?cgtk=068b8b96-cfe2-4038-bb8d-a4ff987f3a62&from=careeradvice-GB

https://www.glassdoor.co.uk/Salary/Stagecoach-Theatre-Arts-Chief-Financial-Officer-CFO-Salaries-E26455_DAO.htm?filter.jobTitleExact=Chief+Financial+Officer+%28CFO%29

Get personalised theatre opportunities

From an organisation? Share your opportunity

You can list your training, outreach or funding opportunities for free and within minutes. Set up an account now and we’ll start helping you reach the people you need…
Read me aloud