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A CFO (Chief Financial Officer) is defined as a corporate officer who is ultimately responsible for the financial risks of a company. In general, the CFO has the following responsibilities and duties financial planning, and oversees finances, budget, and taxation departments. The actual job description including responsibilities and qualifications are dependent upon the entity's size and reporting function. The position is typically a member of the Board of Directors. CFO's are expected to have Big 4 experience, an advanced degree (MBA), and a professional designation such as CPA. CFO positions are located in both the public sector (governmental offices) and private sector.