Guide to Hiring a Stellar VP of Finance: Duties, Salary & More

July 13, 2021
Posted in Recruiting
July 13, 2021 Recruiterie

Effective financial leadership is vital to the success of any organization. Financial leadership impacts not only the daily processes of a company but the big picture results as well. Hiring a quality Vice President of Finance can be a challenging task. Luckily, Recruiterie is here to assist you in this process.

Read on to learn more about a VP of Finance’s responsibilities and how to find the right candidates for your company’s opening. In this article, we will take a look at the following:

A Comprehensive Guide to Hiring a VP of Finance

Hiring a VP of Finance doesn’t have to be as difficult as it may seem. With the information below as a guide, you can seek out the best candidates and conduct excellent interviews to narrow your search.

VP of Finance Job Description

A job description should summarize the responsibilities, necessary qualifications, and important skills needed to succeed in a particular role. Candidates should determine if they meet the qualifications and are eligible before applying by reading the job description you provide. We have listed the responsibilities and qualifications needed for a VP of Finance to help you write a comprehensive job description.

VP of Finance Job Summary

The VP of Finance job summary should summarize the goals and values of your company as they pertain to the role. It also should include expectations and requirements for the position. This is used as an evaluation system in the hiring process.

Elaborate on the VP of Finance role and provide specific responsibilities about what a VP of Finance does. For instance, a VP of Finance typically is in charge of managing a company’s financial activities to advance growth and profitability. This position requires data analysis to make strategic decisions affecting the organization’s growth trajectory.

Writing a strong job description will draw qualified candidates to your company. Be sure to include your company mission statement to attract the attention of candidates who fit your work culture. Candidates should have enough information from the job description to compare their skills and experience to determine if they should apply for the position.

We have compiled an extensive list of responsibilities for the VP of Finance position below for your reference. This will assist you in writing a quality VP of Finance job description.

VP of Finance Responsibilities

The Vice President of Finance is an upper-level executive who leads an organization in its financial duties and decisions. From managing payroll to developing growth strategies, this role handles a lot. The VP of Finance responsibilities may vary depending on the company, but in general, here are some responsibilities they will likely be accountable for. Review this list of responsibilities and choose the ones relevant to your company’s expectations.

  • Lead and manage the budgeting process
  • Track revenue and expenses
  • Serve as the CEO’s financial advisor
  • Gather financial data used to forecast profits, costs, and trends
  • Develop the company’s investment strategy
  • Manage compliance and insurance coverage
  • Report financial information to internal parties, outside agencies, and government entities
  • Oversee transactions related to the general ledger, receivables, payroll, and payables
  • Develop relationships with lending institutions
  • Define reporting requirements for financial tracking
  • Manage cash flow
  • Prepare or coordinate tax schedules and returns

As stated previously, these responsibilities may vary depending on your company’s current needs. However, this is a baseline for common VP of Finance responsibilities.

VP of Finance Resume

After you include the responsibilities for the role, you will need to ensure candidates have the right qualifications. Your job summary, if written properly, should attract high-quality candidates, but resume screening may still be necessary.

Many businesses and organizations use resume screening, especially if they require candidates to have a Bachelor’s degree or higher. Degrees for a VP of Finance are often in Accounting, Finance, or Business Management.

The candidate will also need extensive industry knowledge and experience to be prepared for this role. Hiring managers may look for accomplishments such as growing a company’s profit margins or previous upper-level leadership experience. Many organizations require candidates to have a minimum of 10 years of experience in the industry.

A candidate should meet all of the qualifications you require in order to move into the interview process.

How to Hire a VP of Finance

It takes a strong and adaptable individual to tackle all the responsibilities of a VP of Finance. The interview process is the best way to see if a candidate is the right fit for your company. It allows you to evaluate a candidate’s education, qualifications, and experience while testing their communication skills.

Ask candidates these VP of Finance interview questions during the interview process to start the discussion:

  1. Tell me what our company does in your own words. This is a good opportunity for a candidate to show that they can think on their feet and demonstrate the research they have done on your company.
  2. What is your leadership style? With the various leadership styles, you will want to ensure the candidate’s leadership style aligns with your company’s values.
  3. How do you motivate fellow employees? As a leader, the VP of Finance will be overseeing other employees in the finance department. If a candidate has a solid answer to this question with examples, it shows they are dedicated to leading a successful team.
  4. Tell me about a time when you analyzed data to make a decision that positively affected a company you previously worked for. Data analysis and decision-making are top responsibilities for the VP of Finance. This is a chance for the candidate to prove their strength in using data to make informed decisions.

Although there are plenty of other good VP of Finance interview questions to ask, we hope these gave you some inspiration. Don’t limit yourself to these questions, and feel free to ask questions more specific to your company to see if a candidate will mesh well with the culture.

When is The Right Time to Hire a VP of Finance?

The answer? Now.

The VP of Finance plays an essential role in a company’s overall success. Financial decisions need to be made by a leader who knows how to use data and analytics to increase profitability. It will be beneficial to hire a VP of Finance sooner rather than later because you want your finances to be in check at all times. Having a designated upper-level executive to manage that is extremely important.

VP of Finance Salary

According to LinkedIn, the standard compensation of finance leadership varies from $100,000 to $250,000. The median base salary is $165,000 per year for a VP of Finance role. The standard compensation varies depending on several factors such as industry, location, company size, and experience level.

Consider all of these elements when deciding what VP of Finance salary is appropriate.

Find Your VP of Finance With Recruiterie

Make the hiring process easier on yourself by partnering with Recruiterie to find your next stellar VP of Finance. We have the knowledge to match you with the right candidate for the open position and will work with you to perform a comprehensive search. We take a unique approach to financial recruiting that has proven to succeed.

The Recruiterie team has helped growing businesses through the recruitment process for two decades. Recruiterie works with your management team to learn about your company culture, expectations, and values to seek out the very best candidates. In the executive search process, we bring high-quality candidates that fit your business’ standards to save you time and effort.

Contact Recruiterie online or call (602) 326-6820 today to find a VP of Finance best suited to your company.

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