Part 1 – Essentials of Internal Auditing
125 questions I 2.5 hours (150 minutes)
The CIA exam Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part one tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.
Part 2 – Practice of Internal Auditing
100 questions I 2.0 hours (120 minutes)
The CIA exam Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.
Part 3 – Business Knowledge for Internal Auditing
100 questions I 2.0 hours (120 minutes)
The CIA exam Part 3 includes four domains focused on business acumen, information security, information technology, and financial management. Part Three is designed to test candidates knowledge, skills, and abilities particularly as they relate to these core business concepts.
CIA exam Development and Scoring
The CIA exam is developed following best practices with the support of experts and professionals. Learn more about the exam development process and how exams are scored.
The revised CIA exam Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part One tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.
Domains Collapse All
I. Foundations of Internal Auditing (15%)
Cognitive Level
A Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles for the Professional Practice of Internal Auditing, and the purpose, authority, and responsibility of the internal audit activity Proficient
B Explain the requirements of an internal audit charter (required components, board approval, communication of the charter, etc.) Basic
C Interpret the difference between assurance and consulting services provided by the internal audit activity Proficient
D Demonstrate conformance with the IIA Code of Ethics Proficient
II. Independence and Objectivity (15%)
Cognitive Level
A Interpret organizational independence of the internal audit activity (importance of independence, functional reporting, etc.) Basic
B Identify whether the internal audit activity has any impairments to its independence Basic
C Assess and maintain an individual internal auditor's objectivity, including determining whether an individual internal auditor has any impairments to his/her objectivity Proficient
D Analyze policies that promote objectivity Proficient
III. Proficiency and Due Professional Care (18%)
Cognitive Level
A Recognize the knowledge, skills, and competencies required (whether developed or procured) to fulfill the responsibilities of the internal audit activity Basic
B Demonstrate the knowledge and competencies that an internal auditor needs to possess to perform his/her individual responsibilities, including technical skills and soft skills (communication skills, critical thinking, persuasion/negotiation and collaboration skills, etc.) Proficient
C Demonstrate due professional care Proficient
D Demonstrate an individual internal auditor's competency through continuing professional development Proficient
IV. Quality Assurance and Improvement Program (7%)
Cognitive Level
A Describe the required elements of the quality assurance and improvement program (internal assessments, external assessments, etc.) Basic
B Describe the requirement of reporting the results of the quality assurance and improvement program to the board or other governing body Basic
C Identify appropriate disclosure of conformance vs. nonconformance with The IIAs International Standards for the Professional Practice of Internal Auditing Basic
V. Governance, Risk Management, and Control (35%)
Cognitive Level
A Describe the concept of organizational governance Basic
B Recognize the impact of organizational culture on the overall control environment and individual engagement risks and controls Basic
C Recognize and interpret the organization's ethics and compliance-related issues, alleged violations, and dispositions Basic
D Describe corporate social responsibility Basic
E Interpret fundamental concepts of risk and the risk management process Proficient
F Describe globally accepted risk management frameworks appropriate to the organization (COSO - ERM, ISO 31000, etc.) Basic
G Examine the effectiveness of risk management within processes and functions Proficient
H Recognize the appropriateness of the internal audit activitys role in the organization's risk management process Basic
I Interpret internal control concepts and types of controls Proficient
J Apply globally accepted internal control frameworks appropriate to the organization (COSO, etc.) Proficient
K Examine the effectiveness and efficiency of internal controls Proficient
VI. Fraud Risks (10%)
Cognitive Level
A Interpret fraud risks and types of frauds and determine whether fraud risks require special consideration when conducting an engagement Proficient
B Evaluate the potential for occurrence of fraud (red flags, etc.) and how the organization detects and manages fraud risks Proficient
C Recommend controls to prevent and detect fraud and education to Strengthen the organization's fraud awareness Proficient
D Recognize techniques and internal audit roles related to forensic auditing (interview, investigation, testing, etc.) Basic
Additional noteworthy elements related to the revised CIA Part One exam syllabus:
IPPF elements such as the Mission of Internal Audit and Core Principles for the Professional Practice of Internal Auditing are included.
The syllabus features greater alignment with The IIAs Attribute Standards.
The exam covers the differences between assurance and consulting engagements.
The exam covers appropriate disclosure of conformance vs. nonconformance with the Standards.
The largest domain is “Governance, Risk Management, and Control,” which makes up 35%of the exam.
A portion of the exam requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.
The Certified Internal Auditor® (CIA®) exam is developed following best practices with the support of experts and professionals. In accordance with exam development industry standards, a job analysis study is conducted with a diverse and experienced group of internal auditors to identify the essential knowledge and skills required for internal auditors.
This information is then distributed more broadly to the field through an online survey to obtain additional feedback from internal auditors around the world, to validate its importance and ensure that it reflects current internal audit practices.
Based on the results of the global job analysis study, the CIA exam syllabus is developed. The exam syllabus guides the development of exam questions to ensure the fairness and validity of the exam.
Certified Internal Auditor (CIA) Financial Certified test prep
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https://killexams.com/pass4sure/exam-detail/CIA-I Question: 225
To identify those components of a telecommunications system that present the greatest
risk, an internal auditor should first
A. Review the open systems interconnect network model.
B. Identify the network operating costs.
C. Determine the business purpose of the network.
D. Map the network software and hardware products into their respective layers. Answer: C Question: 226
An auditor plans to analyze customer satisfaction, including (1) customer complaints
recorded by the customer service department during the last three months; (2)
merchandise returned in the last three months; and (3) responses to a survey of
customers who made purchases in the last three months. Which of the following
statements regarding this audit approach is correct?
A. Although useful, such an analysis does not address any risk factors.
B. The survey would not consider customers who did not make purchases in the last
three months.
C. Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer
survey is comprehensive.
D. Analysis of three months' activity would not evaluate customer satisfaction. Answer: B Question: 227
When internal auditors provide consulting services, the scope of the engagement is
primarily determined by
A. Internal auditing standards.
B. The audit engagement team.
C. The engagement client.
D. The internal audit activity's charter. Answer: C Question: 228
An internal auditor is assigned to conduct an audit of security for a local area network
(LAN) in the finance department of the organization. Investment decisions, including
the use of hedging strategies and financial derivatives, use data and financial models
which run on the LAN. The LAN is also used to get data from the mainframe to
assist in decisions. Which of the following should be considered outside the scope of
this security audit engagement?
A. Investigation of the physical security over access to the components of the LAN.
B. The ability of the LAN application to identify data items at the field or record level
and implement user access security at that level.
C. Interviews with users to determine their assessment of the level of security in the
system and the vulnerability of the system to compromise.
D. The level of security of other LANs in the company which also utilize sensitive data. Answer: D Question: 229
At the beginning of fieldwork in an audit of investments, an internal auditor noted that
the interest rate had declined significantly since the engagement work program was
created. The auditor should
A. Proceed with the existing program since this was the original scope of work that was
approved.
B. Modify the audit program and proceed with the engagement.
C. Consult with management to verify the interest rate change and proceed with the
engagement.
D. Determine the effect of the interest rate change and whether the program should be
modified. Answer: D Question: 230
Which of the following measurements could an auditor use in an audit of the efficiency
of a motor vehicle inspection facility?
A. The total number of cars approved.
B. The ratio of cars rejected to total cars inspected.
C. The number of cars inspected per inspection agent.
D. The average amount of fees collected per cashier. Answer: C Question: 231
A bakery chain has a statistical model that can be used to predict daily sales at
individual stores based on a direct relationship to the cost of ingredients used and an
inverse relationship to rainy days. What conditions would an auditor look for as an
indicator of employee theft of food from a specific store?
A. On a rainy day, total sales are greater than expected when compared to the cost of
ingredients used.
B. On a sunny day, total sales are less than expected when compared to the cost of
ingredients used.
C. Both total sales and cost of ingredients used are greater than expected.
D. Both total sales and cost of ingredients used are less than expected. Answer: B Question: 232
Which of the following procedures would provide the best evidence of the effectiveness
of a credit-granting function?
A. Observe the process.
B. Review the trend in receivables write-offs.
C. Ask the credit manager about the effectiveness of the function.
D. Check for evidence of credit approval on a trial of customer orders. Answer: B Question: 233
An organization has developed a large database that tracks employees, employee
benefits, payroll deductions, job classifications, and other similar information. In order
to test whether data currently within the automated system are correct, an auditor should
A. Use test data and determine whether all the data entered are captured correctly in the
updated database.
B. Select a trial of data to be entered for a few days and trace the data to the updated
database to determine the correctness of the updates.
C. Use generalized audit software to provide a printout of all employees with invalid job
descriptions. Investigate the causes of the problems.
D. Use generalized audit software to select a trial of employees from the database.
Verify the data fields. Answer: D Question: 234
Senior management at a financial institution has received allegations of fraud at its
derivatives trading desk and has asked the internal audit activity to investigate and issue
a report concerning the allegations. The internal audit activity has not yet developed
sufficient proficiency regarding derivatives trading to conduct a thorough fraud
investigation in this area. Which of the following courses of action should the chief
audit executive (CAE) take to comply with the Standards?
A. Engage the former head of the institution's derivatives trading desk to perform the
investigation and submit a report with supporting documentation to the CAE.
B. Request that senior management allow a delay of the fraud investigation until the
internal audit activity's on-staff certified fraud examiner is able to obtain the appropriate
training regarding the analysis of derivatives trading.
C. Request that senior management exclude the internal audit activity from the
investigation completely and instead contract with an external certified fraud examiner
with derivatives experience to perform all aspects of the investigation and subsequent
reporting.
D. Contract with an external certified fraud examiner with derivatives experience to
perform the investigation and subsequent reporting, with the chief audit executive
approving the scope of the investigation and evaluating the adequacy of the work
performed. Answer: D Question: 235
According to the International Professional Practices Framework, internal auditors
should possess which of the following competencies?
I. Proficiency in applying internal auditing standards, procedures, and techniques.
II. Proficiency in accounting principles and techniques.
III. An understanding of management principles.
IV. An understanding of the fundamentals of economics, commercial law, taxation,
finance, and quantitative methods.
A. I only.
B. II only.
C. I and III only.
D. I, III, and IV only. Answer: D Question: 236
Which of the following are acceptable resources for a chief audit executive to use when
developing a staffing plan?
I. Co-sourcing arrangements.
II. Employees from other areas of the organization.
III. The organization's external auditors.
IV. The organization's audit committee members.
A. I only.
B. I and II only.
C. II and IV only.
D. I, II, and IV only. Answer: B Question: 237
Which of the following would be a violation of the IIA Code of Ethics?
A. Reporting information that could be damaging to the organization, at the request of a
court of law.
B. Including an issue in the final audit report after management has resolved the issue.
C. Participating in an audit engagement for which the auditor does not have the
necessary experience or training.
D. Accepting a gift that is a commercial advertisement available to the public. Answer: C Question: 238
Which of the following is not an appropriate objective for a quality assurance and
improvement program?
A. Continually monitor the internal audit activity's effectiveness.
B. Assure conformance with the Standards and Code of Ethics.
C. Perform an internal assessment at least once every five years.
D. Communicate the results of quality assessments to the board. Answer: C Question: 239
According to the International Professional Practices Framework, which of the
following is true with respect to the different roles in the risk management process?
I. Boards have an oversight role.
II. Acceptance of residual risks can reside with the chief audit executive.
III. The board can delegate the operation of the risk management framework to the
management team.
IV. The internal audit activity's role can range from having no responsibilities to
managing and coordinating the process.
A. I only.
B. II and IV only.
C. I, III, and IV only.
D. I, II, III, and IV. Answer: C Question: 240
Which of the following types of risk factors are used within risk models to establish the
priority of internal audit engagements?
I. Management competence.
II. Quality of internal controls.
III. Audit staff experience.
IV. Regulatory requirements.
A. II only.
B. I, II, and III only.
C. I, II, and IV only.
D. I, III, and IV only. Answer: C Question: 241
Which of the following is not an appropriate type of coordination between the internal
audit activity and regulatory auditors?
A. Regulatory auditors share their perspective on risk management, control, and
governance with the internal auditors.
B. Internal auditors perform fieldwork at the direction of the regulatory auditors.
C. Internal auditors review copies of regulatory reports in planning related internal
engagements.
D. Regulatory and internal auditors exchange information about planned activities. Answer: B Question: 242
An organization's accounts payable function improved its internal controls significantly
after it received an unsatisfactory audit report. When planning a follow-up audit of the
function, what level of detection risk should be expected if the audit and sampling
procedures used are unchanged from the prior audit?
A. Detection risk is lower because control risk is lower.
B. Detection risk is lower because control risk is higher.
C. Detection risk is higher because control risk is lower.
D. Detection risk is unchanged although control risk is lower. Answer: D Question: 243
Which of the following is an appropriate role for the board in governance?
A. Preparing written organizational policies that relate to compliance with laws,
regulations, ethics, and conflicts of interest.
B. Ensuring that financial statements are understandable, transparent, and reliable.
C. Assisting the internal audit activity in performing annual reviews of governance.
D. Working with the organization's attorneys to develop a strategy regarding current
litigation, pending litigation, or regulatory proceedings governance. Answer: B Question: 244
According to the International Professional Practices Framework, which of the
following are allowable activities for an internal auditor?
I. Advocating the establishment of a risk management function.
II. Identifying and evaluating significant risk exposures during audit engagements.
III. Developing a risk response for the organization if there is no chief risk officer.
IV. Benchmarking risk management activities with other organizations.
V. Documenting risk mitigation strategies and techniques.
A. IV and V only.
B. I, II, and III only.
C. I, II, IV, and V only.
D. II, III, IV, and V only. Answer: C Question: 245
According to the International Professional Practices Framework, which of the
following should be stated in the internal audit charter?
I. Authorization for access to records.
II. The internal audit activity's position within the organization.
III. The relationship between the internal audit activity and the board.
IV. The scope of internal audit activities.
A. I and IV only.
B. II and III only.
C. I, II, and IV only.
D. I, II, III, and IV. Answer: C Question: 246
Which of the following is not an appropriate role for internal auditors after a disaster
occurs?
A. Monitor the effectiveness of the recovery and control of operations.
B. Correct deficiencies of the entity's business continuity plan.
C. Recommend future improvements to the entity's business continuity plan.
D. Assist in the identification of lessons learned from the disaster and the recovery
operations. Answer: B Question: 247
Which component is the foundation of the COSO internal control framework?
A. Risk assessment.
B. Control environment.
C. Control activities.
D. Monitoring. Answer: B Question: 248
Which of the following best describes the underlying premise of the COSO enterprise
risk management framework?
A. Management should set objectives before assessing risk.
B. Every entity exists to provide value for its stakeholders.
C. Policies are established to ensure that risk responses are performed effectively.
D. Enterprise risk management can minimize the impact and likelihood of unanticipated
events. Answer: B Question: 249
Which of the following is an example of sharing risk?
A. An organization redesigned a business process to change the risk pattern.
B. An organization outsourced a portion of its services to a third-party service provider.
C. An organization sold an unprofitable business unit to its competitor.
D. In order to spread total risk, an organization used multiple vendors for critical
materials. Answer: B Question: 250
A records management system is an example of what type of control?
A. Preventive.
B. Detective.
C. Corrective.
D. Directive. Answer: A Question: 251
Which of the following procedures is not a step that an auditor would perform when
planning an audit of an organization?
A. Obtaining detailed knowledge about the organization.
B. Obtaining a management representation letter.
C. Assessing the audit risk of the organization.
D. Having discussions with the organization's management team. Answer: B Question: 252
Which of the following risk assessment tools would best facilitate the matching of
controls to risks?
A. Control matrix.
B. Internal control questionnaire.
C. Control flowchart.
D. Program evaluation and review technique (PERT) analysis. Answer: A Question: 253
Which of the following factors should be considered when determining the staff
requirements for an audit engagement?
I. The internal audit activity's time constraints.
II. The nature and complexity of the area to be audited.
III. The period of time since the area was last audited.
IV. The auditors' preference to audit the area.
V. The results of a preliminary risk assessment of the activity under review.
A. I and IV only.
B. I, II, and V only.
C. II, III, and V only.
D. I, II, III, IV, and V. Answer: B
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https://killexams.com/exam_list/FinancialHow To Choose A Financial Advisor
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Are you seeking assistance with your financial management? If so, you’re not alone. Many Americans could benefit from financial guidance. In fact, according to the National Financial Education Council, the average American incurs a cost of $1,200 per year due to a lack of personal finance knowledge.
Choosing a good financial advisor can help you avoid these costs and focus on your goals. Financial advisors aren’t just for rich people—working with a financial advisor is a great choice for anyone who wants to get their personal finances on track and set long-term objectives. To find the ideal financial advisor for your requirements, consider following our 5 key steps.
Step 1: Decide What Part of Your Financial Life You Need An Advisor For
Before you speak to a financial advisor, decide which aspects of your financial life you need help with. When you first sit down with an advisor, you’ll want to be ready to explain your particular money management needs.
Keep in mind that financial advisors provide more than just investment advice. The best financial planner is the one who can help you chart a course for all your financial needs. This can cover investment advice for retirement plans, debt repayment, insurance product suggestions to protect yourself and your family and estate planning.
Depending on where you are in life, you may not need comprehensive financial planning. People whose financial lives are relatively straightforward, like young people without families of their own or significant debt, might only need help with retirement planning.
People with complex financial needs, however, may need extra assistance. They could be looking to establish college funds or trusts for their children, navigate aggressive debt payment situations or solve tricky tax problems. Not all types of financial advisors offer the same menu of services, so decide which services you need and let this guide your search.
Step 2: Learn About the Different Types of Financial Advisors
There’s no federal law that regulates who can call themselves a financial advisor or provide financial advice. While many people call themselves financial advisors, not all have your best interest at heart. That’s why you have to carefully evaluate potential financial advisors and make sure they are good for you and your money.
Part of learning about the different types of advisors is understanding fiduciary duty. Some, but not all, financial advisors are bound by fiduciary duty, meaning that they are legally required to work in your financial best interest. Other people who call themselves advisors are only held to a suitability standard, meaning they only must suggest products that are suitable for you—even if they’re more expensive and earn them a higher commission. (The SEC is trying to regulate this, though, by limiting the use of “advisor” to those who hold themselves to a fiduciary standard.)
Regardless of which kind of advisor you choose, you should make sure you know how they earn money. This helps you determine if their recommendations are actually better for you—or for their wallets.
Here’s how to think about these four types of financial advisors:
1. Fee-Only Financial Advisors
Fee-only financial advisors earn money from the fees you pay for their services. These fees may be charged as a percentage of the assets they manage for you, as an hourly rate, or as a flat rate.
Almost all fee-only advisors are fiduciaries. Generally speaking, they have chosen to work under a fee-only model to reduce any potential conflicts of interest. Because their income is from clients, it’s in their best interest to make sure you end up with financial plans and financial products that work best for you.
2. Financial Advisors Who Earn Commissions
Some financial advisors make money by earning sales commissions from third parties. Among financial advisors that earn sales commissions, some may advertise themselves as “free” financial advisors that do not charge you fees for advice. Others may charge fees, meaning they derive only part of their income from third-party commissions.
Either way, financial advisors who earn third-party sales commissions derive some or all of their income from selling you certain financial products. If you choose to work with a financial advisor who earns sales commissions, you need to take extra care.
Commission-only advisors are not fiduciaries. They work as salespeople for investment and insurance brokerages and are only held to suitability standards. In contrast, some fee-based financial advisors are fiduciaries, though it’s important to determine if they’re always acting as fiduciaries or if they “pause” fiduciary duty when discussing certain types of products, like insurance.
Keep in mind, commissions aren’t bad in and of themselves. They’re not even necessarily red flags.
Some financial products are predominantly sold under a commission model. Take life insurance: A fee-based planner who receives compensation for helping you purchase a life insurance policy may still have your best interests at heart when advising on other financial products.
“To be clear, there’s nothing wrong with paying the commission for life insurance,” says Karen Van Voorhis, a fee-based certified financial planner (CFP) and Director of Financial Planning at Daniel J. Galli & Associates in Norwell, Mass. “That’s how the structure of that industry works.”
Purchasing financial products via financial advisors that earn commissions may be a matter of convenience, especially if someone will receive a commission regardless of where you buy the product. What’s important is understanding the difference. And if you work with a fee-based financial advisor, understand when they are acting as a fiduciary, especially when they help you purchase financial products.
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3. Registered Investment Advisors
Registered Investment Advisors (RIAs) are companies that provide fiduciary financial advice. RIAs employ Investment Advisor Representatives (IARs), who are bound by fiduciary duty. An RIA may have one or hundreds of IARs working for it.
IARs may call themselves financial advisors and may be fee-only or fee-based. Some may have additional credentials, including the certified financial planner (CFP) designation.
“The certified financial planner designation is really the gold standard in the financial planning industry,” says Van Voorhis. A CFP designation indicates a financial advisor has passed rigorous industry exams covering real estate, investment, and insurance planning as well as has years of experience in their fields.
Because of their wide range of expertise, CFPs are well-suited to help you plan out every aspect of your financial life. They may be particularly helpful for those with complex financial situations, including managing large outstanding debts and will, trust and estate planning.
4. Robo Advisors
Robo advisors offer low-cost, automated investment advice. Most specialize in helping people invest for mid- and long-term goals, like retirement, through preconstructed diversified portfolios of exchange-traded funds (ETFs).
“For younger people who are really tech-savvy, a robo advisor just to manage retirement funds could be a perfect solution,” says Brian Behl, a CFP at Behl Wealth Management in Waukesha, Wisc. “I don’t think they’re going to get as in-depth advice on insurance and retirement and taxes.”
People with complex financial needs should probably choose a conventional financial advisor, although many robo advisors provide financial planning services a la carte or for higher net-worth clients.
“While the robo advisors have really disrupted the industry…I do think there’s still a place for human advisors right now,” says Corbin Blackwell, a CFP at robo advisor Betterment.
Betterment, for example, allows clients to purchase individual financial advising sessions, and Personal Capital, Wealthsimple, and Betterment provide regular financial planning for clients with higher account balances for a management fee.
Step 3: Choose What Kind of Financial Advice You Need
Services offered by financial advisors vary from advisor to advisor, but they may provide financial advice on any of the following topics:
Investment advice: Financial advisors research different investment options and make sure your investment portfolio stays within your desired level of risk.
Debt management: If you have outstanding debts, like credit card debt, student loans, car loans, or mortgages, financial advisors will work with you to chart a plan for repayment.
Budgeting help: Financial advisors are experts in analyzing where your money goes once it leaves your paycheck. Advisors can help you craft budgets so you’re prepared to reach your financial goals.
Insurance coverage: Financial advisors may examine your current policies to identify any gaps in coverage or recommend new types of policies, like disability insurance or long-term care coverage, depending on your financial situation.
Tax planning: Tax planning involves strategizing ways to decrease the amount of taxes you may pay, like by large charitable donations or tax-loss harvesting. Keep in mind that not all financial planners are tax experts and that tax planning is different from tax preparation. You will probably still need a CPA or tax software to file your taxes.
Retirement planning: Financial advisors can help you build funds for the ultimate long-term goal, retirement. And then, once you’re retired or nearing retirement, they can help ensure you’re able to keep your money safe.
Estate planning: For those who wish to leave a legacy, financial advisors can help you transfer your wealth to the next generation, whether that’s family, friends, or charitable causes.
College planning: If you hope to fund loved ones’ educations, financial advisors can craft a plan to help you save for their higher education.
In addition to investment management and financial planning, financial advisors also offer emotional support and perspective during volatile economic times. During the beginning of the coronavirus pandemic in March of 2020, for instance, client demand for financial advisor contact increased by almost 50%.
“I think that during these times, we can be a source of reason,” says Blackwell. “We can weather the storm. We’ve built this portfolio for a reason.”
When choosing a financial advisor, make sure they offer the services you’re looking for in your financial and non-financial lives.
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Step 4: Decide How Much You Can Pay Your Financial Advisor
It used to be that financial advisors charged fees that were a percentage of the assets they managed for you. Today advisors offer a wide variety of fee structures, which helps make their services accessible to clients of all levels of financial means.
Commission-only financial advisors may seem free on paper, but they may receive a portion of what you invest or purchase as a payment. These “free” financial advisors typically are available through investment or insurance brokerages. Remember, these advisors may only be held to suitability standards, so they may end up costing what you would pay for a similar financial product suggested by a fiduciary financial advisor—or more.
Fee-only and fee-based financial advisors may charge fees based on the total amount of assets they manage for you (assets under management) or they may charge by the hour, by the plan, through a retainer agreement, or via a subscription model. Common average financial advisor fee rates are listed in the table below:
Step 5: Research Financial Advisors
Financial advice comes in many forms, and there are a variety of different kinds of financial professionals, so you need to do your homework. Make sure the advisor guiding your financial decisions is trustworthy and capable.
There are a few good ways to find a financial advisor. Ask friends, family and peers for recommendations when trying to find a financial advisor near you. Alternatively, look for financial advisors online. Many professional financial planning associations provide free databases of financial advisors:
When evaluating advisors, be sure to consider their credentials as well as research their backgrounds and fee structures. You can view disciplinary actions and complaints filed against financial advisors using FINRA’s BrokerCheck. And remember, just because someone is part of a financial planning association, that doesn’t mean they’re a fiduciary financial advisor.
Key Questions to Ask When Choosing a Financial Advisor
When meeting a financial advisor for the first time, it’s important to obtain the answers to these questions and ensure you’re satisfied with their responses:
Fiduciary Status: Are you a fiduciary, committed to acting in my best interest?
Compensation Structure: How do you make money? Understand their fee structure and any potential conflicts of interest.
Consistency of Fiduciary Duty: Do you always act as fiduciaries, even when selling commission-based products?
Financial Planning Approach: What is your approach to financial planning? Learn about their strategies and methodologies.
Available Services: What financial planning services do you offer? Ensure their offerings align with your specific needs.
Client Profile: What kind of clients do you typically work with? Confirm if they have experience catering to clients similar to you.
Account Minimums: Do you have any account minimums? Determine if their requirements match your financial situation.
Conflicts of Interest: Do you have any conflicts of interest in managing your money? Ensure transparency and alignment of interests.
Required Information: What information do you need me to provide to develop my financial plan? Gather relevant documents.
Meeting Frequency: How many times and how often will we meet? Establish expectations for ongoing communication.
Collaboration with Advisors: Will you collaborate with your other advisors, such as CPAs or attorneys? Coordinate efforts for comprehensive financial management.
Because of the ambiguity in the industry, you have to exercise caution to make sure you get the right financial advisor who meets your fiduciary and financial needs. That said, when you choose the right financial advisor for you, they can help you achieve your financial goals and financially protect your loved ones and their futures.
“So much of what I do in a life-centered approach to financial planning and wealth management is walk out life with people,” says Wes Brown, a CFP at CogentBlue Wealth Advisors in Knoxville, Tenn. “I think there’s value in an ongoing relationship where somebody can help you walk through the various waypoints you’re going to come to.
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Financial advisors are personal finance experts who provide you financial advice and manage your money. Some—but not all—are fiduciaries. A fiduciary acts only in your best financial interest.
“A financial advisor is like a coach,” says Matt Chancey, a certified financial planner (CFP) at Dempsey Lord Smith in Tampa, Fla. “It helps to have someone keep you accountable to your goals and make sure that you aren’t making any major missteps.”
What can a financial advisor do for you?
A good financial investment advisor can evaluate your current situation and develop a comprehensive plan to guide you through your financial life.
“You don’t know what you don’t know,” says Marianela Collado, a CFP and certified public accountant (CPA) at Tobias Financial Advisors in Plantation, Fla. “By opening your finances up, a good financial adviser can suggest a wide range of opportunities that the client probably never thought of or wouldn’t even know to ask for.”
Who needs a financial advisor?
Though some people may think they don’t need a financial advisor until they’ve amassed at least $1 million, the amount of assets you hold shouldn’t be the sole determining factor. In fact, financial advisors work with clients of all tax brackets and backgrounds.
How much does a financial advisor cost?
Financial advisor fees can vary widely. This is due to there being different methods for a financial advisor to generate their income. Some advisors are fee-only. Other advisors are commission-based. Some advisors even work on a hybrid model between the two.
It’s recommended that you research how the individual advisor you’re choosing generates their income before starting to work with them.
When should I get a financial advisor?
Financial advisors become most helpful when your financial life becomes complex. That might be when you get married, have children, get divorced, are managing many competing debts, come into an unexpected windfall or are navigating end-of-life financial decisions.
Thu, 01 Jun 2023 02:22:00 -0500John Schmidten-UStext/htmlhttps://www.forbes.com/advisor/investing/how-to-choose-a-financial-advisor/Rocket Tax
ConsumerAffairs is not a government agency. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. Our content is intended to be used for general information purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers.
It is well known that finance troubles frequently lead to divorce, but less discussed is just how much financial trouble divorce can create. For one, it can wreak havoc on your retirement savings and overall financial way of life.
Couples heading from “I do” to “I no longer do” should take the time to understand what exactly divorce means for their retirement plan, and know how they can deftly navigate the potentially devastating toll.
When you marry your partner, you always marry your money going forward, including retirement investment and savings.
“Whatever assets that will be left over after the divorce will be cut in half,” said Rachael Burns, CFP, certified divorce financial analyst. “That means you will likely have half of the retirement savings you thought you would have. Granted, your retirement expenses may be lower as a single person than they were as a married couple, but it is unlikely that your costs will be cut in half as well, because you enjoy some economies of scale by sharing costs.”
To prepare for this division, it’s critical to reassess your financial plan during and after divorce.
“You need to consider your new, post-divorce financial situation as well as your new goals you have for yourself as a single person,” Burns said. “You may need to do some strategizing to make your new financial plan work.”
Your Social Security Benefits Could Be Hugely Impacted
A common question in the land of the divorced and soon-to-be divorced is about Social Security benefits. How do those work/apply in the land of broken marriages?
“Most people don’t understand how their benefits will be affected by a divorce and to what benefits they will be entitled,” said Brannon Lambert, CFP and the owner of Canvasback Wealth Management, LLC. “In the event of a divorce, you want to know a few things to ensure nothing gets missed.”
Here’s exactly what you need to know.
“First, do you have your 40 quarters of credit to qualify for your own Social Security benefit?” Lambert said. “It’s not as common as it used to be but on occasion we talk with a spouse that spent a large block of time out of the workforce. This resulted in a shortfall of a few credits they would need to qualify for their own benefit.
“In the instances we have encountered, none of the individuals were aware they lacked the necessary credits to get their benefit. Fortunately, they had time to earn the credits they needed before retirement. In addition to knowing how many credits you have, you want to be aware of your projected benefit.”
The second thing you need to know about Social Security benefits amid divorce surrounds the duration of the marriage.
“Were you married for at least 10 years and what is your ex-spouse’s projected benefit?” Lambert said. “The 10-year mark is important because it allows you to claim a spousal benefit if it would pay you more each month than your own. As always though, you must prove both your marriage and divorce to the SSA. Remember to obtain and keep copies of your marriage license and divorce papers.”
Estate Plans Will Shift
In addition to nailing down the division of assets, divorcing couples also must determine how to handle estate planning discussions.
“While married couples of any age can — and should — have a well-crafted estate plan, older couples are more likely to have one in place,” said Sarah Jacobs, co-founder of Jacobs Berger, LLC, a boutique divorce and family law firm. “This estate plan may include provisions for tax benefits which a divorce can complicate. If you are undertaking a later-in-life divorce, you will want to carefully consider how you update your estate planning documents. While an experienced family law attorney can help you navigate these concerns, it may also be prudent to collaborate with an estate planning professional or tax planning professional to ensure your estate plan reflects your new circumstances.”
Your Living Expenses May Go Up
Couples often split living expenses, which can help them save for retirement. But once you cut the marital cord, you’ll likely be on your own and see a spike in cost of living based on your new single status.
“One of the significant ways [divorce] can affect your retirement savings is through increased living expenses,” said Baruch Silvermann, financial expert and CEO of The Smart Investor. “Transitioning from a dual-income household to a single-income household can result in financial challenges and a higher cost of living. Suddenly, you may find yourself solely responsible for expenses such as housing, utilities, groceries, insurance and childcare, among others.”
Pressure to cover additional costs can be a major financial drain and make saving for retirement a real challenge. Preparation is key here.
“Start by examining your current budget and identify areas where you can potentially cut back,” Silvermann said. “Then, analyze your expenses and prioritize essential items such as housing, utilities and healthcare. Make retirement savings a priority in your budget. Set aside a specific portion of your income to contribute consistently towards retirement accounts.”
Downsizing and moving to locations with lower property taxes also should be strongly considered in the wake of divorce, in order to help build up retirement savings that likely have been torched by the split.
Mon, 05 Jun 2023 09:33:00 -0500en-UStext/htmlhttps://www.msn.com/en-us/money/retirement/will-divorce-destroy-your-retirement-savings/ar-AA1caeUeCBIZ ACQUIRES INFORMATION SECURITY FIRM PIVOT POINT SECURITY
CLEVELAND, June 5, 2023 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced today that it has acquired information security consulting firm, Pivot Point Security ("PPS"), of Hamilton, NJ, effective June 1, 2023.
Founded in 2001, PPS helps small and middle market businesses navigate the complex challenges of information security and compliance. These services include certification and compliance preparation work for the most important U.S. and international regulatory frameworks, gap analyses, such as vulnerability assessments, penetration testing, and vendor risk management, and other consulting services such as outsourced virtual Chief Information Security Officer. PPS has 30 employees and recorded $6.6 million in revenue in 2022.
Jerry Grisko, President and CEO of CBIZ, said, "The acquisition of Pivot Point significantly increases the depth of expertise and scope of the cyber and security services that we provide to our clients. We have long been searching for the right firm to enhance our services in this area. In Pivot Point, I am confident that we found the right team and we are very pleased to welcome them to CBIZ."
John Verry, of PPS, stated, "We are very excited to join CBIZ. Being a part of a premier national advisory services provider will expand our ability to provide clients with best-in-class service and solutions to help them secure and grow their businesses. Our mutual goal of establishing enduring partnerships with clients and achieving outstanding outcomes makes this an ideal match and provides our team significant growth and professional development opportunities."
About CBIZ
CBIZ, Inc. is a leading provider of financial, insurance, and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 120 Company offices in 33 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.
Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause real results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the risk that the anticipated benefits and perceived advantages of an acquisition may not be achieved; the impact of COVID-19 or governmental rules related to public health issues on the Company's business, operations and clients; the Company's ability to adequately manage and sustain its growth; the Company's dependence on the trend of outsourcing business services; the Company's dependence on the services of its CEO, other key employees, producers and service personnel; the effects of any potential cyber-attacks; competitive pricing pressures; general business and economic conditions; and changes in governmental laws or regulation affecting the Company's clients, business, business services operations, or business models. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov.
Mon, 05 Jun 2023 08:05:00 -0500en-UStext/htmlhttps://finance.yahoo.com/news/cbiz-acquires-information-security-firm-200500219.htmlAlpine Investors-backed Axcel Learning acquires IT certification exam prep firm Dion Traininig
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Wed, 31 May 2023 04:05:00 -0500Iris Dorbianen-UStext/htmlhttps://www.pehub.com/alpine-investors-backed-axcel-learning-acquires-it-certification-exam-prep-firm-dion-traininig/CFO Job Description: Driving Financial Excellence in Small Businesses
In small businesses, the role of a Chief Financial Officer (CFO) is crucial in ensuring sound financial management and strategic decision-making. This article provides insights into the responsibilities, skills, and qualifications required for a CFO in a small business setting.
Responsibilities and Duties
As a CFO in a small business, you will play a senior management role, overseeing the financial aspects of the organization. Your primary responsibilities and duties include:
Financial Planning and Strategy
You will lead the development and execution of financial strategies aligned with the company’s goals. This involves financial forecasting, budgeting, and long-term financial planning to optimize the organization’s financial position.
Financial Reporting and Compliance
You will oversee the preparation and analysis of financial reports, ensuring compliance with generally accepted accounting principles and regulatory requirements. You will provide accurate and timely financial information to senior managers, board members, and external stakeholders.
Cash Flow Management and Risk Assessment
Managing cash flow is crucial for the financial health of the organization. You will monitor and analyze cash flow, assess financial risks, and implement strategies to ensure adequate liquidity and minimize risk exposure.
Financial Analysis and Decision-Making
As a CFO, you will conduct financial analysis, evaluate investment opportunities, and provide insights to support strategic decision-making. You will assess financial performance, identify areas for improvement, and take corrective actions when necessary.
Financial Leadership and Team Management
You will lead and mentor the finance and accounting teams, ensuring their effectiveness and professional development. Collaboration with other senior managers and department heads is essential to align financial strategies with overall business objectives.
Compliance and Governance
As the CFO, you will ensure compliance with legal and regulatory requirements, including the Sarbanes-Oxley Act and reporting to regulatory entities such as the Securities and Exchange Commission. You will establish and maintain effective internal controls and financial governance practices.
To excel as a CFO in a small business, you should possess a combination of financial expertise, leadership skills, and business acumen. Here are key skills and qualifications for the role:
Extensive experience in financial management and strategic planning, preferably in a senior executive position.
Strong knowledge of financial analysis, reporting, and compliance with accounting principles and regulations.
Exceptional leadership and communication skills to effectively collaborate with internal and external stakeholders.
In-depth understanding of economic trends, industry dynamics, and financial risks affecting the business.
Certified Public Accountant (CPA) designation or equivalent accounting qualification.
Master’s degree in business administration, finance, or a related field is highly desirable.
Proven track record in cash flow management, cost reduction, and maximizing profitability.
Experience in obtaining funding, managing investor relations, and executing mergers and acquisitions.
Excellent problem-solving skills and ability to analyze complex data to drive informed financial decisions.
CFO Job Description: Templates for Hiring at Your Business
CFO Job Description Template 1:
This template describes a small business specializing in a specific industry and seeks an experienced CFO to drive financial strategy and growth. The CFO will be responsible for developing and executing financial strategies, monitoring financial performance, overseeing financial planning and budgeting, managing cash flow and liquidity, preparing financial reports, collaborating with external stakeholders, leading and developing the finance team, staying updated on industry trends, and supporting fundraising efforts.
Job position:CFO (Chief Financial Officer)
Location:[City, State]
Company:[Company Name]
Company Overview:[Insert company name] is a small business specializing in [briefly describe the company’s industry and core activities]. We are seeking an experienced CFO to join our dynamic team and help drive our financial strategy and growth.
Job Summary:As the Chief Financial Officerof [insert company name], you will be responsible for overseeing all financial aspects of the organization. You will play a crucial role in developing and implementing financial strategies, managing financial risks, and ensuring the company’s financial health. The CFO will work closely with the executive team to provide strategic financial insights and recommendations that align with our overall business objectives.
Responsibilities:
Develop and execute the company’s financial strategy in alignment with the overall business goals.
Monitor and analyze financial performance, providing insights and recommendations to Strengthen profitability and operational efficiency.
Oversee financial planning, budgeting, and forecasting processes.
Manage cash flow and liquidity to ensure the availability of funds for day-to-day operations and future investments.
Implement and maintain robust financial controls and risk management policies.
Prepare and present financial reports, including monthly, quarterly, and annual financial statements, to the executive team and board of directors.
Collaborate with external stakeholders, including auditors, tax advisors, and financial institutions.
Lead and develop the finance team, fostering a culture of high performance and continuous improvement.
Stay updated on industry trends, regulatory changes, and best practices in financial management.
Support fundraising efforts and investor relations activities as required.
Qualifications:
Bachelor’s degree in finance, accounting, or a related field (MBA or CPA preferred).
Proven work experience as a CFO or in a similar financial leadership role.
Strong financial analysis and modeling skills.
Deep understanding of financial regulations, compliance, and reporting requirements.
Excellent strategic planning and problem-solving abilities.
Exceptional communication and presentation skills.
Ability to build and maintain strong relationships with internal and external stakeholders.
Strong leadership and team management skills.
Proficiency in financial management software and MS Office suite.
Benefits:
Competitive salary and benefits package.
Opportunities for professional growth and development.
Supportive and collaborative work environment.
To Apply:
Please submit your resume and a cover letter explaining your qualifications and interest in the position to [email address] with the subject line “Accounts Payable Clerk Application – [Your Name].” We appreciate your interest in joining our team and will review applications on an ongoing basis.
[Company Name] is an equal-opportunity employer and values diversity in our workforce. We do not discriminate on the basis of race, color, religion, gender, sexual orientation, national origin, age, disability, or any other protected characteristic. We encourage applicants from all backgrounds to apply.
CFO Job Description Template 2:
In this template, a fast-growing small business in a specific industry/sector is looking for a dynamic and experienced CFO to lead their finance department. The CFO will be responsible for managing all financial activities, providing strategic financial guidance, developing and executing financial plans, ensuring compliance, and collaborating with external auditors and financial institutions.
Job position:Chief Financial Officer
Location:[City, State]
Company:[Company Name]
Company Overview:[Insert company name] is a fast-growing small business operating in the [industry/sector]. We are seeking a dynamic and experienced CFO to lead our finance department and drive financial excellence across the organization.
Job Summary:As the Chief Financial Officer of [insert company name], you will be responsible for managing all financial activities and providing strategic financial guidance to support our growth objectives. The CFO will work closely with the executive team to develop and execute financial plans, manage risks, and ensure the company’s financial health.
Responsibilities:
Develop and implement the company’s financial strategy in line with the organization’s goals and objectives.
Monitor and analyze financial performance, identifying areas for improvement and providing recommendations to drive profitability and efficiency.
Oversee budgeting, forecasting, and financial planning processes.
Ensure compliance with financial regulations, accounting principles, and internal policies.
Manage cash flow, liquidity, and working capital to support operational needs and growth initiatives.
Lead financial reporting activities, including the preparation of monthly, quarterly, and annual financial statements.
Collaborate with external auditors, tax advisors, and financial institutions to ensure compliance and efficient financial operations.
Provide strategic financial insights and recommendations to the executive team, supporting decision-making and resource allocation.
Manage and develop a high-performing finance team, fostering a culture of collaboration, accountability, and continuous improvement.
Stay updated on industry trends, market conditions, and regulatory changes affecting the business.
Qualifications:
Bachelor’s degree in finance, accounting, or a related field (MBA or CPA preferred).
Proven experience as a CFO or in a senior finance leadership role.
Strong knowledge of financial planning, budgeting, and forecasting processes.
Proficiency in financial analysis, modeling, and reporting.
Excellent understanding of accounting principles, financial regulations, and compliance requirements.
Strong business acumen and strategic thinking abilities.
Excellent communication and presentation skills.
Ability to build and maintain relationships with internal and external stakeholders.
Strong leadership and people management skills.
Proficiency in financial management software and MS Office suite.
Benefits:
Competitive salary and benefits package.
Opportunities for professional growth and development.
Supportive and collaborative work environment.
To Apply:
Please submit your resume and a cover letter outlining your relevant experience and qualifications to [email address] with the subject line “Accounts Payable Administrator Application – [Your Name].” We appreciate your interest in joining our team and will review applications on an ongoing basis.
[Company Name] is an equal-opportunity employer and values diversity in our workforce. We do not discriminate on the basis of race, color, religion, gender, sexual orientation, national origin, age, disability, or any other protected characteristic. We encourage applicants from all backgrounds to apply.
CFO Job Description Template 3:
The company described in this template is dedicated to providing specific products/services and is seeking an experienced CFO to provide strategic financial leadership. The CFO will oversee all financial aspects, ensure financial integrity, provide insightful analysis, develop and execute financial plans, manage risks, optimize financial performance, and support long-term financial sustainability.
Job position:Chief Financial Officer (CFO)
Location:[City, State]
Company:[Company Name]
Company Overview:[Insert company name] is a small business dedicated to providing [briefly describe the company’s products/services]. We are seeking an experienced CFO to join our team and provide strategic financial leadership to support our growth plans and ensure long-term financial sustainability.
Job Summary:As the Chief Financial Officer of [insert company name], you will oversee all financial aspects of the organization, ensuring the integrity of financial operations and providing insightful analysis to drive strategic decision-making. The CFO will play a key role in developing and executing financial plans, managing risks, and optimizing financial performance.
Responsibilities:
Develop and implement financial strategies and plans that align with the company’s vision and objectives.
Monitor and analyze financial performance, identifying trends and providing recommendations to Strengthen profitability and operational efficiency.
Manage budgeting, forecasting, and financial modeling processes.
Ensure accurate and timely financial reporting, including the preparation of financial statements and management reports.
Develop and maintain strong internal controls, risk management policies, and compliance procedures.
Oversee cash flow management, working capital optimization, and capital allocation strategies.
Collaborate with external stakeholders, including auditors, tax advisors, and financial institutions.
Provide financial insights and support to the executive team and board of directors for strategic decision-making.
Lead the finance team, providing coaching and development opportunities to enhance their skills and capabilities.
Stay updated on industry trends, economic conditions, and regulatory changes impacting the business.
Qualifications:
Bachelor’s degree in finance, accounting, or a related field (MBA or CPA preferred).
Proven work experience as a Chief Financial Officer or in a similar financial leadership role.
Strong financial analysis and forecasting skills.
Comprehensive knowledge of accounting principles, financial regulations, and compliance requirements.
Excellent strategic thinking and problem-solving abilities.
Strong communication and presentation skills.
Ability to build and maintain relationships with internal and external stakeholders.
Proven leadership and team management skills.
Proficiency in financial management software and advanced MS Excel skills.
Ability to thrive in a fast-paced and dynamic small business environment.
Benefits:
Competitive salary and benefits package.
Opportunities for professional growth and advancement.
Supportive and collaborative work environment.
To Apply:
Please submit your resume and a cover letter outlining your qualifications and experience in accounts payable management to [email address] with the subject line “Accounts Payable Manager Application – [Your Name].” We appreciate your interest in joining our team and will review applications on an ongoing basis.
[Company Name] is an equal-opportunity employer and values diversity in our workforce. We do not discriminate on the basis of race, color, religion, gender, sexual orientation, national origin, age, disability, or any other protected characteristic. We encourage applicants from all backgrounds to apply.
CFO Job Description Template 4:
This template is for a small business operating in a specific industry/sector, and they are looking for a highly skilled and motivated CFO. The CFO will be responsible for overall financial management, developing and executing financial strategies, monitoring financial performance, ensuring compliance, managing cash flow, leading budgeting and financial planning, developing strong internal controls, collaborating with external stakeholders, and providing financial insights to the executive team.
Job position:Chief Financial Officer (CFO)
Location:[City, State]
Company:[Company Name]
Company Overview:[Insert company name] is a small business operating in the [industry/sector]. We are seeking a highly skilled and motivated Chief Financial Officer to join our team and provide financial leadership to drive our business growth and profitability.
Job Summary:As the Chief Financial Officer of [insert company name], you will be responsible for the overall financial management of the organization. The Chief Financial Officer will work closely with the executive team to develop and execute financial strategies, manage risks, and ensure compliance with financial regulations. This role requires a strategic thinker with a strong financial acumen and the ability to drive financial performance in a dynamic business environment.
Responsibilities:
Develop and implement the company’s financial strategy, ensuring alignment with the business goals and objectives.
Monitor and analyze financial performance, identifying opportunities for improvement and providing recommendations to enhance profitability and operational efficiency.
Lead the budgeting, forecasting, and financial planning processes.
Oversee financial reporting and analysis, including the preparation of financial statements and management reports.
Develop and maintain strong internal controls, ensuring compliance with accounting principles and financial regulations.
Manage cash flow, working capital, and capital expenditure to support operational needs and growth initiatives.
Collaborate with external auditors, tax advisors, and financial institutions to meet regulatory requirements and optimize financial operations.
Provide financial insights and recommendations to the executive team to support strategic decision-making and resource allocation.
Lead and develop the finance team, fostering a culture of continuous improvement and high performance.
Stay updated on industry trends, market conditions, and emerging financial practices.
Qualifications:
Bachelor’s degree in finance, accounting, or a related field (MBA or CPA preferred).
Proven work experience as a Chief Financial Officer or in a senior financial leadership role.
Strong financial analysis and forecasting skills.
Comprehensive knowledge of accounting principles, financial regulations, and compliance requirements.
Excellent strategic thinking and problem-solving abilities.
Strong communication and presentation skills.
Ability to build and maintain relationships with internal and external stakeholders.
Proven leadership and team management skills.
Proficiency in financial management software and advanced MS Excel skills.
Ability to thrive in a fast-paced and dynamic small business environment.
Experience in mergers and acquisitions, financial due diligence, or corporate finance.
Knowledge of fundraising strategies, including debt and equity financing.
Familiarity with financial software systems and tools for data analysis.
Understanding of international finance and global market dynamics.
Experience in managing financial operations in a small business or startup environment.
Knowledge of industry-specific financial practices and regulations.
Benefits:
Competitive salary and benefits package.
Opportunities for professional growth and development.
Supportive and collaborative work environment.
To Apply:
Please submit your resume and a cover letter outlining your qualifications and interest in the position to [email address] with the subject line “Accounts Payable Analyst Application – [Your Name].” We appreciate your interest in joining our team and will review applications on an ongoing basis.
[Company Name] is an equal-opportunity employer and values diversity in our workforce. We do not discriminate on the basis of race, color, religion, gender, sexual orientation, national origin, age, disability, or any other protected characteristic. We encourage applicants from all backgrounds to apply.
Conclusion
In small businesses, the Chief Financial Officer plays a vital role in driving financial excellence and supporting strategic decision-making. By overseeing financial planning, ensuring compliance, managing cash flow, and providing financial leadership, the CFO contributes to the organization’s success and helps achieve its financial goals. With strong financial acumen, leadership skills, and a focus on continuous improvement, the CFO becomes an invaluable asset in navigating the complexities of financial management in a small business environment.
Frequently Asked Questions
What is the role of a CFO in a small business?
The role of a CFO in a small business is to oversee the financial aspects of the organization, including financial planning, reporting, cash flow management, risk assessment, strategic decision-making, compliance, and financial leadership.
What qualifications are required to become a CFO in a small business?
To become a CFO in a small business, it is typically required to have extensive experience in financial management and strategic planning, strong knowledge of financial analysis and compliance, leadership skills, and a relevant educational background such as a Master’s degree in business administration or finance. Certification as a Certified Public Accountant (CPA) is also beneficial.
What are the key responsibilities of a CFO in a small business?
The key responsibilities of a CFO in a small business include financial planning and strategy, financial reporting and compliance, cash flow management and risk assessment, financial analysis and decision-making, financial leadership and team management, and ensuring compliance and governance.
How does a CFO contribute to the success of a small business?
A CFO contributes to the success of a small business by providing financial expertise, strategic planning, and decision-making support. They help optimize financial performance, manage risks, ensure compliance, and provide insights for achieving the company’s financial goals.
What skills are essential for a CFO in a small business?
Essential skills for a CFO in a small business include financial expertise, leadership skills, strong communication and collaboration abilities, financial analysis and reporting skills, knowledge of industry trends and risks, problem-solving capabilities, and the ability to make informed financial decisions.
How does a CFO manage cash flow in a small business?
A CFO manages cash flow in a small business by closely monitoring and analyzing cash flow, implementing strategies to ensure adequate liquidity, optimizing cash flow cycles, managing working capital, and minimizing financial risks related to cash flow.
What is the average salary range for Chief Financial Officers in small businesses?
The average salary range for CFOs in small businesses can vary depending on factors such as the size of the business, industry, location, and the CFO’s experience and qualifications. It is recommended to research salary data specific to the region and industry for accurate information.
What is the difference between a CFO and a financial manager in a small business?
While both a CFO and a financial manager play important roles in managing the financial aspects of a small business, a CFO typically holds a more senior position and has broader responsibilities, including strategic planning, financial leadership, and governance, while a financial manager focuses on day-to-day financial operations and reporting.
What is the significance of financial compliance for a CFO in a small business?
Financial compliance is crucial for a CFO in a small business as it ensures adherence to legal and regulatory requirements, maintains transparency, mitigates financial risks, and helps build trust with stakeholders such as investors, lenders, and regulatory entities.
How can a small business benefit from hiring a CFO?
Hiring a CFO in a small business can bring numerous benefits, including strategic financial planning, accurate financial reporting, improved cash flow management, risk mitigation, informed decision-making, enhanced financial performance, compliance with regulations, and effective financial leadership and management.
Image: Depositphotos
Fri, 02 Jun 2023 05:00:06 -0500en-UStext/htmlhttps://www.msn.com/en-us/money/smallbusiness/cfo-job-description-driving-financial-excellence-in-small-businesses/ar-AA1c37jVState lawmakers must help remedy Pa. teacher shortage [column]
Quality education starts with high-quality, effective teachers, but many school districts struggle to hire the number of well-prepared educators that our children need and deserve. The educator shortage is alarming, and our state must find strategies to encourage more people to pursue careers in the classroom.
To put the teacher shortage in perspective, the number of new teachers certified by the state has plunged by 70% since 2010. As a result of that astonishing decrease, the Pennsylvania Department of Education has issued more emergency teaching permits than new certifications. In fact, 6,366 people with bachelor’s degrees received an emergency permit in 2021-22, compared to 4,220 people earning teaching certificates.
There are real consequences for students when schools cannot hire enough certified teachers. Schools can be forced to increase class sizes or have nonteaching staff cover classrooms, which leaves children — many of whom have academic and social challenges — without the ideal learning environment.
As dean of the College of Education and Human Services at Millersville University, I work closely with many school districts trying to address the problem. The university hosted a teacher shortage summit last year with teachers and leaders of more than two dozen school districts, as well as policymakers and university educators to discuss the challenges and opportunities.
Those conversations are resulting in strategic efforts to grow the educator workforce. For example, the university is engaging with local high school students about their interest in teaching to help us understand how to encourage more young people to consider the profession. Millersville University is hosting a summer future educator academy where high school students will spend a week on campus learning about the education profession.
We are partnering with McCaskey High School to offer students an early college program — providing them the opportunity to take college-level courses and earn credit toward an education degree at Millersville. These dual enrollment strategies are proven to help students succeed by giving them a head start on college, lowering the cost of higher education and putting them on a path to becoming an educator.
We have launched two fully online programs in early childhood education (prekindergarten through fourth grade) and special education (prekindergarten through 12th grade) to provide pathways for paraprofessionals and others working in child care centers to earn certification. In collaboration with HACC, we are creating multiple pathways to certification. In May, we had more than 80 individuals register for a recruitment event.
Each of these strategies is a powerful tool to support the educator workforce, but the need is daunting. According to estimates, Pennsylvania needs an additional 10,000 teachers by 2030, including nearly 2,000 more in south-central Pennsylvania to support our growing population.
The simple fact is there are not enough people who can afford teacher preparation programs to fill all of the open teaching jobs now and into the future. Pennsylvania must lower the cost so more people from low- and middle-income backgrounds can get the necessary education and training to be the great teachers that our children need.
Pennsylvania’s state-owned public universities, including Millersville, have a strategy to lower the price for students and expand the pipeline from college to the K-12 classroom. The Pennsylvania State System of Higher Education is asking the General Assembly for $112 million, with nearly all of it to provide more financial aid directly to state system students pursuing teaching and five other in-demand jobs.
These new scholarships would save each education student an average of $1,500 a year, and those with greater financial needs around $6,500 a year. This is a commonsense plan to tackle the affordability problem by reducing the cost to encourage more people to pursue their dreams of being teachers and enable current students to stay in college and on a path to graduate.
Pennsylvania State System of Higher Education universities were founded more than a century ago solely to train teachers, and while we’ve expanded our scope, teacher preparation remains a major part of our institutions. Today, 1 in 4 teachers in Pennsylvania are state system graduates.
There isn’t a single solution to the teacher shortage but preparing more certified teachers is a vital step, and we’re ready to help.
Pennsylvania can and must rebuild our educator workforce, and the state system’s financial aid proposal is a cost-effective way to do just that. With a new state investment, Pennsylvania could encourage more people to pursue teaching, ease the shortage and provide the high-quality education that our children need to succeed.
Lara Willox, Ph.D., is dean of the College of Education and Human Services at Millersville University.
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Fri, 02 Jun 2023 21:30:00 -0500entext/htmlhttps://lancasteronline.com/opinion/columnists/state-lawmakers-must-help-remedy-pa-teacher-shortage-column/article_6d627398-00cf-11ee-a221-9b9161202b06.htmlDR. SUE RIEG: Investing in financial aid for PASSHE students can help teacher shortage
Pennsylvania’s children — many of whom face academic and social-emotional challenges — deserve high-quality, well-prepared teachers, but due to teacher shortages many school districts are struggling to hire and retain well-qualified candidates.
The teacher shortage is real and alarming, but there is hope.
The shortage has been building for many years. Since 2010, new in-state teacher certifications have decreased by nearly 70 percent to record low levels. In response, the state has issued more emergency teaching permits than new certificates. According to 2021-22 data, 6,366 people with bachelor’s degrees received an emergency permit with only 4,220 new graduates earning teaching certificates.
The shortages of teachers exist throughout the profession, but are most acute in math, science and special education — all subjects where students need great state-certified teachers to help them master subjects and prepare for the future.
There are real consequences for students when their schools cannot fill vacant teacher positions or hire quality candidates. Some school districts have been forced to increase class sizes, have non-instructional school employees cover classrooms, and even shut down face-to-face instruction and switch to remote learning modes, which leaves students in less-than-ideal learning environments when not implemented properly.
Because of this shortage of qualified teachers, some classrooms are being led by staff who — while dedicated to caring for our students — lack appropriate knowledge and skills to deliver instruction. Shortages of qualified teachers disrupts the learning environment; further marginalizes students of color, students with disabilities, and students from low-income families; and limits the development of positive relationships between students, families and teachers.
I know this as someone who is in close contact with school districts, as interim dean of the College of Education and Communications at Indiana University of Pennsylvania. School leaders contact me almost daily, searching for help to fill vacant positions in classrooms.
Universities like ours and local schools are engaging in innovative efforts to address the problem, though they’re not enough. For example, we partner with some local school districts to have graduate students in our Literacy/Reading Specialist program work up to 20 hours a week as graduate assistants, while continuing to take graduate classes.
The IUP students are already state certified and can help K-12 students by serving as literacy instructors, assisting teachers in the classroom, and serving as substitute teachers. This collaboration benefits everyone. K-12 students learn from high-quality teachers, local schools temporarily fill open positions with certified educators, and IUP students get more experience and a paycheck.
Unfortunately, those efforts are not enough. Pennsylvania will need an estimated 10,000 more teachers by 2030. Meeting that demand and easing the current teacher shortage will take investment from Harrisburg.
The harsh reality is the teacher shortage will continue unless more people can afford the college education necessary to gain the skills and knowledge to become certified teachers. There are not enough people with incomes high enough to fill all the jobs. We must reduce the cost to students so more people from low- and middle-income families can become teachers, and that requires creative solutions.
Pennsylvania’s State System of Higher Education (PASSHE), which includes IUP, is asking the General Assembly for $112 million so our universities can provide more financial aid to education students and a handful of other majors with worker shortages. The investment would save each education student an average of $1,500 a year and students with high needs around $6,500 a year.
That additional direct-to-student financial aid would be life changing for many PASSHE students. Despite attending a state-owned public university, many students must work one or two jobs while taking a full course load, and they still struggle to make ends meet.
PASSHE’s proposal tackles the affordability problem by boosting university-funded financial aid to lower the price that teacher candidates pay. With the reduced cost, more students will be able to afford to start college, stay through graduation and enter the workforce. Plus, the state’s return on investment is greater because our universities already produce graduates at a lower cost per student.
Pennsylvania has a shortage of teachers, but not a shortage of great people who would make outstanding teachers. Addressing the shortage requires our state to ensure more students from low- and middle-income families can afford college teacher preparation programs. The state system’s plan strategically targets financial aid that opens the door of opportunity to more people to become the high-quality teachers that children need and deserve.
The plan is good for our students, our schools, and our communities in every corner of the state. It’s the hope and solution that Pennsylvania needs, but it requires state investment to achieve.
Fri, 02 Jun 2023 16:15:00 -0500entext/htmlhttps://www.indianagazette.com/opinion/editorials/dr-sue-rieg-investing-in-financial-aid-for-passhe-students-can-help-teacher-shortage/article_4e489aec-a388-51bc-8c7e-50dddbf1b3df.htmlChemung Canal Trust Company Appoints New Executive Vice President, Chief Financial Officer & Treasurer
Chemung Financial Corp
Dale M. McKim, III
Executive Vice President, Chief Financial Officer & Treasurer
ELMIRA, N.Y., June 02, 2023 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, today announced that Dale M. McKim III will join the Bank's management team as Executive Vice President, Chief Financial Officer and Treasurer. Mr. McKim will also serve as Chief Financial Officer and Treasurer of Chemung Financial Corporation.
McKim brings more than 25 years of finance and risk-management experience to the Company, most recently working as Chief Risk Officer for Evans Bank and as a Partner/Senior Manager at KPMG LLP in Buffalo. He will officially join the Company on July 1, 2023, following the previously announced retirement of Karl F. Krebs on June 30, 2023.
"I am pleased to have Dale join our Executive Management Team," said Anders M. Tomson, President & Chief Executive Officer. "The depth and breadth of his leadership experience will have a positive and immediate impact on our team and the organization as a whole," Tomson added.
McKim earned a Bachelor of Science degree from the State University at Buffalo in Accounting and Finance, and is a Certified Public Accountant. He currently serves on the Board of Trustees for the University at Buffalo Foundation as Chair of the Audit Committee, and is a board member of GOBike Buffalo. He and his family currently live in Buffalo.
Chemung Financial Corporation is a $2.65 billion financial-services holding company headquartered in Elmira, New York, which operates 31 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.
Contact: Scott T. Heffner Senior Vice President Director of Marketing stheffner@chemungcanal.com
Fri, 02 Jun 2023 01:00:00 -0500en-UStext/htmlhttps://finance.yahoo.com/news/chemung-canal-trust-company-appoints-130000752.htmlEolas Money | Helping you visualise your financial future
When providing long term financial planning support to our clients, Eolas Money do so to help create a sense of financial wellbeing.
Eolas Money describes this as being able to:
Fully meet Your current financial obligations,
Feel secure in Your ability to meet Your future financial obligations,
Have peace of mind when it comes to the “What Ifs” life brings,
Have the ability to make financial choices that allow You to enjoy Your life.
Brendan Reilly of Clonmel based Financial Planning practise Eolas Money says that “cashflow modelling is a vital part of their financial planning process which is designed to help clients visualise the likely success or failure of their clients’ future financial goals through the use of sophisticated modelling software.
Where to start - Knowing the Numbers: Throughout life’s financial journey, it is important to ‘run through the numbers’ which will help clients make the correct financial decisions. It is important to be specific. Brendan says “it is not enough to say, ‘I want to have enough money to retire comfortably.’ For example, if a household has a current standard of living based on a net income of €7,000 per month while they are employed, clients want to know can they maintain the same standard of living into retirement on a smaller income and cashflow modelling shows whether they can or not. Brendan states that clients need to think realistically about how much they will need – the more specific clients are, the easier it will be for us to create a plan to achieve their goals”.
Clarity Over Your Goals: Clients’ financial goals vary but examples include repaying a mortgage early, ensuring that clients have saved enough for their children’s university fees, selling a business, and being able to retire when you want to. It is also important that clients have sufficient funds for emergencies, such as a job loss or the impact of a long-term illness and we can model these scenarios also.”
When discussing goals with clients, Brendan says that clients need to be realistic as to what is achievable but also need to think big which gives us something to work towards. It is important for us to identify how much money is enough for every goal identified? Can you afford to retire early and still live the life you want? What impact will choices made today have on your lifestyle in the future?
Visualising Your Financial Future: The detailed picture provided by the software is packed full of colour each representing client’s incomes, their current expenditures, investments and debts which are projected forward and estimated annually using assumed rates of growth, inflation, salary rises and interest rates. When a cashflow model is prepared, the key colour we are hoping not to see is red which indicates a possible inability to meet future goals such as university fee’s, pension funds running out of money or current overspending. Brendan says that when you see a model (example above), “we hope not to see any red but that is not always the case, so we need to understand what is causing this and the impact on the client’s long term financial wellbeing.
Regular reviews and reassessments: Brendan says that a “cashflow model should be updated at least yearly, to reassess the validity of the inputs (incomes, expenditures, etc.) to the model, but clients may also want to reassess their priorities or before big purchases, to ensure that your goals remain on track. The role of a financial planner is to assist clients throughout life’s financial journey highlighting where they are doing well and making some tweaks where necessary along the way.”
Brendan Reilly is a Certified Financial Planner and co-director of Eolas Money, a Financial Planning practice based in Clonmel, Co. Tipperary.
This article is provided for general information purposes only and does not amount to financial advice. While every care has been taken in the preparation of the information, we advise you seek professional advice before making any personal financial planning decision.
Eolas Money Management Limited, T/A Eolas Money is regulated by the Central Bank of Ireland.
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