Archived [2017-04-01] - Guideline on Chief Financial Officer Qualifications

This guideline is issued to advise Deputy Heads on appropriate qualifications for departmental Chief Financial Officers (CFOs) and Deputy Chief Financial Officers (DCFOs).

The qualifications of CFOs are critical to the credibility, and the perception of credibility, of the financial management functions they lead. CFOs and DCFOs should have education and professional qualifications as set out in this guideline as well as appropriate experience and competencies. Where Treasury Board is the employer, the required Key Leadership Competencies and relevant People Policies also apply.

This document is issued under the authority of the Comptroller General and supports the Policy on Financial Management Governance.

Departments are expected to align their practices with this guideline by April 1, 2009. Incumbents in CFO and DCFO positions who do not fully meet the education and professional qualifications of this guideline may be grandfathered; however, this guideline applies when subsequent replacements are made.

4.1 CFOs appointed by the Deputy Head, and DCFOs should have an appropriate combination of education, professional qualifications, experience, and competencies to fulfil the duties of CFO and DCFO.

4.2 For the purposes of this guideline, the Comptroller General determines the tier to which departments are assigned, guided by the criteria in Table 1.

Table 1

4.3 Included as Appendix A, is the current list of departments and tier. The appendix will be reviewed and updated by the Office of Comptroller General as necessary.

4.4 In Tier 1 and Tier 2 departments, the CFO is expected to designate one direct-report senior officer as DCFO.

Tier 1 and Tier 2

4.5 In Tier 1 and Tier 2 departments, in addition to sub-section 4.1, the following conditions apply:

Tier 3

4.6 In Tier 3 departments, in addition to sub-section 4.1:

Please direct enquiries about this guideline to your departmental headquarters. For interpretation of this guideline, departmental headquarters should contact:

Financial Management Policy Division
Office of the Comptroller General
Treasury Board of Canada Secretariat
Ottawa, ON K1A 0R5

Telephone 613-957-7233

Degree in an area relevant to financial management (Diplôme dans un domaine se rapportant à la gestion financière)

For the purposes of this guideline, but without being restrictive, normally a:

• Bachelor of Commerce,
• Bachelor of Business Administration,
• Bachelor of Accounting, or
• Masters in Business Administration.

This may also include a degree in economics, mathematics or another relevant subject, if sufficient accounting and finance courses were taken.

Deputy Chief Financial Officer (DCFO) (Adjoint au dirigeant principal des finances)

An employee of the department, who normally reports directly to the Chief Financial Officer (CFO).

Professional accounting designation (designation) (Titre comptable professionnel)

A recognition bestowed by a governing organization for the accounting profession that identifies the bearer as having met and continuing to meet the minimum standards of the profession. For the purposes of this guideline, the governing organizations and their designations are as follows: the Canadian Institute of Chartered Accountants which bestows the designation of Chartered Accountant (CA); the Society of Management Accountants, which bestows the designation of Certified Management Accountant (CMA); and the Association of Certified General Accountants which bestows the designation of Certified General Accountant CGA.

Designations from other jurisdictions will be considered on a case-by-case basis.