FP&A Today How CFOs build a Goldilocks “just-right” budget – Jeff Epstein ex-CFO of Oracle
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Dec 12, 2023 Jeff Epstein, former CFO of Oracle, discusses the skills needed to be a top CFO and the different routes to becoming one. He shares insights on budget setting, including the right percentage of time to hit budget goals and balancing between aggressive and conservative targets. Epstein also talks about the critical role of FP&A in making strategic decisions and revisiting processes during mergers. The podcast covers topics such as the importance of forecasting accuracy, managing expectations with Wall Street guidance, and focusing on key drivers and metrics in budgeting.
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Baptism By Fire As A First-Time CFO
- Jeff began his CFO career at King World with no prior CFO or finance-department experience.
- He learned on the job and helped triple the company's value over six years before it sold to CBS.
The Three Core Routes To Great CFOs
- Great CFOs combine skills from auditing, Wall Street, and FP&A plus tax and treasury knowledge.
- Epstein says having all three perspectives gives a fuller view of finance and strategy.
Measure Hitting Rates To Calibrate Budgets
- Measure how often you actually hit budgets across a portfolio to learn how aggressive to set targets.
- Use that history to calibrate probability assumptions and improve budgeting muscle.