Which Department of Corporate Finance Involves The Most Capital Budgeting?

Hi,

So far, based on my coursework, the areas of corporate finance that I'm most interested in are capital budgeting (deciding what projects to invest in, how to raise money for them, projecting their cash flows, etc.) and corporate development. Corp Dev is its own area, but what part of corporate finance at a non-financial F500 would involve the most amount of capital budgeting work? Is that purely accounting/accounts reconciliation work or is it like the finance classes in school where you project cash flows, figure out capital structures to discount them, etc. or what? Also, could having extensive experience in these capital budgeting roles eventually lead to CFO down the road?