The Controller’s Career Path and Qualifications

Drawing up a budget that allocates expenses in the most auspicious manner requires having an accurate projection of how much money is coming in during the same period. At a large company, the controller’s department usually features analysts and other skilled professionals who extrapolate internal and external data to come up with the most accurate revenue forecasts. The controller manages accounting records and is responsible for the production of financial reports. For public companies traded on stock exchanges, these reports are required by law for shareholders’ review.

1. The path to becoming a financial controller typically begins with a bachelor’s degree in accounting and a significant amount of experience in the field.
2. Controllers also typically hold certifications that prove their accounting and financial management skills.
3. Some controllers hold advanced degrees such as accounting MBAs in addition to other credentials.
4. Individuals who excel in these jobs and put the most into them are the ones most likely to be considered for promotions, which lead up the ladder, possibly to the controller position.
5. Plus, they may outline the kind of personality that can mesh with the company’s culture, something that is also crucial for success.

Controllers should have an excellent grasp of arithmetic and basic algebra. These professionals rarely use advanced math like calculus or statistics, however. According to Glassdoor, a controller makes a median of roughly $143,000 per year. This includes an average of $114,000 per year of base pay and about $30,000 in additional forms of compensation. Some employers also place a high priority on experience in their industry. Explore programs of your interests with the high-quality standards and flexibility you need to take your career to the next level.

Meanwhile, financial controllers own more of the internal reporting process including implementing internal controls, managing the month-end close schedule, and ensuring financial accuracy. Again, a controller at a smaller company may have much smaller requirements than a large public corporation that will seek 20+ years of experience in a related, relevant industry. Companies may require that a controller candidate have public accounting experience. A controller is an individual who has responsibility for all accounting-related activities, including high-level accounting, managerial accounting, and finance activities, within a company.

Financial controllers working in this sector need industry-specific forecasting and analytics skills. Adding an MBA to your credentials can boost your chances of landing a CFO position. MBAs function as a strong complement to finance and accounting experience.

Working for startups vs established corporations can impact a controller’s job duties. Joining a startup may require finance team members to wear different professional hats. Some working knowledge of database management and SQL querying can be an asset. Specialized MBAs in technology management can help seasoned finance professionals land high-ranking positions. Some financial controllers go on to become chief financial officers (CFOs). Others build industry-specific specializations in manufacturing, healthcare, and technology.

While controllers often work under chief financial officers (CFOs), especially at large companies, a comptroller position is equivalent to a CFO role in terms of seniority. For larger companies, controllers report up to a CFO or other executive. The controller is usually not part of the executive leadership team. Most assistant controllers come from auditing or cost control backgrounds, and many already have CPA certifications. Most assistant controllers need to demonstrate strong competency in the use of financial management software. Since controllers are considered part of the company’s leadership, they need to develop the soft skills that motivate and garner respect from staff.

Accounting Standards and Financial Reporting Requirements

Once you have the education you need and develop the right skills, there’s still a hurdle in your way. If you can’t showcase your skills, traits, and accomplishments, you won’t land the job. In most cases, that will come with a nice benefits package, as well. It would be shocking to see a controller that doesn’t at least have medical and retirement plan access. The maintenance of accounting records falls under the purview of the controller.

In the accounting field, senior finance professionals known as controllers lead accounting departments and help shape financial strategy at organizations of all sizes. Maribel has more than 23 years of accounting and finance experience. As a controller at Optima Office, Maribel provides oversight and recommends improvements within the accounting department, including procedures and systems. Prior to joining Optima Office, Maribel served as a controller or senior finance manager for multiple companies within the medical device manufacturing and pharmaceutical space. She worked in public accounting as an auditor serving clients in various industries, such as manufacturing, distribution, higher education, healthcare, investments, and service in private and public sectors.

What You Need to Know for Your Job Interview

In the accounting profession, details are crucial, and even small mistakes can be costly. All accountants—including entry-level how much can you contribute to a traditional ira for 2019 clerks and department heads like controllers—need to keep a sharp eye out for any inaccuracies and discrepancies. Since a controller bears the final responsibility for their entire team’s work, this quality is especially important for the role. At larger companies, the controller usually reports to the chief financial officer (CFO).

Key Hard Skills for Financial Controllers

If a company has subsidiaries, the controller oversees their accounting operations and ensures their reporting and control systems fall within the parameters set by the parent company. Accounting personnel at these subsidiary operations generally report to an accounting manager or vice president at the subsidiary, who in turn reports to the controller at the parent company. At smaller companies, the same individual might act as both controller and CFO. However, in large organizations where these roles are separated, the CFO determines a company’s financial strategy, and the controller focuses on accounting activities and reports to the CFO.

The duties of a controller include assisting with the preparation of the operating budgets, overseeing financial reports, and performing essential duties relating to payroll. Because the job requires more skills and qualifications than traditional accounting, it is a higher position within a firm. Applicants need to have a significant amount of prior experience in accounting, financial reporting, and tax-related issues to be considered for a financial controller role. It is possible to get to a controller position without following the standard career path. Every controller job is unique, but there are universal skills and qualifications that any serious candidate should possess. Most openings also require a master’s of business administration (MBA) or a certified public accountant (CPA) designation, or both.

Importance of Controllers

Controller functions vary across companies owing to the size and complexity of the business and the industry. Smaller companies demand more versatility of the controller, while larger companies are able to disperse what are audit assertions and why they are important the following job responsibilities across other employees including the chief financial officer and treasurer. Many controllers gain these skills by working in the accounting department of an industrial or manufacturing company. Professionals can also pursue jobs at accounting firms that serve these industries. Employers typically look for accountants with five or more years of relevant experience when hiring industrial/manufacturing controllers.

Nobody gets a controller job right out of college, and it can take many years of dedicated work to earn the title. I would encourage students to speak with professionals in this career and develop mentor/mentee relationships with them. As a student starting out in your profession, you don’t know what you don’t know, so I think that having someone there to guide you and support you is important. As a young child I helped my parents translate documents and pay bills since they didn’t speak English (I am bilingual in English and Spanish). I became their “business administrator.” I enjoyed helping my parents with that, so it led to my decision to become an accountant.

This FP&A director relies on their team to build budgets, forecasts, and long-term plans based on the future of the company. Because of this degree of specification, controllers need specific skills and qualifications before they can be hired as one. Financial controllers typically work on site at their employer’s offices. According to the BLS, the finance and insurance industry employs about a third of financial managers, including controllers. Healthcare controllers typically develop these abilities through lower-level accounting experience.