Financial Controller Roles, Duties, Skillset, and Career Path

Nobody gets a controller job right out of college, and it can take many years of dedicated work to earn the title. special revenue funds used for budgeting but not financial reporting 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.

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1. Controllers usually work in the private sector, while comptrollers typically work for government agencies and nonprofit organizations.
2. A controller is the point person for making sure the financial reporting is done correctly.
3. Financial controllers in this industry need advanced strategic insights for achieving these objectives.
4. The second is to execute an operational strategy for the finance team.
5. Most accountants record and track current finances and review and analyze past performance but have limited input into the company’s strategy for the future.

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.

Their time working as an assistant controller helps them develop the necessary managerial skills and experience to serve as a controller. The next stage in the career path could be stepping into the role of finance director or chief financial officer. A financial controller’s duties include leadership and team supervision. This senior position includes upper management and executive duties.

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.

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.

These include strong numerical proficiency, organization, good problem-solving skills, and excellent use of logic. Since a large part of the job is delegating tasks to subordinates and then aggregating their work to make final decisions, a controller must have excellent leadership skills and a big-picture method in approaching tasks. A bachelor’s is the minimum educational requirement for a controller role, but employers often prefer candidates with a master’s in accounting, an M.B.A. in accounting or a similar graduate degree. A master’s degree also fulfills the educational requirements for the Certified Public Accountant (CPA) credential, which many controllers hold. Most controllers start with a bachelor’s degree in accounting or a business administration bachelor’s, though some controllers may come to the profession from different fields.

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.

Is a Financial Controller a High Position?

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 the medical expense deduction 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.

Financial Controller Job Role

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.

Who Reports to the Controller?

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.

How to Become an Assistant Controller

In the accounting profession, details are crucial, and even small mistakes can be costly. All accountants—including entry-level 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).