Comptrollers represent a branch of financial managers within businesses and governmental entities. In many situations, a comptroller is an upper-level executive within their organization, responsible for the oversight of accounting, financial reporting, and internal auditing within their organization.
Education and Experience Required
Because the position of comptroller is at the upper-level management or executive level, individuals seeking to take on the role of a comptroller can expect to spend a significant amount of time pursuing the educational and experiential background necessary to take on such an important role within an organization. According to the U.S. Bureau of Labor Statistics, financial managers with aspirations of advancing to the position of a comptroller or chief financial officer often earn bachelor’s degrees in either accounting, economics, or finance, with many employers preferring those with master’s degrees in these areas. In addition to education, comptrollers are typically expected to have five or more years of experience in a business or finance-oriented occupation. Serving as the role of comptroller may be a potential promotional opportunity for accountants, financial planners, and internal auditors within a business or industry.
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Important Skills and Qualities
Because the comptroller is responsible for the oversight of an organization’s accounting measures, there are a number of important skills required to be a successful comptroller. An experienced comptroller should possess strong analytical and math skills to aid them in the accuracy and implementation of their organization’s accounting measures and financial transactions. Comptrollers often manage a team of accounting and financial experts within an organization and should have strong interpersonal and communications skills to professionally interact with their subordinates and other senior-level executives such as the chief financial officer and chief executive officer of the organization. In most cases, comptrollers handle the large-scale accounting issues of an organization, while overseeing a staff of accountants and financial planners tasked with overseeing the day-to-day transactions of that business.
Elected Offices
Comptrollers are employed in the governmental sectors at the federal, state, and local levels to oversee the accountability of those government entities. These positions are typically elected or appointed by other elected officials. One such position includes the Comptroller General of the United States, the person in charge of the U.S. Government Accountability Office. This position oversees the financial accountability of the federal U.S. government and is required to testify before Congress, make predictions on the nation’s financial outlook, and identify risk factors to the nation’s budget that may have long-term consequences. Other government-sponsored comptrollers include the New York State and New York City comptrollers.
Whether working in a business, or an appointed governmental position, comptrollers play a pivotal role in the financial management of an organization. Comptrollers must display a mastery of their understanding of accounting and financial matters and should be able to carry out the vision of their organizations CFO or other executive officers. The position of comptroller requires significant experience and education to oversee the budget and financial security of their organization while focusing on the big picture of the organization’s financial goals.
Additional source: U.S. Bureau of Labor Statistics
