Budgeting is an essential function for organizations in today’s competitive global business marketplace to ensure maximum profitability with little risk. That’s why controllers play such a vital role in accounting to control an organization’s access to funds. While keeping track of spending and revenues, controllers maintain complete oversight of their organization’s finances to make it as profitable and productive as possible. Whether in private corporations, financial institutions, government agencies, or non-profit organizations, controllers are given the duty to make certain all books are complete and accurate. Controllers also provides accounting reports for the Chief Executive Officer (CEO) to make smart business transactions and acquisitions for successful company growth.

Salary

According to the BLS, the 499,320 controllers and other financial managers employed nationwide earn an annual average salary of $126,660, which is comparable to an hourly wage of $60.89. Controllers overseeing the finances for local government agencies earn significantly less at $92,950, but those working in securities and commodities exchanges bring home a whopping salary of $177,460 each year.

Beginning Salary

When first taking on the role of controller, individuals can expect to land in the lower 25 percentile with a starting salary between $61,320 and $81,780. However, with more accounting experience and higher leadership responsibilities, it’s possible for controllers in larger organizations to make upwards of $200,000 each year.

Key Responsibilities

Controllers are generally responsible for overseeing an organization’s staff of accountants and auditors to guarantee all financial analysis duties are being met. Controllers usually prepare monthly financial statements, cost reports, budget plans, and forecasting reports on a regular basis as well as SEC reports if the corporation is publicly traded. It’s the duty of controllers to ensure all financial transactions are appropriately accounted for by maintaining accurate accounting record filing systems, tracking balance sheets, and analyzing the company’s cash flow. Most controllers use budgeting and forecasting software to keep financial records as precise as possible. At times, controllers will give their advice on certain business deals to help the senior executive management team lead operations while well-informed.

Necessary Skills

Whether analyzing financial data or establishing the company’s accounting policies, controllers must have strong analytical skills with an attention to detail to ensure everything is accurate. Since supervising the organization’s accounting staff is usually required, controllers must display clear leadership capabilities. Interpersonal skills are essential to effectively present financial reports to executives and communicate with employees under their supervision. Controllers work with a wide variety of financial records at once, so fine-tuning organization skills is helpful for keeping things tidy. Mathematical, computer, problem solving, decision making, and writing skills are also advantageous for controllers.

Degree and Education Requirements

To become a controller, you must first obtain at least a bachelor’s degree from an accredited business school. Most controllers start their careers with a four-year undergraduate major in accounting, finance, economics, business administration, mathematics, or statistics. While this along might lead to controller positions at smaller organizations with the right experience, most employers now prefer controllers who have a graduate degree for managing their accounting department. It’s recommended that controllers consider earning a Master of Accountancy (MAcc) or Master of Business Administration (MBA) with a specialization in accounting. Having this advanced education could unlock opportunities for controllers to eventually be promoted into the role of vice president, Chief Financial Officer (CFO), or Chief Accounting Officer (CAO).

Pros and Cons of the Position

While many accounting students are driven to this position to take home the stellar salary, there are far more rewards that come from being a controller beyond money. Controllers can work virtually anywhere in all different industries to boost organizations’ accountability and financial reporting procedures. Therefore, there’s a favorable job outlook that only seems to grow brighter with opportunity. As with any other career, there are some potential disadvantages though. Most controllers work long hours beyond the standard 40-hour week, which can make achieving a happy work-life balance difficult. Controllers handle a large amount of responsibility in verifying their organization’s finances and assuring authorities that financial statements are prepared correctly. Controllers working for government agencies or multi-site corporations may also need to travel frequently to ensure all accounts are aligned properly.

Getting Started

Once you’ve completed your bachelor’s program, it’s time to start crafting an impressive resume with relevant entry-level work in the accounting world. Most controllers will need to have at least three to five years of experience before taking on this advanced role. Begin finding jobs as an accountant, auditor, budget analyst, tax specialist, accounting clerk, or financial analyst to develop the skills you’ll need to blossom as a controller. Though it’s not a requirement, many aspiring controllers wish to display their professional competence by pursuing the Certified Public Accountant (CPA) credential through the AICPA. Most states will require you have at least 150 hours of post-secondary education and pass the Uniform CPA exam. To maintain this license, you’ll need to complete at least 120 hours of continuing education every three years.

Future Outlook

As the business world continues to globalize and stricter laws come into effect to discourage corporate financial scandals, controllers will be needed to keep preparing and examining financial records for management teams. In general, job growth in accounting is typically linked with the overall health of the economy, so our nation’s recovery from the recession will spur growth. According to the BLS, employment of controllers and other accounting professionals is expected to grow slightly faster than average at 13% before 2022. Job prospects will likely be best for individuals with a master’s degree, a CPA licensure, and a background in international accounting. Competition will remain heated at prestigious accounting firms, but controllers can work in government agencies, banks, insurance carriers, corporations, manufacturing firms, educational institutions, and non-profit organizations too.

Overall, controllers are highly trained accounting professionals who manage and report the financial position of their organization to facilitate growth. Most controllers are heavily involved in analyzing expenditures, forecasting financial spending, developing financial strategies, preparing accounting records, and setting targets to monitor overall company performance. If you’re considering a career as a controller, you should expect to work hard with ongoing education to receive these leadership responsibilities and lucrative rewards.

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