A controller is a form of a financial manager. They’re responsible for the day-to-day operations of the financial department of an organization. Controllers are second in command to the finance director. To work as controllers, individuals must have degrees in finance or a related field as well as several years of experience working in this field. Here is an overview of controllers, including what they do, how to become one and career outlook.
What a Controller Is
A finance controller is a high-level position mostly because this individual takes care of the financial doings of an organization’s finance or accounting departments. While their job duties seem similar to accountants, they are actually different individuals. Accountants often work in small companies and work independently, whereas controllers generally work in large organizations and are in charge of an entire team. Controllers generally do work that is specific to their industry or company
Finance controllers manage all the company’s transactions, whether it’s accounts receivable, accounts payable, payroll and general operational finances. Controllers generally have experience in both management and finance. They also prepare regulatory-business reports for government agencies. Overseeing internal audits is also one of their duties. One of their main tasks is to find lucrative financial investments and provide this information to the chief financial officer.
Training and Requirements for this Career
Financial controllers or managers should have at least a bachelor’s degree in finance, accounting or business administration as well as at least five years of experience in a financial or business job. Many financial controllers have experience working as financial analysts, accountants, loan officers or securities sales agents.
With the increasing number of employers choosing applicants with master’s degrees, many aspiring controllers are either pursuing master’s degrees or obtaining work as assistance controllers. Because controllers are in charge of balancing the hands-on financial transactions and reporting results back to management, this individual must have good communication skills and excellent decision-making skills.
They must also possess good leadership skills and the ability to sell their ideas to others. Although certification is not a requirement, many employers prefer to hire applicants who have obtained certification. The Association for Financial Professionals and the CFA Institute both offer certifications for financial controllers and managers. Certification can be obtained by meeting the educational requirements and passing an exam.
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Career Outlook for Controllers
Finance controllers are one of several types of financial managers, according to the U.S. Bureau of Labor Statistics (BLS). Financial managers, who are projected to see a job growth of 19 percent during the decade of 2016-2026, are highly in demand and should continue to be as the economy continues to grow. As of a May 2017 wage report, these professionals earned an average annual wage of $143,530. Wages for controllers can really vary from one location to another. Here are the five top-paying states for controllers and the wages for 2017:
• New York – $205,500
• New Jersey – $175,290
• Delaware – $165,310
• District of Columbia – $160,550
• Connecticut – $159,970
Candidates who are detail-oriented and possess good math, communication and analytical skills typically find this a very rewarding and challenging career. Working as a controller is a great way to be in a field that offers great wages, good employment growth and the potential to play an important role in an organization’s financial success.
