A career in financial management has a lot to offer, including stability, high earning potential, and opportunities for advancement. One of the anchors of any finance department is the controller, a senior professional who leads the accounting and other finance departments and also has a direct impact on greater financial strategy.
So, what should you be looking for when trying to fill this position? Or, if you’re looking for a career in finance, is this the right role for you? Read on to discover everything you need to know about the position, including the ins and outs of what controllers do, how much they earn, where they work, and much more.
What Does a Financial Controller Do?
How Much Does a Controller Make?
Accountant vs. Controller vs. CFO
Key Financial Controller Skills
When Does a Company Need a Financial Controller?
Financial Controller Career Outlook & Trends
Making the Most of Your Search
What Is a Controller?
A controller is a senior-level individual who oversees a company’s accounting, including its payroll and accounts payable and receivable departments.
Depending on the size of the company, a controller may have final sign off on a wide variety of financial decisions. At smaller organizations, this can include budgets, reporting, and investments. However, controllers who work within larger companies tend to take on a more specialized role.
What Does a Financial Controller Do?
When it comes to a controller’s duties and responsibilities, those in this position can expect to perform the following tasks on a regular basis:
- Maintaining financial records
- Approving expenses and collecting payments
- Processing payroll
- Managing direct reports on the finance and accounting teams
- Overseeing reporting
Controllers who work at publicly traded companies may also be asked to prepare shareholder reports and provide quarterly financial statements to the U.S. Securities and Exchange Commission (SEC).
As you begin (or continue) your search for open controller positions, you can usually find expectations for the role clearly laid out in the job description or job summary portion of a listing. This section provides a brief overview of what the hiring company will ask of the individual selected to fill the position and is one way to determine whether or not the opening will be a good fit.
For a look at a financial controller job description, check out these examples from Indeed and LinkedIn.
How Much Does a Controller Make?
Controller salaries will vary based on the employer and job location — you can generally expect to earn more working for larger companies and in larger cities. In the U.S., the median salary for controllers is $139,790 per year, with the highest-paid individuals working in company and enterprise management as well as in professional, scientific, and technical service industries.
Accountant vs. Controller vs. CFO
While all three of these roles are centered around a company’s finances, each serves a different purpose within the organization. For example, accountants spend most of their time focusing on the details of individual accounts, ensuring that the books are balanced.
Controllers, on the other hand, are responsible for the activities of the accounting team while also reporting on the financial activities of the company as a whole to upper-level management — including the chief financial officer (CFO).
The CFO is a member of a company’s executive team and is responsible for making financial decisions on behalf of the entire organization. Individuals in this position have internal duties including determining overall financial strategy, working closely with the board of directors, and setting budgets. When needed they also take an outward-facing role, coordinating with financial markets, facilitating mergers and acquisitions, and speaking with members of the press.
Check out the chart below for a full breakdown of the differences between accountant’s, controller’s, and CFO’s job descriptions and responsibilities.
Accountant
Controller
CFO
Job Overview
Responsible for preparing reports, reconciliation of accounts, and cost management. Generally reports to the controller.
A senior-level role that oversees all day-to-day accounting and financial activities. Generally reports to the CFO.
A C-suite executive who is responsible for high-level financial decisions. Generally reports to the CEO or a board of directors.
Responsibilities
- Tracking payments
- Processing tax returns and payments
- Performing transaction and document audits
- Account reconciliation
- Managing balance sheets
- Generating profit and loss statements
- Overseeing reporting
- Maintaining financial records
- Approving and collecting payments
- Payroll processing
- Managing accounting staff members
- Generating shareholder reports (if applicable)
- Reporting finances to the SEC (if applicable)
- Planning financial strategies
- Overseeing capital investments
- Leading mergers and acquisitions
- Performing risk management analysis
How to Land a Controller Role
As a senior-level position, controller isn’t a role you can easily transition into if you’re just starting out in finance. Before you can land a job as a financial controller, you’ll need to earn the right qualifications and build sufficient professional experience.
Let’s start with the qualifications you’ll need. These typically include receiving relevant degrees and certifications, such as:
- At minimum, a bachelor’s degree in accounting, business administration, or a similar concentration
- A master’s degree or MBA in accounting — this is preferred by most employers
Many controllers are also Certified Public Accountants (CPAs), Certified Management Accountants (CMAs), or Chartered Financial Analysts (CFAs). While these distinctions aren’t necessarily required for employment, being able to claim one on your resume can certainly give you an advantage in your job search.
In terms of experience, to become a controller you’ll generally need between five and 10 years of accounting experience, with time spent in a supervisory role. A typical path to a controller position can look like this:
- Junior accountant
- Staff accountant
- Accounting manager
- Controller
In some cases, controllers may also get their start in auditing or cost control roles.
Looking for your next finance role? See how KBW Financial Staffing & Recruiting can help >>
Key Financial Controller Skills
Whether you plan on becoming a controller or are hiring for one, it’s important to know what skills to hone (or look for in your applicants). Mandatory hard skills include:
- Proficiency in accounting and financial analysis software and tools
- A strong understanding of mathematics
- In-depth knowledge of accounting and financial reporting best practices and regulations
It’s also crucial for controllers to have an additional set of soft skills to supplement their technical abilities. Due to the nature of the role, a controller should ideally be able to make decisions, work well with others, and see both the big picture and smaller details. As such, these more generalized competencies should include:
- Accountability
- Analytical strengths
- Attention to detail
- Collaboration
- Communication
- Leadership
- Problem solving
Where Do Controllers Work?
Controllers are needed in almost every industry, at a wide variety of different companies and organizations, with the specifics of the role largely determined by the nature of the hiring company. For example, a controller working for a non-profit entity needs to consider specific tax codes and ensure their accounting practices are in compliance with the unique regulations that govern this sector. And like we mentioned previously, controllers at publicly traded companies must take on the additional tasks of preparing and submitting reports and financial statements to the SEC.
Similarly, the size of the company also plays a part in determining a controller’s day to day. At large organizations, controllers tend to take on a more management-focused role, meaning that their energy will mainly be concentrated on overseeing accounting staff members rather than performing hands-on accounting tasks. Conversely, midsize and smaller companies are more likely to blur the line between controller and CFO, combining the responsibilities of these two roles. If the accounting team is small enough, or a team of one, the controller may also be tasked with general accounting duties as well.
When Does a Company Need a Financial Controller?
When companies first start out they naturally have limited budgets for hiring new staff, so in many cases it makes the most financial sense for business owners to manage their own finances. However, as companies grow and accounting needs become more complex, it’s important to know when to bring on more specialized help.
Here are some signs to look out for:
- Your business experiences rapid growth or has imminent plans to scale up
- Your accounting needs surpass the capacity of your existing team
- Tax preparation and compliance becomes too involved
- It becomes clear that your business would benefit from a formalized financial strategy
As a general note: If your organization operates within a heavily-regulated industry, such as healthcare or manufacturing, it may make sense to have an experienced controller from the beginning.
Financial Controller Career Outlook & Trends
According to the U.S. Bureau of Labor Statistics, which classifies controllers as financial managers, demand for the role is expected to grow by 16% during the decade between 2022 and 2032. This growth rate is higher than the average for all occupations. More specifically, within that timeframe 69,600 new openings are expected to be added each year.
This spike in demand can be attributed to a growing economy and increased globalization, and the trend is expected to continue for the foreseeable future.
FAQs
Q: What is a controller?
A: A financial controller is a senior-level individual who oversees a company’s accounting activities. Common duties and responsibilities include maintaining financial records, keeping track of incoming and outgoing payments, overseeing payroll, managing accounting and finance teams, and preparing and presenting financial reports.
Q: How can I become a controller?
A: Qualifications to become a financial controller include earning at least a bachelor’s degree in a relevant concentration (though a master’s is often preferred). Though not necessarily a requirement, becoming certified as a Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA) will make you an attractive candidate. Additionally, you’ll need between five and 10 years of professional experience in both accounting and management roles.
Q: What’s the difference between an accountant, controller, and CFO?
A: While all three of these roles are centered around a company’s finances, each serves a different purpose. Accountants are responsible for ensuring that the books are balanced and taxes are prepared accurately and on time. Controllers oversee the accounting and financial activities of an entire organization. And CFOs are members of the executive-level management team who are responsible for making high-level financial decisions, such as determining strategy, forecasting budgets, and leading mergers and acquisitions.
Q: How much does a controller make?
A: A controller’s salary will vary depending on multiple factors, such as the industry they work in, the size of the company, and where it’s located. In the United States, the median annual wage for controllers is $139,790.
Q: How can companies know when it’s time to hire a controller?
A: There are certain signs to look out for when determining whether it’s time to onboard a controller. You’ll know the time is right when your business begins to experience rapid growth, you have plans to scale up, your accounting needs become more complex, or if your business would benefit from a formal financial strategy.
Making the Most of Your Search
Are you actively looking for your next (or first) job as a financial controller? Or maybe you have a vacancy you need to fill at your company. No matter whether you’re a job seeker or an employer, when it comes to finding the right fit, it’s important to have all the help you can get.
KBW Financial Staffing & Recruiting is a locally-owned and managed, full-service staffing firm, providing the region’s top employers with highly-qualified job candidates and jobs in the accounting and finance fields. Our success is built upon a highly personalized approach resulting in thousands of successful matches between professionals and employers, and we’ve placed hundreds of controllers since opening our doors in 2005.
Our team of recruiting experts are here to help with your search. Get in touch today to start the conversation, or browse our open positions to see what’s available.
