Have you always wondered what a financial controller does on a daily basis? If you are pursing a career in finance, it is important to research several different career paths so that you complete the right degree programs and gain relevant professional experience to achieve your goals. There are many different important entry-level, mid-level, and upper management level titles in finance, but the controller is a unique professional who holds very important responsibilities in an organization. Here is your guide to a day in the life of a finance controller and common paths to become one.
What Are Common Responsibilities of a Finance Controller?
Typically, a finance controller will be in charge of an organizations budget and supervising the investment activities within the organization. As the occupation title would suggest, controllers have control over who can access corporate funds and for what reason these funds can be accessed. Because holding this type of fiduciary responsibility is such a critical role in smaller and larger corporations, controllers must be experts in the discipline of finance. They must be able to develop financial reports, oversee an accounting staff, analyse the reports to measure profitability, and work closely with many different departments throughout an organization. In addition to these major roles, controllers will perform other roles like market research, business forecasting, and strategic planning.
How Do You Become a Controller?
If you are a finance-minded individual who understands the importance of assessing and weighing the financial risks a business decision can pose, you may be the perfect controller. To become a controller, you will need to complete a formal education program and gain relevant experience. To start, you will need to earn your Bachelor’s degree in Business, Economics, or Finance. After you have earned this degree, you will need to find an entry-level finance position or complete an internship. Controllers play a leadership role, only answering to an organization’s CFO.
This means that you must continue on in your pursuit to become a controller by earning an MBA, which will teach you leadership skills that specifically focus on a concentration like finance. By earning your MBA, you will get complex training in financial strategy and you will show your commitment to the discipline. You will also need to test for your CPA if the position you are competing for requires you to be a CPA. Most students can sit to test for licensure after completing their Bachelor’s degree program majoring in finance or accounting. If you do not have enough accounting credits completed, you may need to take additional core credits while you study to become an MBA. After this, you can move up the ranks and get promoted or hired with another organization.
According to the Bureau of Labor Statistics, the average salary reported in the nation for finance controllers is $103,910. The top 10% of professionals within the field earn $166,400 per year, but this is with experience as a controller. If you are serious about becoming a leader in the financial services industry and you want to contribute to an organization, be the experienced decision-maker and work to become a controller. By studying and committing to your work, you can show that you are an asset that organizations want and they will compete with others for you to be their finance controller.
