Financial Controller Duties
The duties of a financial controller are to oversee the accounting functions within an organization and internal controls at the highest level of management. Financial controller responsibilities are to work alongside the executive management team and provide informative business financial information and coordinate business financial planning and budget management functions. Financial controller duties are to provide accurate, secure and timely recording of business activities and the ability to report of those business activities. The role of a controller can vary depending on a size of an organization. Controllers in smaller organizations may often have a range of responsibilities while the responsibilities of a financial controller in larger organizations may have limited requirements due to a larger executive accounting team.
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Financial Controller Requirements
Financial controller requirements can differ depending on the size of an organization. Businesses may require a controller to have a certain number of years of experience within the industry. This is important for the controller to understand the business processes for interpreting and providing financial analysis reports. A controller must have an extensive knowledge and understanding of accounting and finance. Controllers are required to properly document all financial functions. For this reason, it is becoming more importantly necessary for a controller to be knowledgeable of accounting software packages and have a basic, if not advanced, understanding of technology infrastructure. A controller should have professional written and verbal communication and interpersonal skills.
Financial controller education requirements are determined by individual businesses. A master’s degree in accounting or a master’s degree in business administration is essential for a financial controller role. A controller resume should document the level of education that a controller has studied and the number of years of experience. A financial controller education can include financial controller training that an individual has taken. It is important for a controller to have had courses in statistics and management.
In addition, ongoing training is essential for controllers in order to stay updated with any significant changes to the generally accepted accounting principles (GAAP). For individuals inspiring to learn how to become a financial controller, there are designations offered that would aid in the chances of acquiring this executive position. Those designations are The Institute of Management Accountants offers the Certified Public Accountant (CPA) and the Certified Management Accountant (CMA) designations for financial managers specializing in accounting.
Controller compensation will weigh on a controller’s education level and industry expertise. Since there are a range of skills that a controller must possess, a controller’s experience level and their communication abilities contribute to determining controller salary. Employers will commit to the controller job description salary prior to filling the position. In the United States, the average expected controller compensation was $165,661.00 in November 2009.
For individuals seeking a controller career, a bachelor’s degree in finance or accounting is the preliminary requirement. The advanced education, such as a master’s degree in business administration, is a fundamental financial controller education requirement. That will set you apart from the others. This is because of the analytical skills that are developed with this education level. Industry expertise is another crucial requirement for a financial controller career. Continuing education programs are a resource for acquiring knowledge of the latest financial analysis methods and technology that are beneficial to an ongoing controller career path.