A controller, or financial manager, has responsibility for the fiscal health of an organization. He or she typically produces reports, manages staff, and sets financial goals and objectives for the business. While many controllers work in banks and other financial institutions, most industries hire professionals in this position. While a Master’s degree may help you attain a job as a controller, most people in this role have a Bachelor’s degree and five or more years of experience in the field. Read on to learn more about becoming a financial controller.
What Does the Role Entail?
There are a few different types of financial managers, with controllers typically focusing on forecasting and reporting about the financial status of the business and its various departments. They also usually oversee the entire accounting, audit, and finance departments, holding responsibility for the financial reports the business must submit to the government.
Required Education
If you want to become a controller, the first step is to attain a Bachelor’s degree in accounting, finance, economics, or business. Strive to achieve a high GPA, particularly in classes that relate directly to accounting, to make you an asset to companies. You should also consider completing an internship during your undergraduate education. Again, while a Master’s degree is not required, it may improve your chances of employment.
Experience Necessary
To become a controller, you must first gain work experience in other positions within the accounting field. For example, when you first graduate, search for a job as a loan officer, accountant, or financial analyst. Excelling in these entry level roles will put you in a position to become a viable candidate for a job as a controller.
Licensing and Certification
While licensing and certificate is not required by states to work as a controller, attaining certifications can make you a more attractive candidate for businesses. Once such certification, the Chartered Financial Analyst certificate, is given through the CFA Institute to candidates with a Bachelor’s degree and four years of work experience who have passed three required exams. Another certification, from the Association of Financial Professionals, offers a Certified Treasury Professional Certificate to those with two years of work experience who pass an exam.
Related Resource: Finance Internship
Job Outlook
Controllers can expect to enjoy personal financial security, with average annual wages estimated at $109,740 by the U.S. Bureau of Labor Statistics. The highest salaries are commanded by controllers who work in the professional, scientific, and technical sectors. By 2022, over 47,000 new jobs in the financial management industry are expected to be created, representing 10 year growth of nine percent. This means that jobs will be plentiful for those qualified for this role, particularly for those with experience in international finance and complex documents.
If you have excellent skills in mathematics, communication, analysis, and organization, as well as a high GPA in high school and undergraduate math courses, you are on the path to qualifying for a role as a controller. Choosing relevant work experience during your education can also help get your foot in the door for this position.
