Did you know that there is a difference between controller and comptroller titles, even though they are often used interchangeably? While the two terms are very similar and their relationship between the two is not all that diverse, the setting in which a comptroller works is much different than the setting that a controller works in. If you are studying finance and your mission is to earn an advanced degree so that you can hold an upper-level or executive title, knowing how each of these finance titles differ is important. Read on, and learn more about the roles of the comptroller and the roles of the controller so that you can choose which title you would like to hold.
What is a Controller and Where Do They Work?
A controller is technically the professional that is at the highest level of accounting within a private organization, according to Accounting Tools. They will head the financial department or division of a corporation or company and are responsible for reviewing financial reports, analyzing these reports, and interpreting the meaning of the reports to executives so that they can make future decisions. In addition to analyzing reports, the controller will also establish and oversee the internal controls within the company to ensure that the company is in compliance with local and federal laws. The controller’s main concern is the bottom line and the cost of producing the final product or delivering a service.
What is a Comptroller and Where Do They Work?
The origin of the title comptroller is very interesting. In the 1400’s, the French created this title from the word countreroller, which means someone who specializes in financial ledgers. Comptroller became the new title after an error in spelling and has stuck ever since. Comptrollers are the highest level financial officer that works in the government sector at a local or state level. While this is the primary difference between the two terms, some of the duties that the comptroller performs differ from the duties of the profit driven controller. Ultimately, a comptroller will be concerned with the overall cost that goes into the services that the government agency is providing. They are not concerned with only the final costs like the controller is because they are using tax payer money to pay employees, fund programs and establish government contracts.
Demand For Controllers vs. Comptrollers
The demand for financial controllers is projected to increase as an in-demand grouping as the rebounding economy creates a need for regulatory professionals who can control costs. The outlook for comptrollers is not as high because the positions do not frequently become open. Many times, comptrollers must be appointed or voted into their role. If you would like to work in the public sector, it is best to get a reputation in another position before you strive to fill any openings for comptrollers.
Related Resource: Financial Auditor
Financial management is very important in both public and private sectors. If you want to work in the highest level role possible in the field of finance, you will need to earn an advanced degree in the field first. Once you hold a master’s, you can gain experience in finance so that you are prepared to compete for openings. While there is a difference between controller and comptroller titles, the same level of education is needed for both.
