Comptrollers are senior financial managers. They are administratively responsible for overseeing the accounting procedures of an organization. Their job is similar to controllers in the private sector, but comptrollers are primarily employed by governmental and nonprofit agencies. Comptrollers have the hefty task of coordinating the financial reporting procedures for massive amounts of public, taxpayers’ money. For instance, New York City has over $140 billion in assets for its pension funds alone. Comptrollers prepare the government-mandated reports to ensure monetary transparency at the city, municipal, state, or federal level. Following the Government Auditing Standards (GAS), comptrollers are watchdogs balancing the books and protecting agencies from fraud. Comptrollers could be deemed head accountants with high-level tasks overseeing accounts payable and receivable for financial stability.
Salary
Survey statistics published on Salary.com show that the median yearly salary for comptrollers in the United States is $185,127. This is equivalent to a $7,120 per biweekly paycheck. The average total compensation is a whopping $279,206 each year when we factor in the comptroller’s:
- hefty bonuses
- benefits
- vacation
- pension
Beginning Salary
Financial managers with less than five years of experience typically land in the bottom 10th percentile of earnings at around $63,020. Moving up the management ladder to comptrollership gleans a median starting salary of $120,777. It’s possible for comptrollers to eventually bring home base salaries beyond $256,461. The Office of Comptroller of Currency has federal jobs paying $270,000+.
Key Responsibilities
Comptrollers hold many responsibilities in directing the accounting operations for an entire organization in the public or nonprofit sector. In large organizations, comptrollers are assisted by an assistant comptroller and report to the Chief Financial Officer (CFO). It’s the comptroller’s duty to establish a system of controls that ensures positive cash flow. They’ll compile ledgers and accounts to produce legally compliant financial reports. Comptrollers manage the processing of financial transactions, including:
- billings
- payroll
- pensions
- collections
They certify the agency’s budget by conducting forecast analysis and mitigating risks. Comptrollers also:
- approve contracts
- invest assets
- make budget adjustments
- keep constituents happy
Necessary Skills
Maintaining financial oversight on the health of government agencies requires a firm grasp on numbers. Comptrollers need strong mathematical and analytical skills to accurately calculate accounting procedures. Effective verbal, written, and listening skills are vital to communicate the organization’s financial standing to officials. Comptrollers must have technical ability to operate computerized software and spreadsheet programs proficiently. Since comptrollers lead the accounting office, good supervisory and managerial skills are a must. Critical thinking and decision-making skills help comptrollers invest money for the best return. Handling large sums of green mandates being honest and ethical. Comptrollers’ skills should include:
- organizational
- time management
- problem-solving
- conflict resolution
Degree and Education Requirements
At minimum, aspiring comptrollers must graduate from accredited business schools with a bachelor’s degree. To lay groundwork for success, study:
- finance
- accounting
- statistics
- business administration
Attending graduate school is a smart idea, especially if you had a non-business major like public affairs or political science. Most comptrollers hold a Master of Business Administration (MBA) concentrated in finance or accounting. Earning a Master of Science in Finance (MSF) or Master of Accountancy (MAcc) would also benefit you. Most states simply require 150 hours of post-secondary education for the CPA license. Comptrollers could also pursue dual degrees with a Master of Public Administration to learn how governments work\.
Pros and Cons of the Position
Becoming one of the leading financial public figures for a government organization is both rewarding and challenging. On the plus side, comptrollers cash seriously large checks for six-figure salaries and large bonuses. The position comes with variety managing the accounts for different initiatives from public health to construction. Comptrollers can practice their natural leadership skills overseeing accounting staff, which is ideal for extroverts. Keeping an organization stable and legally compliant with sound accounting practices is gratifying for some.
On the other hand, comptrollers experience above-average pressure to monitor taxpayers’ money. Sluggish job growth translates into heated competition for openings in comptrollership. Extensive experience and continuing education is necessary to stay abreast of frequent government changes. Comptrollers also generally work long weeks beyond 40 hours, especially around budget time.
Getting Started
There isn’t one certain route up the career ladder, but promotion will always be arduous. It’s essential to begin building public finance experience during college. Internships and cooperatives can get your foot in the door for resume-building. Future comptrollers benefit the most from working with the Big Four firms. Most will work as financial analysts, accountants, and auditors in the private sector before shifting. After three to five years, you can proactively advance into management roles. That’s an excellent time to finish graduate school and earn important credentials. The majority of comptrollers are Certified Public Accountants (CPAs) or Certified Management Accountants (CMAs). Earning the Chartered Financial Analyst (CFA) designation after passing the rigorous three exams would also be beneficial. Comptrollers will generally have at least 10 years of experience before reaching their dream job destination.
Future Outlook
The Bureau of Labor Statistics predicts the financial management jobs will grow by 7 percent over the coming yeas. The outlook isn’t quite as sunny for comptrollers though, because most of the 37,700 opened positions will be in the private sector. Tight government budgets have forced hiring to slow and even halt in some areas. According to the Washington Post, the number of overall federal hires declined from 140,000 in 2009 to 77,000 in 2014. There’s also been a 37 percent increase in federal employees leaving. The tale remains similar for smaller local and state governments too. Public sector organizations will always require comptrollers for handling complex accounting processes though. Experienced, educated financial managers who are willing to compete could find openings created by retiring baby boomers.
Comptroller is a coveted financial management position focused on maintaining the accounting policies of public agencies. It’s the comptroller’s goal to find strategies that will reduce expenditures and form beneficial acquisitions. Comptrollers may be appointed or elected to ensure tax dollars are well-spent in government programs. Though they don’t form laws, comptrollers issue budgets and proposals that greatly affect the area’s money matters. Taking the long journey to become a comptroller will provide a lucrative, upper-level role auditing government finances.
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