In general, CFOs often take a greater presence in external-facing tasks including mergers, acquisitions, or involvement with investors. Meanwhile, financial controllers own more of the internal reporting process including implementing internal controls, managing the month-end close schedule, and ensuring financial accuracy. Your controller will become your go-to person for accounting operations, business finances, payroll processing and bookkeeping tasks. Often, small business owners believe they can bypass the need for a controller position — However, a controller plays a crucial role in small businesses, especially for growing companies. Finding work as a corporate controller typically requires a minimum of a bachelor’s degree, usually in finance or a related field.

2 More than 1,500 controllership function professionals participated in a Deloitte Center for Controllership™ Dbriefs webcast, “The changing role of controllership,” on January 31, 2017. Poll respondents work in a range of industries, including consumer and industrial products (29.2 percent); financial services (19.2 percent); and technology, media, and telecommunication (13.1 percent). Today’s controllers are, generally, being asked to do too much with limited resources. They may have to navigate between suboptimal information systems, talent gaps or turnover issues, a lack of cross-functional support, a C-suite focused on other key areas or a combination of these and other hindrances. But they lack the support needed to complete tasks in a timely and effective way in order to take on more strategic roles. A bachelor’s is the minimum educational requirement for a controller role, but employers often prefer candidates with a master’s in accounting, an MBA in accounting or a similar graduate degree.

This senior position generally requires years of proven experience in various levels of accounting. Generally speaking, in smaller companies, the controller must take on more duties. In a small business, it is common for the controller to have the final say on every financial decision, such as budgeting, reporting, investing and locking cash box risk management. In larger companies, the duties of the controller are often more specialized, with certain financial decisions shifted to other executives, such as the chief financial officer (CFO). A financial controller is a higher-level finance position that takes the responsibility over the financial reporting process.

Why Is a Controller Important?

For larger public companies, controllers will often be required to have at least a CPA license. To qualify for a role as a corporate controller, an aspiring finance or accounting professional should take several important educational and career steps. Many controllers have several professional certifications, such as the CPA, chartered global management accountant (CGMA), chartered financial analyst (CFA) or certified management accountant (CMA). In addition to a CPA or MBA, aspiring controllers could consider a certified management accountant (CMA) or a chartered financial analyst (CFA) title. Controllers in the United States spend nearly 70 percent of their time performing traditional tasks, such as closing the books or ensuring compliance with accounting standards.

• Meanwhile, an FP&A director leverages historical data to devise future plans that may or may not materialize.
• Since controllers are considered part of the company’s leadership, they need to develop the soft skills that motivate and garner respect from staff.
• In large corporations, a controller would report to the head of the accounting department or to the CFO.
• Most controllers start with a bachelor’s degree in accounting or a business administration bachelor’s, though some controllers may come to the profession from different fields.

Across all of the duties, a controller often works most with the collection, analysis, and consolidation of financial data. Although the controller doesn’t always maintain the annual budget, the controller position monitors variances, summarizes trends and investigates budget deficiencies. The controller may reports material budgeting variances or expenditure variances to upper management.

What is the role of a company’s controller?

These professionals need a deep understanding of accounting as it relates to their industry and company profile. For example, a controller working for a healthcare organization must understand the healthcare industry’s specific tax concerns. Similarly, an employer that conducts business in several countries might look for a controller with experience working for multinational companies. A controller is important to finance as they control the risk and reporting aspect of the company. A controller is the point person for making sure the financial reporting is done correctly. They are also the person to understand why inaccuracies may exist, what changes must be put in place, and how those changes will impact future reports.

Financial Management Related Careers and Degrees

If you want to add some spice to your interview answers, wander on over to the company’s website. Review the organization’s mission and values statements, and look for details about recent achievements. And, if you land a position with a major corporation or mid-sized organization in a city with a high cost of living, you could see pay rates far above that. Over $200,000 a year is certainly possible if you land the right job. While the exact skills that a company may consider must-haves will vary, many are universal. Controllers understand the company’s financial objectives and work to make them achievable.

Essential Skills

A master’s degree also fulfills the educational requirements for the Certified Public Accountant (CPA) credential, which many controllers hold. In this article, we’ll examine these professionals’ responsibilities and the skills required to excel in their profession. We’ll also explore earning potential, job outlook and prerequisites for this role. To be competitive, aspiring controllers should start with a college major of accounting, economics, finance or statistics, and follow it up with an MBA or master’s of accountancy (MAcc) degree. The master’s degree is more than an educational credential; it also fulfills the educational requirement to sit for the CPA exam, something an aspiring controller should have on their resume.

Not quite an executive-level position at most companies, a controller oversees many of the processes that come together to deliver financial statements. A controller also works with the external audit team, assists internal managers will budget preparation, and identifies areas of opportunity to mitigate risk and employ cost savings. Without the strength of the accounting team here at [Company X], we wouldn’t be able to offer the industry-leading service we’re known for. We’re seeking an experienced controller to oversee this high-performing team. The ideal candidate will have experience as an accountant in our industry, preferably in a senior role. As a strong communicator and skilled financial analyst, this person will streamline our budgeting, payroll, and financial reporting processes.

What Is a Controller?

But here’s a typical list of services a controller will perform for small businesses. Business Control is the work carried out by a Business Controller, and is largely about producing, analysing, and presenting relevant decision-making information for managers within an organisation. Together, those techniques will help you craft meaningful, engaging, story-driven answers. That makes it more likely that your responses will be relevant and interesting, increasing the odds that they’ll provide the hiring manager with genuine value.

A financial controller salary will often vary depending on the size of the company. In a larger corporate setting, controllers often supervise a team of accountants and report directly to the chief financial officer (CFO). In smaller companies, they may be the only accountant, working with a team of clerks and reporting directly to the owner or CEO.

The agency also projects a 17% growth in employment for these professionals from 2021 to 2031. This is much faster than the national average projected growth of 5% for all occupations. Controllers use communication skills to lead and motivate their staff. They also present reports and other findings to executives and shareholders, so they must know how to explain complex financial information to those without accounting backgrounds. Corporate controllers regularly meet with the board of directors to provide financial updates and may meet with other employees to educate them on the company’s current financial policies.

The day-to-day life of a financial controller varies based on the company and its needs. Some of the tasks below will be completed by a bookkeeper and overseen or managed by a controller. Business Controllers are more common in larger companies because they are not always as “hands-on” as other parts of the finance department (such as accounting economists). The WSU Carson College of Business has a rich history of more than 55 years delivering graduate management education, including more than 20 years of experience offering online degree programs. The college spans four campuses throughout Washington and has a presence on four continents, leading to extensive networks of businesses and alumni. The BLS projects a job growth rate of 17% between 2021 and 2031 for financial managers.