Every position holds a specific importance to a business’s success. Accounting is a crucial component to any corporation or enterprise, no matter the company size. To ensure business entities are operating to the best financial standards, many will employ a controller to manage day-to-day tasks and important data components. This guide will cover the details and description of a controller position, including necessary skills, salary, education requirements, and core responsibilities.
What Is a Company Controller?
A controller is an upper-level accounting position in a business. The most common association is a financial manager, which O*Net Online describes as an occupation that manages the financial activities of branches and departments of an organization. Specifically, O*Net Online notes a controller as the position responsible for directing financial activities within a company pertaining to reporting, budgeting, and accounting.
What Is the Difference Between a Controller and a Financial Manager?
While both positions hold similar responsibilities and require the same qualifications at a base level, the key difference lies in management. According to the BLS, Financial managers interact with several departments and act as advisors for executive roles, while controllers work with accounting departments directly, in relation to budgeting and reporting. In essence, a controller acts as a liaison for financial managers and relevant branch positions.
What Does a Controller Do?
Since a controller is a type of financial manager, the U.S. Bureau of Labor Statistics (BLS) handbook describes a controller as the authority that manages accounting, auditing, and budget departments of their company. They create reports and materials to send to government factions and adjacent departments that regulate business activities.
A controller is an essential position for accounting and financial needs. Several responsibilities constitute a controller position, according to O*Net Online, and can include:
- Creating and maintaining relationships with customers
- Coordinating responsibilities and workflow for employees across multiple departments, as well as branch managers for banks, brokerage firms, and credit departments
- Preparing required reports for financial institutions and management factions
- Overseeing staff recruitment and training programs
- Analyzing credit risks and security components in investments to maintain financial health
- Coordinating the approval or rejection of loans and subsequent credit lines
- Handling insurance matters, such as brokerages and negotiations
- Evaluating moving parts in systems such as reporting and collection procedures, and recommend changes or improvements for increased functionality
What Is a Controller’s Job Description?
A sample of a controller job one might find on ZipRecruiter details the education requirements, outline of duties and responsibilities, minimum educational requirements, and work experience.
Individuals applying for a corporate controller role might be expected to hold specific certifications, like Certified Public Accountant (CPA) or Certified Management Accountant (CMA), as well as a minimum education of a bachelor’s degree or higher.
Controllers oversee either part or all of a company’s financial health. Therefore, they are expected to perform a diverse range of tasks from account management to report and asset preparation. Many job listings note that a controller is a collaborative position, and special emphasis is placed on having an analytical skill set, concrete skills with software and online programs, and strong detail orientation.
What Is a Controller in Business?
Also known as a financial manager or treasurer in some fields, controllers often report directly to a chief financial officer (CFO) and oversee daily operations for several departments.
Controllers have the unique responsibility of needing to hold advanced knowledge of the financial demands of their business entity, while understanding the necessities and nuances of their industry in question. This can include tax laws, as well as billing requirements and regulations.
What Is a Controller Salary?
Controllers are often in upper management positions and can expect an equivalent salary. In May 2022, the BLS handbook reported the median annual salary for a controller or financial manager of equal status was $139,790.
Company and enterprise management roles were among the highest earners in 2022, with a median annual salary of $164,660. Following this sum is the controller salary for professional, scientific, and technical services earned an average of $164,490. Manufacturing controller roles reported a median annual wage of $142,120, while those working in finance and insurance average $139,980. Finally, government employees averaged earnings of $124,400.
While these are common controller positions, this is not an exhaustive list. There is a need for company controllers in many industries, with the demand seeing constant growth.
What Education Is Needed to Become a Controller?
The BLS outlines that a bachelor’s degree in business, economics, or a related field, such as accounting is required for this role. While several positions only require a bachelor’s degree, a master’s degree is relevant for select certifications and can facilitate future licensure. A series of certifications can provide an advantage for finance professionals across industries, such as a Certified Treasury Professional (CTP) for controller jobs and additional licensing for high-level positions.
How to Become a Controller
A combination of education and work experience is needed for a company controller position. The BLS recommends several years of work experience for a financial manager or controller position. Many controllers begin their careers in adjacent positions, like accountants, loan officers, budget analysts, and loan underwriters.
In addition, a certain set of qualities will benefit the company controller. Here are some skills necessary for success in a controller position:
- Organization skills: Since controllers work with several overlapping systems, they must put a structure in place to keep their work streamlined and efficient.
- Communication skills: Controllers must be able to justify select financial decisions and explain complex processes for transactions and related actions.
- Math skills: Effectively using programs that handle complex mathematics is an important part of a controller’s responsibilities.
- Detail orientation: Controllers must maintain attention to detail and small components with precision, to ensure their work remains accurate and free of errors.
Controllers also need to use the appropriate tools and programs to complete their respective tasks. Some technology assets O*Net describes include software programs for accounting, business intelligence and data analysis, customer relationship management (CRM), database user interface and queries, financial analysis, human resource, and enterprise resource planning.
What Is the Job Outlook for a Controller?
The need for business controllers across many industries is experiencing a rapid increase in coming years. Between 2022 and 2032, a rise of 16% is projected for the job market. A growing economy demands financial experts such as controllers, who have a certain literacy for handling assets and cash flow in expanding companies.
Important Resources for Company Controllers
A rise in controller positions demands additional resources for financial professionals. One of the top websites for controllers is Controllers Council, a community focused on providing resources and news for like-minded workers. This membership program also runs articles, sends out newsletters, and offers materials to keep its members up-to-date and informed on best practices.
Overview: What Is a Controller?
A controller brings value through short- and long-term strategy for financial success, positive relationship-building with internal and external teams, and investment in the future fiscal endeavors of the company.
Controllers will continue to stay in high demand in the coming years. Careerists with a talent for numbers looking for a fruitful occupation can start building relationships and gaining experience to hold this prestigious role. The horizon of this fast-growing position holds many possibilities.
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Successful completion of the Bachelor of Arts in Accounting or the Master of Accountancy at the University of Arizona Global Campus by itself does not qualify a student to sit for the Certified Public Accountant (CPA) examination. All prospective students should contact individual state boards of accounting for additional information relating to licensure requirements (e.g., education and work experience and any potential restrictions, such as prior criminal convictions) prior to enrolling.