Have you always liked numbers? Are you excited at the prospect of overseeing a business鈥檚 finances? Well, a career as a controller might be for you.
A controller, or financial controller, is responsible for handling a business鈥� day-to-day financial operations. They take care of the books and records. This is usually a high-level manager position that reports to the CFO of a company. Sometimes, however, the CFO and controller can be the same person in smaller companies and businesses.
The Bureau of Labor Statistics (BLS) reports that the employment of financial managers like controllers is projected to grow 17 percent from 2020 to 2030, much faster than the average for all occupations. According to the BLS, the 2021 median pay for controllers was $131,710.
Let鈥檚 take a closer look at this career to see if it is right for you.
What Does a Controller Do?
Controllers oversee a business鈥檚 or organization鈥檚 day-to-day finances, including accounting, payroll, and accounts payable. Their daily tasks vary from place to place and industry to industry, but their primary function is to take care of a business鈥� books in an accurate and efficient way.
Here are some other common tasks of controllers:
Preparing financial reports and statements
Maintaining accounting records, including payroll and taxes
Developing financial strategy
Ensuring compliance with local law and financial regulations
Providing financial reporting and analysis
Coordinating audits
Managing budgets
Communicating regularly with the CFO
Overseeing accounts payable and receivable departments
Ensuring invoices are properly approved and coded
Monitoring and balancing cash flows
Setting up bank accounts and managing banking relationships
In addition, a controller may also oversee other staff in the accounting department.
Qualifications for a Controller
Successful controllers are detail-oriented people with a knack for numbers. They must be strategic thinkers and have a strong sense for business relationships.
In addition, here are some other key skills employers look for:
Knowledge of accounting software and financial analysis
The ability to multitask
Knowledge of generally accepted accounting principles
Problem-solving skills
Managerial abilities
Interpersonal skills
Integrity
Requirements to Become a Controller
For those looking to become a controller, you should have a minimum of a bachelor鈥檚 degree in accounting or business, but preferably an MBA. Excelsior鈥檚 Bachelor of Science in Business will help you gain skills in areas including accounting, business strategy, communication, computer skills, economics, business ethics, finance, global business, leadership, management, marketing, data analysis, teamwork, and cultural diversity. Excelsior鈥檚 MBA with a concentration in finance and accounting can help deepen your knowledge and grow your career so you are ready to become a controller.
While there is no regulatory requirement to obtain a Certified Public Accountant license to become a controller, it is often looked at favorably. You can find out more about the CPA exam via the website.
In addition, employers prefer candidates who have 7鈥�10 years of experience in the field of accounting.
Does this sound like the kind of career you鈥檇 like to pursue? If so, consider contacting an Excelsior admissions counselor to enroll in a business program.
