Learn about the skills and education you need to work in this sought-after financial role.
A financial controller is a senior executive who manages a company's financial health. While the controller is typically the company's lead accountant or financial manager, they do far more than just keep the books. This person analyzes data and trends and makes financial decisions to help companies prosper.
Controllers have many functions, which can vary by the size of the company or organization. A controller in smaller companies must be versatile, as it may control almost all the accounting functions. In larger corporations, you may take a leadership role, making decisions to ensure financial stability.
As a financial controller, your responsibilities may include:
Tracking cash flow
Managing expenses
Establishing internal accounting procedures
Preparing financial documents
Ensuring the accuracy of reports, statements, and balance sheets
Maintaining compliance with financial regulations and laws
Overseeing staff in the accounting department
Developing a financial growth plan for the company's future
Analyzing financial data
Evaluating and managing risk
Handling tax matters
Ensuring the company or organization is financially stable
The controller's forward-looking role in the organization distinguishes them from other accountants. While accountants typically analyze and keep track of past data, the controller uses financial information and projections to help the organization plan its future financial activities.
Did you know? Chief financial officers (CFOs) take a higher-level, strategic role in a company’s finances. A CFO tends to perform management-oriented tasks, while controllers take a more tactical approach to the day-to-day operations of a company’s financial department.
Financial controllers are sought-after, high-level positions. According to Glassdoor, financial managers like controllers had a median annual pay of $107,888 in Canada [1]. Salaries vary widely by location and experience, with Ontario, Alberta, and Nunavut reporting the highest median hourly wage [2].
If you're considering a future career as a controller, now is a great time to get a solid financial education and the proper certifications to set yourself up for success in the years to come.
Most financial controllers have extensive experience working in the business finance industry. Let’s look at the specific requirements and recommendations you should consider to advance your career in this field.
Most financial managers, including controllers, have a bachelor’s degree in economics, commerce, business administration, or a similar field. Many companies prefer candidates with a master’s degree in finance or a Master of Accounting (MSA). Employers looking for candidates for this position may seek experience in accounting, budgeting, auditing, financial planning, and related skills.
In addition to earning a degree, financial controllers typically have several years of professional experience as an accountant or audit manager. You can make yourself more appealing to hiring managers by earning an industry-recognized certification. Popular options include Chartered Accountant (CA), Certified Management Accountant (CMA), and Certified General Accountant (CGA) designations.
Effective financial controllers leverage technical and people skills to steer a company’s financial future. If your career goals include advancing to a role as a controller, spend some time now working on these skills:
Analytical skills
Mastery of math and accounting
Auditing skills
Communication skills
Competency with financial management software
Organizational skills
Problem-solving
Explore whether a business finance career is a good fit for you through Rice University’s Finance for Non-Finance Professionals course on Coursera. If you’re ready to take the next step in your career, learn more about earning a graduate finance degree from a top university, like the Master of Business Administration from the University of Illinois.
Glassdoor. “Financial Controller Salary in Canada, https://www.glassdoor.ca/Salaries/financial-controller-salary-SRCH_KO0,20.htm.” Accessed June 12, 2024.
Government of Canada Job Bank. "Financial Controller in Canada, https://www.jobbank.gc.ca/marketreport/wages-occupation/1221/ca." Accessed June 12, 2024.
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This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.