Financial Controller - Alternative Careers and Similar Jobs (Updated for 2024) (2024)

FAQs

Financial Controller - Alternative Careers and Similar Jobs (Updated for 2024)? ›

Financial controllers now need strategic, technological and analytical skills to steer corporate strategy beyond traditional reporting and compliance. Embracing digital tools and integrating ESG principles into financial strategies are essential for modern financial controllers.

Financial controllers now need strategic, technological and analytical skills to steer corporate strategy beyond traditional reporting and compliance. Embracing digital tools and integrating ESG principles into financial strategies are essential for modern financial controllers.

Once you become a controller, the next career step may be to assume the same position in a larger organization or a different industry, or it may be to seek a role as group finance director or a move to operational finance. With careful planning, it may even lead to CFO. Can a controller become a CFO?

Chief Financial Officer (CFO)

The Chief Financial Officer is a natural progression for a Controller. As a CFO, you would take on a more strategic role, focusing on the future financial planning and higher-level decision-making of the company.

The U.S. is short 340,000 accountants—just look at the wave of earnings report mistakes. The accountant shortage is causing major strain for existing professionals, and it could be the cause for major reporting mistakes.

A high volume of work, tight deadlines, compliance demands, team oversight and impeccable accuracy can make a financial controller's job stressful.

The controller reports to the CFO, sometimes alongside the treasurer and tax manager. Below the controller can be roles such as the accounting manager, financial planning manager, accounts receivable manager, and accounts payable manager.

Since CFOs are responsible for more decision-making and oversee more facets of a company, they usually earn more. The average base salary for a controller is $93,961 per year , while the average base salary for a CFO is $123,912 per year .

As a Controller, your expertise in managing accounting functions is invaluable. However, stepping into a CFO role requires you to zoom out and grasp the broader business landscape. Understanding your organization's position in the competitive ecosystem is crucial.

The director participates in investing funds of the company and conducting equity placements, while the controllers keep track of the investments. The directors of finance are higher-ranking officials who also earn more than the controllers of finance.

What's another word for a financial controller? ›

accountant actuary analyst auditor bookkeeper certified public accountant comptroller CPA financial executive number cruncher statistician treasurer. financial officer (noun as in comptroller)

A controller is not the same as a CFO or VP of Finance. A CFO or VP of Finance are often higher-level positions that are on the executive team. Meanwhile, a controller is usually a lower-level position that is less involved in strategic planning or external affairs and mostly involved in internal reporting.

Because controllers' duties and responsibilities expand beyond that of an accountant, they typically command larger salaries. Academically, there are no additional requirements to become a controller, but most have advanced degrees, such as an MBA.

As a remote financial controller, you work from home to help manage the accounting and funding needs of your employer.

Controllers oversee internal audits and keep an eye on tax compliance. They're also involved in forecasting and budgeting. Besides hiring and training the financial staff, controllers also head up an accounting staff.

Typically, Controllers are responsible for managing lower-level staff members while working closely with senior leadership teams. On the other hand, Finance Managers often have more autonomy when it comes to making strategic decisions related to budgeting or investing.

Financial controller is a sought-after, high-level position. According to Lightcast™, financial managers in the US earn an average annual salary of $140,792 in 2023, and there has been an 8 percent growth in the field from 2021 through 2023 [1].