What is a Financial Controller?
Role / Profile
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Who is a financial controller?
A financial controller is tasked with the management of financial departments of an organisation like accounting, auditing, and budgeting. The scope of the position of a financial controller differs from organisation to organisation; it can be someone who is in a supervisor role, looking after accountants and finance professionals or just an accountant helped by clerks.
What are the roles of a financial controller?
As a person who manages different financial processes, the role of a financial controller is multifaceted. Some of the common roles of a financial controller are:
• Overseeing operations of the various financial departments and their organisational structures, in order to achieve the company’s goals and objectives.
• Maintaining a documented system of a company’s financial procedures and policies.
• Monitoring the financial conditions of a company by conducting audits or through external auditors.
• Performing tax filings and financial reporting by complying with the industry rules and regulations.
• Maintaining a good team of accountants and financial professionals by recruiting and training them.
What are the skills required to become a financial controller?
To start a successful career as a financial controller, you need to have the following skills:
• Proficient in various financial processes and techniques used in areas like accounting, budgeting, etc.
• Basic working knowledge of common software used in the finance industry.
• Good knowledge of the industry-related financial rules and regulations.
• Advanced analytical and problem-solving skills.
• Clear communication skills (verbal and non-verbal).
What are the career outcomes of a financial controller?
With an experience as a financial controller, you can acquire a plethora of new skills which will improve your career prospects. Following are some of the career outcomes you can expect:
• VP – Finance
• Director of Finance
• Chief Financial Officer
• Chief Executive Officer
What is the average salary of a financial controller?
The average salary of an entry-level financial controller is around ₹ 7 Lacs per annum, while a mid-level professional earns about ₹ 16 Lacs per annum. A senior-level or experienced financial controller earns approximately ₹ 23 Lacs per annum. The salary also varies according to the organisation, industry and amount of experience. Generally, a professional with a certification in finance can have a better career growth than a non-certified professional.
What are the career advantages of becoming a financial controller?
As a financial controller, you can expect good career growth and opportunity to work in some of the best organisations across various industries. Some of the advantages of becoming a financial controller are:
• Most financial controllers work in a senior-level position and you might get the opportunity to communicate with the top executives of a company.
• As a financial controller, you will be tasked with the responsibility of handling different financial divisions. You will acquire important skills and knowledge with such experiences.
• The work of a financial controller is challenging, while being rewarding as well. You can work in various interesting projects and learn new techniques used in the financial world.
Which profiles can go for a financial controller role?
• Finance Executives
• Staff Accountants/Corporate Accountants
• Financial Analysts
Who can become a financial controller?
• Non-experienced professionals – To become a financial controller, a professional should have years of experience in the finance industry. However, if you want to work in that position with less amount of experience or without having worked in the finance industry, you need to have the required skills. A professional certification course in accounting or finance can help you in that direction.
• Experienced professionals – An experienced professional is expected to have handled various financial activities like accounting, budgeting, etc. If you want to improve your skills and knowledge in those area, a certification can help you.
Naukri Learning offers a variety of online finance and accounting courses which will help you to boost your career, get better jobs and receive a higher salary.
What is the eligibility criteria to become a financial controller?
There is no fixed eligibility criteria to become a financial controller. However, the majority of the professionals are from a finance, commerce or statistics background. If you are from a different background, you need to have good accounting and budgeting skills. You can go for a professional training in budgeting or accounting to improve your chances of becoming a financial controller.
Why are candidates going for a financial controller profile?
The position of a financial controller acts as a gateway to one of the top positions in the finance industries like CFO and VP, Finance. Here are some of the reasons why candidates prefer to get into a financial controller role:
• Finance Executives – The career path of a finance executive is not defined and therefore, one’s career can become stagnant without any further development. This is why finance executives go for various skill improvement courses and move to a financial controller position. This will help them have a definitive and successful career journey.
• Auditors/Accountants – In big companies, accountants and auditors help financial controllers in managing the overall financial processes. The position is like a step-up in the professional ladder. The average salary of a financial controller is also much higher than the average salary of auditors and accountants.
What do recruiters look for in a financial controller candidate?
Recruiters usually look for the following points while hiring a financial controller:
• Prior experience – Recruiters love to hire candidates who have prior experience in accounting or budgeting. It is also great to have other skills like business management and good communication.
However, if you do not have any experience, you can go for a certification course to get the requisite skills.
• Key skills –accounting coursesFinancial accounting, budgeting, auditing, taxation, financial control, financial risk management, etc.
Who are the top recruiters that hire financial controllers?
There are many top organisations that hire financial controllers to manage their accounting and budgeting processes. Some of these top recruiters are KPMG, Reliance Capital, Ernst Young, Accenture, JP Morgan, Wipro and Bajaj Capital.