A Corporate Controller is a staff of a company or a corporate firm. Their duties involve overseeing the financial functions of the business.
These professionals are highly trained to help firms maximize profit and minimize losses. They are also known as Financial Controllers or Comptrollers.
Also, they must have similar work experience for a few years before they can be considered for employment. This goes a long way in exposing how sensitive the job position is. A very good Corporate Controller will move a company forward within the period of his or her stay in the firm. He or she will be highly observant, comprehensive, and analytical. Moreover, it is a position that attracts great pay, so the staff must be competent enough to maintain this or attract more pay.
Furthermore, a Corporate Controller oversee and even prepare budgets, plan policies for accounts and finance departments, and write reports. Also, these professionals are usually graduates of Advanced Accounting and have a lot of experience in the finance sector.
To learn more about this profession, the salary, work environment, and the like, keep following.
Responsibilities of Corporate Controllers
As earlier stated, the position of a Corporate Controller is highly important in companies and corporate firms. Some of their particular responsibilities are as follows:
- Preparing and cross-checking financial policies for corporate firms.
- Preparing and overseeing budgets.
- Training and teaching younger staff.
- Preparing financial statements periodically.
- Providing financial advice to the accounts department.
- Ensuring that the budget does not supersede the company’s financial capacity.
- Analyzing financial reports, balance sheets, and the like.
- Performing financial risk assessments.
- Overseeing and maintaining proper financial records.
Qualifications for practice as a Corporate Controller
As earlier stated, a Corporate Controller or Financial Controller is very important in any form of corporate organization. This is to ensure maximum profiting at the end of the day. Hence, only an employee who qualifies will be employed. The following are the qualifications for practice in the United States:
- Firstly, a Bachelor’s degree in Accounting, Finance, or Economics.
- Secondly, a Master’s in Accounting (MBA or MAcc).
- Then, evidence of passing the Certified Public Accountants (CPA) exam.
- Few years of work experience in the accounting firm.
Also, employers lookout for certain skills which are highly important for success in the job. Some of them include:
- Proficiency in Mathematics.
- Good documentation skills.
- Leadership skills.
- Proficiency in the use of Microsoft Office and other computer software.
- Interpersonal skills.
- Leadership skills.
- Ability to pay close attention to details.
- Experience in the accounting industry.
- High level. of precision and accuracy
Corporate controllers find relevance in all corporate firms. They work in office settings, comfortable environments for documentation and other duties. Additionally, they work full-time, up to 40 hours a week. Sometimes, their work can require travel to acquire more job training skills. As professionals, they are also to dress corporately and be smart-looking at all times.
In addition, they work closely with Chief finance officers or may even report directly to them. They also make reports to the Vice President or Chief Executive Officer of the company.
The Yearly pay for Corporate Controllers can be as high as $250,000. It can even be more depending on the company and sector they work in. However, some smaller companies pay about $129,000. Additionally, salary increase is also sure with great results and job success. With a very competent Corporate Controller, a company will do better financially and this can also bring about a raise in pay.
Professional Corporate Controllers only attain this position after gaining the necessary educational qualifications. This is inclusive of a Doctorate.
and five years or more of work experience in the field. Furthermore, it usually comes with a promotion from the post of assistant controller to Corporate Controller.
The position of a Corporate Controller is very important in any firm. They do not just prevent losses but consider the future of the company. Hence, they make decisions based on their future impact on the company. Also, they make reports to the Chief Finance Officers or CEOs.
As a career position, it attracts professional growth. Competent staff will not find it hard maintaining a job because no company will be willing to give him or her up. Furthermore, it is a career worth considering for those in the field of Accounting. Among other benefits, it also provides an avenue of adding value to a company.