What does a financial controller do?
A financial controller works closely with senior management to put together company budgets. They then oversee the implementation of those budgets within departments. This oversight responsibility extends to the analysis of accounts and the preparation of financial reports on a monthly, quarterly or yearly basis. Such reports may include financial models and cash flow projections, and will inform decisions such as marketing campaigns, product development and business expansion.
Financial controllers manage financial departments. They may provide mentoring for more junior personnel and make decisions or recommendations regarding staffing. They can also liaise with other stakeholders including clients and suppliers.
Financial controller skills and qualifications
Being both a financial and a management position, the role of financial controller combines a variety of disparate skill sets. Of course, financial controllers should have a firm grasp of accounting principles, business concepts and accounting techniques. They should also have a specialised familiarity with budgets, specifically in understanding how to reconcile budgets with actual company outcomes.
When it comes to management, financial controllers should be skilled in overseeing the daily operations of a department. They should be able to monitor processes, routinely check compliance with internal and external regulations, and resolve problems. They will also have to demonstrate leadership skills to ensure staff work effectively.
Working with a variety of stakeholders, including management of other departments and the executive team, also requires a financial controller to have effective communication skills. They will need to be able to clarify complex financial concepts and provide comprehensible advice to those without financial training.
Specific skills and qualifications include:
- a broad and deep understanding of the world of accounting, with the ability to look at finance from a holistic perspective
- ability to understand the implications of data and communicate these to stakeholders
- meticulous attention to detail, including the ability to quickly spot arithmetical errors and inconsistencies
- thorough understanding of government regulation and its implications for business
- high-level leadership and team-management skills
- ability to work under pressure to meet tight reporting deadlines
- comfortable understanding of the industry relevant to the business or organisation
- ability to strategically monitor departmental activities and intervene to correct mistakes
Financial controller experience requirements
Besides their academic qualifications and technical certifications, significant professional experience is absolutely necessary for candidates applying for the position of financial controller. The exact amount of experience will vary depending on the size and nature of your organisation. Consider such factors as: how many employees your financial controller will be expected to oversee, the size of your budgets, and the specific structure of your organisation.
As a minimum, financial controllers should have at least five years’ experience working in finance departments. This can be in public service, private corporations or in not-for-profits and, of course, a variety of experience is always helpful. Prior roles should have required the candidate to demonstrate high-level financial and accounting skills and have exposed them to management and leadership responsibilities. Previous roles that demanded interdepartmental work are also of benefit, as a financial controller will often be liaising with non-finance stakeholders.
For financial controller positions in larger companies, look for more experience in more senior roles. Between ten and fifteen years’ experience in a variety of finance roles will prepare a candidate for the challenge. Some companies will also require candidates to have previously worked as an assistant financial controller. This is the best way to ensure that a candidate is able to hit the ground running in their new role.
You can also look for candidates who are long-time members, or else recognised by, professional associations such as the Finance and Treasury Association, the Australian Bankers Association or FINSIA.
Financial controller education and training requirements
Financial controllers hold university degrees in accounting, business or finance. Some hold a master degree in these fields, though a bachelor degree may be sufficient. Candidates looking to advance their career may specifically pursue a Master of Business Administration (MBA).
Regardless of specific qualification, it’s essential that all candidates are certified as a Chartered Accountant or Certified Practising Accountant. For these certifications, a minimum of a relevant bachelor’s degree is required.
Financial controller salary expectations
According to Indeed Salaries, the average salary for a financial controller is $139,515. Actual salaries can vary widely depending on a number of factors. For example, the average salary in Perth is $127,422, while the average salary reported in Sydney is $157,388. Other factors that may influence salary include candidate experience, position seniority and the specific company.
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Financial controller job description FAQs
What’s the difference between a financial controller and a chief financial officer (CFO)?
While in smaller organisations, the responsibilities of financial controller and CFO can be merged; in larger organisations, the domains are better separated.
Whereas CFOs focus more on strategic planning and company performance over time, a financial controller focuses on record-keeping and compliance. The responsibilities tend more towards managing accounting documentation and ensuring financial data is tracked appropriately.
What makes a good financial controller?
Highly successful financial controllers combine meticulous data management skills, strong leadership capabilities and clear, accessible communication. This reflects their cross-disciplinary responsibilities as accounting records managers, financial department heads and executive leadership advisors. They are both finance- and people-orientated, able to see the big picture and analyse the details.
How does a financial controller add value to an organisation?
Financial controllers can identify inefficiencies in business processes and improve accounting processes to maximise cash flow. They can identify excessive costs, mitigate risks and identify opportunities for profit. Through strict adherence to regulation, they protect organisations from negligence or oversights that might lead to penalties.
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