Financial Controller Career Guide: Salary, Responsibilities, and More

A financial controller is a senior executive who manages a company's financial health. Whilst the controller is typically the company's lead accountant or financial manager, they do far more than just keep the books. This person analyses data and trends and makes financial decisions to help companies prosper. 

Read on to take a closer look at this career.

What is a financial controller?

A financial controller leads day-to-day accounting operations and guides a company's financial strategy. In this job, you will typically work as part of the finance department, and depending on the company's size, you may head the department or report to the chief financial officer (CFO).

Salary and job outlook

According to Glassdoor, the average yearly base salary of a financial controller is about ₹15,00,000 [1]. Financial controller salaries vary by level and seniority. You can also potentially increase your earning potential through experience, certifications, and skill development.

The demand for finance controllers will likely increase as the Indian finance market expands. According to Statista, by 2029, the finance market in India is projected to increase by 15.77 per cent from its 2022 value, resulting in a market volume of 37.19 million USD [2]. You can also leverage your position as a finance controller to step toward a senior finance role, such as CFO.

Job description

The scope of a financial controller's role can depend on the size of the company or organisation. In smaller companies, you might oversee the company's entire financial operations. In larger companies, you’ll still work as a business leader but likely report to the CFO.

As a financial controller, your responsibilities may include: 

• Tracking cash flow

• Managing expenses

• Establishing internal accounting processes

• Preparing financial statements

• Confirming the accuracy of reports, income statements, and balance sheets

• Overseeing regulatory compliance

• Managing direct reports on the finance and accounting teams

• Conducting financial analysis

• Developing a financial growth plan for the company's future

• Evaluating and implementing financial risk management procedures

• Overseeing tax filings

• Maintaining broad financial stability

As a financial controller, your forward-looking role distinguishes you from other accountants. Whilst accountants typically analyse and keep track of past data, the controller uses financial information and projections to help the organisation plan its future financial activities.

Financial controller vs. CFO

Chief financial officers (CFOs) take a higher-level, strategic role in a company’s finances. A CFO tends to perform management-oriented tasks, whilst controllers take a more tactical approach to the day-to-day operations of a company’s accounting department.

How to become a financial controller

Financial controllers typically have extensive experience working in business and finance. Take a closer look at the typical job requirements and recommendations you should consider to advance your career in this field. 

Educational requirements

A bachelor's degree in finance, accounting, or a related field is typically required to become a financial controller. However, some companies may prefer you to have a master’s degree for these high-level positions.

If you want to become a financial controller and still need to earn your bachelor's degree, you may want to consider a degree in accounting or finance.

A master's degree programme can sharpen your budgeting, planning, communication, and finance skills, both personal and corporate. It also helps you develop strong analytical and expert problem-solving abilities. You can pursue an MBA in finance by passing entrance exams like CAT or CMAT. 

Certifications and professional experience

Internships during your bachelor's degree boost your knowledge and experience, offering insight into the role of a financial controller. Including relevant internships on your resume improves your chances of being selected for entry-level jobs. Gaining expertise in the financial realm is essential, so working in your early career in positions like a financial analyst can be invaluable.  

Certifications can also be helpful. The Certified Public Accountant (CPA) certification is vital for financial controllers. Other valuable certifications include Certified Management Accountant (CMA) and Chartered Financial Analyst (CFA). These can aid in postgraduate admissions and qualify you for entry-level jobs.

Job skills for financial controllers

Effective financial controllers leverage various 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 to help you make informed decisions about the company's financial future

• Mastery of maths and accounting

• Auditing skills

• Communication and interpersonal skills to effectively inform stakeholders about important financial decisions 

• Competency with financial management software and accounting systems

• Organisational skills

• Problem-solving

Begin building skills and knowledge for your financial controller career on Coursera

Becoming a financial controller requires a solid educational foundation, relevant certifications, and significant experience in finance. This high-level role offers opportunities for growth and plays a critical part in guiding a company's financial future.

Explore whether a career in business finance is right for you. Learn basic financial concepts in Finance for Non-Finance Professionals from Rice University, or earn a Professional Certificate in Bookkeeping from Intuit. If you’re ready to take the next step in your career, learn more about earning a graduate degree from a top university, like the Master of Business Administration from the University of Illinois.