How to Become a Controller
Written by:
Wilson College
• Sep 20, 2024
How to Become a Controller
Accounting and financial management are core operations at many companies and can become even more prominent as those companies grow. A recent survey conducted by the human resources consulting firm Robert Half found that 45% of finance and accounting managers were looking to fill vacancies and expand their teams in the second half of 2024. As these departments expand, controllers can help maintain efficiency by managing financial teams and relaying essential information to executive leaders.
Controllers are high-ranking positions that typically require a strong education in accounting . Those interested in learning how to become a controller must learn the role’s requirements and how a degree in accounting or a related field can help them achieve their goals.
What Does a Controller Do?
Controllers serve as leaders of the financial team, which often comprises of accountants. They usually report directly to a company’s chief financial officer (CFO) and work alongside external auditors to ensure financial reporting and tax compliance. Controllers ensure this accuracy by creating and monitoring financial reports, facilitating the daily financial operations.
They often work in an executive capacity in small businesses and may be the highest-ranking finance position in a company without a CFO. They serve in a managerial role to help oversee teams with multiple accountants or bookkeepers to ensure that their filings are accurate.
Controller Work Environments
Controllers often work in office settings but may also work remotely. If they are part of a large organization with multiple locations, they may travel between offices and work with various teams. Controllers can work in any industry but are often found in finance and insurance.
Steps to Become a Controller
Those interested in becoming a controller must meet the high standards for the role. Employers usually look for a minimum level of education, a robust skill set, and work experience.
Step 1: Earn a Degree
Most controllers need at least a bachelor’s degree, often in accounting, finance, or business administration. These degree programs can help establish a foundation in economics and business practices along with the communication skills that are crucial to explaining critical financial information to various stakeholders. Courses in these programs, such as those on business law, taxes, and auditing, can all serve as the bedrock for an accounting or finance career path.
Many controllers pursue advanced education, such as a Master of Business Administration (MBA), which builds on the skills and knowledge developed in a bachelor’s degree program. An advanced degree can also lead to higher compensation.
Step 2: Develop Key Skills
Controllers should have a deep understanding of accounting concepts and how they apply to business operations. They must also be able to communicate with stakeholders at various levels, as they are often intermediaries between the CFO and the finance department. Here are a few skills prospective controllers should develop:
- Analytical skills
- Communication skills
- Financial reporting skills
- Management skills
- Business ethics skills
- Computer skills
- Problem-solving skills
Step 3: Gain Work Experience
Employers usually prefer candidates with a background in accounting or finance. Some employers may require at least one to five years of experience in entry-level and midlevel positions, such as accountant, auditor, or assistant controller. Many degree programs offer internships to help prospective professionals gain hands-on experience while still learning; this may help them jump-start their careers after they graduate.
Step 4: Earn Certifications
Some employers favor prospective controllers with certifications, which can showcase baseline knowledge not necessarily included in a degree program. Some certifications are the Certified Management Accountant (CMA) and the Chartered Financial Accountant (CFA) credentials.
Another common certification is the Certified Public Accountant (CPA) credential, which typically requires a year of work experience in the field and 150 education hours and usually requires earning a master’s degree in accounting. Becoming a CPA takes deep knowledge of regulation, financial accounting, business environment, and auditing and requires passing several examinations. While controllers are not explicitly required to have a CPA license, many companies prefer it.
Salary and Job Outlook for Controllers
The median annual salary for financial managers, including controllers, was $156,100 in 2023, according to the U.S. Bureau of Labor Statistics (BLS). Company size, industry, location, and experience can all affect salary.
Job outlook is favorable for controllers, with the BLS projecting 16% growth in financial manager careers between 2022 and 2032 — five times the projected growth of the labor market as a whole. The BLS suggests that this increase is due to the increased importance of financial risk management as companies focus on stability over profits, and globalization, which can require complicated cash management. Controllers also offer beneficial accountant oversight to growing companies.
Take Your Next Career Step With Wilson College Online
The first step for those interested in how to become a controller is to build an educational foundation. Aspiring controllers should consider Wilson College Online’s Bachelor of Science in Accounting degree program to learn how it can help them reach their goals. The program offers a curriculum that teaches students how to comprehend and relay technical and financial information, as well as managerial skills, all core to the controller position. It also offers students internships to help them gain work experience.
Take control of your career with a degree from Wilson College Online.
Recommended Readings
5 Accounting Career Paths for Accounting Majors
Financial Planning for Millennials
Why Emotional Intelligence Is Important in the Workplace
Sources:
Indeed, What Is Controller Accounting? (Plus Duties and Skills)
Indeed, “What Is a Financial Controller? (Duties, Salary and FAQs)”
Institute of Management Accountants, CMA (Certified Management Accountant)
Robert Half, 2024 In-Demand Finance and Accounting Roles and Hiring Trends
