How to Become a Financial Controller

Financial controllers evaluate balance sheets, income statements, and earnings projections to create financial reports and forecasts. They may oversee accounting, auditing, and budgeting departments while also preparing regulatory reports. And while comptrollers typically work in the public or nonprofit sectors, controllers often work in the private sector.

As one of the top accounting positions in many organizations, financial controllers need years of accounting experience. If you're interested in becoming a financial controller, you'll likely need a bachelor's degree or higher, professional experience, and professional certification.

Learn how to become a financial controller in this guide.

Steps to a Financial Controller Career

Required Education for a Financial Controller

Financial controllers need a bachelor's degree at minimum. Many major in accounting, finance, or a closely related field.

During an accounting or finance degree program, undergraduates strengthen analytical and accounting skills through foundational and upper-division courses. The classes that align most with controller careers include cost accounting, auditing, and forecasting. Undergraduates also explore core business concepts while building leadership and management abilities.

A bachelor's degree prepares graduates for entry-level accounting roles or further education. Gaining experience in management accounting, internal auditing, budget analysis, or financial analysis can build the resume needed to become a financial controller.

Required Credentials for Financial Controllers

Careers as a financial controller do not require certifications or licenses. However, gaining professional certifications can help prospective controllers showcase their knowledge and skills.

Depending on the role and industry, employers may prefer to hire financial controllers with specialized expertise, which certification can demonstrate. For example, public sector or publicly traded organizations may prefer to hire financial controllers with a CPA license.

Because controllers build their resumes before moving into these senior-level roles, pursuing optional certifications or degrees can help them advance.

Optional Certifications and Degrees

Earning a master's degree can open the door to management-level roles. Common options include a master's in accounting or a master's in business administration. Other graduate degrees that can help include a master's in auditing or a master's in finance.

Professional certification also helps accountants demonstrate their knowledge and specialize. The most common certifications for financial controllers include:

• Certified Public Accountant (CPA): These specialists in public accounting meet education, experience, and exam requirements to hold a CPA license from their state. CPAs typically need 150 college credits, one or more years of accounting experience, and passing scores on the four-part CPA exam.
• Certified Internal Accountant (CIA): Offered by the Institute for Internal Auditors, the CIA credential recognizes experienced internal auditors. You'll need a bachelor's degree or higher plus 1-5 years of experience, depending on your degree. Candidates also pass the three-part CIA exam.
• Certified Management Accountant (CMA): Offered by the Institute of Management Accountants, you'll need a bachelor's degree plus two years of experience in management accounting to qualify. This credential also requires passing scores on a two-part exam.

After earning a certification, accounting professionals must meet continuing education requirements to maintain their credential.

Required Experience for a Financial Controller

Financial controller is not an entry-level role. In fact, you'll need extensive experience in accounting or finance to move into this senior position.

Typically, that means working in the field for at least a decade. A background in auditing, cost control, or management accounting can help you move into controller roles. Controllers may also bring work experience as assistant controllers.

Should I Become a Financial Controller?

Becoming a financial controller requires a significant investment, including earning at least a bachelor’s degree in the field and obtaining five or more years of relevant experience. Employers may also prefer industry certifications.

However, controller careers offer several benefits. Like other financial managers, these roles are in high demand, with 17% projected job growth from 2023 to 2033, according to the Bureau of Labor Statistics. Financial managers also benefit from a high median wage of $156,100 per year.

If you're early in your accounting journey, consider gaining experience as an auditor or accountant before deciding if you should pursue financial controller roles. Work experience will not only strengthen your resume and expand your network, but it can also give you valuable insights into what career advancement paths offer the best fit.

The Job Hunt

When searching for a financial controller job, it’s important to reach out to your professional network for any openings. Financial controllers typically have an extensive network that includes mentors, coworkers, former managers, and members of professional organizations.

Whether you're hoping to move into a controller role in your current organization or move into a new position, keeping an eye on job boards can help you track salary ranges, duties, and job opportunities. Here are some places to find financial controller jobs:

• Michael Page Finance & Accounting: A recruiting organization that connects finance and accounting professionals with clients in telecommunications, advertising, entertainment, and other growing sectors, Michael Page can help you refine your resume and find a job.
• Robert Half: Robert Half connects accounting job seekers with opportunities, including on its job board for financial controllers. You can sort job postings by location, specializations, and job type.
• Government Finance Officers Association Job Board: The GFOA job board includes financial manager roles in local and state government, including for financial controllers and comptrollers. If you're interested in public sector jobs, this is a good place to look.
• iHireAccounting: This job board dedicated to the accounting industry includes openings for financial controllers and CFOs, with salary and education data.

Upward Mobility

As a financial controller, you'll hold a senior role in most organizations. When it comes to upward mobility, only a few titles outrank controllers. You can make a lateral move into the public sector or from a small to a large organization. Here are some possible career paths:

• Comptroller: Comptrollers share many of the same job responsibilities as financial controllers. However, comptrollers typically work for government or nonprofit organizations. They typically earn a slightly lower salary than financial controllers.
• Chief Investment Officer (CIO): Controllers with strong forecasting and financial analysis skills can pursue roles as chief investment officers. CIOs manage their organization's investment portfolio while minimizing risk. These executive roles offer a higher earning potential.
• Chief Financial Officer (CFO): In many organizations, financial controllers report to the CFO, who oversees financial planning and strategy as the top financial executive at the organization. CFOs have a higher earning potential than controllers.

Questions About the Financial Controller Career Path