What does a Financial Controller do?
A Financial Controller has a senior position in a company’s finance team and is typically second in command after the Finance Director. The primary function of a Financial Controller is to oversee the collection, analysis and consolidation of financial data and to assist the Finance Director in the effective management of an organisation’s finances. Financial Controllers play a key role in the development and maintenance of financial controls, processes and systems and ensure that these are in line with statutory requirements.
Financial Controller skills and qualifications
As a Financial Controller acts as a valuable link between a company’s financial and executive teams, they must have strong communication skills. They need to clearly communicate financial information to senior management and must have the ability to build strong relationships with key stakeholders. A successful Financial Controller candidate will have various prerequisite skills and qualifications that typically include:
- A practical understanding of management accounting principles and techniques
- Solid knowledge of standard accountancy and finance best practices
- Solid IT skills, including proficiency in the relevant accounting packages
- A strong understanding of tax codes and laws
- Strong analytical skills to effectively analyse financial reports
- In-depth knowledge of budgeting and financial forecasting
Financial Controller experience requirements
Financial Controllers typically need many years of experience in professional accounting or auditing. To cope with the demands of the job, candidates normally also need previous experience in a managerial accounting position. A background in corporate financial management will provide candidates with valuable skills for the job. In general, Financial Controllers must show extensive experience in leading financial teams and overseeing a company’s financial control and reporting activities. Candidates also need knowledge of change best practices and experience in working with relevant financial and accounting software packages.
Financial Controller education and training requirements
Although there are no fixed education and training requirements for this job, many Financial Controllers possess a bachelor’s a degree in accounting, economics, finance or a related field. A master’s qualification, such as a master’s in Business Administration (MBA) or a master’s degree in accounting is advisable, as this level of education provides in-depth and specialist knowledge in key areas. Candidates with an accounting background typically obtain a recognised professional qualification from a professional institution, such as the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA) or the Institute of Chartered Accountants in England and Wales (ICAEW).
Financial Controller salary expectations
According to Indeed Salaries, the average salary for a Financial Controller is £56,094 per year. Salaries will vary, though, depending on factors like location and employer.
Job description samples for similar positions
If this job description doesn’t adequately describe the job opening you have, here are a few job description samples of similar positions to look at: