Financial Controller: 6 Tips To Maximise Salary Potential

A financial controller is in a position of leadership. Although different companies have different structures, the financial controller is usually close to the very top of the finance and accounting departments. Because of this, financial controllers have to demonstrate their leadership abilities in addition to their core skills in finance, accounting, budgeting, planning, reporting, etc.

Result Orientation

Professionals in finance and accounting may have a slightly harder time filling their resumes with flashy bullet points, like someone from the sales department. Often, the efforts of financial controllers and others in the department can only be measured in subjective terms or in a broader context, as opposed to a salesperson, who can include half a sentence mentioning how much revenue they generated last fiscal year.

That shouldn’t pull one down, though. Remember that the person looking at the resume probably has a pretty good idea about what the role entails and what achievements to look out for. Making objective statements with a numerical reference point is always preferable to making generic and subjective statements. For example, saying that you managed four subsidiaries across three continents is more impactful than saying that you managed multiple entities across geographies. Objective and numerical data points always pop out. The focus should be on the results achieved, whenever possible.

Bare-minimum Skills vs Differentiators

Many resumes mention the bare minimum skills like “strong analytical skills,” attention to detail,” and so on. While these are necessary for a financial controller, they are essentially the bare minimum skills rather than differentiators. You aim to stand out as an exceptional candidate, not be drowned out in the crowd.

To that end, always mention remarkable or exceptional traits first and foremost. Better still, mention objectively quantifiable results. Did you achieve a €5 million saving through some optimisation? That needs to be at the top and bold. After that, you could explain how it was accomplished. This way, instead of merely saying that you have analytical skills, you might provide practical example or mini-case study of them.

Team Management, Leadership and Inter-Departmental Relations

Once the core finance and accounting skills are taken care of, leadership and people management are next up. Financial controllers usually have a few accounting or finance people reporting to them. Mentioning that you successfully managed a team of x people is a perfectly reasonable statement to include in your CV. However, financial controllers must work very closely with other departments, and being a team player is a key part of the job. Joint projects executed with other departments or going above and beyond your normal duties to achieve a positive outcome might also be worth a bullet point or two on your CV.

At the end of the day, financial controllers must provide leadership to the finance department and establish financial control over the entire organisation. You will have a head start if you demonstrate your ability to do that better than the other candidates.

Salary and Pay

Financial controllers can expect to make anything from £40,000 per year to £100,000 based on their total (relevant) years of experience. The number varies greatly based on how generous the employer is with compensation as well as the candidate’s work experience. For example, salaries for financial controllers in banks, big consulting firms, or Fortune 100 companies might increase to £120,000 or even higher.

Financial controllers are senior-level executives who usually report directly to the CFO and, in the case of smaller companies, might perform the duties of the CFO themselves. Therefore, the financial controller’s compensation must match the overall responsibilities they have to perform. This is another reason why salaries can often be quite variable between companies.

The total compensation for financial controllers will also include a variable component. This depends on the performance of the individual, their department, and the company, but a minimum expectation of 10% might be considered fair. Again, if the individual assumes multiple responsibilities within the finance department, their bonus would reflect that and go proportionally higher. More often than not, the salary for the financial controller would be second only to that of the CFO in the finance department.

(Note: Salary figures are based on Glassdoor.co.uk and Payscale.com.)

Choosing the Right Sector for Maximum Growth

Financial controllers focus mostly on handling financial data and preparing financial reports, audits, and other responsibilities related to financial management. This means they have a fair bit of flexibility in moving from one core sector to another, unlike someone who is a product specialist.

Therefore, it might make sense to choose a rapidly growing or at least stable sector to achieve optimum career growth. Healthcare, banking, IT/tech, engineering, and consulting are all good examples of sectors that continue to grow, although the situation may vary from country to country.

Another high-risk, high-reward option is start-ups. These companies can experience explosive growth, and when that happens, it usually benefits the entire workforce, especially if ESOPs (or something similar) are a thing. But the catch is that such roles are more suited for experienced professionals since they would have to do the heavy lifting in a start-up environment without much guidance.

An obvious advantage of a career in this field is the flexibility of moving from one sector to another. Career-oriented professionals looking to maximise their salary potential should always look for a better position, even if it means switching to a different core sector where the candidate doesn’t have experience or even another EU country.

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Our Renaix Guide to Finance, Skills & Qualifications provides information on trends in the industry.

Similar posts:

Know The Difference Between CFO and Financial Controller If You Want The Right Job, Business Intelligence Platforms: A Cheat Sheet for Finance Managers,   The 9 Must-Have Skills for Finance Managers who want to Secure That 80k Job

06-04-2019

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