(Note: Salary data is based on payscale.com and glassdoor.co.uk)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 considerably based on how generous the employer is with compensation and 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 their overall responsibilities, which is another reason why salaries can often be quite variable between companies.
The total compensation for financial controllers will also include a variable component which depends on the performance of the individual, their department and the company. Still, a minimum expectation of 10% might be considered fair. Again, if the individual assumes multiple responsibilities within the finance department, his bonus would reflect that and go proportionally higher. Often, the salary for the financial controller would be second only to the CFO in the finance department.
Choosing the right sector for maximum growth
Financial controllers focus primarily on handling financial data and preparing financial reports, audits and other such responsibilities related to financial management; in contrast to someone who is a product expert, they have a good deal of flexibility in switching from one key industry to another.
Therefore, choose a rapidly growing or at least stable sector to achieve optimum career growth. Healthcare, banking, IT/ tech, engineering, and consulting are all excellent examples of industries which 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 with little 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 in which the candidate doesn’t have experience or even to another EU country.
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