Financial Controller Salary & Pay

Financial Controller Salary & Pay

Financial controllers are essential in organisations. They manage finances and budgets, ensuring the accuracy of financial information. This article examines the compensation of financial controllers in the UK and other major countries.

How Much Are the Salaries of Financial Controllers Around the World?

(Note: Salaries can differ based on industry, experience, and company policies. The figures below are average Financial Controller salaries sourced from Glassdoor salary data (mid-2023).

• United States. In the United States, financial controllers can earn a high income. The average base salary ranges from $92,000 to $150,000 per year. Yet wages can be higher in major economic hubs such as New York City and San Francisco. In addition to the base pay, an average of $29,693 per year is also paid. The extra income could include cash bonuses, commissions, tips, and profit sharing.

• Canada. In Canada, financial controllers typically earn between CAD 94,000 and CAD 141,000 per year. The amount can vary depending on their experience and the location of their work. The average extra cash compensation for a controller in Canada is $13,561, ranging from $7,392 to $24,880.

• United Kingdom. In the UK, the average base salary for a financial controller ranges from £60,000 to £102,000 per year. Wages in London tend to be higher due to the higher cost of living. On average, financial controllers in the UK receive an extra £8,671 in cash compensation. The range is £4,698 to £16,004.

• India. The average salary for a finance controller is ₹2,488,143 per year, and the average extra cash compensation is ₹226,407, ranging from ₹92,717 to ₹511,991.

• Japan. In Tokyo, Japan, the annual pay of a financial controller ranges from approximately ¥5,000,000 to approximately ¥11,000,000. The median yearly salary is ¥6,300,220. The estimated extra pay is ¥1,067,948 per year. Extra pay could include cash bonuses, commissions, tips, and profit sharing.

How Much Are the Salaries of Financial Controllers Around Europe?

• United Kingdom. The average salary for a financial controller in the UK is between £60,000 and £102,000 per year, with an average of £93,103. Wages in London tend to be higher due to the higher cost of living.

• Germany. Financial controllers in Germany can expect an average annual salary ranging from €53,000 to €89,000, with an average of €71,000 per year. Salaries can be higher in major financial centres like Frankfurt.

• France. Financial controllers in France earn between €51,000 and €95,000 per year, with an average annual salary of €73,000. Their salaries vary depending on experience and location.

• The Netherlands. Financial controllers make between €57,000 and €90,000 annually in the Netherlands. On average, they earn €73,552 per year. Salaries may be higher in cities like Amsterdam.

• Spain. In Spain, financial controller salaries tend to be more modest, with an average annual wage of €43,000. The estimated extra pay is €4,311 per year.

• Italy. In Italy, financial controller salaries range from €34,000 to €59,000 per year, with an average of €46,500. The range depends on your workplace and the level of experience you have. The estimated extra pay is €4,916 per year.

How Much Are the Salaries of Financial Controllers Across the UK?

• London. London offers some of the highest salaries for financial controllers in the UK. This is due to its high cost of living and the presence of many financial institutions. Financial controllers earn an average wage of £70,000 to £113,000 per year in the capital city.

• Manchester. Financial controllers can earn competitive salaries in Manchester. The average range is £50,000 to £90,000 per year, and the city’s thriving business sector contributes to these salaries.

• Birmingham. Birmingham is a big business centre in the UK. Financial controllers in Birmingham earn £54,000 to £78,000 a year.

• Edinburgh. In Edinburgh, financial controllers earn between £52,000 and £89,000 annually. The presence of the financial sector in Edinburgh can impact salaries.

• Glasgow. Financial controllers in Glasgow have an average annual salary range of £55,000 to £81,000. The local economy and industry demand influence this range.

How Much Does a Financial Controller Earn in Different Sizes of Organisations?

The size of the organisation can affect the salaries of financial controllers. Large companies pay more because they have more responsibilities and require experienced leaders. We estimate the wages mentioned in the following paragraphs. Salaries can vary depending on the industry, location, and the company’s operational structure.

• Financial controllers often play a more active role in smaller companies, such as SMEs. They manage finances and also handle operational tasks. Employees in some firms may hold many titles, such as finance manager or business unit controller. In the UK, financial controllers in SMEs earn between £45,000 and £80,000 per year. Their salaries depend on factors such as industry, location, and experience.

• Mid-sized Companies. Mid-sized companies may offer more competitive salaries to attract experienced financial controllers. Financial controllers in mid-sized UK companies can earn between £60,000 and £100,000 per year, although the salary may vary depending on location and industry.

• Large Corporations. Large corporations, including multinational companies, offer the highest salaries to financial controllers. In the UK, financial controllers in big companies can earn anywhere from £80,000 to over £150,000 a year. These jobs manage finances and global finance, adhering to established rules.

• Public sector and non-profit organisations. Financial controllers in the public and non-profit sectors earn good salaries. Salaries in these sectors are more standardised compared to the private sector. In the UK, salaries can range from £50,000 to £90,000 per annum. The range depends on the size and funding of the organisation.

How Much Does a Financial Controller Earn in Different Industries?

• Financial controllers’ salaries can differ depending on their industry. The wages mentioned here are estimates. They may change based on industry needs and job duties.
• Banking and Finance: Financial controllers in banking and finance earn high salaries because they manage complex financial operations and regulations. Wages in the UK can range from £80,000 to £150,000 or more per year, with significant bonuses and other benefits.
• Technology and IT. The technology industry often offers competitive compensation to financial controllers. In the UK, salaries in this sector can vary from £70,000 to £120,000 per year. The amount you earn depends on the company’s size and financial complexity.
• Healthcare and pharmaceuticals. Healthcare and pharmaceutical controllers earn a good salary of £65,000–£110,000 per year. Due to regulatory and compliance requirements, these industries often need specialised financial expertise.
• Retail and consumer goods. Financial controllers in the retail and consumer goods sectors typically earn between £55,000 and £95,000 annually. The size and scope of the retail operations may impact the pay range.
• Financial controllers in the energy and utilities sectors can earn competitive salaries, ranging from £70,000 to £120,000 per year. These industries have complex financial operations and regulatory requirements.

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What Other Perks and Benefits Do Financial Controllers Receive Besides Their Salaries?

Financial controllers may receive additional perks and benefits beyond their regular pay. Their gross salary includes these perks. These perks and benefits depend on the employer and the industry. Some standard perks and benefits for financial controllers may include:

They offer bonuses, health insurance, and pension plans. They also offer flexible working hours, professional development opportunities, generous holiday allowances, and employee discounts.

What Factors Influence a Financial Controller’s Salary and Pay?

The following is a list of factors that influence the salaries of financial controllers:

• Experience and seniority. Professional experience influences a financial controller’s salary. Senior financial controllers with a proven track record often command higher compensation packages.

• Industry. Compensation can vary across industries. Employees in banks and finance firms earn more than those in non-profit organisations.

• Location is also an essential factor that influences salaries. Due to the higher cost of living, wages in London are generally higher than in other parts of the UK. Recruiters should consider regional differences in compensation when matching candidates with job opportunities.

• Company size and complexity also play a role. Experienced financial controllers earn more at big companies because of their complex duties.

• Qualifications. Financial controllers can earn more money by obtaining advanced degrees or certifications, such as ACCA or CIMA.

Photo by Daniel Dan on Unsplash

Conclusion

Financial controllers play a critical role in managing a company’s accounting departments. They manage accounting systems and maintain records to produce reports that inform business decisions. When hiring, managers consider various factors, including experience, industry, location, company size, and qualifications. They use these factors to find suitable candidates. To ensure candidates get fair pay, staying updated on industry trends, salaries, and market conditions is crucial.

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