Term Research Paper: Assessing a Career in Business

Business 1010/Introduction to Business – E-Portfolio Assignment

Felicia Walton

April 22, 2018

After much thought and research, the career I have chosen to pursue is Financial

Controller. All the different aspects and nuances seem to fit my personality completely.

Job Description

According to Dorward (2018), A financial controller is the lead accounting executive in a

company. Their duties can vary depending upon the size of the company, the complexity of

accounting and financial operations and the number of people employed in the accounting

department. The controller provides financial leadership and is instrumental in forming

accounting strategies. A controller’s role, especially in smaller companies, can include broad

visionary responsibilities as well as hands on management. They are responsible for establishing

and executing internal controls over the company’s accounting and financial procedures. In

addition to financial reporting, a controller must also be skilled at in-depth financial analysis and

providing expert financial perspective and opinions. This requires them to be proficient in

spreadsheet design that is often complex. These skills are instrumental in helping to assess risk,

analyze efficiency and inform policy decisions made by executive management (Dorward,

2018).
 General Career Path

According to Master-of-finance.org, finding your way to the coveted corner office as

financial controller takes plenty of hard work. Most employers prefer hiring controllers with at

least 10 years of financial experience. That means you should start crafting your resume while

attending school and jump onto every chance you get for applied learning with internships, co-

ops, field practicum, service projects, and part-time jobs. The more accounting knowledge you

have, the better. Many financial controllers begin as financial clerks, staff accountants, cost

analysts, and payroll clerks before working their way up to financial controller. (Master-of-

finance.org, 2018)

According to Spencer Stewart there are many steps you need to take in order to obtain the

position of a controller. His first step was working with a big 4 accounting firm after college.

Many employers find this work experience very helpful as the job is demanding and gives you

great experience working in a team environment. He obtained his CPA license while working for

the accounting firm. The last big credential he needed was his MBA (S. Stewart, personal

communication, April 23, 2018).

General Education Experience

According to AccountingEdu.org, most companies require their controllers to have a

bachelor’s degree in accounting, and often retain certified public accountants (CPA’s) or

certified managerial accountants (CMA’s).

A certified public accountant completes a bachelor’s degree in accounting and then

applies to take the Uniform Certified Public Accountant Examination. Once the exam is passed,
one year of work experience is required. At the conclusion of the work experience, a candidate is

eligible to apply for a state issued CPA license.

A certified management accountant is an accountant who holds a credential issued by the

Institute of Management Accountants. To attain this credential, a candidate must hold a

bachelor’s degree in accountancy from an accredited university, complete a two-year

professional experience, and pass the IMA’s examination. Unlike the CPA designation, the CMA

credential is not a license and is not overseen by jurisdictional licensing bodies.

Both CPA’s and CMA’s are required to pursue a rigorous course of continuing education

in order to maintain their credentials. Financial legislation changes frequently and ongoing

commitment to staying current is essential. (accountingedu.org, 2018)

Average Salary

According to the Robert Half Salary Guide (2017), the national average starting salary for

a Financial Controller ranges from $72,000.00 to $260,000.00 depending on your experience

level and skills. The local market variance for Salt Lake City, Utah is +5%. The lower end

candidate which is the 25th percentile ranges from $72,000.00 to $102,000.00 and usually has

little experience and their skills require development. The 50th percentile or midpoint ranges

from $103,500.00 to $170,000.00 and has average experience and the necessary skills to meet

job requirements. The 75th percentile ranges from $125,500.00 to $195,500.00 and has more

experience than typical and a strong skillset that may include specialized certifications. The 95th

percentile ranges from $170,000.00 to $260,000.00 and has significant and highly relevant

experience and a high level of expertise including specialized certifications (Half, 2017, p.12-

13).
 Career Outlook

According to the Bureau of Labor Statistics, employment of financial managers is

projected to grow 19 percent from 2016 to 2026, much faster than the average for all

occupations. Several core functions of financial management and cash management, are

expected to be in high demand over the next decade (bls.gov, 2018).

According to Knox & Murphy, many companies are having difficulty find chief financial

officer’s resulting in the spots being filled by the chief accounting officer or financial controller.

At least 7 U.S. companies with revenue above $5 billion don’t have an official chief financial

officer (Knox & Murphy, 2014).

Bio of someone in the profession

According to KPMG, Colleen Zitt has been with Zurich North America since 1994,

holding various roles in finance. She started her career in reinsurance after graduating from

Northern Illinois University with a Bachelor of Science degree in finance and a minor in

economics. She has been the controller since 2008 and her role expanded to include regional

accountability in 2013. Over the last 8 years her role has expanded considerably, partly because

of the financial crisis, Sarbanes-Oxley, and all of the new regulatory requirements, but also

because of the highly competitive business landscape. Technology has greatly impacted her role,

requiring her to be much more agile and responsive and as well as connected to the business.

Implementing new technology has been a challenge since it is very expensive in terms of both

time and money (KPMG, 2017).

 Pros and Cons

According to master-of-finance.org, there are many advantages and challenges to being a

financial controller. On the plus side, financial controllers can turn their love of numbers into a

lucrative, executive career. They also make a sizeable six-figure salary with potential for growth

in larger companies. The recovering world economy is making financial management expand

with fresh job opportunities. Controllers run the accounting departments of companies globally,

so you’re not tied down in a specific city. A financial controller’s work positively contributes to

the company’s economic health, which is rewarding. On the other hand, controllers may be

stressed with tightening laws in highly regulated industries. Poring over financial reports can be

repetitive and require hours at a desk. Work-life balance can be compromised with long

workdays beyond eight hours. Financial controllers also need impressive resumes by investing in

good higher education and certifications (master-of-finance.org).

Your “fit” with this career

After doing my research and writing this paper I am even more confident that this is the

right career for me. I am very analytical and if something doesn’t make sense to me, I have to

figure out why. I probably drove my parents crazy with my endless stream of questions growing

up. From the time I was little, I have always loved numbers, they are the one thing that has

always made sense to me, if I want to remember something all I have to do is relate it to a

number. My favorite projects at work are the ones that require a lot of analysis and thought, to

me it is like doing puzzles, which I loved to do growing up. I feel very fortunate that I have

found something I love to do that I can turn into a career. It’s a great feeling when you can go to

work without it feeling like work.

 References

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook,

Financial Managers, retrieved from https://www.bls.gov/ooh/management/financial-

managers.htm (visited April 13, 2018).

Degrees and standard certification held by financial controllers. Retrieved from

https://www.accountingedu.org/comptroller.html (visited April 13, 2018).

Dorward, L., (2018, January 31st), Responsibility of a financial controller, Chron. Retrieved

from: http://smallbusiness.chron.com/responsibility-financial-controller-47296.html

(visited April 13, 2018).

Half, R., (2017), 2018 Salary guide for accounting and finance professionals, 12-13.

Job profile: financial controller. Retrieved from http://www.master-of-finance.org/job-

profiles/financial-controller/ (visited April 13, 2018).

Knox, N. & Murphy, M, (2014, October 13), Some big firms do just fine without a CFO, The

Wall Street Journal. Retrieved from https://www.wsj.com/articles/some-big-firms-do-

just-fine-without-a-cfo-1413237258 (Visited April 13, 2018)

KPMG, (2017, February) Financial controllers and technology: evolving roles, Forbes Insights.

Retrieved from

https://www.forbes.com/forbesinsights/kpmg_controller_profiles/index.html (Visited

April 13, 2018)