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Become A Group Controller

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Working As A Group Controller

  • Making Decisions and Solving Problems
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $108,000

    Average Salary

What Does A Group Controller Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Group Controller

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Help others decide if this is a good career for them

Average Length of Employment
Controller 5.3 years
Plant Controller 4.8 years
Group Controller 4.0 years
Finance Controller 3.8 years
Unit Controller 3.6 years
Top Careers Before Group Controller
Controller 17.8%
Accountant 2.7%
Manager 2.5%
Top Careers After Group Controller
Controller 16.0%
Consultant 4.2%
Director 2.3%

Do you work as a Group Controller?

Group Controller Demographics

Gender

Male

75.8%

Female

17.1%

Unknown

7.2%
Ethnicity

White

63.5%

Hispanic or Latino

14.3%

Black or African American

11.6%

Asian

7.5%

Unknown

3.1%
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Foreign Languages Spoken

Spanish

44.4%

Portuguese

18.5%

French

11.1%

Finnish

3.7%

Chinese

3.7%

German

3.7%

Cantonese

3.7%

Japanese

3.7%

Russian

3.7%

Mandarin

3.7%
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Group Controller Education

Schools

New York University

9.0%

University of Phoenix

6.9%

Michigan State University

6.3%

Georgia State University

6.3%

University of Texas at Austin

6.3%

Northern Illinois University

5.6%

Northeastern University

5.6%

Temple University

4.9%

DePaul University

4.9%

University of Chicago

4.9%

Wayne State University

4.2%

Northwestern University

4.2%

Fairleigh Dickinson University

4.2%

University of Akron

4.2%

University of Iowa

4.2%

San Jose State University

4.2%

Cleveland State University

4.2%

University of Illinois at Chicago

3.5%

University of Cincinnati

3.5%

Bowling Green State University

3.5%
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Majors

Accounting

43.6%

Business

26.0%

Finance

17.4%

Management

4.1%

Computer Science

1.2%

Economics

1.0%

Electrical Engineering

1.0%

Taxation

0.6%

Psychology

0.5%

Marketing

0.5%

Accounting And Computer Science

0.5%

Project Management

0.5%

Computer Information Systems

0.5%

Liberal Arts

0.5%

Management Science

0.4%

Legal Research And Advanced Professional Studies

0.4%

Political Science

0.4%

Biology

0.4%

Criminal Justice

0.4%

Computer Engineering

0.4%
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Degrees

Masters

45.3%

Bachelors

43.9%

Other

7.7%

Certificate

1.2%

Associate

0.8%

Diploma

0.5%

Doctorate

0.5%

License

0.1%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$108,000
View Detailed Salary Report
$77,000
Min 10%
$108,000
Median 50%
$108,000
Median 50%
$108,000
Median 50%
$108,000
Median 50%
$108,000
Median 50%
$108,000
Median 50%
$108,000
Median 50%
$151,000
Max 90%
Best Paying Company
Jabil
Highest Paying City
Fremont, CA
Highest Paying State
Hawaii
Avg Experience Level
3.9 years
How much does a Group Controller make at top companies?
The national average salary for a Group Controller in the United States is $108,709 per year or $52 per hour. Those in the bottom 10 percent make under $77,000 a year, and the top 10 percent make over $152,000.

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Top Skills for A Group Controller

  1. Financial Statements
  2. External Auditors
  3. Business Units
You can check out examples of real life uses of top skills on resumes here:
  • Prepare or direct preparation of financial statements, business activity reports, financial position forecasts and the annual operating budgets.
  • Coordinated with collaborators and external auditors the quarterly updates and annual audits.
  • Focused on supporting the business units in meeting their financial reporting/planning/budgeting with appropriate control and addressed process improvement throughout the organization.
  • Utilized strong organizational and financial skills in administering weekly payroll as well as daily deposits.
  • Developed documentation of internal control processes which included internal controls assessments, testing of internal controls performance and reporting.

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Top 10 Best States for Group Controllers

  1. Connecticut
  2. New York
  3. Wisconsin
  4. California
  5. Massachusetts
  6. Arkansas
  7. Delaware
  8. Minnesota
  9. Wyoming
  10. Rhode Island
  • (171 jobs)
  • (736 jobs)
  • (130 jobs)
  • (1,653 jobs)
  • (415 jobs)
  • (56 jobs)
  • (61 jobs)
  • (217 jobs)
  • (13 jobs)
  • (29 jobs)

Top Group Controller Employers

Jobs From Top Group Controller Employers

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