Controller

Mostly entrusted with corporate accounting or project financials, controls and processes, controllers are mostly employed by auditing and accounting firms throughout the private and public sectors, or they may be self-employed.

Controllers act as financial managers of sorts who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. As computers are increasingly used to record and organize data, many financial managers are spending more time developing strategies and implementing the long-term goals of their organization.

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 regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments. They also monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of the firm.

With duties all-encompassing accounting and auditor-type functions and roles, the controller oversees and manages these processes and provides leadership, verifying their accuracies, deals with third parties like credit companies and investors, lending and borrowing on behalf of the organization, managing and mitigating risk, debt management, treasury, cash flow, deals with banks and financial institutions etc. They work closely with the CFO, VP Finance and senior management and shareholder etc.

Duties are similar to accountants and auditors with more focus on the managerial aspects of it. For controllers at least a bachelor's degree in finance, accounting, or a related field is the minimum academic preparation, but many employers increasingly seek graduates with a master's degree. Employment will grow as the economy expands and increases the need for workers with financial expertise

Financial institutions, such as commercial banks, savings and loan associations, credit unions, and mortgage and finance companies, employ additional financial managers who oversee various functions, such as lending, trusts, mortgages, and investments, or programs, including sales, operations, or electronic financial services. These managers may be required to solicit business, authorize loans, and direct the investment of funds, always adhering to Federal and State laws and regulations.

Financial managers play an increasingly important role in mergers and consolidations, and in global expansion and related financing. These areas require extensive, specialized knowledge on the part of the financial manager to reduce risks and maximize profit. Financial managers increasingly are hired on a temporary basis to advise senior managers on these and other matters. In fact, some small firms contract out all accounting and financial functions to companies that provide these services.

For information about careers and certification in financial management, contact:

Financial Management Association International, College of Business Administration, http://www.fma.org

Association for Financial Professionals, http://www.afponline.org

CFA Institute, http://www.cfainstitute.org

Institute of Management Accountants, http://www.imanet.org/

(See elsewhere) Advanced and senior executive business management careers (financial), CFA, CA, CMA, CGA and other audit and accounting professional associations

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