Financial controllers, also known as finance auditors, examine a company’s control policies and financial reports. Salaries in the finance industry are typically high and come with a slew of perks. Education levels, the size and profitability of the employer, economic environments, and previous experiences all influence financial controller salary rates.
A financial controller’s salary will be influenced by the proper accreditation and level of any attended colleges. Employers are more likely to invest in potential employees who have a strong educational background and relevant professional experience. Attending an accredited business graduate school, which will demonstrate their commitment to education, can give finance auditors an advantage over the competition.
Salary rates for financial controllers are also influenced by the size and number of employees in a company. There will be less demand for new recruits to join the finance team if a company has a large number of financial controllers on staff. A low rate of employee turnover can have an indirect effect on salary rates. Companies with a low employee turnover rate will have an easier time growing within the organization, giving employees the opportunity to be promoted and earn a higher salary.
The profitability of a company will also be considered when determining financial controller salary rates. Larger companies are more likely to be able to pay a higher salary, whereas smaller companies are less likely to be able to do so. The nature of the job will also influence the pay rate of a financial controller. Financial controllers may be required to audit multiple franchises and business ventures by some companies, which usually entails a higher salary. Private, more localized financial institutions that only work with local businesses will only require a financial controller to work with local businesses, with responsibilities that are typically less complex.
Employee pay rates can be influenced by the local and global economic environments. If the economy is deteriorating, the salary rates for financial controllers may reflect this. In the event of a severe recession, employers may be forced to lay off high-paid employees, particularly those working in the financial sector.
By highlighting previous jobs and professional experiences on their cover letters and resumes, financial controllers can indirectly influence pay rates. Many financial institutions are willing to pay higher salaries to employees with more hands-on, in-depth work experience. Pay rates may also be influenced by the number and complexity of previous managerial responsibilities related to business finance.