Career prospects as Corporate Finance Controllers by Prof.Supriya Sehgal
Corporate finance and accounting professionals are accountable for the money-forecasting and smooth running of all business functions. Finance Controllers actually decide the sources of arrival of fund and how it should be spend in different ways and on different activities to ensure maximum returns to the shareholders. They rely over spreadsheets that specify cash flow, profitability and expenses. Any Planned big expense by a department
is usually checked by the finance personnel first in order to ensure that the company is in a position to diverge over such kind of a fund.
The finance department adopts the best policies and development path for the company, sometimes through acquiring other companies or re-investing the surplus fund in the business to spread out further. In corporate finance, one has to be aware of the goal of maximizing the value of the corporation while minimizing risk with all financial decisions.
Scope: The scenario for making a career in corporate finance is extremely bright. Globalization is opening up ample opportunities for refined financial analysts and planners. Increased amalgamation and purchase activities produce more options for people in finance who are able to do things strategically.
So, the professionals with degrees in a related subjects such as math, economics or business plus a relevant accountancy qualification, who can develop more practically impeccable financial models, develop currency hedges, estimate another company's future earnings and current value will rise and shine in this segment. Also, as more and more accounting functions are becoming mechanized by software, the accountants and financial controllers will be able to do analytical work and imagine tactically with better prospects. Evaluating business scenarios effectively and proposing a course of action based on quantitative research is probably the best career option in the recent times.
Growth: While the growth is booming for senior level finance executives and accounting professionals, it has also opened up for the C-level, including corporate controllers. Salaries have gone up as much as 5.5% for corporate controllers in finance, depending on the organization’s revenue scope, reflecting a higher demand for the position.
Skills: The corporate finance controller, in addition to basic financial reporting, must be skilled at in-depth financial analysis and providing expert financial perspective and opinions. This means that financial controller must have proficient computer knowledge over spreadsheets, word processors, and presentation packages, large-scale data management tools along with strong analytical and quantitative skills. This is especially true for entry level positions where one should be aware of cracking the numbers involved in the details of corporate financial planning, accounting and capital-raising.
One should also enjoy solving problems by thinking critically about all the numbers of income, expenses, profits, investments, cash flow and decode them in order to put together the best decisions for the company. That includes analysis of industry and business publications to understand market conditions, economic forecasts, and trends. Finance professionals also need to be conscious of the external factors that could potentially help or hurt the profitability of the company.
Job Role & Opportunities: The job accountability for the professionals is to manage the operations of the corporation, the production of periodic financial reports, keeping an eye on the accounting records and supervision of a comprehensive set of controls and budgets designed to reduce risk. He may be required to oversee all tax and regulatory/compliance issues and auditing. To boost the accuracy of the company’s reported financial consequences; the reported results should be in accordance with Generally Accepted Accounting Principles (GAAP) and lnternational Financial Reporting Standards (IFRS).
Job opportunities for financial controllers are on the higher side as they are crucial for each and every organization, but competition for the top jobs can be extremely high. A corporate financial controller may finally evolve into other positions such as Chief Executive Officer, Vice President of operations, and some even go on to become President of the corporation.
Eligibility: Bachelor’s degree in accounting or business administration, or a MBA will make it even more attractive to companies hiring for budgeting, planning, and strategy functions. Preference will be given to candidates with the Certified Public Accountant (CPA) or Chartered Accountants (CA). Beyond these basic qualifications, competitive candidates need to have strong computer knowledge with excellent communication
skills, must be well-versed with international finance, followed by good regulatory knowledge which will help in keeping them employed for a longer period.
Candidates should also get enrolled in various workshops on subjects like financial analysis, international banking, information systems, and corporate cash management as these specific programs may accelerate one’s professional progression, even though the common criteria for promotion are capability, skill, and leadership.
Remuneration: Salary differs by industry, location, and size of an organization. In this sector, earnings are not severely restricted to salary as overdue compensation in the appearance of stock options is gaining vigorous popularity, particularly for senior level managers. Jobs in Corporate Finance are an immensely well-paid where competent individuals can earn around Rs. 40,000 – Rs. 50,000 in the beginning and with few years of experience down the line they can earn up to Rs. 2,00,000 per month.
Prof. Supriya Sehgal
The author is a professor at JK Business School (JKBS), Gurgaon, an academician having experience of more than
15 years with the corporates and management of educational institutions.