Are controllers in demand?

Are Controllers in Demand?

Controller Jobs Boom in 2022 with a 54% Surge!

Are controllers in demand? Absolutely! According to latest figures, the number of controller vacancies rose by 54% in 2022, a significant hike compared to previous years. The financial world is now looking for talented professionals with specific skills and expertise to drive growth and efficiency. Financial controllers are high-level accountants who manage a company’s finances, and there is a huge demand for their services.

Increased Need for Financial Controllers due to Pandemic

One major reason for the upsurge in demand for financial controllers is the effects of the pandemic. Global financial uncertainty and economic stagnation have made it a challenge for businesses to accurately manage their finances. Amidst this uncertainty, CFOs and finance teams must navigate complex financial landscapes while maintaining transparency, compliance, and financial discipline. Companies require experienced and skilled professionals like financial controllers to:

• Manage and analyze complex financial data
• Conduct thorough financial analysis and decision-making
• Ensure company compliance with regulatory requirements

What are the Prerequisites for a Controller Career?

Becoming a financial controller requires exceptional analytical and problem-solving skills. A bachelor’s degree in finance, accounting, economics, or business is mandatory, along with:

Typical Prerequisites

• Professional certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA)
• Minimum 5 years of relevant work experience
• Mastery of accounting software, such as SAP, Oracle, or QuickBooks

Industry Requirements

While the overall demand for controllers is substantial, certain industries have particularly high demand for these financial professionals. For instance, industries like:

• Healthcare and Biotech
• Financial Services
• e-commerce and Technology

show an increased appetite for capable controllers. In these areas, controllers can expect enhanced packages and career opportunities.

Why are Controllers in Short Supply?

Despite a rising demand, there still remains a shortage of eligible controller candidates. Several reasons contribute to this shortage, including:

• Evolution of job requirements, requiring specialized skills and know-how
• Work-life balance challenges, driven by the complexity and deadlines associated with the role
• Industry-specific trends, such as the high demand for tech-savvy controllers

Strategies for a Successful Career as a Controller

Controllers with a strategic approach will have a higher chance of securing top jobs and increasing their earning potential. This involves:

• Investing in relevant certifications, to stay current with changes in accounting regulations and compliance requirements
• Broadening skills to maintain relevance in the ever-evolving financial landscape
• Networking and building contacts within the industry for access to lucrative job prospects

Is a Controller a High-Level Job?

Yes, financial controllers occupy a senior position, with responsibilities and expectations demanding strong leadership and analytical prowess. They oversee financial forecasting, budgeting, reporting, and regulatory compliance to ensure a company’s prosperity. In return, the compensation and job satisfaction may be higher for controllers. With a controller’s expert insights, CFOs gain invaluable guidance, and both can drive long-term sustainable growth.

In conclusion, are controllers in demand? Yes, extremely so, due to pandemic-related turmoil, increased competition, and changing regulatory environments. Organizations worldwide require specialized financial control, making the role not only lucrative but also influential in shaping company success.

For those aiming to achieve controller status, focus on building a solid foundation by gaining relevant experience, specializing skills, and fostering a dynamic growth mindset. Embrace innovative thinking, technological advancements, and continuous learning to enhance career prospects.

Statistics

Additional Resources
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Sources

www.robertwalters.be
www.investopedia.com
work.chron.com