How to Hire a Financial Controller: Qualifications, Salaries, and Interviewing Process

Introduction

A financial controller is a key person in any organization. They are responsible for managing the company’s financial operations, including overseeing the accounting and reporting processes, monitoring cash flow, and ensuring compliance with all applicable laws and regulations. It is therefore essential that organizations take the time to properly research and vet potential candidates before making a hiring decision.

Qualifications and Skills Needed for a Financial Controller

When looking for a financial controller, it is important to consider the necessary qualifications and skills needed for the position. Potential candidates should have a thorough understanding of accounting principles, knowledge of relevant financial regulations, and excellent analytical and problem-solving skills. The ability to effectively communicate with stakeholders is also essential, as the financial controller must be able to clearly present and explain financial information.

Researching the Job Market and Salary Expectations for a Financial Controller

Before beginning the hiring process, it is important to research the job market and salary expectations for a financial controller. This can be done by identifying relevant job postings, evaluating average salaries, and noting any other factors that may affect compensation, such as location and industry.

According to a survey conducted by Robert Half Finance & Accounting, the median salary for financial controllers in the United States is $102,000 per year. The survey also found that the highest-paid positions were in the banking and finance sector, with salaries ranging from $100,000 to $140,000.

Developing a Job Description for a Financial Controller

Once the job market and salary expectations have been researched, the next step is to develop a job description for the financial controller position. This should include a list of essential duties and responsibilities, as well as any educational requirements. In addition, it is important to make note of any preferred skills or experiences that could be beneficial for the role.

Identifying Potential Candidates for the Position

When looking for potential candidates, there are several resources that can be used to identify qualified individuals. Online job boards such as Indeed and Glassdoor are useful for finding available positions, while professional networks like LinkedIn and AngelList can be utilized to find experienced professionals. Additionally, contacting industry organizations such as the Institute of Management Accountants (IMA) can provide access to networks of qualified professionals.

Conducting Interviews to Assess Qualified Candidates

Once potential candidates have been identified, the next step is to conduct interviews to assess their qualifications. It is important to prepare questions ahead of time and ask open-ended questions that will allow for more detailed answers. During the interview, it is important to evaluate each candidate’s responses and determine whether they are the right fit for the position.

Utilizing Reference Checks to Vet Candidates

In order to ensure that the best candidate is chosen for the position, reference checks should be conducted on each potential candidate. This involves gathering contact information for references, contacting them, and verifying credentials. This allows employers to gain a better understanding of the candidate’s experience and capabilities.

Conclusion

Hiring a financial controller is a complex process that requires careful consideration and research. Organizations should take the time to research job market and salary expectations, develop an appropriate job description, identify potential candidates, conduct interviews, and utilize reference checks to vet candidates. By following these steps, organizations can ensure they make the best possible hiring decision.