Comptroller vs Controllers In Finance Jobs

A comptroller reports to a chief financial officer, therefore, it is only one level down from the board level. Some comptrollers don’t report to the CFO, but the CEO, depending on the structure of the organization and the board. A comptroller will work with the organization’s chiefs directly and is in most cases a non-profit, social enterprise, or government agency. Therefore, different financial and accounting systems and approach requirements will apply to a comptroller than those who work in the for-profit field. As a senior level employee, a comptroller’s main task is assisting the organization in making strategic financial decisions. In some cases, reports are also submitted to the supervising body of the organization. 

Just like a comptroller, a controller will report to either the CFO or CEO, but their goals will be to protect and optimize the profits, as they work for larger for-profit organizations. Their activities are focused around profitability and financial liquidity, and they are allowed to make long term profit plans and present new ideas that affect the financial future of the organization. A controller, unlike a comptroller, has a level of impact on the financial decisions that affect the long term future of the company, but the final word is the executives’.

Both of the roles are high level, and senior. The ranking of the controller or comptroller depends on the size of the organization and the structure that they adopt. As an example, a company that is focused on long term profit growth might have their controller on a higher level of the chart than one that has customer service and innovation as their main priority. A comptroller has a greater influence on the board-level decisions within non-profits than a controller in a for-profit company, however, their job can be equally demanding and tedious.

Now that we have cleared what the main difference in the two roles are, we can have a look at example job descriptions to demonstrate these variations. A controller is responsible for the company’s accounting operations and strategy. They report to the CFO or CEO and manage the entire department, control the costs and build ledgers, create financial statements, and predictions. A controller is also responsible for filing for taxes and reporting to the Securities and Exchanges Commission if the company is publicly held. 

During a working day, a controller will monitor the activities of the accounting department and manage finance executives.

Just like the controller, the comptroller will work in the finance department. However, as the organization is likely to be not-for-profit, their activities will be mainly focused around fund accounting. A comptroller holds an executive position and they head the financial department and the team. Their role is to ensure that the organization complies with all the financial and reporting requirements and has enough funds for the projects. During a workday, a comptroller will monitor the activities of the department and create strategies and targets for finance department heads.

As the main difference between a controller and comptroller is the type of organization they work for, their salaries will reflect this. Both are high paid finance jobs. Financial controllers can earn around $80,857 per year, compared with their non-profit or government sector counterparts earning about $13,000 less per year. However, you will have to take into consideration the additional employee benefits, 401K plans, and health insurance, when you decide which role to take on. Government and non-profit jobs generally provide you with more job security, higher level of insurance, not to mention the salary protection schemes. If you opt for a job as a financial controller, however, you might get a company car, paid for holidays, and loads of free travel. After all, it’s give and take and your choice.

Controllers can be held responsible by the CFO or CEO for the accounting errors or lack of reporting that incur fines. While financial controllers have little influence on the strategy and long term financial plans of the company, they execute them. They still hold a lot of responsibility for accounting compliance. They are usually the people in the company that negotiate internal or external audits and manage employees within the accounting and finance department. They are required to prepare all the financial information that is necessary for completing the annual reports.

Financial controllers will also need to be up to date with the latest government rules and initiatives, and support the board in developing strategies that improve the company’s financial position. A controller is interested in the bottom line: profits. They don’t make many strategic decisions, but their decisions have a lot more weight than comptrollers as the future of a for-profit organization depends on the healthy balance sheet.

Comptrollers focus on the ledger and the chart of accounts and they are able to assist different auditors and government organizations in obtaining the right financial information about the organization. One of the main responsibilities of comptrollers is to manage and protect the assets of the organization. Finally, they are (and can be held) responsible for the filings with relevant government agencies. 

Comptrollers are usually non executive, and therefore have fewer responsibilities than controllers. Simply put; a comptroller is responsible for all the accounting tasks that include payroll, monthly income and expenses statements, accounts payable and receivable, as well as audits.

As a start, you will need to have an accounting degree, but some organizations will require additional qualifications, especially if finance is high in the company’s hierarchy. Auditing skills and financial planning degrees will also be required. However, as the head of the accounting and finance department, you might need to further your education to stay up to date with the latest reporting and auditing requirements. 

It is unlikely that anyone will secure a job as a financial controller without experience in a large organization at least on a department executive level. However, previous work experience and executive roles might help them secure a promotion. The main skills and experiences companies are looking for when hiring for a financial controller role are problem solving, long term planning, account consolidation, and project management.

Comptrollers are required to have a degree in either business administration or accounting. Financial planning might also help, and having either an accounting or finance major in an MBA will surely open up some opportunities for candidates. Most larger organizations will prefer an advanced degree, along with CPA and CMA training that is up to date. You should also have worked as either a head of finance, financial analyst, or auditor for at least five years. 

When hiring for the financial comptroller role, government agencies and nonprofit organizations will be looking at your experience and skills related to creating financial statements and preparing audits. 

The main skills you will be required to have to become a financial comptroller is an analytical mind and punctuality.

There are only a few small differences between the role of a comptroller and a controller. Both roles are within the finance department, and the responsibilities are similar, too. Overall, comptrollers tend to work in nonprofit or government organizations, and their role evolves more around reporting and ledgers. Controllers, on the other hand, are supporting for-profit companies and have a more complex role, supporting the executive board in creating annual reports and dealing with audits. Hopefully you now have a clear understanding of the difference between a comptroller vs controller role and can choose your next career in finance.