WHAT IS AN commercial financial controller jobs
Commercial financial controller jobs are positions within an organization that focus on managing and controlling the financial aspects of the business. These professionals are responsible for overseeing and analyzing financial data, preparing financial reports, and implementing strategies to improve the company's financial performance. They play a crucial role in ensuring the organization's financial stability and making informed decisions to drive growth and profitability.
WHAT USUALLY DO IN THIS POSITION
In a commercial financial controller role, professionals are typically involved in various tasks and responsibilities. They oversee the financial operations of the company, including budgeting, forecasting, and financial planning. They analyze financial data and prepare reports to provide insights into the organization's financial performance. They also monitor and manage cash flow, ensuring that the company has enough liquidity to meet its obligations.
Additionally, commercial financial controllers play a key role in financial risk management, identifying potential risks and implementing strategies to mitigate them. They collaborate with other departments within the organization, such as sales and marketing, to develop financial strategies that align with the company's overall goals. They also ensure compliance with financial regulations and standards.
TOP 5 SKILLS FOR POSITION
To excel in a commercial financial controller position, there are several key skills that are highly valuable:
1. Financial Analysis: Strong analytical skills are essential for commercial financial controllers. They need to be able to interpret financial data, identify trends, and provide meaningful insights to aid decision-making.
2. Budgeting and Forecasting: Commercial financial controllers should have expertise in budgeting and forecasting processes. They need to be able to develop accurate financial forecasts and effectively manage budgets to ensure the company's financial stability.
3. Risk Management: An understanding of financial risk management is crucial in this role. Commercial financial controllers should be able to identify potential risks and implement strategies to minimize their impact on the organization's financial performance.
4. Communication: Effective communication skills are essential for commercial financial controllers. They need to be able to clearly communicate financial information to stakeholders, including non-financial professionals, and collaborate with colleagues across different departments.
5. Leadership and Management: Commercial financial controllers often lead teams and manage financial operations. Strong leadership and management skills are important to effectively guide and motivate team members towards achieving financial goals.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become a commercial financial controller, individuals typically need a combination of education, experience, and specific skills. Most employers require a bachelor's degree in finance, accounting, or a related field. Some may also prefer candidates with a master's degree in finance or an MBA.
In terms of experience, aspiring commercial financial controllers often start their careers in entry-level finance roles, such as financial analysts or accountants. Gaining experience in financial analysis, budgeting, and financial reporting is crucial for building the necessary skills for a controller position.
Professional certifications, such as the Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), can also enhance job prospects and demonstrate expertise in the field.
AVERAGE SALARY
The average salary for commercial financial controllers can vary depending on factors such as location, industry, and level of experience. According to data from the Bureau of Labor Statistics, the median annual wage for financial managers, which includes commercial financial controllers, was $134,180 as of May 2020. However, salaries can range from around $70,000 to over $200,000 per year, depending on the individual's qualifications and the company's size and financial performance.
ROLES AND TYPES
Commercial financial controllers can work in various industries and organizations, including corporations, financial institutions, nonprofits, and government agencies. Their roles can range from overseeing financial operations for a single department to managing the financial activities of an entire organization. Some common job titles in this field include Financial Controller, Finance Manager, and Chief Financial Officer (CFO).
In larger organizations, commercial financial controllers may be part of a finance team, working closely with other professionals such as financial analysts, accountants, and auditors. They may also collaborate with executives and board members to provide financial insights and recommendations.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
Commercial financial controller jobs are found throughout the United States, but certain locations have a higher concentration of opportunities. Some of the cities with the most popular jobs in this field include:
1. New York City, NY: As a major financial hub, New York City offers numerous opportunities for commercial financial controllers, especially in industries such as banking, investment management, and consulting.
2. San Francisco, CA: Silicon Valley and the tech industry provide a significant number of commercial financial controller jobs in the San Francisco Bay Area.
3. Chicago, IL: Chicago is home to many large corporations and financial institutions, creating a demand for skilled commercial financial controllers in the city.
4. Houston, TX: With its strong presence in the energy sector, Houston offers opportunities for commercial financial controllers in industries such as oil and gas.
5. Atlanta, GA: Atlanta has a growing business community and serves as a regional hub for finance, making it a favorable location for commercial financial controller roles.
WHAT ARE THE TYPICAL TOOLS
Commercial financial controllers utilize various tools and software to perform their duties effectively. Some of the typical tools used in this role include:
1. Financial Management Software: Commercial financial controllers often work with specialized software to manage and analyze financial data, such as ERP (Enterprise Resource Planning) systems and financial planning software.
2. Spreadsheets: Microsoft Excel and other spreadsheet applications are commonly used for financial analysis, budgeting, and data manipulation.
3. Data Visualization Tools: Tools like Tableau or Power BI help commercial financial controllers present financial information in a visually appealing and easily understandable format.
4. Accounting Software: Familiarity with accounting software, such as QuickBooks or SAP, is important for managing financial transactions and generating financial reports.
5. Collaboration Tools: Commercial financial controllers often use collaboration tools like Microsoft Teams or Slack to communicate and collaborate with colleagues on financial projects and tasks.
IN CONCLUSION
Commercial financial controller jobs are crucial for organizations to effectively manage their finances and make informed financial decisions. These professionals play a vital role in ensuring the financial stability and growth of businesses across various industries. By possessing the necessary skills, knowledge, and experience, individuals can pursue a rewarding career as a commercial financial controller and contribute to the success of their organizations.