What is the Job Market Outlook for Controllers?Job Market Outlook October 14, 2013
Controllers are the financial leaders who make business thrive, handling managerial duties, treasury and other important issues of finance. They report on the business’s performance and handling audit reports, statements of future earnings, balance sheets and cash flow statements.
The market for this career field is doing very well and is only predicted to grow over the next ten years. While much of the growth is predicted along with an economic recovery (perhaps a bit of wishful thinking), the truth is that these industries are recession proof.
Where the Market Is, and Where It Is Going
Everyone needs financial management in an age where money is tight and every little detail counts in keeping a company afloat. Not only is recession a factor, but also the advent of globalization continues to motivate companies to think big—and think safe. This is precisely what professional controllers do. Controllers are financial leaders that can help steer a company towards growth and avoid common pitfalls, which doom other less-focused businesses.
What does this mean for you as an applicant? It means more education than is normally required. Applicants with an advanced education, as well as certification, are the ones who get hired and earn the top-tier salary. These are the ones who demonstrate their marketable skills. In fact, the highest wage earners made over $165,000, and even the lowest earners made $54,000, which is above the salary of most middle-income workers.
The increase for controllers is higher than average, even higher than traditional managerial roles. Of course, the type of industry you work in will undoubtedly play a major part in determining your ability to earn.
Working for a corporation or large scale company might be a smart move, since they are growing at a steady pace. However, those who take risks are oftentimes rewarded; self-employed controllers are growing at nearly a 20 percent rate over the next several years.
Competition and Influence
Competition has increased significantly as there are not as many jobs as there are candidates. Therefore, it is vital to seek out higher education and some work experience, preferably followed by official certification in the field. A master’s degree is not required, but will help you when you are competing against four other bachelor’s degree graduates.
Now it is true that the overall growth of the field is controlled by the market, and employment decline in depository credit intermediation will take its toll. However, as the economy moves, and as companies all over the world grow in the economy, so too does the United States experience growth. What this means, is to apply yourself to the needs of the company and the employer, whomever that may be.
This means studying accounting theory, financial leadership, cost and budget analysis, and whatever niche field you choose. Computer skills are also very in-demand as practically all financial companies work online through databases, or through complex and sometimes customized software that streamlines the process.
Why not look into a career in controlling finances, as offered by University of Maryland – College Park, UCLA, American University, University of Miami or other schools of your choice?