How to hire a financial controller

One of the most important pieces of the puzzle of any organization is managing money efficiently. The strategic use of financial resources is paramount to the success and growth of the organization.

This requires expertise and deep financial knowledge, which is where the role of the financial controller becomes key. 

Financial controllers are responsible for overseeing the company's finances on a day-to-day basis, ensuring decision-makers have every parameter and bit of information they need to make the right decision.

If you want to know how to hire a financial controller for your company, you’ve come to the right place. This article will help you streamline your financial controller recruitment process and find the best candidate by hiring for skills.

You’ll learn what skills to look out for, how to assess them objectively and accurately, what interview questions to ask, and how much you can expect to pay.

What is a financial controller?

Simply put, a financial controller is the guardian of the organization's fiscal integrity. 

A financial controller is a key figure in a company’s financial management team and is responsible for ensuring compliance with regulations and managing the organization's overall accounting procedures, systems, and policies. 

They also help the organization’s leadership make informed decisions by providing accurate financial analysis. In tandem with financial analysts, they direct the reporting and analysis of financial information such as yearly revenue, budget planning, resource finance, and more.

In most cases, the financial controller reports to the Chief Financial Officer (CFO). 

What are the hard skills any financial controller must have?

The role of a financial controller is key for the financial health of the organization; to be successful in it, they need a number of hard skills, such as:

Financial analysis

A financial controller must be able to create complex financial models, analyze large datasets, and use advanced functions to provide accurate information on time. These abilities are crucial for effective financial analysis.

Look for candidates who are familiar with data visualization tools such as Tableau, Oracle BI, and Power BI. These are industry-standard tools used across organizations to enhance the presentation of financial data and make it more accessible for decision-makers.

Accounting expertise

The controller needs not only to have deep accounting expertise, but also be able to present it to stakeholders in a clear and understandable way. A skilled financial controller will be adept in using accounting software such as QuickBooks, SAP, or Oracle for efficient financial management and reporting.

Although not a requirement for the role, candidates who have Certified Public Accountant (CPA) certification will have a deep understanding of accounting principles and are committed to professional excellence.

Regulatory compliance

Every financial controller must be familiar with different compliance requirements. A strong grasp of Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) is vital to ensure accurate financial reporting and compliance with regulatory standards.

Shortlist candidates with experience managing or undergoing audits, whether internal or external, and who can navigate compliance requirements efficiently.

Budgeting and forecasting

A financial controller should be adept at managing cash flow and ensuring that the organization has sufficient liquidity to meet its obligations. They should be experienced in analyzing budget variances and implementing corrective actions for effective financial planning.

In industries sensitive to economic fluctuations, a financial controller’s experience in econometric modeling can prove helpful in developing more accurate financial forecasts. Understanding market trends and their potential impact on the organization is key in these instances.

Risk management

Familiarity with risk mitigation strategies such as insurance and hedging is an important asset for a financial controller. They must be able to conduct scenario planning and sensitivity analysis to assess the impact of various scenarios on the financial health of the company.

For organizations with multiple offices and teams in various locations, expertise in International Financial Reporting Standards (IFRS) and the ability to consolidate financial statements accurately is critical for the controller.

What soft skills do financial controllers need?

Financial controllers work at the intersection of a few business functions, so they must be excellent communicators and team players – and have strong leadership skills.

Leadership and team management

A financial controller should possess the skills to build and lead a high-performing finance team with members with different experiences and backgrounds. 

They are responsible for fostering collaboration and creating a positive work environment in their team, so look for candidates who have the leadership skills to inspire and motivate their team members to achieve goals and meet deadlines.

Attention to detail

Attention to detail is a very important skill for any financial controller. A meticulous approach to financial reporting ensures that there are no errors in critical financial documents and reports that might cause issues with regulatory compliance (not to mention, that might be extremely costly to correct).

With so many data points and reports to review, it becomes vital for the financial controller to be able to review all the details and catch any discrepancies before they become critical issues.

Problem-solving and crisis management

A financial controller must remain calm during financial crises or challenging periods. They must analyze complex problems and build solutions that will help the organization navigate such challenges efficiently.

Sound judgment and the ability to make timely decisions based on available financial data are critical skills for financial controllers. They should adopt a proactive approach toward finding and addressing potential financial issues before they escalate into something major.

Collaboration

Any financial controller must collaborate with other departments beyond finance, such as operations, marketing, or sales. This gives them a holistic view of the finances of each department and ensures that its financial needs are integrated into the overall business strategy.

Financial controllers must keep an eye on changes in regulation, technologies, and market conditions. Effective communication with other departments will help them stay updated on industry trends.

Time management

Time management is another crucial skill for any financial controller. 

Audits, tax planning, financial forecasting, budgeting, and other financial tasks require effective prioritization to ensure that critical deadlines are met. The financial controller must be able to accomplish tasks efficiently and on time without compromising on accuracy.

How to test financial controller skills

The role of a financial controller is one that you can’t take lightly. Skimming through resumes and inviting a few candidates who seem to have the right skills to a face-to-face interview doesn’t do justice to the kind of responsibility this position demands.

You need to evaluate the real-world skills and abilities of each candidate before deciding to go ahead with the interview. Resumes can be misleading and don’t project the actual competence of the candidate. 

With bad hires costing the company valuable time and resources, it becomes imperative to make objective, data-driven recruitment decisions.

TestGorilla offers pre-employment skills tests that you can use to conduct an initial assessment of every candidate. With multiple tests available in our test library, you can find a test for any skill you want to assess. 

On our platform, you can combine up to five different tests of your choice to create a customized assessment for streamlining your financial controller hiring process.

Here are a few of the skills tests you can use to hire for this role:

• Financial management: Evaluate applicants’ ability to manage your company’s finances in a way that enables you to maximize profits and minimize risk.

• Advanced accounting (GAAP) or Advanced accounting (IFRS): These two advanced accounting tests help you assess candidates’ accounting expertise and their ability to maintain financial records according to GAAP or IFRS principles.

• Financial modeling with Excel: Assess candidates’ finance and valuation skills and check whether they know how to create financial models in Excel.

• Attention to detail: Use this test to shortlist candidates who can pick out even the slightest discrepancy in financial reports and make sure everything is in order.

• Leadership and people management: Financial controllers must be able to lead and inspire a team of accountants and other members.

• Communication: This is an important skill for any financial controller. Not only do they have to convey directions to their team members, but they also need to collaborate with cross-functional teams.

• Time management: Assess candidates' time management skills to assess how they prioritize tasks and execute them to ensure deadlines are met.

• Problem-solving: This test uses time-sensitive questions to determine how quickly the candidates can counter problems and solve them using creative thinking and analytic skills.

Financial controller interview questions

Skills tests enable you to shortlist the best candidates quickly and efficiently – but for such a responsible role as the one of a financial controller, you still need interviews to evaluate their strengths and weaknesses in depth.

Here are some interview questions you can use to gain a better understanding of applicants’ skills and expertise: 

1. How do you ensure the accuracy of financial data?

2. What financial software or systems are you most comfortable with?

3. Describe a time when you had to make a financial decision based on incomplete information. What did you do?

4. How do you ensure compliance with financial regulations and standards?

5. How would you handle a situation where a senior manager wants to push a financial decision that you believe is not in the company's best interest?

6. How do you prioritize your tasks during busy periods, such as at the end of the month or the quarter?

7. Explain the concept of hedging. Can you give an example of when a company might use this strategy?

8. Describe a time when you introduced a new process or technology to improve financial efficiency in your organization.

9. Explain how a change in accounting standards can impact financial statements.

10. Can you give an example of an ethical dilemma you've faced in the past? How did you handle it?

11. How do you approach cost allocation for shared services across different departments or business units?

12. Describe a time when you had to challenge existing financial processes.

If you need more ideas, check out our behavioral questions for finance roles or our financial accounting interview questions.

Where to find a financial controller for hire

Now that you know what your hiring process should look like – first, do skills assessments and then interviews – you probably want to know where to look for your next financial controller. Here are some of the best ways to source candidates: 

Online job platforms

LinkedIn, Indeed, Glassdoor and other online job platforms are great places to find talented individuals for hire. They have a plethora of candidates, all suitable for the role and ready to undergo the interview process.

Create a detailed job listing to inform the candidates what you’re looking for in the role and encourage them to apply. Use their advanced search features and filters to weed out candidates who don’t fit the role.

Professional associations

Explore professional associations and industry-specific websites or forums related to finance and accounting. 

These associations not only provide you with job boards to find candidates but also enable you to attend conferences, seminars, and other networking events. This would give you the opportunity to seek new candidates and engage with them before hiring.

The Institute of Management Accountants (IMA), the American Institute of CPAs (AICPA), Financial Executives International (FEI), are just some of the professional networks that you can leverage.

Referrals and career pages

Employee referral programs are also a reliable way to attract candidates for any role. Not only do they yield trusted candidates backed by people you know, but it also reduces the amount of interviews and assessments they’d have to go through.

The career page on your own company website – along with targeted posts on social media networks – can also help you connect with talented individuals who are already interested in your company and might be looking for a job.

Recruitment agencies

If you don’t have the time and resources to hire your next financial controller yourself, you can also work with experienced recruitment agencies to find the perfect candidate for you.

Provide them with the list of qualifications and requirements along with the job description, and they’ll find the best financial controller for your organization. 

Recruitment agencies have access to a wide pool of candidates in their database and can reach out to more candidates if needed. And the good news is that you can still use skills tests – just let your agency know. 

Financial controller job description template

Position: Financial controller in [type of company, industry]

Location: [Location]

[Your company name] is looking for a skilled and experienced financial controller to oversee all aspects of our company's financial management, including financial reporting, budgeting, forecasting, and risk management. 

Key responsibilities

In this role, you will: 

• Manage all accounting operations including billing, accounts receivable, accounts payable, general ledger, cost accounting, and revenue recognition

• Prepare monthly, quarterly, and annual financial reports

• Do budgeting, forecasting, and financial modeling

• Develop and maintain internal controls to ensure compliance with regulatory guidelines and integrity of financial data

• Ensure full regulatory and financial compliance and stay updated with changing local, state, and federal regulations

• Evaluate and manage business risks, ensuring adequate insurance coverage and risk mitigation strategies are in place

• Coordinate with external auditors and ensure successful completion of audits

Skills and qualifications

For this role, you need: 

• A Bachelor's degree in Accounting, Finance, or a related field. A Master's degree or CPA is a plus

• [X] years of experience in a financial management position

• Strong knowledge of accounting principles, procedures, and legislation

• Proficiency in accounting software and financial modeling tools such as [tools your company is using]

• Strong analytical, strategic planning, and problem-solving skills

• Excellent communication and leadership skills

How much does a financial controller cost? 

The financial controller plays an important role in the financial health of your organization. This is why they are some of the highest-paid employees in the company. They might even have leadership experience and business acumen to become a top financial leader in the organizational chart.

The salary of a financial controller depends on their level of experience, skills acquired, qualifications, location, and the company they’re working for. According to Salary.com, the average salary of a financial controller in the US is approx. $249,000 per year, with a range typically falling between $209,300 and $291,900.

Hire an expert financial controller with the help of skills tests

Financial controllers play a key role in organizations, so you wouldn’t want to hire a candidate who doesn’t possess all the necessary skills.

Use TestGorilla’s skills assessments to make your financial controller hiring process more efficient and hire the best candidate. Explore our test library to find tests that match your needs – or create your own customized assessment.

Start your free trial today and build a stress and bias-free hiring process with the help of TestGorilla.