Introduction
A controller is a financial professional who oversees the accounting and reporting of a business or organization’s finances. They are responsible for ensuring accuracy, compliance with laws and regulations, and the timely preparation of financial reports. They are also responsible for managing budgets, setting up internal controls, and making sure that proper procedures are followed when it comes to handling money. So, how much does a controller make?
Overview of Average Controller Salaries
According to the Bureau of Labor Statistics, the median annual wage for controllers was $127,890 in May 2019. The lowest 10 percent earned less than $81,480, and the highest 10 percent earned more than $196,540. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. This data helps us get an idea of what the average controller makes, but it doesn’t tell the whole story.
Interview with a Controller to Learn About Their Salary
To get a better understanding of what controllers make, we spoke with a controller from a mid-sized manufacturing company. Here’s what he had to say:
Sample Interview Questions
We asked our controller about his experience, the size of the company he works for, the industry he works in, and his salary. We also asked him about any bonuses or benefits he receives, and his advice for aspiring controllers.
What the Controller Told Us
The controller told us that he has been working for the company for five years and that he oversees the accounting and financial reporting for the entire organization. He said that he earns a base salary of $120,000 per year, plus a bonus of up to 10 percent of his base salary depending on performance. He also receives health insurance, 401(k) matching, and other benefits. He said that his salary is slightly below the average for controllers in similar companies, but that the bonus and benefits make up for it. He also said that his experience and education level have been crucial in helping him get to where he is today.
Comparing Salaries of Controllers in Different Industries
Controllers in different industries can expect to make different salaries. According to the Bureau of Labor Statistics, the highest paying industries for controllers include securities and commodities exchanges, oil and gas extraction, and investment banking and securities dealing. On the other hand, the lowest paying industries for controllers are religious organizations, elementary and secondary schools, and local government.
Researching Average Salaries for Controllers Across the Country
Salaries for controllers can vary significantly depending on location. According to PayScale, the highest average salaries for controllers are in California ($136,743), New York ($132,633), and Massachusetts ($131,639). On the other hand, the lowest average salaries for controllers are in Mississippi ($97,628), Arkansas ($98,968), and West Virginia ($99,596).
It’s important to note that these averages don’t take into account the local cost of living, which can have a significant impact on salaries. For example, a controller in San Francisco might make more than one in Dallas, but their purchasing power will be lower due to the higher cost of living in San Francisco.
Examining the Impact of Experience and Education on Controller Pay
Experience and education level can have a big impact on controller pay. According to PayScale, controllers with 1-4 years of experience typically make an average of $71,931 per year, while those with 5-9 years of experience make an average of $97,997 per year. Those with 10-19 years of experience make an average of $118,364 per year, and those with 20+ years of experience make an average of $135,976 per year.
Education level can also have an impact on pay. According to PayScale, controllers with a bachelor’s degree typically make an average of $93,061 per year, while those with a master’s degree make an average of $111,967 per year. Those with a CPA certification make an average of $123,754 per year, and those with a MBA make an average of $125,977 per year.
Exploring Benefits and Bonuses Offered to Controllers
In addition to salaries, controllers can also receive a variety of benefits and bonuses. According to PayScale, some common benefits offered to controllers include health insurance, dental insurance, vision insurance, life insurance, disability insurance, paid time off, 401(k) matching, and stock options.
Bonuses are also common for controllers. Bonuses are typically based on performance and can range from 0-10 percent of the base salary. Other bonuses such as signing bonuses, referral bonuses, and relocation bonuses may also be available.
Conclusion
Summary of Findings
The median annual wage for controllers in May 2019 was $127,890. Salaries can vary significantly depending on experience, education level, and industry. The highest paying industries for controllers are securities and commodities exchanges, oil and gas extraction, and investment banking and securities dealing. The lowest paying industries are religious organizations, elementary and secondary schools, and local government. Additionally, salaries can vary depending on location, with higher salaries in states like California, New York, and Massachusetts. Controllers can also receive benefits and bonuses, which can increase their total compensation.
Advice for Aspiring Controllers
Our controller advised aspiring controllers to focus on gaining experience and education in order to maximize their earning potential. He also said that researching salaries in different industries and locations can help them find the best fit for them. Finally, he said that taking advantage of benefits and bonuses can help increase their overall compensation.
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