A Financial Controller is a senior role in the accounting and financial sector. The main responsibilities of this role include supervising accounting operations, analyzing financial data, and establishing financial controls. In South Africa, like many other countries, becoming a financial controller involves a combination of education, experience, and professional certification.
How to Become a Financial Controller in South Africa
Here’s a detailed guide to help you on your journey:
1. Obtain a Bachelor’s Degree
The first step to becoming a financial controller is obtaining a bachelor’s degree. The most common fields of study for this role are finance, economics, or accounting. South African universities offer a variety of these programs. By obtaining a bachelor’s degree, you’ll gain foundational knowledge in areas like financial management, financial accounting, cost accounting, and auditing.
2. Gain Relevant Experience
Experience is crucial when aiming for a role as a financial controller. Entry-level positions such as a finance clerk, accountant, or financial analyst can provide relevant experience. As you work in these roles, aim to get experience in budget planning, financial reporting, and financial forecasting. This experience is crucial because the financial controller role often requires at least 5-7 years of experience in related fields.
3. Pursue a Master’s Degree or Further Specialized Training
While a bachelor’s degree and experience can get you to a certain point, most financial controllers also have a master’s degree in a related field such as a Master’s in Business Administration (MBA) or a Master’s in Finance. This advanced degree can give you a deeper understanding of the complexities of financial management and broaden your career opportunities.
Moreover, some financial controllers obtain specialized training in specific areas like risk management, treasury management, or tax planning.
4. Obtain Professional Certification
In South Africa, the South African Institute of Chartered Accountants (SAICA) is the most prestigious accounting organization, and becoming a Chartered Accountant (CA) is highly beneficial for aspiring financial controllers. To become a CA, you must pass the SAICA’s rigorous exams and complete articles of clerkship, which involves three years of practical training.
Another valuable certification is the Chartered Institute of Management Accountants (CIMA) certification. This focuses more on the strategic and management aspects of accounting, which is very relevant for the financial controller role.
5. Develop Key Skills
A successful financial controller needs excellent analytical skills to interpret complex financial data. Proficiency in accounting software is also a must. Additionally, strong leadership, communication, and strategic planning skills are essential, as the role often involves guiding teams and making key financial decisions.
6. Look for Opportunities
Once you have the qualifications, skills, and experience, the final step is to look for opportunities. Networking can play a crucial role in securing a job as a financial controller. Attend industry events, build professional relationships, and maintain an active presence on professional social media sites like LinkedIn.
Becoming a financial controller in South Africa requires significant time, effort, and commitment. With the right qualifications, professional experience, and a dedication to continuous learning, it’s a rewarding career path with plenty of room for growth and advancement.