Financial Controller, Industrial Plant Salary
A little under three-quarters of Industrial Plant Financial Controllers in the United States have been in the field for more than 10 years. Pay can fall anywhere from $51K to $139K per year, but median earnings come to around $85K annually. Cash earnings for Industrial Plant Financial Controllers — which occasionally include more than $24K from bonuses and more than $5K from profit sharing — stretch from around $51K to approximately $139K. Geography is the biggest factor affecting pay for this group, followed by career length. Women make up a slight majority of Industrial Plant Financial Controllers (54 percent) survey respondents. Work is enjoyable for Industrial Plant Financial Controllers, who typically claim high levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Financial Controller, Industrial Plant
Financial controllers of industrial plants are responsible for overseeing daily financial processes and records for their organization, including performing tasks such as bookkeeping or accounting. They analyze financial financial information, prepare and analyze budgets, develop financial goals and quotas, and organize efficient and productive cash flow. Additionally, financial controllers must track and record costs of operations and make decisions in response to current financial conditions.Read More...
Financial controllers offer accurate and timely advice that helps to improve the company’s financial systems, as well as ensure that transactions and other financial records created by others are accurate and follow organizational accounting and bookkeeping procedures. They must be able to present systems analyses and other information in a way that non-financial employees can understand, and they must ensure that other employees are performing their jobs in a way that follows state and federal laws and company policies. They must be able to tactfully handle conflict and confrontation and address issues with other employees in an objective manner when necessary.
A bachelor’s degree in finance or a closely related field is required for this position, as is previous experience in a related role. Excellent leadership, time management, and organizational skills are essential. Financial controllers also must be able to motivate and organize other employees to meet organizational goals.
Financial Controller, Industrial Plant Tasks
- Present financial reporting and potential risk areas to senior management.
- Oversee accounting, financial reporting, analysis and preparation of the consolidated financial statements, including schedules for tax compliance.
- Ensure policies and procedures are in compliance with professional standards, state and federal regulatory requirements.
- Establish and maintain internal controls to support the financial infrastructure.
Common Career Paths for Financial Controller, Industrial Plant
Industrial Plant Financial Controllers may progress into high-paying roles like VP of Finance or Chief Financial Officer, where median compensation is $145K annually. Industrial Plant Financial Controllers moving up in their careers tend to step into positions as Chief Financial Officers or Plant Controllers. The median paychecks in those roles are $34K higher and $2K higher, respectively.
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Popular Skills for Financial Controller, Industrial Plant
Industrial Plant Financial Controllers report using a wide range of professional skills. Most notably, skills in Budgeting, Cost Accounting, Financial Analysis, and Financial Reporting are correlated to pay that is above average, with boosts between 4 percent and 19 percent. At the other end of the pay range are skills like Microsoft Word, Windows Operating System General Use, and Microsoft Office. The majority of those who know Microsoft Excel also know Financial Analysis and Accounts Payable. Most people experienced in Financial Applications also know Accounts Payable and Financial Analysis.
Pay by Experience Level for Financial Controller, Industrial Plant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Industrial Plant Financial Controllers — those with more experience do not necessarily bring in higher earnings. The average inexperienced worker earns $72K, and someone who has worked for five to 10 years can expect a bigger median salary of $77K. Industrial Plant Financial Controllers claiming one to two decades of experience make an estimated median of $92K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $94K on average.
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