Financial Controller, Industrial Plant Salary
Industrial Plant Financial Controllers who are practiced in their profession and carry more than 10 years of experience make up close to two-thirds of Industrial Plant Financial Controllers. Pay fluctuates from $50K to $134K per year, but expected earnings average $83K annually. In the world of Industrial Plant Financial Controllers, overall cash allowance can occasionally include more than $22K from bonuses and, in some exceptional cases, $13K from profit sharing, causing incomes to vary widely between $50K and $134K. Location is the biggest factor affecting pay for this group, followed by career duration. Women make up a slight majority of Industrial Plant Financial Controllers (53 percent) survey respondents. Most enjoy medical while the greater part get dental coverage. Vision coverage is also available to a majority. For the most part, Industrial Plant Financial Controllers enjoy their work and report high levels of job satisfaction. Participants in PayScale's salary questionnaire provided the particulars of this report.
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
- 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.
- 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.
Common Career Paths for Financial Controller, Industrial Plant
Industrial Plant Financial Controllers' salaries may rise greatly for those who assume a higher-end position such as a VP of Finance or Chief Financial Officer. The average VP of Finance or Chief Financial Officer brings home $145K per year. When Industrial Plant Financial Controllers are ready for the next step in their careers, they often become Chief Financial Officers or Plant Controllers. Those roles pay an additional $36K and $3K, respectively.
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Popular Skills for Financial Controller, Industrial Plant
Survey results show that Industrial Plant Financial Controllers use a fair number of skills. Most notably, facility with Budgeting, Cost Accounting, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 22 percent, 6 percent, and 4 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Windows Operating System General Use, Microsoft Office, and Microsoft Word. Those proficient in Financial Applications are, more often than not, also skilled in Accounts Payable and Financial Analysis. People who know Microsoft Excel usually also know Financial Analysis and Accounts Payable.
Pay by Experience Level for Financial Controller, Industrial Plant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Industrial Plant Financial Controllers with a lot of experience do not necessarily enjoy more money. The average beginner in this position makes around $70K, but folks who have been around for five to 10 years see a markedly higher median salary of $80K. Industrial Plant Financial Controllers bring in $91K after working for 10 to 20 years. More than 20 years of experience mean a somewhat bigger median paycheck of $92K, but it's not much more than what less experienced people make.