Financial Controller - BFSI Job Description Template
As a Financial Controller in the BFSI sector, you will be responsible for overseeing the financial activities of the organization, ensuring compliance with accounting standards and regulations, managing financial risks, and supporting strategic decision-making processes. You will work closely with senior management to provide insights and recommendations based on financial data analysis.
Responsibilities
- Oversee all financial operations and direct corporate financial planning and structure.
- Ensure accurate and timely financial reporting in compliance with regulatory standards.
- Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting.
- Manage the preparation of the company's budget and financial forecasts.
- Perform financial analysis, reporting, and management activities.
- Coordinate and direct the preparation of the budget and financial forecasts and report variances.
- Lead the finance team and provide support in audit and tax compliance.
- Identify cost-saving opportunities and improve financial efficiencies.
- Prepare reports and presentations for executive management and stakeholders.
Qualifications
- Bachelor’s degree in Finance, Accounting, or related field.
- Professional certification such as CPA, CFA, or ACCA.
- Minimum of 5-7 years of experience in a financial management role.
- In-depth knowledge of corporate finance and accounting principles, laws, and best practices.
- Excellent knowledge of financial analysis and forecasting.
- Experience in the BFSI sector highly preferred.
- Strong leadership and organizational skills.
- Attention to detail and high level of accuracy.
Skills
- Financial Analysis
- Budgeting and Forecasting
- GAAP and IFRS
- Audit and Compliance
- Risk Management
- Leadership
- SAP
- Excel
- Financial Reporting
- Data Analysis
Frequently Asked Questions
A Financial Controller in the BFSI sector is responsible for managing the financial reporting, budgeting, and accounting operations within banking, financial services, and insurance. They oversee financial statements, ensure compliance with regulations, and help strategize for financial growth. This role involves analyzing financial data, managing audits, and implementing accounting systems to enhance financial accuracy and efficiency.
To become a Financial Controller in the BFSI industry, one typically needs a bachelor's degree in finance, accounting, or a related field, with many positions requiring a CPA or an MBA. Many employers prefer candidates with several years of experience in finance or accounting roles, especially those with a background in the BFSI sector. Developing skills in financial analysis, regulatory compliance, and leadership is crucial, along with gaining proficiency in financial software and systems.
The average salary for a Financial Controller in the BFSI sector varies depending on factors like location, experience, and company size. However, Financial Controllers in BFSI typically earn higher salaries due to the complex regulatory environment and the critical nature of their role in managing financial operations. Besides base salary, they often receive bonuses, stock options, and benefits aligned with the financial performance of their organization.
A Financial Controller in BFSI generally needs a degree in finance or accounting and often an advanced qualification such as a CPA, CMA, or an MBA. Extensive experience in financial roles is required, especially in accounting and financial management. Demonstrating expertise in financial reporting, regulatory compliance, and industry-specific financial software can greatly enhance one's qualifications for this role.
Key skills for a Financial Controller in the BFSI sector include strong analytical capabilities, proficiency in financial software, and a deep understanding of financial regulations. Responsibilities include managing financial statements, overseeing budgets, ensuring regulatory compliance, and guiding financial strategies. Excellent communication skills and leadership abilities are essential to collaborate with different departments and drive financial initiatives.