Most commonly reported Work Activities

•   Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
•   Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
•   Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
•   Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
•   Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
•   Communicating with Persons Outside Organisation Communicating with people outside the organisation, representing the organisation to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
•   Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
•   Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
•   Developing Objectives and Strategies Establishing long-range objectives and specifying the strategies and actions to achieve them.
•   Organising, Planning, and Prioritising Work Developing specific goals and plans to prioritise, organise, and accomplish your work.

Working Life

The Financial Controller, sometimes called Financial Control Officer (FCO), is an accounting and audit expert in a business whose role is to oversee the accounting process and the implementation and monitoring of internal controls, independently from the Chief Accounting Officer (CAO) or the Chief Financial Officer (CFO).

The Financial Controller is the chief accounting officer and heads-up the accounting department. The controller is responsible for the company's financial statements, general ledger, cost accounting, payroll, accounts payable, accounts receivable, budgeting, tax compliance, and various special analyses.

The Financial Controller must deliver accurate monthly reports and maintain rigorous control over the finances of the business, adding value and running efficient business processes.

Becoming Financial Controller is a role that only ambitious, career-driven individuals are likely to achieve. It is also typically just a promotion away from being top of the financial decision making chain.

This is a senior role, so it comes with a high salary, a bonus package and also with respect. You could get the chance to work in some of the world’s largest companies.

Financial Controller roles are available in the hospitality industry for example, in high class hotels or restaurants. A Financial Controller role in the banking sector can be especially lucrative.

Duties vary depending on the sise of the company, the complexity of accounting and financial operations and the number of people employed in the accounting department. The Financial Controller provides financial leadership and is instrumental in forming accounting strategies. The role, especially in smaller companies, may include broad visionary responsibilities as well as hands-on management. 

Tasks and Responsibilites

Accounting 

• Ensures that all accounting allocations are appropriately made and documented.
• In smaller companies, may also perform cash management functions and oversee accounts payable, accounts receivable, cash disbursements, payroll and bank reconciliation functions.
• Ensures separation of duties with regard to accounting functions to insure that there are checks and balances in the system - i.e. if the controller is responsible for preparing cash disbursements, s/he should not be a signatory on the account; the owner, chief executive or chief financial officer should be required to sign all cheques.

Internal Controls

• Establishes and executes internal controls over the company’s accounting and financial procedures.
• Reviews and approves all invoices to be paid, as well as reviewing accounts receivable aging reports.
• In smaller companies, the controller will often handle collections on invoices, especially ones that are 45 days to 60 days overdue.
• Coordinating with external tax accountants for income tax preparation and auditors who prepare internal audits of the company. This includes keeping company records organised and readily available for examination.

Financial Planning and Reporting

• In smaller companies the Financial Controller isresponsible for all banking and finance activities. This includes negotiating lines of credit and vendor agreements, as well as reviewing all financial contracts, financing agreements and insurance policies.
• Providing accurate and comprehensive financial information to executive management for long-term financial strategising. Unless a company has a CFO to provide the leadership for long-term financial planning, the controller will be required to fulfill this responsibility as well.
• Provides crucial financial data and works with executive management to coordinate all financial planning functions with business operations.
• Financial reporting duties include preparing financial statements, balance sheets, cash flow reports, budgets, budget-to-actuals and financial projections.

Financial Analysis

• Must be skilled at in-depth financial analysis and providing expert financial perspective and opinions.
• Proficient in spreadsheet design that is often complex.
• Must havethe Financial analysis skills instrumental in helping to assess risk, analyse efficiency and inform policy decisions made by executive management.

Most commonly reported Work Tasks

• Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations.
• Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.
• Develop and maintain relationships with banking, insurance, and external accounting personnel to facilitate financial activities.
• Monitor financial activities and details, such as cash flow and reserve levels, to ensure that all legal and regulatory requirements are met.
• Receive, record, and authorise requests for disbursements in accordance with company policies and procedures.
• Develop internal control policies, guidelines, and procedures for activities, such as budget administration, cash and credit management, and accounting.
• Coordinate and direct the financial planning, budgeting, procurement, or investment activities of all or part of an organisation.
• Receive cash and checks and make deposits.
• Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, or reports required by regulatory agencies.
• Monitor and evaluate the performance of accounting and other financial staff, recommending and implementing personnel actions, such as promotions and dismissals.

This occupation is typically suited for people with the following Career Interests:

 Administrative

Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.

They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.

 Enterprising

Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.

 Investigative

The Investigative person will usually find a particular area of science to be of interest. They are inclined toward intellectual and analytical activities and enjoy observation and theory. They may prefer thought to action, and enjoy the challenge of solving problems with sophiscticated technology. These types prefer mentally stimulating environments and often pay close attention to developments in their chosen field.

There are various ways to become a financial controller in the financial services sector. Financial controllers are responsible for overseeing the accounting and reporting activities of an organization. They ensure that financial statements are accurate, compliant and timely. Some of the common paths to this role include working as an accountant, auditor, financial analyst or manager in different areas of finance.

Some Independent Financial Advisers are qualified accountants & financial services.

• Transition from NFQ level 6-8 program with level 2.2, entry based on interview
• Mature applicants considered on application

Sample Education and Training Pathways
A number of courses are available throughout the country that focus on learning and skills that may be useful for this career. The examples and links below may guide you in your research. 

Further Education (FET)
Further Education & Training (FET) Courses are delivered by local ETBs, ranging in duration from several weeks up to 20 months. Courses are designed to meet the labour market needs and often include a large element of work experience.

Example search terms include: business admin, customer service, management.

Search for FET Courses

PLC Courses (FET)
PLC courses are full-time courses, one or two years duration, with awards at Level 5 and 6 on the NFQ. They are offered nationally in Schools and Colleges of Further Education.

Example search terms include: business management, sales, marketing, commerce, accounting.

Search for PLC Courses

Apprenticeships: 
Apprenticeships are structured work-based training programs that combine on-the-job training with classroom instruction. They run from 2 – 4 years and are open to individuals of all ages, including school leavers, those seeking a career change, and existing employees who wish to upskill.

Examples: Accounting, Finance, Sales.

Search for Apprenticeships

Higher Education CAO (Undergraduate) 
Higher Education courses at Levels 6 to 8 on the NFQ, delivered in Universities and Technological Universities & Institutes. Courses run from 2 – 5 years and places are allocated on a points-based system, processed by the Central Application Office.

Example search terms include: business, commerce, economics, maths, statistics, accounts and finance.

Search for CAO Courses

Higher Education (Postgraduate)
Postgraduate courses are courses at Levels 9 and 10 on the NFQ and usually last 1 – 2 years full time, or longer if a PhD or part time. Entrants typically require an undergraduate award (Level 8).

Example search terms include: sales, business, accounts, management, financial advice.

Search for Postgraduate Courses

Professional Development 

Professional development (CPD) courses are specialised training, formal education, or advanced professional learning that improves skills, professional knowledge, competency, and overall effectiveness in the professional world.

To qualify as an accountant, you need to register with one of the appropriate professional bodies. You then combine on-the-job training with part-time study and written examinations.  

The relevant bodies are:  

• Association of Chartered Certified Accountants  
• Chartered Institute of Management Accountants  
• Institute of Chartered Accountants in Ireland  
• Institute of Certified Public Accountants in Ireland  

If you want to register with one of these bodies you must meet their minimum educational requirements. If you exceed the minimum entry requirements you may be exempt from some written examinations.

International Financial Services Skillnet Network 

Irish Banking & Payments Federation 

Financial Services Union

The 30% club: Growth Through Diversity

Check the Useful Contacts tab on this page to see if there are any professional bodies listed who may provide training related to this career.

Salary Range (thousands per year)* €65k - €135k

Salaries vary by employer, location, experience, and duties.

Data Source(s):
CPL/ Sigmar / Morgan McKinley/ Brightwater/ Lincoln/ Clark/ Osborne

Last Updated: July, 2024

Note: The following information relates to occupations that include: Brokers; Insurance underwriters; Finance and investment analysts; Finance and investment advisers.  

This information has been derived from the Solas National Skills Bulletin (2023).

Employment levels have grown annually since 2018, with particularly strong growth between 2021 and 2022 of an additional 5,500 persons. Almost all employment is concentrated in the financial activities sector. The share of non-Irish citizens employed, at 23%, was above the national average of 19% and was the highest share across the business/financial occupations.

The CSO Census data for 2022 shows that finance and investment analysts/advisers account for the largest share of employment in this group at over 70%, with insurance underwriters and brokers making up the remainder. Employment permits issued primarily related to various financial analyst roles in the financial sector. Although employment grew strongly in 2022, a 20% fall in online job adverts (particularly for finance/investment analysts) would signal that this growth rate may slow.

• Chartered Accountants Ireland

  • Chartered Accountants House, 47 - 49 Pearse Street, Dublin 2
  • (01) 637 7200
  • Click Here

• Accounting Technicians Ireland (ATI)

  • 47 - 49 Pearse Street, Dublin 2
  • (01) 649 8100
  • [email protected]
  • Click Here