Questions about job descriptions, duties, and pay are frequently asked when it comes to accounting career options. One frequent query is if a controller holds a higher position than a vice president (VP). The organization and business in question determine the response.
The controller holds a higher status than the VP in some businesses. The controller is in charge of managing all aspects of accounting for the business, including internal controls, budgeting, and financial reporting. Usually, they answer directly to the CEO or CFO. A vice president, on the other hand, can be in charge of several different departments or business units. The controller in this scenario would answer to the VP.
The VP may, however, hold a position higher than the controller in other businesses. The controller concentrates on the ongoing accounting operations while the VP may be in charge of the company’s overall financial strategy and decision-making. The controller in this scenario would answer to the VP.
In order to comprehend the hierarchy, it’s crucial to do your study on the particular company and its organizational structure if you’re thinking about a career in accounting and are curious about job titles.
The company and job titles would determine the lowest position in accounting. Accounts payable/receivable clerk, bookkeeper, and staff accountant are a few examples of frequent entry-level roles in accounting. These roles frequently call for a bachelor’s degree in accounting or a closely related discipline and may entail duties like data input, account reconciliation, or financial statement preparation.
Gaining experience in accounting might help you advance to higher-paying roles like controller or CFO. As of May 2020, the Bureau of Labor Statistics reported that the median annual pay for accountants and auditors was $73,560. However, depending on characteristics like experience, region, and sector, compensation might differ significantly.
In terms of stress, working as a controller can be tough. It can be stressful for controllers to ensure the correctness and integrity of financial information. In order to ensure adherence to accounting standards and laws, they could also be in charge of leading a team and collaborating with other departments. However, depending on the workload and corporate culture, stress levels can change.
In conclusion, the unique company and its organizational structure will determine whether a controller is superior to a VP in accounting. Entry-level accounting jobs frequently call for a bachelor’s degree and may entail entering data or reconciling accounts. Salary increases can be large as you go up the ladder, and jobs like controller or CFO can be lucrative. A controller’s job can be demanding, but it can also be gratifying for people who like dealing with numbers and making sure a business is financially sound.