CAREER GUIDE FOR CONTROLLERS AND CHIEF FINANCIAL OFFICER
SOC Code: 11-3031.01
Pay Band(s): 7and 8 (Salary Structure)
Standard Occupational Description: Plan, direct, and coordinate the financial activities of an organization at the highest level of management. Includes financial reserve officers.
Controller and Chief Financial Officer positions in the Commonwealth are assigned to the following Roles in the Financial Services Career Group:
Financial Services Manager III
While Controllers and Chief Financial Officers within the Commonwealth are all located within the Financial Services Career Group, individuals may want to pursue other opportunities within the Commonwealth depending upon individual training, education, knowledge, skills, abilities, and interests.
Other Career Group(s) that may be of interest are:
SKILLS, KNOWLEDGE, ABILITIES AND TASKS (Technical and Functional Expertise) Skills
Note: The technical and functional skills listed below are based on general occupational qualifications for Controllers and Chief Financial Officers commonly recognized by most employers. Typically, you will not be required to have all of the skills listed to be a successful performer. Recruitment and selection standards for an individual state job must be based on the specific knowledge, skills, and abilities for that job as indicated in the job announcement and job description in the Employee Work Profile.
1. Determining how money will be spent to get the work done, and accounting for these expenditures. 2. Using mathematics to solve problems. 3. Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. 4. Considering the relative costs and benefits of potential actions to choose the most appropriate one. 5. Understanding written sentences and paragraphs in work related documents. 6. Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system. 7. Communicating effectively in writing as appropriate for the needs of the audience. 8. Talking to others to convey information effectively. 9. Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes. 10. Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Knowledge
Note: The technical and functional knowledge statements listed below are based on general occupational qualifications for Controllers and Chief Financial Officers commonly recognized by most employers. Typically, you will not be required to have all of the knowledge listed to be a successful performer. Recruitment and selection standards for an individual state job must be based on the specific knowledge, skills, and abilities for that job as indicated in the job announcement and job description in the Employee Work Profile.
The Knowledge of:
1. Economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data. 2. Business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources. 3. Arithmetic, algebra, geometry, calculus, statistics, and their applications. 4. Laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. 5. Structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. Abilities
Note: The technical and functional abilities listed below are based on general occupational qualifications for Controllers and Chief Financial Officers commonly recognized by most employers. Typically, you will not be required to have all of the abilities listed to be a successful performer. Recruitment and selection standards for an individual state job must be based on the specific knowledge, skills, and abilities for that job as indicated in the job announcement and job description in the Employee Work Profile.
The Ability to:
1. Listen to and understand information and ideas presented through spoken words and sentences. 2. Read and understand information and ideas presented in writing. 3. Apply general rules to specific problems to produce answers that make sense. 4. Choose the right mathematical methods or formulas to solve a problem. 5. Communicate information and ideas in speaking so others will understand. 6. Communicate information and ideas in writing so others will understand. 7. Add, subtract, multiply, or divide quickly and correctly. 8. Speak clearly so others can understand you. 9. Combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). 10. Arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
Tasks Note: The following is a list of sample tasks typically performed by Controllers and Chief Financial Officers. Employees in this occupation will not necessarily perform all of the tasks listed.
Tasks
1. Coordinate and direct the financial planning, budgeting, procurement, or investment activities of all or part of an organization. 2. Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting. 3. Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, and/or reports required by regulatory agencies. 4. Advise management on short-term and long-term financial objectives, policies, and actions. 5. Analyze the financial details of past, present, and expected operations in order to identify development opportunities and areas where improvement is needed. 6. Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments. 7. Evaluate needs for procurement of funds and investment of surpluses, and make appropriate recommendations. 8. Lead staff training and development in budgeting and financial management areas. 9. Maintain current knowledge of organizational policies and procedures, federal and state policies and directives, and current accounting standards. 10. Supervise employees performing financial reporting, accounting, billing, collections, payroll, and budgeting duties.
INTERESTED?
Like people, occupations have traits or characteristics. These characteristics give important clues about the nature of the work and work environment, and give you an opportunity to match your own personal interests to a specific occupation. When you choose a job in an occupation that matches your own interests you have taken an important step in planning a successful and rewarding career.
The occupation of Controllers and Chief Financial Officers has Enterprising and Conventional characteristics as described below:
Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business. Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
LICENSURE, REGISTRATION, OR CERTIFICATION REQUIREMENTS
Generally this is not required for Controllers and Chief Financial Officers positions in state government.
In some cases, financial managers also may broaden their skills and exhibit their competency by attaining professional certification. There are many different associations that offer professional certification programs. For example, the Association for Investment Management and Research confers the Chartered Financial Analyst (CFA) designation on investment professionals who have a bachelor's degree, pass three sequential examinations, and meet work experience requirements. The Association for Financial Professionals (AFP) confers the Certified Cash Manager credential to those who pass a computer-based exam and have a minimum of 2 years of relevant experience. The Institute of Management Accountants offers a Certified in Financial Management designation to members with a BA and at least 2 years of work experience who pass the institute's four-part examination and fulfill continuing education requirements. Also, financial managers who specialize in accounting may earn the Certified Public Accountant (CPA) or Certified Management Accountant (CMA) designations. Licensing information for Certified Public Accountants in Virginia can be found on the Board of Accountancy's web site at: http://www.boa.state.va.us/
Professional certification in these financial- related areas is highly desirable. Commonwealth agencies may have preferences for type of certification. For example the Virginia Department of Treasury, http://www.trs.virginia.gov/ prefers to hire individuals as a CFA.
Managers with the Commonwealth of Virginia are eligible for the Virginia Certified Manager Program offered by the Department of Human Resources. Web site is http://www.dpt.state.va.us/training/cpm/cpmhome.htm. This certificate program offers practitioner-oriented course work that builds upon management training programs offered through agencies, colleges, and universities.
The Institute of Certified Professional Managers is a certifying organization and offers a management certification program. The Institute is located at James Madison University, Harrisonburg, Virginia. Web site is http://cob.jmu.edu/icpm. Management Skills is the theme of the program, which emphasizes the teaching and application of real-world, practical skills and techniques over theories, and critical-thinking skills over rote knowledge.
EDUCATIONAL, TRAINING, AND LEARNING OPPORTUNITIES
The Department of Labor provides the following information:
Controllers direct the preparation of financial reports that summarize and forecast the organization's financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments. Treasurers and finance officers direct the organization's financial goals, objectives, and budgets. They oversee the investment of funds and manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm's expansion, and deal with mergers and acquisitions.
A bachelor's degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master's degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and provide knowledge of the latest financial analysis methods and technology.
Continuing education is vital for financial managers, who must cope with the growing complexity of global trade, changes in Federal and State laws and regulations, and the proliferation of new and complex financial instruments.
The State Council of Higher Education lists two Virginia educational institutions offering programs in financial management. They are James Madison University and Virginia Commonwealth University.
COMMONWEALTH COMPETENCIES
Competencies are a set of identified behaviors, knowledge, skills, and abilities that directly and positively impact the success of employees and the organization. Competencies can be observed and measured. When consistently demonstrated, competencies make employees particularly effective in their work. Competencies help lay out a road map to career success. You can use the Commonwealth Competencies to help improve your individual performance by adopting behaviors that make high performing employees successful in their jobs. In this way, you can use the Commonwealth Competencies for your further professional development.
The Commonwealth Competencies are:
1.
Technical and Functional Expertise
2.
Understanding the Business 3. Achieving Results 4. Serving the Customer 5. Teamwork 6. Interpersonal and Communication Skills 7. Leadership and Personal Effectiveness The above competencies may be applied to employees throughout the Commonwealth of Virginia. They can be rank-ordered by agencies and hiring managers to represent the needs of a specific job. The rank ordering will change depending upon the occupation, an organization's priorities, the actual job requirements, and the supervisor's preferences.
Career success is both about what you do (applying your technical knowledge, skills, and ability) and how you do it (the consistent behaviors you demonstrate and choose to use) while interacting and communicating with others. Hopefully, by studying the Commonwealth competencies, identifying your developmental opportunities, and working to refine your own competence, you can take charge of your career!
For additional information about the Commonwealth Competencies go to: http://jobs.state.va.us/cc_planningctr.htm. For the competencies, we first list the competencies and then define each. Finally, we list competency indicators; to describe what successful performance looks like. COMMONWEALTH CAREER PATH
Career opportunities in the Commonwealth are not limited to moving “up” to the next highest role and pay band, changing positions, or to becoming a supervisor. That's because most roles describe a broad group of occupationally related positions that perform a range of work that requires increased knowledge and skills. For that reason, Commonwealth roles describe the career paths within the same or higher-level role for the same or different Career Group. The broad salary range and the Commonwealth's pay practices provide flexibility in recognizing career development and advancement. (Salary Structure)
For example: Controllers and Chief Financial Officers
Sample Career Path
Financial Services Manager III The Financial Services Manager III role provides career tracks for managers serving as directors or comptrollers involved in the overall direction and leadership of specialized financial programs. May direct the overall fiscal or audit management of an agency or institution having diverse and complicated financial and regulatory requirements or may direct the statewide function of a principle financial area to ensure achievement of organizational mission and goals.
Financial Services Manager IV The Financial Services Manager IV role provides career tracks for executives responsible for policies, procedures, and standards that ensure the protection of the Commonwealth's fiscal assets and meet program goals. Employees have statutory and regulatory (both state and federal) responsibilities to provide for the development and maintenance of financially sound, high-quality programs and services.
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