How to Become a Financial Controller in South Africa?
Becoming a financial controller in South Africa requires a combination of formal education, relevant work experience, and professional certifications.
Here is a detailed guide on the steps to achieve this career goal, with specific examples and real information.
1. Obtain a Relevant Degree
The first step to becoming a financial controller is to earn a relevant undergraduate degree. Commonly pursued degrees include:
- Bachelor of Commerce (BCom) in Accounting
- Bachelor of Business Science (BBusSci) in Finance
- Bachelor of Accounting Science (BAccSc)
Example: A BCom in Accounting typically includes courses in financial accounting, management accounting, taxation, and auditing, providing a strong foundation for a career in finance.
2. Gain Professional Experience
After obtaining a degree, gaining relevant work experience is crucial. Entry-level positions in accounting or finance departments help build the necessary skills and knowledge. Typical roles include:
- Junior Accountant
- Assistant Financial Analyst
- Accounts Payable/Receivable Clerk
Example: Working as a junior accountant at a firm like PwC or Deloitte can provide hands-on experience in financial reporting and analysis.
3. Pursue Professional Certifications
Professional certifications can significantly enhance your qualifications. The most recognized certifications for financial controllers in South Africa include:
- Chartered Accountant (CA(SA)): Offered by the South African Institute of Chartered Accountants (SAICA). This certification is highly regarded and requires passing the SAICA Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC).
- Certified Management Accountant (CMA): Offered by the Institute of Management Accountants (IMA), focusing on management accounting and financial management.
- Certified Financial Manager (CFM): Another certification that emphasizes financial management skills.
Example: To become a CA(SA), you need to complete a SAICA-accredited degree, undergo a three-year training contract (articles) at an approved training office, and pass the ITC and APC exams.
4. Develop Advanced Skills
As you progress in your career, developing advanced skills in financial management, strategic planning, and leadership is essential. These skills can be gained through:
- On-the-Job Training: Taking on more responsibilities and complex tasks.
- Continuing Professional Development (CPD): Participating in workshops, seminars, and courses to stay updated with industry trends and regulations.
Example: Enrolling in a leadership development program or advanced financial management course can prepare you for higher-level responsibilities.
5. Gain Experience in Senior Roles
To become a financial controller, experience in senior finance roles is often required. Positions such as senior accountant, financial manager, or finance director can provide the necessary experience.
Example: Working as a financial manager for a few years allows you to oversee budgeting, financial reporting, and compliance, which are key responsibilities of a financial controller.
6. Apply for Financial Controller Positions
Once you have the necessary education, certifications, and experience, you can apply for financial controller positions. Job postings can be found on job boards, company websites, and through professional networks.
Example: Financial controller roles at large corporations like Standard Bank or multinational companies often require a CA(SA) designation and several years of experience in financial management.
Key Responsibilities of a Financial Controller
- Financial Reporting: Overseeing the preparation of financial statements and ensuring accuracy and compliance with accounting standards.
- Budgeting and Forecasting: Managing the company’s budgeting process and providing financial forecasts.
- Internal Controls: Implementing and monitoring internal controls to safeguard company assets and ensure financial accuracy.
- Compliance: Ensuring compliance with financial regulations and standards.
Conclusion
Becoming a financial controller in South Africa involves a structured pathway of obtaining a relevant degree, gaining work experience, pursuing professional certifications, developing advanced skills, and gaining senior role experience. By following these steps, you can position yourself for a successful career as a financial controller, equipped to handle the complexities of financial management and contribute to the strategic direction of an organization. Professional development and experience are key to achieving this career goal.