Bank Comptroller Job Description
Comptrollers are also called controllers. These two job titles are actually the same position. Comptrollers are the top of the operational accounting pyramid. They are the senior managers within the accounting department, responsible for a wide variety of tasks that spans the entire accounting function. They oversee, review and certify the work that their staff completes. Most comptrollers hold advanced degrees or certifications like certified public accountant (CPA) status.
-
Salary and Outlook
-
Comptrollers generally earn a good living. Many are paid well into the six-figures range. Many comptrollers are also eligible for benefits like bonuses, stock options or equity compensation. Comptrollers' salaries vary greatly depending on industry and company size. The average bank comptroller salary is $84,000, according to indeed.com. The Bureau of Labor Statistics reports that these jobs will continue to grow above the average growth through 2016.
Requirements
-
Bank comptroller positions require a great deal of experience and education. Most bank comptroller positions require an average of eight to 10 years of accounting experience within a financial institution and a bachelor's degree in accounting, business administration or finance. However, it is uncommon for a bank comptroller to have any degree other than an accounting degree. Many comptroller positions also require a master's degree in business and a professional certification like certified public accountant (CPA). A comptroller's background must be broad and include sound supervisory experience. A comptroller generally receives her supervisory experience as an assistant controller or accounting manager.
Nature of the Work
-
Bank comptrollers work in offices located inside of banks or the corporate offices. Bank positions are considered to be comfortable and accommodating. Most banks and office building are climate-controlled, clean and professional in nature. If the company has multiple locations, the comptroller is generally located at the main branch. The hours are long and the work is intense. Bank comptrollers are generally at work before the bank opens and they are still there after the bank closes to compute the bank's cash position. The comptroller is a department manager and the senior accountant, but mostly they review their subordinates' work.
Duties
-
The bank comptroller is responsible for the daily operation of the bank's accounting and finance departments. This includes the general accounting (general ledger) work as well as all of the specialty accounting groups, bank and investment account reconciliations, and detailed financial analysis. The controller is responsible for overseeing the financial reporting process and bank-branch financial statement consolidations. The consolidations process is combining the financial statements from all bank branches into one master set of financial statements. The bank comptroller is responsible for reviewing and certifying all reports, reconciliations and cash position statements prepared by the accounting staff. The comptroller is also responsible for all bank regulatory reporting requirements to ensure all weekly, monthly, quarterly and annual regulatory reports are accurately completed and filed with the Federal Reserve Bank, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and state agencies.
Secondary Duties
-
The bank comptroller must manage a team of accountants, clerks and administrators that may number from a couple people to several dozen. The comptroller is also responsible for assigning job responsibilities to each staff member, assess each staff members skills, abilities and career levels. The comptroller is responsible for the accounting-staff employee evaluations, training schedules and assigning mentors to new and junior staff.
-
