ABOUT THIS EPISODE
Recruiting a Financial Controller in London sounds straightforward. Write a job description, advertise the position, review the CVs and arrange interviews.
In reality, recruiting a strong Financial Controller in London can be considerably more difficult.
The best candidates are often already employed, not actively looking at job boards and receiving approaches from several businesses at the same time. At the same time, the requirements of the role can vary dramatically depending on the size, ownership structure and sector of the business.
In this episode, we look at the London Financial Controller recruitment market, what employers should expect to pay, why searches sometimes stall and how a specialist recruitment approach can improve the chances of finding the right person.
What Does a London Financial Controller Do?
The Financial Controller is often one of the most important people in a finance function.
The role may involve responsibility for monthly management accounts, statutory reporting, audit, cash flow, financial controls, budgeting, forecasting and management of the finance team.
But the exact requirement depends heavily on the business.
A growing owner-managed company may need its first Financial Controller to professionalise the finance function.
A PE-backed company may require someone comfortable with investor reporting, tight month-end processes and working to demanding reporting deadlines.
A larger group may require consolidation and multi-entity experience.
A Financial Controller working within financial services may also need experience of FCA reporting and the specific regulatory requirements of the sector.
This is why simply searching for someone with the job title "Financial Controller" is rarely enough.
London Financial Controller Salaries
Salary is one of the first issues that needs to be established correctly.
Current Accountancy Capital benchmarks put London Financial Controller salaries broadly between £65,000 and £135,000 depending on the business and level of responsibility.
For example, a first Financial Controller appointment in an owner-managed business may fall around £65,000–£85,000.
An established FC in a larger owner-managed business may be around £78,000–£100,000.
A PE-backed Financial Controller may be around £88,000–£118,000.
Group Financial Controller roles can reach approximately £95,000–£135,000.
Financial Controllers in FCA-regulated financial services businesses can also command approximately £90,000–£130,000 where specialist regulatory experience is required.
For urgent interim requirements, London Financial Controller day rates can be around £400–£650 per day.
These figures demonstrate why getting the salary right before starting a search is important.
If the salary is below market for the responsibilities involved, an employer may receive applications but struggle to attract the strongest candidates.
The £85,000–£115,000 Market
One particularly competitive part of the London market is the £85,000–£115,000 range.
Financial Controllers at this level often have several options available to them.
Some are actively looking. Others are passively open to an approach but are not applying for advertised positions.
The strongest candidates may not be looking at all.
That changes the recruitment process.
Instead of waiting for candidates to find the vacancy, a specialist recruiter can identify relevant Financial Controllers and approach them directly with a specific opportunity.
The quality of the approach matters.
A senior Financial Controller is unlikely to leave a secure position simply because another company has advertised a vacancy.
They need to understand the responsibilities, reporting structure, career opportunity, business situation and remuneration.
Why London FC Searches Stall
There are three particularly common problems.
The first is salary.
If the package does not reflect the responsibilities, the strongest candidates simply do not engage.
The second is an unclear specification.
A Financial Controller needs to know what they will actually own.
Will they manage a team?
Will they manage the audit?
Are they responsible for consolidation?
How quickly does the business close its month-end?
Will they report directly to the CFO, CEO or board?
Is the business PE-backed?
Is there FCA regulatory exposure?
These details can make a major difference to whether a candidate sees the position as attractive.
The third problem is a slow recruitment process.
Good Financial Controllers can be considering multiple opportunities.
If an employer takes several weeks to move from shortlist to interview and then several more weeks to make an offer, the preferred candidate may already have accepted another position.
Speed therefore matters.
Permanent or Interim?
Not every Financial Controller requirement should immediately become a permanent recruitment exercise.
Sometimes the business needs an immediate solution.
A Financial Controller may have resigned unexpectedly. A company may be completing an acquisition. A senior finance employee may be taking parental leave. Or the business may simply need additional finance leadership while it decides what the permanent structure should look like.
An interim Financial Controller can provide an immediate solution.
Accountancy Capital's London interim FC service can provide shortlists for urgent requirements, with typical London day rates in the region of £400–£650.
The eventual permanent appointment can then be made without leaving the finance function exposed.
What Should Employers Look For?
The right Financial Controller is not necessarily the person with the longest CV.
The key question is whether their experience matches the actual requirements of the business.
Important considerations can include:
- ACA, ACCA or CIMA qualification
- Size and complexity of previous businesses
- Management experience
- Month-end close capability
- Audit management
- Statutory reporting
- Management reporting
- Cash flow and working capital
- Consolidation experience
- ERP and finance systems
- PE or investor experience
- FCA regulatory experience where relevant
- Ability to work with senior management
For a Group Financial Controller, consolidation experience may be critical.
For a PE-backed company, investor reporting and speed may be more important.
For an FCA-regulated business, regulatory reporting experience could be essential.
The specification needs to reflect the business rather than simply copying a generic Financial Controller job description.
Why Use a Specialist London FC Recruiter?
The advantage of a specialist recruiter is not simply receiving more CVs.
It is access to the right candidates.
Accountancy Capital focuses on qualified finance recruitment and maintains a network of Financial Controllers across London.
The recruitment process starts with understanding the requirement and confirming the appropriate salary level.
Candidates can then be identified through direct network engagement rather than relying exclusively on job advertising.
The objective is a smaller, better-qualified shortlist rather than dozens of applications that require the employer to spend hours sorting through unsuitable CVs.
Accountancy Capital states that its London FC searches aim to provide a qualified shortlist within five to seven working days.
That speed can be particularly valuable in a market where strong candidates may already be considering competing opportunities.
Find Out More
If your business is looking to recruit a Financial Controller in London, Accountancy Capital can help with permanent, interim and specialist Financial Controller recruitment.
The specialist London Financial Controller recruitment service covers appointments from approximately £65,000 through to £135,000 and includes owner-managed businesses, PE-backed companies, groups and FCA-regulated financial services businesses.
Find out more here:
https://www.accountancycapital.co.uk/london-financial-controller-recruitment/
Final Thoughts
A successful London Financial Controller recruitment campaign starts before the vacancy is advertised.
The salary needs to be realistic.
The responsibilities need to be clearly defined.
The right candidates need to be identified.
And the recruitment process needs to move quickly once those candidates are found.
In a competitive market, the objective should not be to generate the largest possible pile of CVs.
It should be to identify the small number of Financial Controllers who genuinely fit the business, understand the opportunity and are sufficiently interested to make a move.
For employers recruiting a Financial Controller in London, getting those fundamentals right can make the difference between a search that takes months and one that produces the right shortlist within weeks.
