Is product control truly such a nice steady job?
Many recruitment firms would have naïve newly qualified accountants think otherwise, but product control is not really very exciting. It might be ok if you derive immense gratification from totting up P&Ls for ungrateful traders, but it's not so hot if you'd rather put your accountancy skills to use in a more strategic context.
But what product control lacks in excitement, it makes up in steadiness. According to one recruiter, product controllers are, "always in demand, no matter what's happening to the market."
This may not be totally true. Andrew Norton, managing director of Michael Page International, says product controllers certainly lost their jobs in 2008. Unlike front office bankers, however, many are now re-employed. "There were a number of product controllers on our books, but most of them have now found jobs," says Norton. "There's not a big backlog."
As we noted a few weeks ago, demand for product controllers is now heating up. Norton says they're in "constant demand," especially as products become more sophisticated.
Product control can be fairly lucrative. Figures from Michael Page suggest the pay hierarchy goes something like this:
Part qualified accountant (analyst): Salary 35-48k; bonus 5-10%
Newly qualified (associate): Salary 48-55k; bonus 10-15%
AVP (1-3yrs post qual. experience): Salary 55-70k; bonus 15-30%
VP (3-7yrs post qual. experience): Salary 70-95k; bonus 30-50%
Director (7yrs + post qual. experience): Salary: 90-130k; bonus 50-100%
However, one former senior product controller who was rudely ejected from his role warns against assuming that product control is a route to a nice sedate life of moderate wealth.
"You're alright until you get to the mid-ranking roles, but beyond that it becomes very political," he says. "You're very often relying on your own judgement and that judgement may be contrary to that of colleagues - or more particularly, the front office. It's very easy to make enemies, and that can leave you exposed."
