FP&A vs. Controller vs. CFO: Who Does What in Corporate Finance?

Written by CFI Team

Reviewed by Jeff Schmidt

Read Time 5 minutes

FP&A vs. Controller vs. CFO: Why the Differences Matter

If you’re exploring a career in corporate finance — especially in financial planning and analysis (FP&A) — it can be tough to untangle who does what. What’s the difference between an FP&A analyst and a controller? And how does the CFO fit into the picture?

These roles may sound similar on the surface, but they serve very different purposes. And if you’re planning your next move in finance, knowing how they differ can help you choose the right career path.

This guide breaks down what each role does, how they work together, and why all three are key to a high-performing finance function.

The Roles of the CFO, Controller, and FP&A — Source: CFI’s **The Role of The FP&A Professional** course

Key Highlights

The CFO typically oversees both the controller and the FP&A function, bringing those two areas together to guide high-level decision-making.
FP&A is a forward-looking, analysis-driven function that drives budgeting, forecasting, and data-driven insights to support management decision-making.
In addition to preparing a company’s financial statements, controllers ensure accurate recordkeeping and reporting, ensuring compliance with financial regulations.

What the CFO Does — and How the Role Compares to FP&A and the Controller

The Chief Financial Officer (CFO) is the top financial leader in any organization.

This executive role is about big-picture thinking, including:

Managing financial strategy.
Allocating capital.
Overseeing performance.
Communicating with the board of directors and investors.

The CFO typically oversees both the controller and the FP&A function, bringing those two areas together to guide high-level decision-making. Think of the CFO as the architect of the company’s financial future. They set direction and align all parts of finance around the business strategy.

Many CFOs come from a controller or FP&A background, so they understand both financial reporting and forward-looking analysis. By the time someone reaches the CFO level, their focus has shifted: they’re less concerned with the mechanics and more focused on outcomes, risk, and strategic execution.

FP&A vs. Controller vs. CFO - Executive Oversight of Financial Functions — Source: CFI’s **The Role of The FP&A Professional** course

Understanding the Controller’s Role in Finance (vs. CFO and FP&A)

If the CFO is the strategist, the controller is the operator. This role is all about accurate financial recordkeeping, reporting, and compliance with financial regulations.

Controllers are responsible for preparing the company’s income statement, balance sheet, and cash flow statement. They ensure financial reports are accurate, audit-ready, and compliant with regional accounting standards (e.g., GAAP in the US). This often entails working with external auditors, tax professionals, and regulators.

The controller is typically the point of contact for tax authorities and auditors — making this role essential for keeping the company on solid financial ground.

While the controller looks backward at what’s already happened, FP&A looks forward. And that distinction is key.

Controller Roles — Source: CFI’s **The Role of The FP&A Professional** course

How FP&A Stands Apart from the Controller and CFO Roles

So where does FP&A fit in?

FP&A is a forward-looking, analysis-driven function. FP&A teams build financial models, create budgets and forecasts, conduct scenario planning, and provide decision support to business leaders.

Instead of focusing on compliance or historical accuracy, FP&A focuses on what might happen next. They challenge assumptions, run what-if scenarios, and help the CFO and other executives evaluate risks and opportunities.

Where controllers produce financial statements, FP&A professionals interpret them — translating the numbers into implications for growth, profitability, and resource allocation. And while the CFO defines the strategic path, FP&A helps map the financial route to get there.

In modern finance teams, FP&A is often the connective tissue between operations, strategy, and finance. Professionals make sure decisions are grounded in financial logic and aligned with long-term goals.

What is FP&A? — Source: CFI’s **The Role of The FP&A Professional** course

How FP&A, Controllers, and CFOs Work Together

Even though these roles are distinct, they’re tightly connected.

FP&A teams rely on data generated by the controller’s team to build their models. For example, the controller’s actuals feed directly into the variance analysis and rolling forecasts that FP&A prepares.

And when do those forecasts need to be presented to the board? That’s where the CFO steps in — using insights from both sides to tell a clear, strategic story.

This collaboration happens constantly:

The controller ensures the accuracy of past results.
FP&A uses that data to forecast and model the future.
The CFO synthesizes both to make decisions and lead financial strategy.

Each role adds value in a different way, and when they work well together, they give the company a clearer financial picture — past, present, and future.

How Finance Roles Evolve as Companies Grow

In a small company, you might find one person wearing all three hats. But as an organization grows, these roles become more specialized — and more necessary.

Here’s how it typically evolves:

A startup may have a single finance manager handling reporting, forecasting, and even cash management.
A mid-size company will likely hire a controller to handle compliance and an FP&A lead to own the planning process.
A larger enterprise has dedicated FP&A teams segmented by function or geography, a full controllership department, and a CFO focused on long-term value creation.

FP&A vs. Controller vs. CFO: How to Choose the Right Role for You

Whether you’re structuring a finance team or planning your next career step, knowing the difference between FP&A vs. Controller vs. CFO can help you make smarter choices.

If you’re analytical, enjoy solving problems, and want to help shape business strategy, FP&A may be the right fit for you. If you value precision, compliance, and structure, the controllership path may be a better match. And if you’re aiming for executive leadership, building experience in both areas could be your best path to the CFO role.

Take the Next Step Toward a Career in FP&A

Ready to build your FP&A skills? CFI’s FP&A Specialization program equips you with the skills and knowledge to excel as an FP&A professional. You will emerge from this program prepared to support business leaders with top-tier financial models, budgets, forecasts, analysis, and more. Learn the techniques used by top finance teams at Amazon, JPMorgan, and PwC.

Start Learning Today!