2022-23
MARKET TRENDS & SALARY REVIEW
Finance, Accounting & Commercial
Welcome
Market Trends
& Salary Review
Welcome to the 2021/22 Market Trends & Salary Review. In our 22nd year, we are pleased to have navigated a challenging and uncertain period and now feel more confident about the year ahead.
The last 12 months turned out to be a busy recruitment market as many organisations sought key finance talent due to growth or change. With lockdowns hopefully ending due to high vaccination rates and low interest rates supporting the economy, we expect most businesses to focus on growth and have the confidence to hire key finance roles to support and drive their success.
If you are looking to hire or are wanting a career conversation for yourself, please contact us for a confidential conversation.
The last 12 months turned out to be a busy recruitment market as many organisations sought key finance talent due to growth or change. With lockdowns hopefully ending due to high vaccination rates and low interest rates supporting the economy, we expect most businesses to focus on growth and have the confidence to hire key finance roles to support and drive their success.
If you are looking to hire or are wanting a career conversation for yourself, please contact us for a confidential conversation.
Market Trends & Observations
The Changing Face of Finance
Although Covid-19 has created some new challenges for businesses in general and for finance teams in particular, it has also accelerated some changes that were already happening. Here are our top four observations.
Front & Centre
Automation Accelerates
Presentation Skills
Talent Shortage
market TRENDS
Front & Centre
We have seen the major contribution of finance leaders and their teams during the pandemic in the last eighteen months. They have successfully moved to a central and critical advisory role supporting the CEO to enable companies to navigate an unprecedented disruption. This key strategic management role will continue to evolve and broaden, becoming more integrated across functions and divisions as decision-makers realise the importance of the finance team having a seat at the table.
market TRENDS
Automation Accelerates
The rapid increase in the sophistication of financial systems and software combined with company wide cost pressures are driving the long-term agenda of automation ever faster. Aside from the challenges of successful selection, implementation and adoption, these reporting tools are removing the mundane and labour–intensive manual processes to enable finance teams to add greater value through analysis and insights as well as providing real-time decision-support information for management on a daily and weekly basis. This automation is not necessarily reducing the number of finance roles, but rather changing the skillset required to be broader and more commercial.
market TRENDS
Presentation Skills
Another skill becoming more important for finance professionals is the ability to present information in an understandable way to non-finance colleagues. Both written and verbal presentations are becoming increasingly important as the volume and complexity of data expands. Translating this information into key interpretations and messages in a digestible and articulate format is not easy but is becoming more important not only for CFOs in presenting board reports for example, but also for junior and mid-level team members who are partnering with other functions in providing valuable insights.
market TRENDS
Talent Shortage
As the recruitment market has gained momentum over the last few months, there are clear indications that demand outweighs supply in some areas of finance. The lack of international candidates migrating to Australia or being transferred here internationally by their organisations have restricted talent flows and movement. In addition, Covid-19 uncertainty has reduced the risk appetite of candidates and they have chosen to sit tight until the outlook improves.
Up-and-coming finance candidates with up to five years of experience are most in demand and are able to choose from a range of quality career opportunities. As the market demand increases over the next few months, we expect mid-level and senior roles to increase in volume as well, with companies competing to attract the high-calibre candidates possessing strong technical finance skills combined with outstanding presentation, communication and report-writing skills.
Up-and-coming finance candidates with up to five years of experience are most in demand and are able to choose from a range of quality career opportunities. As the market demand increases over the next few months, we expect mid-level and senior roles to increase in volume as well, with companies competing to attract the high-calibre candidates possessing strong technical finance skills combined with outstanding presentation, communication and report-writing skills.
Career Development
How do I get to CFO level?
We are strong advocates for proactive career development rather than relying on luck for future progression. While not all finance professionals aspire to become a CFO, many see this role as their ultimate professional goal but are unsure how to get there.
The CFO role is now broader and more strategic than ever so the most relevant candidates have a broad mix of experience in different roles across various organisations and have progressed through the ranks taking on more challenge and responsibility each time. Building momentum in your progression will see you ultimately knocking on the door of your first CFO role.
This progression will involve you taking some risks such as leaving an organisation where you have been successful to date, or taking a larger role that you don't feel ready for, but in most cases the downside risk is limited and the experience will propel your career forward.
The CFO role is now broader and more strategic than ever so the most relevant candidates have a broad mix of experience in different roles across various organisations and have progressed through the ranks taking on more challenge and responsibility each time. Building momentum in your progression will see you ultimately knocking on the door of your first CFO role.
This progression will involve you taking some risks such as leaving an organisation where you have been successful to date, or taking a larger role that you don't feel ready for, but in most cases the downside risk is limited and the experience will propel your career forward.
As well as rounded technical and business skills, you will need to develop your leadership and influencing skills, which are critical for success in CFO roles. If you consistently work on building these skills and are able to build strong relationships both internally and externally, you will enhance your profile and reputation which will assist your progression.
We also recommend finding a number of trusted mentors who can advise and guide you through your career decisions. They can provide a sanity check or pragmatic advice for you and this can be invaluable in helping you to make the right choices.
While hard work and commitment will ensure some success in your career, proactively building out your experience and skills over time will maximise the likelihood of you moving into a CFO role in the future.
We also recommend finding a number of trusted mentors who can advise and guide you through your career decisions. They can provide a sanity check or pragmatic advice for you and this can be invaluable in helping you to make the right choices.
While hard work and commitment will ensure some success in your career, proactively building out your experience and skills over time will maximise the likelihood of you moving into a CFO role in the future.
Salary Trends
-
Increases Across the Board
With increased confidence over the last few months and clear signs of candidate shortages appearing, most companies have been delivering average salary increases of 2-4%, with increases of up to 10-15% for some key roles and high performers.Bonuses have been varied as they are dependent on a company’s performance during Covid-19 which is sector specific. Overall, we believe the vast majority have paid 70-100% of target bonuses for the year. -
Retention Tactics
Most corporate and mid-size businesses have recognised the importance of retaining their top talent as the employment market picks up and have started to implement specific retention tactics. Both short and long-term incentives have been upgraded and offered to more people in the organisation. Culture and purpose messages have been fine-tuned and disseminated through the ranks. Collaboration has been emphasised to bring teams together more regularly, virtually for now of course, and to help to build internal relationships. And of course, promotions… -
Internal Promotions
As finance teams have become leaner over the last few years, the levels have become fewer and the jump between them even bigger. This creates problems in offering promotional opportunities which become even more of an issue at senior levels given the pyramid structure. The solution has been to move people sideways to build up their skills but as the external market picks up, candidates may not have the patience to wait several years for a promotion with increased responsibilities and higher remuneration. -
Outlook
There are more positive signs for the employment market than we have seen for a long time. Low interest rates, technology innovation, low corporate debt, booming house prices and stock markets and the likelihood of post-lockdown consumer spending. With unemployment at low levels, the market for finance professionals is already tight and so higher salary increases and bonuses are likely. Substantial corporate activity is being driven by IPOs, M&A and Private Equity deals and this will continue for some time. Although risks remain, this is the ideal time to take stock of your own career or identify gaps in your own team.
Select your field
Large Corporate (ASX100 or major multinational) ($,000)
Group CFO
700 – 900
Deputy CFO
350 – 550
Divisional CFO
350 – 550
GM Finance
280 – 350
Group Financial Controller
280 – 340
Group Treasurer
300 – 400+
Deputy Treasurer
240 – 300
GM Tax
250 – 350+
Chief Risk Officer / Head of Internal Audit
280 – 350+
Medium Sized Corporate ($,000)
CFO
300 – 400
GM Finance / Group FC
250 – 300
Head of Finance
200 – 250
The figures stated show total package including cash, superannuation and benefits. Discretionary components such as a bonus and shares/options are excluded. Bonus components tend to range from 40 - 100% of total package, with senior executives on the higher end.
Commercial Finance & Analysis ($,000)
Head of Commercial Finance
250 – 300
Senior Commercial Manager
185 – 250
Financial Planning & Analysis Manager
175 – 250
Corporate Development Manager
180 – 270
Project Manager
150 – 200
Strategy Manager
160 – 200
Commercial Manager
150 – 180
Finance Business Partner
130 – 180
Corporate Financial Analyst (5 years+)
130 – 165
Planning / Commercial Analyst (5 years+)
120 – 150
Senior Analyst (4-7 years)
125 – 150
Planning / Commercial Financial Analyst (3-5 years)
100 – 125
The figures stated show total package including cash, superannuation and benefits. Discretionary components such as bonus and shares/options are excluded. Bonus components tend to range from 10-40% of total package, with senior roles at the higher level.
Financial Reporting, Tax, Treasury, Risk & Compliance ($,000)
Head of Shared Services
230 – 300
Financial Controller / Manager
180 – 250
Compliance & Controls Manager
155 – 185
Tax Manager
150 – 200
Internal / IT Audit Manager
150 – 190
Treasury Manager
140 – 220
Corporate Reporting Manager
140 – 180
Management Accounting Manager
140 – 170
Financial Accounting Manager
150 – 180
Senior Tax Accountant (5 years+)
130 – 160
Group / Corporate Accountant
120 – 140
Group Treasury Accountant
110 – 140
Senior Financial Accountant
120 – 145
Risk Analyst
100 – 130
Management Accountant
90 – 125
Financial Accountant
90 – 125
The figures stated show total package including cash, superannuation and benefits. Discretionary components such as bonus and shares/options are excluded. Bonus components tend to range from 10-40% of total package, with senior roles at the higher level.
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