2022-2023
FINANCE, ACCOUNTING & COMMERCIAL
WELCOME
Welcome to the 2022/23 Market Trends & Salary Review. For the 23rd year since we were established in 1999, we are pleased to share our real world insights of the senior Finance market at a time of increasing change and uncertainty.
During the last year, the much-hyped “Great Resignation” was overstated, however, there is no doubt it was a very busy market with substantial movement of Finance talent at all levels and across most sectors.
Perhaps the term “Great Reflection” might be more appropriate for Australia as the last two years of Covid chaos have introduced long-lasting psychological impacts across the workforce and, from our perspective, more thoughtfulness and discernment of employers and career paths by Finance professionals.
This new attitude combined with generational lows in unemployment is changing the game for the attraction and retention of talent, and will make for an interesting year ahead.
If you are looking to hire Finance talent or are wanting a career conversation for yourself, please contact us for a confidential discussion.
MARKET TRENDS AND OBSERVATIONS
The Finance recruitment market has had a busy year as companies have been in growth mode and employees have been seeking new challenges and higher remuneration after the Covid lockdown period.
Supported by historically low interest rates and driven by synchronised global growth, large corporates, mid-size organisations and start-up businesses were all chasing top Finance talent (sometimes the same candidates), so opportunities to move were abundant and financial incentives were generous.
However, the market has changed in the last few months with global headwinds increasing and caution returning. For now, we are optimistic that the Australian economy will remain strong and unemployment rates will remain very low, however, global issues are unpredictable and negative changes will have some impacts. Here are our top four market observations.
Talent Shortage
FLEXIBLE WORKING
LEADERSHIP EXPECTATIONS
INTERNATIONAL MOVEMENT
MARKET TRENDS
With unemployment in Australia at a generational low of 3.5%, it is clear that there are talent shortages at all levels and across all sectors. This is unlikely to change quickly so we need to accept the “new normal” and adapt our hiring strategies. With most companies working very hard to retain their employees, and with most employees realising their negotiating power, the only solution is to adopt more sophisticated hiring processes including proactive search strategies and a clear, compelling sales pitch to potential candidates.
MARKET TRENDS
The debate is over – flexible working is here to stay and the only remaining discussion should be around specific details and the degree of flexibility offered. Although some companies are insisting on five days a week in the office (mainly property companies for obvious reasons) and some encouraging minimal office time (mainly IT companies), the consensus is settling on two or three days per week in the office. Our view is that bringing teams and colleagues together in person every week, even for a day, is an important retention strategy.
MARKET TRENDS
We’ve noticed an increasing focus by Finance professionals on their managers and leaders, recognising that working for an impressive leader will be more enjoyable and rewarding as well as accelerate their development. As corporate values, ethics and cultures vary across organisations, so do leadership styles and capabilities. Ambitious Finance executives are scrutinising their own leaders and prospective bosses more carefully than ever before deciding whether to stay or move, and they have high expectations.
MARKET TRENDS
Over the last three years, there has been minimal international movement between Australia and other countries which has had an impact on the Finance recruitment market. It has probably impacted the Finance contracting market the hardest and reduced the flow of candidates returning from overseas or on a working
holiday. This will start to change over the next six to
twelve months and will create some welcome liquidity
of immediately available candidates. Of course, there will also be many qualified CAs and CPAs who will take the opportunity to leave Australia and gain overseas experience for a few years.
SALARY TRENDS
The CFO market is relatively small and saw good levels of activity but nothing like the movement at other levels. Mid-size organisations were busy with growth agendas and were keen to secure high-calibre CFOs to bolster their leadership teams and provide financial acumen as the companies grew and changed. Private-equity backed companies were particularly active, creating movement in key financial roles. Salaries were slightly higher with short and long-term incentives delivering above target in most cases.
SALARY TRENDS
There has been high demand for Commercial Business Partnering positions as companies see the value created by these roles as they grow and change. Controller and Reporting roles have also been in demand and are often involved in automation of systems projects to improve efficiency. Quality candidates are fortunate to have multiple opportunities to evaluate and can therefore be very selective. Salaries have moved 5-10% and bonuses have been paid above target.
SALARY TRENDS
For candidates with three to seven years experience, it has been an incredibly strong market with huge demand across the board and a low supply of talent looking to move. Capable Financial Accountants and Analysts have been bombarded with options and salaries have escalated in response, in some cases by 10-15%. Demand is likely to moderate slightly in coming months but we expect this market to be strong for some time.
SALARY TRENDS
The lingering impacts of the pandemic and the pressures created by rising interest rates and global threats point to another year of change and uncertainty. There may be a moderation in demand but supply of high-calibre Finance candidates will remain tight at all levels until we see a substantial slowdown in the Australian economy. Companies will implement mitigation policies such as faster promotions, larger bonuses and biannual pay rises but will still face challenges in retaining talent.
Large Corporate (ASX100 OR MAJOR MULTINATIONAL)
| POSITION | YEARLY SALARY ($,000) |
|---|---|
| Group CFO | $700–900 |
| Deputy CFO | $400–600 |
| Divisional CFO | $350–550 |
| GM Finance | $300–380 |
| Group Financial Controller | $290–350 |
| Group Treasurer | $300–400+ |
| Deputy Treasurer | $240–300 |
| GM Tax | $220–250 |
| Chief Risk Officer / Head of Internal Audit | $280–350+ |
Medium Sized Corporate
| POSITION | YEARLY SALARY ($,000) |
|---|---|
| CFO | $300–400 |
| GM Finance / Group FC | $250–320 |
| Head of Finance | $200–250 |
The figures stated show total package including cash, superannuation and benefits. Discretionary components such as a bonus and shares/options are excluded. Bonus components tend to range from 40 – 100% of total package, with senior executives on the higher end.
Commercial Finance & Analysis
| POSITION | YEARLY SALARY ($,000) |
|---|---|
| Head of Commercial Finance | $250–300 |
| Senior Commercial Manager | $200–250 |
| Financial Planning & Analysis Manager | $200–250 |
| Corporate Development Manager | $200–270 |
| Project Manager | $180–200 |
| Strategy Manager | $180–200 |
| Commercial Finance Manager | $170–200 |
| Finance Business Partner | $150–180 |
| 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) | $100–125 |
The figures stated show total package including cash, superannuation and benefits. Discretionary components such as bonus and shares/options are excluded. Bonus components tend to range from 10-40% of total package, with senior roles at the higher level.
Financial Reporting, Tax, Treasury, Risk & Compliance
| POSITION | YEARLY SALARY ($,000) |
|---|---|
| Head of Shared Services | $270–300 |
| Financial Controller / Manager | $190–250 |
| Compliance & Controls Manager | $155–190 |
| Tax Manager | $170–220 |
| Treasury Manager | $160–220 |
| Internal Audit / Risk Manager | $160–200 |
| Financial Accounting Manager | $160–200 |
| Corporate Reporting Manager | $150–200 |
| Management Accounting Manager | $160–190 |
| Senior Tax Accountant (5 years+) | $140–170 |
| Senior Financial Accountant | $120–155 |
| Group / Corporate Accountant | $120–150 |
| Group Treasury Accountant | $120–150 |
| Management Accountant | $90–135 |
| Financial Accountant | $90–135 |
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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MARKET TRENDS & SALARY REVIEW
