Better understand your place in the jobs market with our 2018/19 salary snapshot. This covers annual salary packages for finance and accounting professionals as well as average hourly rates for contractors. We recommend that you aim for a salary in the top third of ranges shown in the graphs below.
Australian wage growth has been relatively slow in recent years at just 2.3% for 2018, but the financial sector has fared better than some. According to ABS figures finance and accounting wages have increased by 3.63% over the past 5 years.
In part, this wage growth has been driven by increasing demand for workers. “Over the past 18-months we’ve seen job seekers start to get 2 or 3 competing offers to consider,” says Moir Group Director, Stephen Moir. “Competition for junior to mid-level accounting and finance professionals has been particularly strong and this is pushing up wages.”
Due to their challenging nature and specific skill requirements, we are also seeing a high demand for Senior Financial Accountants, Business Analysts and Finance Managers and, with that, a good scope for wage negotiation. In correlation with this high demand and opportunity, Business Analysts and Finance Managers are two of the roles with the highest employee turnover.
In 2018 we have seen a rise in the demand for temporary/contract positions across all salary levels. In 2019 companies will continue to look for experienced people who can hit the ground running. Organisations are willing to pay fairly for a good level of expertise, but in return they expect temporary/contract staff to make an immediate impact on the business.
There is also an increasing trend for salary packages to include short-term and long-term incentives based on individual and company performance. For people in permanent roles, the size and ‘achievability’ of a bonus are important to consider as part of the overall salary package.
Accounting and finance professionals in mid-senior level roles should aim for a short-term incentive (STI) in the range of 10-40%. “If you do a good job, you should see it in your bonus,” believes Stephen Moir. Short term incentives tend to be based on individual performance, combined with the success of the company as a whole. Both factors need to have performed well in order to achieve the maximum STI.
People earning above $150,000 can earn short-term incentives between 10-40%. Those earning more than $250,000 are often part of a long-term incentive plan (LTI) and in some instances their STI can be higher than 40%. “When considering your salary package, it’s best to focus on the base package and the short-term incentive,” Stephen Moir says. “Long term incentives are nice to have, but sometimes they are not in the money.”
In 2018 we have seen forward-thinking and commercially-focussed accounting/finance roles become increasingly key to organisations. Therefore, to have part of the salary package at risk and based on agreed performance targets is going to become more common across all salary levels in 2019 and beyond.
More than money
When you’re looking for a new role, avoid being focussed purely on salary. For most people inspiring leadership and a good company culture are equally, if not more, important in terms of job satisfaction and overall wellbeing.
In the past year Moir Group has seen a number of senior people moving roles for similar salary packages or less.“Once you get to a certain point in your career, the amount you earn is only one consideration amongst many important factors,” Stephen Moir says.
Organisations that are well-led generally want to pay people fairly. If that’s not happening, then put your hand up and negotiate the salary you deserve or consider searching for a new job. If you are doing a good job and you are taking on new responsibilities, then most companies won’t want to lose you.
Negotiating the salary you deserve
Do you feel that the value you offer your company is out of step with your salary level? If so, you may be interested to learn about the best ways to negotiate salary during a review. In this article we discuss when you should justifiably ask for a pay rise; the benefits of non-monetary rewards; and go into detail about the ‘5 C’s’ for successful outcomes during tough salary negotiations.
Finance & accounting wages 2018/2019
These salary tables provide information about average wages for accounting and finance professionals. We suggest you should be aiming to sit in the top third of your salary band.
Average salary packages for finance and accounting professionals 2018/2019
|Chief Financial Officer / Financial Director||$250,000||+|
|Transformation Strategy / Project Manager||$180,000||+|
|Head of Tax / Treasury||$180,000||$300,000|
|Head of Financial Planning & Analysis||$180,000||$250,000|
|Head of Audit||$180,000||$250,000|
|Group Financial Controller||$200,000||$300,000|
|Shared Services Manager||$160,000 –||$200,000|
|Procurement Manager||$150,000 –||$250,000|
|Financial Planning & Analyst Manager||$140,000 –||$220,000|
|Financial Controller / Financial Manager||$140,000 –||$250,000|
|Tax / Treasury Manager||$130,000 –||$200,000|
|Payroll Manager||$90,000 –||$150,000|
|Audit / Risk / Compliance Manager||$140,000 –||$200,000|
|Systems Accountant||$80,000 –||$140,000|
|Management Accountant||$80,000 –||$120,000|
|Financial Accountant||$80,000 –||$120,000|
|Accounts Payable Manager||$80,000 –||$120,000|
|Credit Manager||$80,000 –||$110,000|
|Tax / Treasury Accountant||$90,000 –||$120,000|
|Bookkeeper / Company Accountant||$70,000 –||$130,000|
|Procurement Officer||$60,000 –||$90,000|
|Assistant Accountant||$60,000 –||$80,000|
|Accounts Receivable Collections||$55,000 –||$70,000|
|Accounts Payable||$55,000 –||$70,000|
|Payroll Officer||$60,000 –||$80,000|
Salaries are a guide only. Salary packages include superannuation contributions.
Average hourly rates for financial and accounting contractors 2018/2019
|Chief Financial Officer / Financial Director||$1,500||+||per day|
|Transformation Strategy / Project Manager||$1,000||+||per day|
|Head of Tax / Treasury||$1,000 –||$2,000||per day|
|Head of Financial Planning & Analysis||$1,000 –||$1,500||per day|
|Head of Audit||$1,000 –||$1,500||per day|
|Group Financial Controller||$1,200 –||$2,000||per day|
|Project Manager||$1,000 –||$2,000||per day|
|Business Analyst||$600 –||$1,000||per day|
|Shared Services Manager||$125 –||$155||per hour|
|Procurement Manager||$115 –||$200||per hour|
|Financial Planning & Analyst Manager||$110 –||$165||per hour|
|Financial Controller / Financial Manager||$110 –||$180||per hour|
|Tax / Treasury Manager||$100 –||$155||per hour|
|Payroll Manager||$70 –||$115||per hour|
|Audit / Risk / Compliance Manager||$110 –||$155||per hour|
|Systems Accountant||$65 –||$110||per hour|
|Management Accountant||$65 –||$95||per hour|
|Financial Accountant||$65 –||$95||per hour|
|Accounts Payable Manager||$65 –||$95||per hour|
|Credit Manager||$65 –||$85||per hour|
|Tax / Treasury Accountant||$70 –||$95||per hour|
|Bookkeeper / Company Accountant||$55 –||$100||per hour|
|Procurement Officer||$45 –||$70||per hour|
|Assistant Accountant||$45 –||$65||per hour|
|Accounts Receivable Collections||$40 –||$55||per hour|
|Accounts Payable||$40 –||$55||per hour|
|Payroll Officer||$40 –||$65||per hour|
At Moir Group we believe that a satisfying job leads to a fulfilling life. For more advice about finance and accounting sector salaries, or for help in making your next career move call (02) 9262 4836 or browse our latest jobs.