Accounting & Finance 2016 Salary Guide

Dominic Bareham
February 9, 20165 mins read

We are excited to bring you the Morgan McKinley salary survey across Accounting and Finance for 2016. Below we have highlighted some key trends and observations impacting recent recruitment.

Accounting and Finance, Commerce and Industry
The mid to senior level accounting and finance market has been relatively stable. It is a conservative market and the level of turnover at the senior end has been slow. Many businesses have undergone significant restructuring and transformation projects. Companies prefer to find new roles internally for employees who have been affected by these restructures, rather than hire externally.

Newly qualified to manager level professionals are in short supply and companies are keen to retain top performers. There is an abundance of jobs available and professionals often secure multiple offers.

Many businesses, particularly in media and fast moving consumer goods, offshore core accounting functions at the junior level, and there is a focus on upskilling home-grown talent in commercial value-add roles, supporting sales, marketing and supply chain.

Mid to senior accounting and finance positions are still male-dominated. However, companies are focused on keeping women engaged in the workforce and transitioning them back from maternity leave into their previous positions. At the newly qualified to manager level, there is a good gender balance, as they are all mainly young professionals without young families.

The majority of newly qualified to manager level placements are locals, although UK experience and Irish chartered accountants are sought-after. Whilst it is rare for mid to senior level professionals to be sourced internationally, the market is open to expatriates returning home.

As headcount pressures ease, there are an increasing number of permanent positions and this has led to a shortage of professionals in the contract market. Additionally, fewer professionals are arriving from overseas, as Australia no longer offers a tax free threshold for working holiday visas. The bulk of contract positions can be found in projects and change management.

In 2016, salary increases will be conservative. Professionals who demonstrate an ability to communicate effectively with non-finance people are in demand. Those who have a track record in driving growth, profitability and identifying costs savings will be able to command higher salaries.

Professionals with lean six sigma and agile experience are also highly sought-after, as well as individuals who have been involved in transformation roles.

ACCOUNTING & FINANCE SALARIES | COMMERCE & INDUSTRY | PERMANENT (PER ANNUM)

Role NEWLY
QUALIFIED
SENIOR
ACCOUNTANT/
ANALYST
MANAGER SENIOR
MANAGER /
CONTROLLER
DIRECTOR HEAD OF /
GM
Financial Reporting $ 70K- $ 90K $ 90K- $ 120K $ 100k- $ 150k $ 140k- $ 180k $ 160k- $ 220k $ 200k- $ 300k
Corporate / Group Accounting $ 80K- $ 110K $ 100K- $ 125K $ 110k- $ 160k $ 150k- $ 190k $ 160k- $ 250k $ 200k- $ 300k
Management Accounting $ 75K- $ 100K $ 100K- $ 120K $ 110k- $ 160k $ 150k- $ 190k $ 160k- $ 220k $ 200k- $ 300k
Tax Accounting $ 70K- $ 90K $ 90K- $ 120K $ 100k- $ 150k $ 140k- $ 180k $ 160k- $ 220k $ 200k- $ 300k
Treasury Manager $ 70K- $ 90K $ 90K- $ 120K $ 100k- $ 150k $ 140k- $ 200k $ 160k- $ 220k $ 200k- $ 300k
Decision Support / FP&A $ 75K- $ 100K $ 100K- $ 130K $ 120k- $ 170k $ 150k- $ 220k $ 160k- $ 250k $ 200k- $ 300k

ACCOUNTING & FINANCE RATES | COMMERCE & INDUSTRY | CONTRACT (PER DAY)

Role ACCOUNTANT MANAGER SENIOR MANAGER DIRECTOR
Treasury Accounting $ 350- $ 500 $ 500- $ 650 $ 650- $ 800 $ 850- $ 1000+
Financial Accounting $ 350- $ 550 $ 500- $ 700 $ 650- $ 850 $ 850+
Management Accounting $ 350- $ 550 $ 500- $ 700 $ 650- $ 850 $ 850+
Audit $ 350- $ 550 $ 500- $ 600 $ 600- $ 800 $ 850+
Business Analysis $ 350- $ 550 $ 500- $ 650 $ 650- $ 800 $ 850+
Group / Corporate Accounting $ 350- $ 550 $ 550- $ 650 $ 650- $ 800 $ 850+
Systems Accounting $ 400- $ 550 $ 550- $ 650 $ 650- $ 800 $ 850+
Tax Accounting $ 350- $ 550 $ 550- $ 650 $ 650- $ 800 $ 850+
FP&A / Decision Support $ 400- $ 550 $ 550- $ 650 $ 650- $ 850 $ 800- $ 1000+
Project / Change Manager $ 350- $ 550 $ 550- $ 750 $ 650- $ 850 $ 850-$ 1200+


Accounting & Finance, Financial Services
Demand is driven by the economy. Vast amounts of regulatory changes have occurred, and ongoing changes will continue to impact the banks. This is affecting hiring on the contracting side.

There has been considerable focus over the past 5-6 years for accounting and finance teams to develop from record keepers to business finance partners. As a result, banks and financial services firms have been offshoring roles and hiring people with business partnering skills.

The market varies significantly. Demand can shift from high to low very quickly from month to month. When larger financial services firms hire, they remove talent from other organisations and there is a subsequent churn in the market. Conversely, when they are not hiring, there is no rotation in the market.

Up until manager level, there is a good gender balance, but men dominate in senior manager, executive manager, heads of finance and finance director roles. Women start opting out during maternity, or lack the desire to progress to a certain level, as this would require compromises within their personal lives. The ratio of men to women is 50:50 at the junior level and 70:30 at the senior level. Whilst many companies are actively seeking senior women, the current situation is not expected to change in the immediate future.

The vast majority of roles are recruited for locally; only when there is a skills shortage, will companies look internationally. Australia has a shortage of professional accountants, which makes relocation relatively easy for overseas workers with the right skillset.

Banks and financial services institutions are very open to people moving overseas. Many have global operations and will provide international opportunities in order to retain staff.

Salaries are expected to remain stable. However, some major financial services firms have reduced contracting rates, and asked current contractors to take a 10% pay cut. This has increased the number of people in the market.

Permanent salaries have been static but key specialist vacancies have some flexibility.
 
Professionals seeking a higher salary should look at projects and change management, or business partnering. These areas initiate strategy, add value, and steer the direction of company.


ACCOUNTING & FINANCE SALARIES | FINANCIAL SERVICES | PERMANENT (PER ANNUM)

ROLE ANALYST SENIOR
ANALYST
MANAGER SENIOR
MANAGER
DIRECTOR HEAD OF /
GM
Fund Accounting $ 60k- $ 70k $ 70k- $ 80k $ 90k- $ 110k $ 110k- $ 139k $ 160k- $ 200k $ 180k- $ 250+
Financial Accounting $ 65k- $ 80k $ 80k- $ 100k $ 110k- $ 140k $ 135k- $ 170k $ 170k- $ 220k $ 220k- $ 350k+
Corporate Accounting $ 65k- $ 80k $ 80k- $ 100k $ 110k- $ 140k $ 120k- $ 160k $ 180k- $ 220k $ 220k- $ 350k+
Product Control $ 70k- $ 80k $ 80k- $ 100k $ 110k- $ 140k $ 140k- $ 160k $ 180k- $ 220k $ 220k- $ 350k+
Tax $ 70k- $ 80k $ 80k- $ 90k $ 100k- $ 130k $ 130k- $ 160k $ 180k- $ 200k $ 220k- $ 350k+
Systems Accounting $ 70k- $ 80k $ 80k- $ 90k $ 100k- $ 110k $ 120k- $ 140k - -
Management Accounting $ 75k- $ 85k $ 80k- $ 100k $ 100k- $ 130k $ 130k- $ 160k $ 180k- $ 200k $ 220k- $ 350k+
Decision Support $ 75k- $ 85k $ 80k- $ 100k $ 110k- $ 140k $ 130k- $ 190k $ 180k- $ 240k $ 220k- $ 350k+
Treasury Accountant $ 75k- $ 80k $ 80k- $ 100k $ 100k- $ 130k $ 120k- $ 160k $ 180k- $ 200k $ 220k- $ 350k+
Audit $ 75k- $ 80k $ 80k- $ 100k $ 100k- $ 130k $ 130k- $ 170k $ 180k- $ 220k $ 220k- $ 350k+

ACCOUNTING & FINANCE RATES | FINANCIAL SERVICES | CONTRACT (PER DAY)

ROLE ACCOUNTANT MANAGER SENIOR MANAGER DIRECTOR
Fund Accounting $ 300- $ 450 $ 500- $ 650 $ 650- $ 750 $ 850- $ 1000+
Financial Accounting $ 350- $ 500 $ 500- $ 700 $ 650- $ 800 $ 850+
Management Accounting $ 350- $ 500 $ 500- $ 700 $ 650- $ 800 $ 850+
Tax $ 350- $ 450 $ 500- $ 600 $ 600- $ 800 $ 850+
Corporate Accounting $ 400- $ 550 $ 500- $ 650 $ 650- $ 800 $ 850+
Systems Accounting $ 400- $ 500 $ 550- $ 650 $ 650- $ 800 $ 850+
Audit $ 400- $ 600 $ 550- $ 650 $ 650- $ 800 $ 850+
Product Control $ 400- $ 600 $ 550- $ 650 $ 650- $ 800 $ 850+
Business / Financial Analysis $ 450- $ 700 $ 550- $ 650 $ 650- $ 850 $ 800- $ 900
Decision Support $ 450- $ 700 $ 550- $ 700 $ 650- $ 850 $ 750- $ 1000+
Project / Change Manager - $ 550- $ 650 $ 650- $ 800 $ 850- $ 1200+

* The salary guide is based on basic salary exclusive of superannuation.

Dominic Bareham's picture
Director
dbareham@morganmckinley.com

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