Accounting & Finance Salaries in Financial Services

Dominic Bareham
February 22, 20173 mins read

Our 2017 Salary Guide offers key recruitment insights within the Financial Services division of Accounting and Finance, covering permanent salaries and contract rates across the Australian market.

Contents:

Accounting & Finance Salaries in Financial Services | Accounting & Finance Contract Rates in Financial Services

Commentary on Accounting & Finance in Financial Services

* All salaries quoted exclude superannuation 

Accounting & Finance Salaries in Financial Services

Role Analyst Senior Analyst Manager Senior Manager Director Heaf Of / GM
Fund Accounting $60,000 - $70,000 $70,000 - $80,000 $90,000 - $110,000 $110,000 - $139,000 $160,000 - $200,000 $180,000 - $250,000 +
Financial Reporting $65,000 - $80,000 $80,000 - $100,000 $110,000 - $140,000 $135,000 - $170,000 $170,000 - $220,000 $220,000 - $350,000 +
Regulatory Reporting $65,000 - $80,000 $80,000 - $105,000 $110,000 - $145,000 $140,000 - $180,000 $180,000 - $240,000 $230,000 - $400,000 +
Product Control $70,000 - $80,000 $80,000 - $100,000 $110,000 - $140,000 $140,000 - $160,000 $180,000 - $220,000 $220,000 - $350,000 +
Treasury $70,000 - $80,000 $80,000 - $90,000 $100,000 - $130,000 $130,000 - $160,000 $180,000 - $200,000 $220,000 - $350,000 +
Management Accounting $70,000 - $80,000 $80,000 - $90,000 $100,000 - $110,000 $120,000 - $140,000 $180,000 - $200,000 -
Finance Business Partner $75,000 - $85,000 $80,000 - $100,000 $100,000 - $130,000 $130,000 - $160,000 $180,000 - $260,000 $220,000 - $350,000 +
Business Analysis $75,000 - $85,000 $80,000 - $100,000 $110,000 - $140,000 $130,000 - $190,000 - $250,000 - $450,000 +
Project / Change Management $75,000 - $80,000 $80,000 - $100,000 $100,000 - $130,000 $120,000 - $160,000 $180,000 - $220,000 $220,000 - $350,000 +

Accounting & Finance Contract Rates in Financial Services

Role Accountant Manager Senior Manager Director
Fund Accounting $300 - $450 $500 - $650 $650 - $750 $850 +
Financial Reporting $350 - $500 $500 - $700 $650 - $800 $850 +
Regulatory Reporting $350 - $500 $500 - $700 $650 - $800 $900 +
Product Control $400 - $600 $550 - $650 $650 - $800 $900 +
Treasury $400 - $550 $500 - $650 $650 - $800 $850 +
Management Accounting $350 - $500 $500 - $700 $650 - $800 $850 +
Finance Business Partner $400 - $600 $550 - $650 $650 - $800 $850 +
Business Analysis $600 - $750 $700 - $800 $800 - $900 -
Project / Change Management   $700 - $800 $800 - $900 $850 - $1200 +

* All salaries quoted exclude superannuation 

Commentary on Accounting & Finance in Financial Services Roles and Remuneration in Australia for 2017

2016 was a busy year in the accounting financial services sector, with high levels of hiring in the first half, a relatively slow recovery after June year end, with a solid finish to the year. Looking toward 2017 we see some challenging conditions for the industry in Australia. Investment banking and wealth management are under continued pressure for return on investment / capital and profitability. Retail and business banking are mostly flat growth markets, with the majors continuing to vie for market share. The industry faces continued regulatory change and competition is increasing through a range of new FinTechs joining the market. Within this environment most large financial services companies will be looking to drive increased productivity and cost saving initiatives, which unfortunately often include headcount restrictions.

This will, however, be countered by the rise of the FinTech startups, who are actively hiring with a focus on forward-thinking talent, providing genuine alternative career options in the SME market for financial services candidates for the first time in Australia. This will drive an increase in competition for talent as these businesses often offer a very different working environment akin to tech firms like Google and Linkedin.

Overall changes have been minimal to the candidates we see in this financial services market, with a fairly even split between male and female applicants across all shortlists, and an increased focus like most other industries to drive female hires into senior roles. In addition, the retention rate for candidates on-shore has continued, with companies preferring to target local talent, only really opening to the possibility of returning / arriving candidates when faced with a particularly challenging role.

There has been an increase though in the opportunities overseas for Australian citizens, with people moving across Asia, the US and, as always, the UK. Returning Australian citizens with UK financial services experience continues to be a highly regarded career profile in the market. 

In conclusion, it is difficult to foresee a large increase in salaries this year. Indeed, we are finding that people are more flexible around their own salary expectation in order to find the right role, organisation and culture. People, on average, are willing to sacrifice 10-20% of their target salary to achieve more of their nonfinancial wish list, including more flexibility, top tier office environments, health and wellness perks, location and more.

Dominic Bareham's picture
Director
dbareham@morganmckinley.com

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