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2018 Accounting and Finance in Commerce and Industry Salary Guide

Accounting and Finance Salary Guide

Written by Ripesh Damania
Feb 19, 2018
Submitted by Ripesh Damania on Mon, 02/19/2018 - 05:42

Our 2018 Accounting & Finance Salary Guide offers key recruitment insights and salary ranges for commerce & industry (C&I) professionals in Sydney.

Contents:
Accounting & Finance Salaries in Commerce & Industry | Accounting & Finance Contract Rates in Commerce & Industry
Commentary on Perm C&I Roles and Remuneration | Commentary on C&I Contract Rates

Accounting & Finance Salaries in Commerce & Industry (Per Annum Ex. Super)

Role Newly Qualified Senior Accountant / Analyst Manager Senior Manager / Controller Director Head Of / GM
Financial Reporting $80,000 - $110,000 $90,000 - $120,000 $100,000 - $150,000 $140,000 - $180,000 $160,000 - $220,000 $200,000 - $300,000
Corporate / Group Accounting $80,000 - $110,000 $100,000 - $125,000 $110,000 - $160,000 $150,000 - $190,000 $160,000 - $250,000 $200,000 - $300,000
Management Accounting $75,000 - $100,000 $100,000 - $120,000 $110,000 - $160,000 $150,000 - $190,000 $160,000 - $220,000 $200,000 - $300,000
Tax Accounting $70,000 - $90,000 $90,000 - $120,000 $100,000 - $150,000 $140,000 - $180,000 $160,000 - $220,000 $200,000 - $300,000
Treasury Manager $70,000 - $90,000 $90,000 - $120,000 $100,000 - $150,000 $140,000 - $200,000 $160,000 - $220,000 $200,000 - $300,000
Decision Support / FP&A $75,000 - $100,000 $100,000 - $130,000 $120,000 - $170,000 $150,000 - $220,000 $160,000 - $250,000 $200,000 - $300,000

Accounting and Finance in C&I Roles and Remuneration in Sydney for 2018

The past twelve months have shown the landscape of Finance in Australia remain as tumultuous as 2015/2016, if not more so. The pending entry of Amazon to the Australian market has seen many FMCG and Retail businesses re-assess their commercial finance teams and strategy. Start-ups and SMEs across the industries continue to drive Agile change and increased competition against the larger companies who have held market share for years. New road, rail and transport plans across NSW have continued to drive infrastructure, rail and engineering industries strongly through the year and they have increased their need for both permanent and contract head count as mid- and long-term projects are signed off.
 
That is not to say it is without its challenges however; as there is a continued development in the face of Finance and its representation within a business, there has been an increased need for candidates to build a truly commercial skill set and be able to add value to both finance and non-finance stakeholders. We are also seeing a growing trend for companies wanting Big 4 second or third movers with strong technical backgrounds. With the Big 4 profile always high in demand, and many of these individual on track for internal progression and promotions, it has proved harder to attract them to external opportunities. Equally we’ve seen a lack of technically strong Senior Accountants moving actively ,that can liaise with Senior Stakeholders and take ownership of both Financial and Management Reporting.
 
This year we have seen internal talent teams really ramp up their search strategies and increase their capabilities and in-house support networks to encourage successful direct recruitment methods. We have found this often only attracts active job seekers and can limit access to the passive candidates that are not regularly on job boards and applying for positions. This has really allowed us to utilise our networks and leverage our relationships with existing candidates and longer-term connections to add a lot of value to our key clients, especially within the permanent space where top talent is often latent within the market.
 
We have seen some challenges with the recent changes in the Australian Visa systems, which has heralded a drop in the number of international candidates looking to make the move to Australia, but the strongest impact of that has fallen on the contract and temporary markets. For technical roles in the finance space, a local knowledge is always highly desirable, especially for financial reporting and tax positions, and with the recent IFRS changes we have seen a desire for candidates with very recent and up to date technically Financial reporting standards too. This is more lenient in the commercial space, where the skills can be more easily transferred into the local market and often experience from the UK or US can prove a useful tool to providing innovative or out-of-the-box commercial insights.
 
Overall the market has remained buoyant and we expect to see it continuing to grow and develop as there are new positions being created as hybrids between Commercial, Finance, IT, Strategy and other key areas of the business. With systems and processes being developed as rapidly as they are in this current climate, new roles and titles are being created daily, allowing permanent opportunities in interesting and exciting careers paths to tempt permanent candidates to take the plunge into a new position. We expect to see salary banding remain fairly consistent with last year, although, as always, top tier and in-demand candidates will command the upper section of each band, forcing companies to pay premium for the opportunity to obtain the skill set they desire.

 

Accounting & Finance Contract Rates in Commerce & Industry (Per Day Ex. Super)

Role Accountant Manager Senior Manager Director
Treasury Accounting $360 - $550 $550 - $650 $650 - $850 $850 - $1000 +
Financial Accounting $370 - $550 $550 - $750 $650 - $850 $850 +
Management Accounting $370 - $550 $550 - $750 $650 - $850 $850 +
Audit $370 - $550 $550 - $600 $600 - $800 $800 +
Business Analysis $370 - $550 $550 - $650 $650 - $850 $850 +
Group / Corporate Accounting $370 - $550 $550 - $650 $650 - $850 $850 +
Systems Accounting $400 - $550 $550 - $650 $650 - $850 $850 +
Tax Accounting $360 - $500 $500 - $650 $650 - $850 $850 +
FP&A / Decision Support $420 - $550 $550 - $650 $650 - $800 $800 +
Project / Change Manager $400 - $550 $550 - $750 $650 - $850 $850 +
 

Accounting and Finance in C&I Roles and Contract Rates in Sydney 2018

As we saw last year, inhibiting growth factors in the Commerce and Industry finance space tend to focus around cost efficiency, and as a result of off-shoring or outsourcing. What this means is more of the ‘traditional’ contract finance roles such as Financial Accountants around half year, year end, statutory reporting, taxation etc, are no longer a reliable way to predict the ebb and flow of the market’s movements. This can be seen as an advantage too though as it also means companies are freeing up more capital to spend on commercial finance roles, process improvements, transformations and value add projects that improve their bottom line.
 
Thankfully for the contract market, the trend we saw beginning last year; a preference of contractors over permanent headcount in certain spaces, especially on a project basis, is still growing. Whilst companies cut down on spend and drive cost efficiencies, contractors can be seen as adding value without the need to invest large amounts of time and money developing permanent staff to provide the same results.
 
As always we see challenges for recruiting specifically contract and temporary resources – the most common begin the demand for skill sets that are often hard to find in immediately available candidates. As clients push the boundaries of what they want from a contractor, there is a high demand for top quality candidates who, when they are available, are off the market again very quickly. The speed of the job process is therefore more critical than ever when a vacancy arises. Processes that have multiple interview stages (often associated with permanent recruitment) or lack of consistent, fast-paced communication between client and recruiter, can often result in the best candidates going elsewhere.

A new issue has arisen within the contract industry at large in Australia this year - the abolition of the 457 Visa for work sponsored residency. With this abolition and the replacement of it with the Medium and Long-Term Strategic Skills List (MLTSSL) or the Short-Term Skilled Occupation List (STSOL) we are seeing a huge limitation on Working Holiday Visa candidates who had the potential for growth and development in a company at the end of their 6 months work limitation by the possibility of sponsorship. This has been increasingly damaging for contractors who have only 3-4 months left on their visas and not enough points to apply for independent PR, as well as limiting companies who can no longer support the sponsorship processes.

We are continuing to support our overseas and international candidates through this drastic change, as it has definitely been the most surprising change of the past year. For candidates it now means they have to be performing at the top of their game, if given the chance to work on a six month contract, so they can highlight their worth to gain sponsorship, or look into alternative means of staying longer term, such as independently sponsored permanent residency visas.

The market overall has moved upwards very positively though, with the increase of heavy industry work across roads, transport and rail encouraging newly created project-based positions across areas of both technical and commercial finance. Additionally in the Retail and FMCG spaces, commercial strategy and finance hybrid roles are becoming popular to try and implement new and innovative marketing ideas with the presence of Amazon soon arriving in Australia. Across the board we see these hybrid commercial positions creating exciting contract opportunities, as well as Agile and Transformations projects encouraging candidates who wish to broaden their skill sets to take on new and fulfilling positions within major companies.

We are still waiting for the market norm of salaries to rise suitably to fit the increased demand for stronger and more complex skill sets. What we have seen this year is that he spike in the market salaries has grown, but many companies are still insisting on benchmarking salaries for new roles from within. This is particularly tough for daily and hourly rate contractors with a higher price point than permanent candidates in similar roles. Clients are slowly being educated that these price points are raised due to their unique abilities to hit the ground running and provide varied, cutting-edge solutions. Therefore it is unfair to compare salaries to employees who have been receiving standard FTE salaries inclusive of all benefits, additional remunerations and bonuses, sick days and holiday that get accrued with it. 

Salaries are predicted to rise again this year as companies begin to understand the need to pay higher daily rates to encourage retention from staff that come with a higher risk due to shorter notice periods and less lock-in than FTE staff. Overall we feel this year will be very positive and look forward to seeing how the market develops and what new ideas and roles are created across the board.