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2018 Accounting and Finance in Financial Services Salary Guide | Morgan McKinley

2018 Accounting and Finance in Financial Services Salary Guide

Written by Dominic Bareham
Feb 19, 2018
Submitted by Dominic Bareham on Mon, 02/19/2018 - 05:03

Our 2018 Accounting & Finance Salary Guide offers key recruitment insights and salary ranges for financial services professionals in Sydney.

Contents:
Accounting & Finance Salaries in Financial Services | Accounting & Finance Contract Rates in Financial Services
Commentary on Accounting and Finance Salaries in Financial Services Roles and Remuneration in Australia for 2018

Accounting & Finance Salaries in Financial Services (Per Annum)
Role Analyst Senior Analyst Manager Senior Manager Director Head Of / GM
Fund Accounting $60,000 - $70,000 $70,000 - $80,000 $90,000 - $110,000 $110,000 - $145,000 $160,000 - $200,000 $180,000 - $250,000 +
Financial Reporting $65,000 - $80,000 $80,000 - $100,000 $110,000 - $140,000 $135,000 - $180,000 $170,000 - $220,000 $200,000 - $400,000 +
Regulatory Reporting $65,000 - $80,000 $80,000 - $105,000 $110,000 - $145,000 $140,000 - $180,000 $180,000 - $240,000 $220,000 - $400,000 +
Product Control $70,000 - $80,000 $80,000 - $100,000 $110,000 - $140,000 $140,000 - $180,000 $180,000 - $220,000 $220,000 - $350,000 +
Treasury $70,000 - $80,000 $80,000 - $100,000 $100,000 - $130,000 $130,000 - $160,000 $180,000 - $200,000 $220,000 - $400,000 +
Management Accounting $70,000 - $80,000 $80,000 - $105,000 $100,000 - $130,000 $120,000 - $185,000 $180,000 - $200,000 $220,000 - $400,000 +
Finance Business Partner $75,000 - $85,000 $80,000 - $110,000 $100,000 - $145,000 $130,000 - $185,000 $180,000 - $260,000 $220,000 - $400,000 +
Business Analysis $75,000 - $85,000 $80,000 - $105,000 $110,000 - $140,000 $130,000 - $190,000 n/a n/a
Project / Change Management $75,000 - $80,000 $80,000 - $105,000 $100,000 - $145,000 $120,000 - $160,000 $180,000 - $220,000 $220,000 - $400,000 +
 
Accounting & Finance Contract Rates in Financial Services (Per Day)
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 n/a
Project / Change Management n/a $700 - $800 $800 - $900 $850 - $1200 +
 
Accounting and Finance Salaries in Financial Services Roles and Remuneration in Sydney for 2018

The accounting financial services market had a solid year in 2017. We saw increased job vacancies for eight months out of twelve on the prior year indicating demand for good talent. Reflecting this, we recorded nine months out of twelve where candidate registrations were down on the prior year. This points to shorter supply of good, qualified talent which makes it harder for companies to find the right people, with less accountants actively coming to market.

We’ve found some of the key roles and skills in demand over 2017 have included Financial Planning & Analysis across mid level positions ranging from $90k to $150k, Financial Reporting at all levels and an increased demand for Financial Controllers within small and medium sized businesses. The demand for financial reporting and control has been driven by more SME hiring.

We’ve also found that salary levels have remained steady year on year, however, some of the SME businesses have been more aggressive on their bonuses than larger companies, which has prompted an interest in SME businesses when talking to people searching for new roles. In particular, FinTech companies have been actively hiring, often successfully luring people from large corporates with the promise of bonus potential, work life balance and a move away from the typical ‘corporate’ environment. This career move can often be very rewarding, but can also require a lot of hard work, as these smaller companies don’t typically have the support and money of the larger corporates. 

We find the majority of hiring managers we work with like to recruit from the local market, preferring to meet and shake hands with any potential employees. This can make it hard for people to secure a role in Australia before actually moving here. To work with this preference, we’ve had a lot of success with people holidaying here prior to moving, allocating some time to attend interviews which can often be arranged over a couple of days, to meet a range of companies and hiring managers. The exception is hard to find skill sets or senior positions where international hiring is accepted as the only way to secure the best people.

With the Royal Commission and ever increasing regulation ahead it’s hard to forecast the job market for 2018 in financial services. There is potential we’ll see demand increase for staff to cope with the increased scrutiny, however the majority of large companies are looking for further cost savings to satisfy ‘the market’, which often requires cutting headcount. Another interesting year ahead for the finance market in Australia, as we continue to see that past trends don’t always predict the future and we increasingly find that we are not alone in this predicament.