With most of Australia’s wages stagnating, financial sector wages are actually growing. With many financial organisations currently undergoing transformation, this is good news for job seekers. As there is employment demand and wage growth. The demand for professionals is growing in financial organisations. But there is a limited talent pool – this is great for you if you studied, or are going to study finance at uni. Professionals in high demand are those with business transformation experience using digital disruption. Fintech is the way of the future (which we all knew anyway, right?). Here are some of the highest paying jobs in Australia’s financial sector.
Chief Financial Officer
A chief financial officer (CFO) supervises the finances of an organisation. They are responsible for financial reporting such as reconciliations, profit and loss, corporate governance, processing journals, balance sheets and statutory reporting. A CFO must also have tax knowledge and keep up with the latest Australian tax changes. They need to ensure the organisation operates within Australian law. They lead the finance department and ensure all work complies with company policies and Australian law.
You need a bachelor’s degree in finance and a minimum of a year’s experience to work as a CFO.
$96,762 – $246,289
Financial Planning and Analysis Manager
Financial planning and analysis (FP&A) managers are in high demand. Australian companies are focusing on growth and need to plan for the future. These experts combine their economics and accounting expertise to analyse company financial data. They look at the medium to long-term strategy to make financial forecasts. FP&As review and approve budgets and create cash flow projections to support an organisation’s business plans.
You need strong analytical and communication skills for this position as well as degree qualifications as a CA or CPA.
$96,354 – AU$157,654
Tax managers are in high demand with changing, complex tax regulations in Australia. They have an important role to ensure a business complies with tax legislation. They must be highly skilled and be able to identify cost savings for the organisation.
A tax manager has a CPA qualification and is responsible for preparing and filing the taxes for the business. They also complete company taxes with accuracy and identify tax deductions while minimising the risk of an audit. Tax managers also get involved with mergers. internal public offerings and acquisitions to document them for tax purposes.
They also supervise staff and have a good working knowledge of accounting software.
$84,472 – $157,357
A financial analyst has strong financial and business management skills. They have the ability to analyse the finances of business and provide information for business management. Financial analysts use historical data to create financial forecast reports. They prepare information about costs, budgets, revenue, operating profits and other key financial data to help set business strategies in place.
You need to hold a CA/CPA qualification and need strong networking skills. They also need good communication skills. You will need translate financial data for people from non-financial backgrounds to understand.
$90,000 – 150,000
Business Advisory Services Manager
A business advisory services manager supervises a company’s investment and financial plans. Their role is to give sound financial advice and offer financial strategies to meet growth targets. They analyse the company’s financial statements to offer advice about future investment and marketing opportunities. This role requires strong communications skills to interact with other employees. They must also be able to interpret information into a format other staff understand. You will require a bachelor’s degree in a business area with 4 years’ experience working in the field to work in this position.
$74,726 – AU$135,238
Management accountants are in high demand as companies strive to do more with less to hit growth targets. A management accountant uses data to analyse the company’s financial position. They use the results to provide insight into the commercial market for upper management to make decisions. With expert financial skills, they also present financial data in a format that offers solutions to management level challenges. A management accountant does budgeting, cost accounting, is an expert strategic planner as well as a leader. You require management accountant certification as well as an accounting or business degree. You also need several years’ experience to work in this position.
$57,756 – $104,434
Accounts Receivable Manager
Accounts receivable is a crucial function of any organisation. Its purpose is cash flow and debt reduction. This is the job of an accounts receivable (AR) manager. They work with a team to supervise the accounts functions of a company. It is their responsibility to determine credit worthiness of customers, collect bad debts, coordinate billing and credit tasks, and handle any billing disputes.
You will need an associate’s degree in bookkeeping, accounting, business or a similar area. An AR manager also needs at least 5 years’ experience working in an accounts receivable environment.
$43,714 – $77,371
Auditing managers supervise the auditors in the organisation. An auditing manager may ensure all financial transactions are in accordance with company policies and procedures. They may also oversee the behaviour of staff to ensure their work practises do not put the company at risk. Auditing managers record all company finances to ensure an accurate record and that money does not go missing. Some may also be responsible for invoicing and creating budgets.
You will need good communication skills, attention to detail and an unflappable nature to work in this high stress job. Auditing managers have at least a bachelor’s degree in accounting and professional experience.
$77,017 – $117,649
These are just a few of the highest paying finance jobs in Australia. Do you have an interest or experience in any of these areas? Now is a great time to be looking at finance. Especially if you have an interest and experience in technology and using it to disrupt the industry. Or, plan to study in these areas as they will continue to grow as technology evolves well into the future.
There are a tonne of jobs in the finance sector. With professional development and experience you can even work your way up from these into some of the top paying jobs. Maybe you should start asking for more training! Be proactive and seek out opportunities for development and growth. It could pay off pretty well in the end!