There’s no shortage of employment information for finance professionals in Australia. In fact, the vast quantity of information available can make researching the sector daunting.
Not to fear. Below we present the key career takeaways from 2012 salary surveys by recruitment companies Hays, Michael Page and Hudson.
What's up, what's down?
According to Hays, 9 per cent of financial services employers did not increase salaries in 2011, 30 per cent increased salaries by less than 3 per cent, while 51 per cent increased salaries between 3 and 6 per cent. The remaining 10 per cent increased salaries by more than 6 per cent.
The sector’s salary growth is encouraging when you consider the current global employment picture. According to Hudson, “salaries are rising: the majority of employers (67.7 per cent) increased base salaries between 2 and 4 per cent in 2011, and similar levels of increase are forecast for 2012”.
Michael Page’s research corroborates these findings, with 91 per cent of its respondents reporting a 2 to 6 per cent salary increase in 2011. The median increase was between 3 and 4 per cent.
This year, according to Hays, 10 per cent of financial services employers expect to keep salaries static, 42 per cent envisage raising wages by less than 3 per cent, 43 per cent envisage raising salaries between 3 and 6 per cent, with the remaining 5 per cent expecting to raise salaries somewhere between 6 and 10 per cent.
Though Hays acknowledges that a lot of qualified accountants did not see large salary increases last year, it also notes that specialised candidates, including management accountants, financial reporting specialists, tax specialists, financial controller and cost analysts, reaped benefits.
Australian salary expectations
Figures are from the 2012 Hays Salary Guide and are indicative of roles within companies with a turnover between A$50 million and A$150 million.
For more details click here.
Major changes to wages in Australia’s metropolises (Hudson)
Figures are from Hudson’s Salary & Employment Insights 2012.
Commerce and industry
Canberra’s annual base salary has increased 9.54 per cent in the last year; Melbourne has increased 9.54 per cent. Sydney was the only drop with a decrease of 7.19 per cent
Professional practice
Canberra’s annual base salary in this sector increased 9.21 per cent in the last year; Sydney increased 6.94 per cent.
Banking and financial services
Canberra’s annual base salary increase 9.27 per cent in the last year in the banking and financial services area; Sydney decreased by 1.61 per cent.
For full national figures click here.
Roles in demand
It helps to be a person in demand. According to Hays, skill shortages in the accountancy and finance sector are up 4 per cent on last year. Hudson acknowledged a strong need for financial modelling skills in the sector, stating: “People with strong modelling capability who are able to communicate results to non-financial individuals are in short supply. Employees with this combination of skills can now command salaries of up to A$140k.”
In-demand roles on recruiter’s radars in 2012:
- Management accountant
- Business analyst
- Financial planning and analysis management
- Reporting specialists
- Credit controllers
- Specialist tax and corporate advisory professionals
- Entry-level auditors
- Senior recovery specialists
- Public sector technical management accountants
- Change management specialists
- Cost controllers
- Specialist CFOs
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