With the release of our recent Sydney Accounting Salary and Market Report, we wanted to share our insights into the data to give you a snapshot of the Sydney Accounting sector. One of the key areas of focus was salary increases and what senior Accounting professionals had experienced in the past 12 months.
A Significant Increase
Senior Accounting professionals will have seen a significant salary increase this year, with our report showing that salaries across CFO, Finance Director, and Financial Controller roles having increased by 11% on last year. On average, Accounting professionals in those senior roles receive a median base salary of $175,000 annually.
The increase in salaries at this level reflects the demand we’re seeing in the market for skilled, experienced accounting professionals. Organisations want to attract the top people as well as retaining their existing high performers, which naturally drives salaries up.
The survey also uncovered trends in regards to company size, which showed that working for a smaller organisation can actually be more lucrative for a Senior Accounting professional than a mid-sized one.
One trend we noticed was that, at the higher end, smaller organisations with a turnover of up to $100m were willing to pay more than those in the mid-range of up to $300m annual turnover. This is likely down to the wider scope that Accounting and Finance executives often have in smaller organisations, in addition to the fact that smaller companies generally have to do more to attract people.
It’s Not Just About the Money
However, while salaries may be increasing, it is rarely the main lure for Senior Accounting professionals who are considering a new role. We asked all of our respondents about the minimum pay increase they would seek in a new role and most told us that they weren’t necessarily looking for an increase in salary.
People wanted work/life balance and a great company culture, as well as opportunities to make an impact in environments that prioritised strong communication and transparency.
Whilst the salaries of senior Accounting professionals have shown significant increases since our last survey, it is clear from our findings that money doesn’t buy happiness in the Sydney Accounting sector.
For more insights into this topic, click here to request a copy of the 2018 Richard Lloyd Sydney Accounting Salary Report. Inside you’ll find a deeper investigation into the impact of automation, as well as a range of other Sydney-specific Accounting sector insights.