Starting salaries for finance and accounting professionals are expected to rise by 2.1% in 2017, according to the latest salary survey by recruiters Robert Half.
Financial analysts, business advisory managers, accounts receivable managers and management accountants will get the biggest pay rises.
And those finance professionals with well developed IT skills will also be in-demand.
The recruiters say finance professionals can leverage the growing talent shortage to their advantage despite average wage rises running just below 1.9% a year.
The 2017 Robert Half Salary Guide identifies the key finance roles with expected higher pay gains in terms of starting salaries.
Wage growth across the finance sector is steadily above the national average at 2.1% across Brisbane, Melbourne, Perth, and Sydney.
The finance roles set for the highest salary gains in terms of starting salaries are in Brisbane, with the average of salary increases across all finance and accounting jobs at 3.5%, followed by Melbourne at 2.5%.
Salaries in Sydney and Perth are still growing, but slower, with finance roles in Sydney set for an average increase of 1.7% and 0.8% for Perth.
“Our on-the-ground salary research shows optimistic year-on-year salary increases for many functional areas within finance in Brisbane and Melbourne,” says David Jones, senior managing director at Robert Half Asia Pacific.
Here are the top 10 jobs with the biggest gains for starting salaries:
Financial analyst. A minimum of $80,000 and a maximum of $112,000 for 4.2% annual growth. Robert Half says the analysts are highly valuable because of their ability to forecast change. “Given the high demand for this skillset and the challenges to find highly skilled Financial Analysts, their salaries are on average set to receive the biggest rise,” say the recruiters.
Business advisory services assistant manager. A minimum of $82,000 and a maximum of $99,000 for a 4.1% rise. Robert Half says: “These professionals are in high demand in part due to the increase of regulation in the Australian financial services sector, and can expect salary gains in 2017.”
Accounts receivable manager. A minimum of $63,000 and a maximum of $89,000 for a 3.7% rise. Maintaining strong cash flow and reducing debt. Robert Half says: “Senior professionals who are adaptable to change, with a mix of strong communication and technical skills, can expect salary gains for the year ahead.”
Management accountant. A minimum of $77,000 and a maximum of $103,000 for a 3.4% rise. Finding new ways to hit budget. Robert Half says: “Management Accountants who utilise big data to analyse key financial information, and provide their company with commercial insight to ensure future growth and profitability can expect salary gains.”
Financial planning & analysis manager. A minimum of $117,500 and a maximum of $164,000 for a rise of 3.3%. Robert Half says: “Highly skilled financial planning & analysis managers with well-developed technical as well as communication skills are able to negotiate an above-average salary.”
Tax manager. A minimum of $110,000 and a maximum of $156,000 for a 3.2% rise. Tax is becoming complicated. Robert Half says: “This is a crucial role for any organisation and the reason why these professionals can expect above average salary gains.”
Accounting manager/director. A minimum of $113,000 and a maximum of $192,000 for a gain of 3.1%. Digitisation and automation. Robert Half says: “Companies are willing to increase starting salaries for these professionals if they can successfully lead a team, improve performance and the company’s bottom line.”
Commercial manager. A minimum of $120,000 and a maximum of $185,000 for a rise of 3.1%. Driving the bottom line. Robert Half says: “Salaries are set to grow for those that can add value to their organisation by using automation technology to streamline internal processes such as budgeting, forecasting, reporting and analysis of company results.”
Accounts receivable clerk. A minimum of $52,000 and a maximum of $66,000 for a 3% rise. Critical to cash flow. A keen eye for detail needed.
Business advisory services manager/audit manager. A minimum of $94,000 and a maximum of $136,000 for a rise of 3%. Extensive experience in risk management, compliance and internal auditing to meet regulatory guidelines. “As a role that will be in demand over the next 12 months, this is placing upward pressure on salaries,” the recruiter says.