Group financial controllers play a vital role in organizations across Australia. They are responsible for overseeing the financial operations and health of companies, ensuring proper financial controls and procedures are in place, managing budgets, producing financial reports, and providing strategic guidance on financial matters. Given the importance of their function, group financial controllers are generally well compensated. However, their salaries can vary depending on factors like location, industry, experience level, and company size. This article will provide an in-depth look at group financial controller salaries in Australia.
Average Salary
According to PayScale data, the average base salary for group financial controllers in Australia is AU$117,718 per year. With bonuses and other compensation added in, total pay can range from AU$95,784 on the low end up to AU$165,859 on the high end. The median total pay, meaning the midpoint of the range, comes out to AU$130,487 annually. This provides a good baseline for understanding group financial controller pay in Australia. However, keep in mind salaries can fluctuate quite a bit based on specific roles and organizations.
Starting vs Experienced Salaries
Not surprisingly, group financial controllers tend to earn more as they gain experience and progress in their careers. Entry level controllers just starting out have an average base pay of AU$91,365. After five years on the job, base salaries increase to around AU$105,817 on average. Those with 10-20 years experience see their base jump to approximately AU$122,321. Late career controllers who have over 20 years under their belt have an average base pay of AU$135,825. While starting salaries are quite healthy, the earning potential is clearly much higher for experienced group financial controllers in Australia.
By Location
Location is one of the biggest factors influencing group financial controller salaries in Australia. Not surprisingly, pay tends to be highest in major metropolitan areas compared to regional and rural locations. Here is a breakdown of average salaries by city:
City | Average Base Salary |
---|---|
Sydney | AU$125,791 |
Melbourne | AU$122,482 |
Brisbane | AU$116,536 |
Perth | AU$112,357 |
Adelaide | AU$107,685 |
As you can see, Sydney and Melbourne offer the highest pay at over AU$120,000 on average. Perth and Adelaide have lower averages under AU$115,000. Brisbane falls in the middle at around AU$116,500. Capital cities and other major metro areas tend to pay more due to higher costs of living and increased competition for talent. Those willing to work in regional areas may be able to negotiate higher pay due to difficulty filling roles outside major cities.
By Industry
The industry also impacts average salaries for group financial controllers in Australia. Industries that tend to pay higher include:
- Mining – AU$140,358
- Banking and finance – AU$130,247
- Information technology – AU$128,426
- Construction – AU$123,615
Lower paying industries include:
- Health care – AU$105,872
- Education – AU$102,643
- Retail – AU$98,215
- Hospitality – AU$94,307
The highest salaries are in male-dominated industries like mining, IT, and construction where competition for skilled talent is fierce. Education, healthcare, retail, and hospitality pay below market rates on average.
By Company Size
Larger companies tend to offer higher compensation to group financial controllers compared to small or midsize organizations:
Company Size | Average Base Salary |
---|---|
Large (over 1,000 employees) | AU$128,564 |
Midsize (100-1,000 employees) | AU$118,392 |
Small (under 100 employees) | AU$108,615 |
The average base pay at large companies exceeds AU$128,000. Midsize companies still pay nicely at around AU$118,000. Smaller businesses offer under AU$110,000 for group financial controllers on average. Professionals may need to weigh factors like job scope, work culture, and advancement opportunities along with salary when considering company size.
Factors That Influence Salary
Aside from location, industry, and company size, several other factors play a role in determining salaries for group financial controllers in Australia:
- Education and qualifications – Those holding master’s degrees or CPAs tend to earn higher salaries than controllers with just a bachelor’s degree.
- Specialized expertise – Knowledge of tax, treasury, M&A, FP&A, etc. boosts pay potential.
- Leadership role – Controllers managing teams and overseeing multiple locations earn more.
- Scope and seniority – Salary increases with the size of team and budget managed.
- High demand skills – Certain tech skills like advanced Excel, analytics, and ERPs lift pay.
- Reputation of employer – Well-known, prestigious employers tend to offer higher salaries.
Beyond negotiating based on these factors, group financial controllers can boost earnings by pursuing promotions to higher positions like Chief Financial Officer over the course of their career.
Job Satisfaction
Beyond competitive salaries, group financial controllers in Australia enjoy above average job satisfaction. According to PayScale, they rate their overall satisfaction a 3.9 out of 5 on average. Key factors driving satisfaction include:
- High compensation
- Good work-life balance
- Opportunity to use skills
- Ability to solve problems
- Career advancement prospects
Dissatisfiers include stressful deadlines, lack of input into strategy, excessive routine tasks, and antiquated systems at some organizations. However, most controllers feel their pay and responsibilities are well matched and find the work challenging yet rewarding overall.
Job Outlook
The job outlook for group financial controllers is quite strong in Australia. According to Government projections, roles for finance managers and controllers will grow by 7.1% over the next five years through 2024. That is faster than average job growth across all occupations. Demand is being driven by steady economic expansion, globalization, stricter standards for financial reporting and controls, and increased reliance on data analytics. Qualified controllers with the right mix of technical and leadership skills should see excellent opportunities.
Conclusion
In summary, group financial controllers in Australia earn attractive salaries ranging from AU$95,000 to AU$165,000, with total compensation most commonly around AU$130,000. Pay varies by location, industry, company size, and skills/experience. Job satisfaction remains high due to good work-life balance, problem solving, and career growth potential. With demand growing faster than average, the future looks bright for qualified professionals in this field. Those interested should focus on developing the right mix of technical finance, leadership, strategic, and communication abilities. With sound expertise and qualifications, group financial controllers can look forward to rewarding, in-demand careers.