Finance Managers

ANZSCO ID 1322

Overview

Snapshot

Employed
74,300
Future Growth
11.7%
Weekly Earnings
$3,225
Full-Time Share
86%
Female Share
46%
Average age
45

Summary

Finance Managers plan, organise, direct, control and coordinate the financial and accounting activities within organisations.

Also known as: Chief Financial Officer, Finance Director, or Financial Controller.

Specialisations: Financial Administrator.

A university degree in business, commerce or accounting is usually needed to work as a Finance Manager.

Tasks

  • determining, implementing, monitoring, reviewing and evaluating budgetary and accounting strategies, policies and plans in consultation with other Managers

  • providing financial information and interpreting the implications for business performance and funding needs

  • coordinating the development, implementation and monitoring of accounting systems

  • directing the preparation of financial reports summarising and forecasting the organisation's financial position such as income statements, balance sheets and analyses of future earnings and income

  • assessing capital finance proposals and the financial status of operational projects

  • advising on investment strategies, sources of funds and the distribution of earnings

  • delivering long range profit forecasts, budgeting and financial reporting

  • ensuring compliance with financial legislation and standards

Characteristics

Job Type
Managers
Skill Level
Very high skill
ANZSCO Occupation group
Unemployment Rate
Average
Industries
Pathway(s)
  • University
Interests
  • Administrative
  • Enterprising
Physical Demand
  • Sedentary

Outlook

Employment Outlook

JSA produces employment projections to show where likely future job opportunities may be. The latest data are for the five years from November 2021 to November 2026. Over this period, the number of workers:

  • is expected to grow strongly
  • is likely to reach 81,500 by 2026.
  • Source: Jobs and Skills Australia Employment Projections to 2026.

    Notes: The number employed includes people who work in this occupation as their main job. People who work in more than one job are counted against the occupation they work the most hours in.

    Employment projections figures are rounded to the nearest 100. Calculations based on these rounded figures may result in differences to the numbers that are displayed on this page. Employment projections data (including occupations) can be downloaded from the Employment Projections page.

Projected Change
11.7%
(or 8,500 jobs)
From
73,000
in 2021
To
81,500
in 2026

Number of Workers

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and Jobs and Skills Australia Employment Projections to 2026.
Year Employment
2011 56,200
2012 44,400
2013 46,000
2014 49,600
2015 65,200
2016 54,200
2017 57,400
2018 55,000
2019 61,600
2020 65,200
2021 73,000
2026 81,500

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and Jobs and Skills Australia Employment Projections to 2026.


Earnings and hours

Working arrangements

  • Around 86% of people employed as Finance Managers work full-time hours, in all their jobs combined. This is 20 percentage points above the all jobs average (66%).

    Full-time workers work an average of 46 hours per week in their main job. This is similar to the all jobs average (44 hours per week).

    More than half of workers regularly work overtime or extra hours (either paid or unpaid).

    Median full-time earnings are $3,225 per week, this is much higher than the all jobs median ($1,593):

    • 3 in 4 workers earn more than $2,365
    • 1 in 4 earn more than $4,234

    Median hourly earnings are $87, this is much more than the all jobs median ($41 per hour).

    Sources: Full-time share and full-time hours: ABS, 2016 Census, customised report. Compared to the all jobs average. Overtime hours: ABS, Characteristics of Employment, 2021. Full-time median earnings and median hourly earnings: ABS, Survey of Employee Earnings and Hours, May 2021. Compared to all jobs median.

Weekly Earnings (Before Tax)

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.
Earnings Finance Managers All Jobs Average
Full-Time Earnings 3,225 1,593
Total Earnings 0 0

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.


Industries

Main industries

1
Financial and Insurance Services
20.3%
2
Professional, Scientific and Technical Services
12.8%
3
Public Administration and Safety
9.4%
4
Construction
7.8%
5
Other industries
49.8%

Regions

Employment across Australia

NSW

39.0% All occupations: 31.6%

VIC

26.8% All occupations: 25.6%

QLD

14.7% All occupations: 20.0%

SA

5.5% All occupations: 7.0%

WA

9.2% All occupations: 10.8%

TAS

1.2% All occupations: 2.0%

NT

0.8% All occupations: 1.0%

ACT

2.8% All occupations: 1.9%

Employment by State and Territory (% Share)

State Finance Managers All Jobs Average
NSW 39.0 31.6
VIC 26.8 25.6
QLD 14.7 20.0
SA 5.5 7.0
WA 9.2 10.8
TAS 1.2 2.0
NT 0.8 1.0
ACT 2.8 1.9



Worker profile

Age and gender

Age In Years
45
All Jobs Average is 40
Female Share
46%
All Jobs Average is 48%
  • The median age of Finance Managers is 45 years. This is higher than the all jobs average of 40 years.

    A large share of workers are aged 35 to 44 years.

    Females make up 46% of the workforce. This is similar to the all jobs average of 48%.

    Source: Based on ABS Census 2016, Customised Report. Age profile and gender share compared to the all jobs average.

Age Profile (% Share)

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
Age Bracket Finance Managers All Jobs Average
15-19 0.0 5.0
20-24 0.6 9.3
25-34 15.5 22.9
35-44 33.9 22.0
45-54 30.9 21.6
55-59 9.9 9.0
60-64 5.5 6.0
65 and Over 3.7 4.2
Median Age 45 40

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.


Employment Pathways

Education, training and experience

A university degree in business, commerce or accounting is usually needed to work as a Finance Manager.

Visit

  • Course Seeker to search and compare higher education courses.
  • ComparED to compare undergraduate and postgraduate student experiences and outcomes.
  • My Skills to compare Vocational Education and Training (VET) courses, providers and student outcomes.
  • AAPathways website to explore Financial Services VET training pathways.

Highest Level of Education (% Share)

Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.
Type of Qualification Finance Managers All Jobs Average
Post Graduate/Graduate Diploma or Graduate Certificate 23.5 10.1
Bachelor degree 48.5 21.8
Advanced Diploma/Diploma 10.9 11.6
Certificate III/IV 4.1 21.1
Year 12 8.3 18.1
Year 11 1.7 4.8
Year 10 and below 2.8 12.5

Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.


Skills and Knowledge

Employers look for Finance Managers who can communicate clearly, have strong interpersonal skills and pay attention to detail.

Skills

Skills can be improved through training or experience.

  • 75%

    Management of financial resources

    Figuring out how money is needed to do something, and keeping track of the money that's being spent.

  • 64%

    Critical thinking

    Thinking about the pros and cons of different ways to solve a problem.

  • 64%

    Judgment and decision making

    Figuring out the pros and cons of different options and choosing the best one.

  • 63%

    Systems analysis

    Figuring out how a system should work and how changes in conditions, operations, and the environment will affect it.

  • 61%

    Active learning

    Being able to use what you have learnt to solve problems now and again in the future.

  • 61%

    Active listening

    Listening to others, not interrupting, and asking good questions.

  • 61%

    Reading comprehension

    Reading work related information.

  • 61%

    Monitoring

    Keeping track of how well work is progressing so you can make changes or improvements.

  • 59%

    Complex problem solving

    Noticing a problem and figuring out the best way to solve it.

  • 59%

    Mathematics

    Using maths to solve problems.

  • 59%

    Speaking

    Talking to others.

  • 59%

    Systems evaluation

    Measuring how well a system is working and how to improve it.

  • 57%

    Time management

    Managing your own and other peoples' time to get work done.

  • 57%

    Writing

    Writing things for co-workers or customers.

  • 54%

    Coordination with others

    Being adaptable and coordinating work with other people.

  • 54%

    Management of personnel resources

    Motivating, developing, and directing people as they work, and choosing the best people for the job.

  • 54%

    Persuasion

    Talking people into changing their minds or their behaviour.

  • 52%

    Social perceptiveness

    Understanding why people react the way they do.

  • 48%

    Learning strategies

    Figuring out the best way to teach or learn something new.

  • 46%

    Negotiation

    Bringing people together and trying to sort out their differences.


Knowledge

These are important topics, subjects or knowledge areas.

  • 89%

    Economics and accounting

    Economics and accounting, the financial markets, banking and checking and reporting of financial data.

  • 85%

    Administration and management

    Business principles involved in strategic planning, leadership, and coordinating people and resources.

  • 73%

    Mathematics

    Arithmetic, algebra, geometry, calculus, or statistics.

  • 63%

    Personnel and human resources

    Recruiting and training people, managing pay and other entitlements (like sick leave), and negotiating pay and conditions.

  • 61%

    English language

    English language including the meaning and spelling of words, rules of composition, and grammar.

  • 60%

    Computers and electronics

    Circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

  • 54%

    Law and government

    How our laws and courts work. Government rules and regulations, and the political system.

  • 51%

    Customer and personal service

    Understanding customer needs, providing good quality service, and measuring customer satisfaction.

  • 48%

    Clerical

    Word processing, managing files and records, stenography and transcription, designing forms, and other office work.

  • 48%

    Education and training

    Curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

  • 41%

    Psychology

    Human behaviour; differences in ability, personality, and interests; learning and motivation; research methods; assessing and treating disorders.

  • 34%

    Production and processing

    Raw materials, production processes, quality control, costs, and ways of making and distributing goods.

  • 31%

    Communications and media

    Media production, communication, and dissemination. Includes written, spoken, and visual media.

  • 28%

    Sales and marketing

    Showing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.

  • 28%

    Sociology and anthropology

    Group behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.

  • 27%

    Public safety and security

    Use of equipment, rules and ideas to protect people, data, property, and institutions.

  • 21%

    Telecommunications

    Transmission, broadcasting, switching, control, and operation of telecommunications systems.

  • 19%

    Transportation

    Moving people or goods by air, rail, sea, or road.

  • 18%

    Therapy and counselling

    Diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and career counselling and guidance.

  • 13%

    Medicine and dentistry

    Diagnose and treat human injuries, diseases, and deformities, including preventive health-care measures.


Abilities

Workers use these physical and mental abilities..

  • 68%

    Problem spotting

    Notice when something is wrong or is likely to go wrong, even if you can't solve the problem.

  • 66%

    Oral expression

    Communicate by speaking.

  • 64%

    Deductive reasoning

    Use general rules to find answers or solve problems logically.

  • 63%

    Working with numbers

    Add, subtract, multiply, or divide.

  • 63%

    Written comprehension

    Read and understand written information.

  • 61%

    Mathematics

    Choose the right maths method or formula to solve a problem.

  • 61%

    Near vision

    See details that are up-close (within a few feet).

  • 61%

    Oral comprehension

    Listen to and understand what people say.

  • 59%

    Inductive reasoning

    Use lots of detailed information to come up with answers or make general rules.

  • 59%

    Written expression

    Write in a way that people can understand.

  • 55%

    Sorting or ordering

    Order or arrange things in a pattern or sequence (e.g., numbers, letters, words, pictures, mathematical operations).

  • 54%

    Speech clarity

    Speak clearly so others can understand you.

  • 54%

    Speech recognition

    Identify and understand the speech of another person.

  • 52%

    Categorising

    Come up with different ways of grouping things.

  • 52%

    Brainstorming

    Come up with a number of ideas about a topic, even if the ideas aren't very good.

  • 48%

    Originality

    Come up with unusual or clever ideas, or creative ways to solve a problem.

  • 45%

    Flexibility of closure

    See a pattern (a figure, object, word, or sound) hidden in other distracting material.

  • 45%

    Speed of recognition

    Quickly make sense of and organize things you can see like letters, numbers, pictures, or other things.

  • 43%

    Far vision

    See details that are far away.

  • 43%

    Perceptual speed

    Use your eyes to quickly compare groups of letters, numbers, pictures, or other things.


Activities

These are kinds of activities workers regularly do in this job.

  • 87%

    Making decisions and solving problems

    Using information to work out the best solution and solve problems.

  • 82%

    Managing payments and orders

    Monitoring and controlling resources and the spending of money.

  • 80%

    Making sense of information and ideas

    Looking at, working with, and understanding data or information.

  • 79%

    Planning and prioritising work

    Deciding on goals and putting together a detailed plan to get the work done.

  • 78%

    Communicating within a team

    Giving information to co-workers by telephone, in writing, or in person.

  • 78%

    Giving expert advice

    Providing guidance and expert advice to management or other groups.

  • 78%

    Building good relationships

    Building good working relationships and keeping them over time.

  • 78%

    Guiding and directing staff

    Guiding and directing staff, including setting and monitoring performance standards.

  • 77%

    Collecting and organising information

    Compiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.

  • 76%

    Coming up with systems and processes

    Deciding on goals and figuring out what you need to do to achieve them.

  • 76%

    Keeping your knowledge up-to-date

    Keeping up-to-date with technology and new ideas.

  • 75%

    Researching and investigating

    Looking for, getting and understanding different kinds of information.

  • 71%

    Communicating with the public

    Giving information to the public, business or government by telephone, in writing, or in person.

  • 70%

    Coaching and developing others

    Working out the needs of others and coaching, mentoring, or helping them to improve.

  • 68%

    Checking compliance with standards

    Deciding whether events or processes comply with laws, regulations, or standards.

  • 66%

    Leading and encouraging a team

    Encouraging and building trust, respect, and cooperation among team members.

  • 66%

    Looking for changes over time

    Comparing objects, actions, or events. Looking for differences between them or changes over time.

  • 65%

    Thinking creatively

    Using your own ideas for developing, designing, or creating something new.

  • 61%

    Explaining things to people

    Helping people to understand and use information.

  • 58%

    Working with computers

    Using computers to program, write software, set up functions, enter data, or process information.


Interests and demands

Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

Interests

Interests are the style or type of work we prefer to do. All interest areas are shown below.

  • 100%

    Administrative

    Following set procedures and routines. Working with numbers and details more than with ideas, usually following rules.

  • 86%

    Enterprising

    Starting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.

  • 38%

    Analytical

    Ideas and thinking. Searching for facts and figuring out problems in your head.

  • 38%

    Helping

    Working with people. Helping or providing service to others.

  • 24%

    Practical

    Practical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.

  • 14%

    Creative

    Working with forms, designs and patterns. Often need self-expression and can be done without following rules.


Values

Work values are important to a person’s feeling of satisfaction. All six values are shown below.
  • 83%

    Working conditions

    Job security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.

  • 81%

    Achievement

    Results oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.

  • 81%

    Independence

    Work alone and make decisions. Workers are able to try out their own ideas, make decisions on their own, and work with little or no supervision.

  • 76%

    Support

    Supportive management that stands behind employees. Workers are treated fairly by their company, they are supported by management, and have supervisors who train them well.

  • 71%

    Recognition

    Advancement and the potential to lead. Workers are recognised for the work that they do, they may give directions and instructions to others, and they are looked up to in their company and their community.

  • 57%

    Relationships

    Serve and work with others. Workers usually get along well with each other, do things to help other people, and are rarely pressured to do things that go against their sense of right and wrong.


Demands

The physical and social demands that workers face most often are shown below:
  • 100%

    Indoors, heat controlled

    Work indoors with access to heating or cooling.

  • 99%

    Electronic mail

    Use electronic mail.

  • 99%

    Telephone

    Talk on the telephone.

  • 99%

    Face-to-face discussions

    Talk with people face-to-face.

  • 93%

    Spend time sitting

    Spend time sitting at work.

  • 91%

    Being exact or accurate

    Be very exact or highly accurate.

  • 89%

    Freedom to make decisions

    Have freedom to make decision on your own.

  • 88%

    Unstructured work

    Have freedom to decide on tasks, priorities, and goals.

  • 87%

    Teamwork

    Work with people in a group or team.

  • 85%

    Contact with people

    Have contact with people by telephone, face-to-face, or any other way.

  • 85%

    Impact of decisions

    Make decisions that have a large impact on other people.

  • 83%

    Frequent decision making

    Frequently make decisions that impact other people.

  • 83%

    Letters and memos

    Write letters and memos.

  • 83%

    Time pressure

    Work to strict deadlines.

  • 83%

    Responsible for outcomes

    Take responsibility for the results of other people's work.

  • 79%

    Lead or coordinate a team

    Lead others to do work activities.

  • 75%

    Competition

    Compete with others, or be aware of competitive pressures.

  • 67%

    Repeating same tasks

    Repeat the same tasks or activities (e.g., key entry) over and over, without stopping.

  • 63%

    Contact with the public

    Work with customers or the public.

  • 61%

    Conflict situations

    Deal with conflict or disagreements.

Occupational Information Network
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 11-3031.01 - Treasurers and Controllers.


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