Typical Career Progression
| |
Position |
Remuneration |
Experience |
Education |
| Start Position |
Assistant Accountant/Financial Analyst |
$40,000-$45,000 |
0-2 years |
Degree with CPA or CA in progress |
| 1st Promotion |
Management Accountant/Cost Accountant |
$70,000-$120,000 |
2-3 years |
Degree with CPA or CA |
| 2nd Promotion |
Senior Management or Cost Accountant |
$90,000-$130,000 |
3-4 years |
Degree with CPA or CA |
| 3rd Promotion |
Finance Manager |
$100,000-$150,000 |
5-6 years |
Degree with CPA or CA |
| 4th Promotion |
Financial Controller |
$110,000-$200,000 + bonus and share options |
6-8 years |
Postgraduate degree with CPA or CA |
| 5th Promotion |
Finance Director/Chief Financial Officer |
$180k to $400k and beyond with bonus, shares & share options |
10+ years |
Postgraduate degree with CPA or CA |
The graduate career path to Finance Manager can come from either the cost accounting or management accounting side of the business and depends on the size of the organisation. Likewise the remuneration at senior levels is dependent on the scale of the business.
Typical accountabilities and responsibilities
|
Assistant Accountant
Financial Analyst
|
Payroll, accounts payable, accounts receivable, basic reporting
Analytical function of costs, operational efficiency, product costs |
| Management Accountant |
Prepares management accounts, monthly reports, forecasts, cashflow, sections of CAPEX expenditure, sensitivity analysis |
| Cost Accountant |
Focuses on operational costs & efficiency, pricing, product component, manufacturing, warehouse and logistics, overheads |
| Senior Management or Cost Accountant |
Same duties as management or cost accountant only on larger scale. Likely to have number of accountants reporting |
| Finance Manager |
Responsible for all activities of the accounting function |
| Financial Controller |
Responsible for all operational accounting function, plus non accounting functions such as shared services of HR, Legal and IT |
| Finance Director/Chief Financial Officer |
As above plus company secretarial function, liaison with market analysts, negotiation of company debt, overall corporate compliance, sign off on major CAPEX expenditure, company mergers & acquit ions, often 2IC to CEO |
Career Options Available
Once you’re qualified, there are numerous career opportunities available. Apart from the specialisations mentioned above, there are related careers your accounting background is well suited to. These include a career in the financial markets, economics, foreign exchange or financial analysis, or perhaps as a company secretary or actuary. There are also opportunities to work for clients on a freelance basis, become a partner in an established accountancy firm or become self-employed by starting up your own accountancy firm.
About the Author
Andrew O’Malley
Partner - Kindle Partners
Kindle Partners provides a comprehensive range of business advisory, accounting and taxation services to our local, national and international clients. These include advice relating to superannuation, cashflow analysis and projections, finance or equity raising assistance, profitability analysis and restructuring assistance. We are also involved in all facets of asset protection, effective tax structures, business and strategic planning, business reviews, business valuations and maximisation of returns. Our mission is to provide our clients with the tools and inspiration to create and maintain a successful business in today's challenging climate.
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