Typical Career Progression
| |
Position |
Remuneration Private Sector |
Remuneration Public Sector |
Experience |
Education |
| Start Position |
Clerical Accounts |
$45,000-$55,000 |
$42,000-$50,000 |
None |
Undergraduate |
| 1st Promotion |
Assistant Accountant |
$55,000-$65,000 |
$52,000-$65,000 |
0-2 years |
Degree |
| 2nd Promotion |
Financial Accountant or Management Accountant |
$80,000-$100,000 |
$85,000-$105,000 |
3-5 years |
Degree and Qualified |
| |
|
$110,000-$130,000 |
$105,000-$125,000 |
5-7 years |
Degree and Qualified |
| |
|
$140,000+ |
$120,000+ |
7+ years |
Degree and Qualified |
| 3rd Promotion |
Group Accountant |
$105,000-$145,000 |
$85,000-$110,000 |
7-10 years |
Degree and Qualified |
| 4th Promotion |
Finance Manager |
$130,000-$175,000 |
$110,000-$130,000 |
10+ years |
Degree and Qualified |
| 5th Promotion |
Financial Controller |
$150,000-$220,000 |
$120,000-$160,000 |
15+ years |
Degree and Qualified |
Figures are averages only, any individual may experience higher or lower salaries depending on their state of employment, abilities, responsibilities, and working hours. (Source: Michael Page Salary Survey 2008/2009)
Typical accountabilities and responsibilities
|
Clerical Accounts
|
Payroll, accounts payable, accounts receivable, basic reporting, Analytical function of costs, operational efficiency, product costs |
| Assistant Accountant |
Assists with management accounts, monthly reports, draft forecasts, basic cashflow, analyst at times, prepares draft sensitivity analysis |
| Financial Accountant or Management Accountant |
Prepares management accounts, monthly reports, forecasts, cashflow, sections of CAPEX expenditure, sensitivity analysis. If involved in manufacturing focuses on operational costs & efficiency, pricing, product component, manufacturing, warehouse and logistics, overheads as well. |
| Group Accountant |
Same duties as management 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 |
Responsibilities vary according to industry type, seniority of position and company structure.
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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