Managing a business's finances is complex, and your daily responsibilities often shift to react to the company's needs. Depending on where you work, you may end up handling several of these tasks: managing finance departments: you could end up overseeing a finance team. This job includes assigning tasks, checking work and hiring new employees. You interview and recruit managers or senior workers for the finance department, such as tax managers, controllers and finance managers. financing projects: if the company needs more funds, you strategise ways to get them. This may involve acquiring loans from banks or seeking out new investors. deciding on financial strategies: you work alongside other C-suite executives to find achievable financial goals for the company. Your job involves setting achievable metrics and suggesting ways the company can reach these goals. When collaborating with executives to set realistic financial benchmarks, you create metrics and initiatives that help lead to success. preparing and presenting reports to the CEO: as the chief financial officer, you put together detailed reports covering strategies and the company’s financial status. The reports could be annual or periodic analyses and forecasts based on key financial indicators. Executives use your reports to help make sound financial decisions. stakeholder management: effectively managing stakeholders is a major part of your role as CFO. Building positive relationships with investors, financial institutions, and other stakeholders is important. To garner trust and ensure stability, you use your communication abilities to explain strategies, address issues and align stakeholders with the company’s vision. ensuring regulatory compliance: it's your responsibility to make sure the business follows all guidelines set by regulatory bodies. For instance, you ensure the financial statements meet the International Financial Reporting Standards (IFRS) set by the Australian Accounting Standards Board .

As a CFO, you work in various industries, from telecommunications companies to mining and manufacturing organisations. For the most part, you work in an office environment and spend lots of time reviewing data, reports and more on a computer. Expect to attend regular meetings, often via video calls. While being on-site at the office is often required, the trend for remote work has also opened up some opportunities for CFOs to work from home. Being a CFO involves a lot of networking, so you can expect to travel outside the office periodically. CFOs often visit banks or go to other businesses to discuss financial matters with investors or partners.

who are your colleagues?

Depending on your employer and the industry you work in, your colleagues might include financial risk compliance officers , finance business partners and controllers . You might also be working in close proximity to risk analysts and financial planners , as well as other specialists that could include, but not be limited to, chief executive officers, chief marketing officers and financial controllers.

Since this position has so much responsibility, it usually demands a busy work schedule. On average, you work around 50 hours to 60 hours a week. You can expect to work even more during busy times, such as the end of the quarter or when travelling to attend meetings with investors. Sometimes, you end up working as much as 90 hours a week. CFOs have fairly non-traditional business hours. You'll usually work in the office during the day on weekdays. However, you should also be available on nights and weekends. Even if you aren't in the office during these times, you might be answering business calls or going to business dinners. If you work for a company that does business globally, expect occasional early or late-night conference calls to accommodate different time zones.

The need for highly qualified CFOs is very high. The expected job growth rate in Australia is 7.9% in the next five years. This means that CFOs can expect to have a lot of positions to choose from. In addition to all the exciting job opportunities, the CFO field is also very promising because it offers excellent promotional opportunities. Having such an impressive leadership role in a company lets you network with others and gain more executive experience. CFOs often become CEOs or COOs eventually. Some choose to launch their own businesses or become consultants.

advantages of finding a CFO job through randstad

Finding your CFO job through Randstad provides important advantages such as: a wide variety of training and development opportunities an experienced contact person to provide help if needed a range of opportunities in your area get paid weekly or monthly, depending on the job temporary and permanent contracts Want a permanent contract? A temporary job as a CFO is often a stepping stone to an attractive permanent job. Thousands of people earn a permanent contract every year with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.

how much is a CFO's salary in Australia?

Your average salary as a CFO in Australia is $210,000 per year. When you are new in the role, you start with a salary of $200,000. With numerous years of experience, you take home a higher salary of up to $220,000 annually.

what is the role and responsibility of a CFO?

As a CFO, you are responsible for the company’s financial operations. Your job involves overseeing internal and external financial reporting and managing the company’s finances. You are the steward of the company’s assets.

what qualifications do I need to be a CFO?

To become a CFO, you require at least a bachelor's degree in finance or accounting. A master's degree improves your leadership skills, while certifications like CPA and CA highlight your expertise in financial reporting.

does a CFO need to be an accountant?

Yes. As a CFO, you need a strong background in finance or accounting. You combine your knowledge in finance with strategic thinking and leadership skills. It is important for a CFO to hold a CPA designation.

is it hard to be a CFO?

Being a CFO is a challenging task. The role involves a lot of problem-solving and requires a great deal of knowledge and experience in finance. However, if you have a good understanding of business operations and strategy, you will excel in the role.

how do I apply for a CFO vacancy?

Applying for a CFO job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then send us your CV and cover letter. Need help with your application? Check out all our job search tips here .

Working as a CFO | Randstad Australia

what is a CFO?

A CFO is an executive who manages a company's finances. In this upper management role, you're in charge of almost every financial decision the business makes. In addition, you track expenses and profits and create the company's entire financial strategy. The choices you make affect everything from product creation to marketing.

CFO is a high-level job position. As the highest-ranking financial employee, you report directly to the chief executive officer (CEO). Depending on how your company structures upper management, you might also spend time interacting with the board of directors.

Being a CFO typically means that you manage an entire team of employees. Accountants, financial managers and other professionals in the financial department report to you. If you enjoy taking on leadership roles, this job is for you.

Aside from supervisory and leadership roles, you provide strategic advice to the company's executives. You prepare the company's financial budgets and forecasting and assist in long-term financial planning. Hence, you require knowledge of financial planning, financial reporting standards and tax regulations in Australia.

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1

average CFO salary

The average remuneration package of a CFO in Australia is $210,000 per year. Your salary expectations depend on diverse factors, from experience to company size and the industry. When you are joining the role, you start with a salary of $200,000 annually. When you have many years of experience, your earnings increase gradually and take home over $220,000 annually.

what factors affect the salary of a CFO?

Your salary as a CFO in Australia fluctuates based on the industry you work in and the company size. When you work in a large or multinational corporation with branches in various countries, your earnings are higher than CFOs working in smaller companies. For instance, in a large mining company, you control substantial financial resources. The complexity of your duties and the responsibility associated with the role warrants higher remuneration packages. In a smaller company, you have fewer responsibilities since you oversee a few branches.

The location also influences your earnings. Working in metro areas improves your remuneration prospects due to the high demand for the role. Besides, big companies are located in metro areas, and the high demand provides competitive salaries. In smaller cities, the demand for CFOs could be lower, reducing your salary prospects.

Want to know what you will earn as a CFO? Check out what you are worth with our salary checker.

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2

types of CFOs

Some types of CFOs include start-up CFOs, growth CFOs or public CFOs. Start-up CFOs work for small companies that are just starting. They mainly focus on fundraising and may choose to get paid with stock options.

Growth CFOs work at established, mid-sized companies and help them expand the company further. Turnaround CFOs help struggling companies with things like filing for bankruptcy or making drastic budget cuts.

Acquisition CFOs help companies through mergers and sales. They specialise in handling transactions and easing transitions. On the other hand, public CFOs are high-earners who handle massive businesses and are responsible for vast sums of money in publicly traded companies.

3

working as a CFO

What's it like to be a CFO? The day-to-day job can vary slightly, but you always focus on helping a company achieve its financial goals. This in-depth guide will help you learn more about working as a CFO.

CFO job description
Managing a business's finances is complex, and your daily responsibilities often shift to react to the company's needs. Depending on where you work, you may end up handling several of these tasks:
- managing finance departments: you could end up overseeing a finance team. This job includes assigning tasks, checking work and hiring new employees. You interview and recruit managers or senior workers for the finance department, such as tax managers, controllers and finance managers.
- financing projects: if the company needs more funds, you strategise ways to get them. This may involve acquiring loans from banks or seeking out new investors.
- deciding on financial strategies: you work alongside other C-suite executives to find achievable financial goals for the company. Your job involves setting achievable metrics and suggesting ways the company can reach these goals. When collaborating with executives to set realistic financial benchmarks, you create metrics and initiatives that help lead to success.
- preparing and presenting reports to the CEO: as the chief financial officer, you put together detailed reports covering strategies and the company’s financial status. The reports could be annual or periodic analyses and forecasts based on key financial indicators. Executives use your reports to help make sound financial decisions.
- stakeholder management: effectively managing stakeholders is a major part of your role as CFO. Building positive relationships with investors, financial institutions, and other stakeholders is important. To garner trust and ensure stability, you use your communication abilities to explain strategies, address issues and align stakeholders with the company’s vision.
- ensuring regulatory compliance: it's your responsibility to make sure the business follows all guidelines set by regulatory bodies. For instance, you ensure the financial statements meet the International Financial Reporting Standards (IFRS) set by the Australian Accounting Standards Board.
work environment

As a CFO, you work in various industries, from telecommunications companies to mining and manufacturing organisations. For the most part, you work in an office environment and spend lots of time reviewing data, reports and more on a computer. Expect to attend regular meetings, often via video calls. While being on-site at the office is often required, the trend for remote work has also opened up some opportunities for CFOs to work from home.

Being a CFO involves a lot of networking, so you can expect to travel outside the office periodically. CFOs often visit banks or go to other businesses to discuss financial matters with investors or partners.
who are your colleagues?

Depending on your employer and the industry you work in, your colleagues might include financial risk compliance officers, finance business partners and controllers. You might also be working in close proximity to risk analysts and financial planners, as well as other specialists that could include, but not be limited to, chief executive officers, chief marketing officers and financial controllers.
work schedule

Since this position has so much responsibility, it usually demands a busy work schedule. On average, you work around 50 hours to 60 hours a week. You can expect to work even more during busy times, such as the end of the quarter or when travelling to attend meetings with investors. Sometimes, you end up working as much as 90 hours a week.

CFOs have fairly non-traditional business hours. You'll usually work in the office during the day on weekdays. However, you should also be available on nights and weekends. Even if you aren't in the office during these times, you might be answering business calls or going to business dinners. If you work for a company that does business globally, expect occasional early or late-night conference calls to accommodate different time zones.
job outlook

The need for highly qualified CFOs is very high. The expected job growth rate in Australia is 7.9% in the next five years. This means that CFOs can expect to have a lot of positions to choose from.

In addition to all the exciting job opportunities, the CFO field is also very promising because it offers excellent promotional opportunities. Having such an impressive leadership role in a company lets you network with others and gain more executive experience. CFOs often become CEOs or COOs eventually. Some choose to launch their own businesses or become consultants.
advantages of finding a CFO job through randstad
Finding your CFO job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a CFO is often a stepping stone to an attractive permanent job. Thousands of people earn a permanent contract every year with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.

4

education and skills

The minimum qualification for becoming a CFO in Australia is a bachelor's degree. Useful degree courses include business management, finance, economics and accounting. Many employers prefer a master of business administration due to the seniority of the role.

Once you have completed the degree courses, consider pursuing certifications relevant to your field, such as Chartered Financial Analyst and Certified Practising Accountants Australia. You can also obtain Certified Public Accountant status or Chartered Accountant designation from the Institute of Chartered Accountants of Australia and New Zealand.

Aside from certifications, you require extensive work experience. Start with accounting or finance roles to build your skills. For instance, you can work your way up from an accountant to a finance manager or controller before becoming a CFO.

CFO skills and competencies

To do well as a CFO, you need these essential skills:

interpersonal communication: CFOs should be persuasive, effective communicators who share information accurately and clearly with internal and external stakeholders.
leadership: the best CFOs are comfortable taking on a leadership position. You use your leadership qualities as you delegate duties to others and motivate the team to get the best work out of them.
proficiency in accounting: being proficient in creating and managing budgets is essential to forecasting your company’s financial future. You use your financial acumen as you analyse data trends, develop strategies and make decisions.
business acumen: it's crucial to understand how a business works. You often use your expertise in business economic trends when creating budgets and developing strategies to reach financial goals.
ethical judgment: when creating financial reports and strategies, ethical decision-making is as important as understanding accounting principles. It is also important to stay current on regulations to ensure your company complies with financial legal requirements.
strategic thinking: for a CFO, strategic thinking comes into play daily as you seek to achieve long-term financial goals. You strategically think while you analyse KPIs, negotiate with vendors, identify ways to lower risk, and more.
crisis management: when inevitable crises or issues develop, you use your management skills to find solutions. It’s also important to be flexible to changing business landscapes since you manage unexpected challenges.

5

FAQs about working as a CFO

Here, you will find the answers to the most frequently asked questions about the profession of a CFO.

how much is a CFO's salary in Australia?

Your average salary as a CFO in Australia is $210,000 per year. When you are new in the role, you start with a salary of $200,000. With numerous years of experience, you take home a higher salary of up to $220,000 annually.
what is the role and responsibility of a CFO?

As a CFO, you are responsible for the company’s financial operations. Your job involves overseeing internal and external financial reporting and managing the company’s finances. You are the steward of the company’s assets.
what qualifications do I need to be a CFO?

To become a CFO, you require at least a bachelor's degree in finance or accounting. A master's degree improves your leadership skills, while certifications like CPA and CA highlight your expertise in financial reporting.
does a CFO need to be an accountant?

Yes. As a CFO, you need a strong background in finance or accounting. You combine your knowledge in finance with strategic thinking and leadership skills. It is important for a CFO to hold a CPA designation.
is it hard to be a CFO?

Being a CFO is a challenging task. The role involves a lot of problem-solving and requires a great deal of knowledge and experience in finance. However, if you have a good understanding of business operations and strategy, you will excel in the role.
how do I apply for a CFO vacancy?

Applying for a CFO job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then send us your CV and cover letter. Need help with your application? Check out all our job search tips here.

CFO.