what is a teamlead finance?
A teamlead in finance is anyone who takes on a position of leadership in finance. You manage a team of coworkers and work together to perform financial tasks. Not only do you work with maths, money and numbers, but you also carry out traditional team leadership duties.
As a teamlead in finance, you oversee a team of investment bankers who manage money for large hedge funds or manage a department of employees at a bank. You may also lead a group of accountants or bookkeepers in industries like manufacturing, mining or marketing.
Unlike other managerial positions, a teamlead finance job is a more hands-on role. Your work focuses less on the company's big-picture goals. Instead, you are keen on the details and small tasks that build up to the financial goals. You do things like delegating work to coworkers, scheduling tasks and resolving disputes. Unlike a typical manager, you usually don't do things like hire employees or decide on business strategies. You are the action taker who mentors staff to accomplish the assigned tasks.
You require exceptional leadership skills to motivate and inspire team members to achieve the set targets. Your teamwork and interpersonal skills help you build a good working relationship with your team.
view jobsaverage teamlead finance salary
The typical remuneration package of teamlead finance workers is $117,780 per year. Your earnings in a junior teamlead finance position is $111,734 annually. With experience and educational qualifications, you take home a salary of $123,825 per year. Your remuneration package depends on the scope of your duties and your experience.
what factors affect the salary of teamlead finance?
As a finance team leader, you are in charge of a team of finance workers. In a junior-level role, you are in charge of a small team of finance workers due to your minimal expertise. Your salary is lower compared to a teamlead finance manager in charge of a larger team. The duties you handle also influence your remuneration package. When you have complex duties and responsibilities, your salary is higher.
Working in a large organisation boosts your earning prospects. When you work in a large organisation, you handle more financial responsibilities, and the company has unlimited resources to pay better remuneration. Small companies have limited resources and may not be able to afford higher salaries.
Your geographical location may also influence your earnings. When you work in metro areas, the high demand for teamlead finance professionals improves your salary prospects. Working in small cities reduces your salary prospects.
Want to know what you will earn as a teamlead finance? Check out what you are worth with our salary checker.
types of teamlead finance
Finance team leaders are in charge of supervising financial activities in the company. You work in various capacities, such as controller or treasurer. As a controller, you oversee the finance or accounting team. You supervise a team of experts to ensure financial reports meet the accounting standards and regulations.
As a treasurer, you are the finance leader in charge of managing the organisation’s liquidity and cash. You oversee cash flow management and guide the team in preparing reports and managing debts or equity financing.
working as a teamlead finance
Working as a teamlead finance is a rewarding career, especially if you enjoy working with numbers. Let’s explore the specific duties, work schedules and career prospects in the role.
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teamlead finance job description
The teamlead finance job includes a variety of duties depending on where you work. However, your main purpose is to guide your coworkers as they work to achieve financial goals. Your job duties include:
- performance tracking: your job often includes setting metrics and ensuring team members meet these goals on time. To track performance, you use software or track things manually with paperwork.
- scheduling tasks: other supervisorial staff give you broad goals, such as preparing taxes or financial reports. Your job is to break these goals into clearly defined tasks and assign them to different team members.
- facilitating communication: one of the key duties of any finance team leadership role is to assist with communication. You pass messages between different members of the staff. Some teamlead finance managers communicate with clients to keep them updated.
- preparing financial reports: you take all the information you learn in your role and create reports to share with others in the workplace. This allows you to clearly and concisely explain what happens in your department.
- assisting with financial tasks: as a teamlead finance manager, you spend a lot of time delegating, but you also do some financial work. You should be versatile and take on any other tasks team members need help with. You make budgets, record income or draft documents.
- ensuring compliance: you study all government guidelines on financial reporting and taxation and make sure your team follows them. In fields like lending, this might involve properly servicing mortgages, and in banking, this could involve properly storing data.
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work environment
Like many other jobs in the financial industry, being a teamlead finance worker is mostly an office job. You spend most of your time indoors sitting at a desk. However, there is still a lot of variety in your work environment. Since you're overseeing so many people, you may travel around the workplace and spend a lot of time in conference rooms as well. If your job responsibilities include meeting with clients or other branches, you travel outside the office.
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who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include accountants, bookkeepers and finance assistants. You might also be working in close proximity to finance analysts and business analysts, as well as other specialists that could include, but not be limited to, financial planners, financial accountants and accounting clerks.
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work schedule
Finance team leaders usually follow traditional office hours. You typically work weekdays from 9 am to 6 pm. The job often includes regularly scheduled lunch breaks and gives you time off for traditional leave days.
This position is a full-time, permanent role for most team leaders. You're often in the workplace as long as your team is there. During times when your company is especially busy, you work longer hours. When doing things like preparing quarterly reports, you might work nights or weekends.
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job outlook
Being a team leader in finance also comes with many exciting growth potential. For many people, it's the stepping stone from an entry-level finance career to an executive one, like becoming a controller, finance manager or director of finance. This position allows you to refine your management skills and get experience leading others. Certifications like Certified Management Accountant (CMA), Chartered Financial Analyst (CFA) and Chartered Professional Accountant (CPA) can help you improve your skills and find even better job opportunities.
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advantages of finding a teamlead finance job through randstad
Finding your teamlead finance 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 teamlead finance is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.
education and skills
You require at least a bachelor’s degree to work as a teamlead finance. Pursue a degree in business administration, finance or accounting to prepare yourself for the role. You will acquire technical knowledge in financial reporting or accounting. While a master’s degree is not mandatory, consider a master's in business administration to boost your career prospects.
When you work in a teamlead finance role, it is important to have professional certifications to improve your experience and qualifications. Consider gaining certification from the Certified Practising Accountants Australia or the Institute of Chartered Accountants of Australia and New Zealand
teamlead finance skills and competencies
The following skills and technical proficiencies help you succeed as a finance team leader:
- leadership abilities: you should be comfortable delegating to others and speaking from a position of authority. Your leadership skills also help you inspire and motivate others.
- technological skills: modern finance team leads perform their work from computers. Knowledge of Microsoft Excel and Quickbooks is important for your role.
- technical skills: you need industry-specific knowledge, such as understanding loans, tax preparation or investing. Your financial reporting skills help you fact-check the work of your team.
- organisational abilities: it is important to be highly organised to keep your team running smoothly. In addition to time management, skills like attention to detail and data entry are very useful.
- critical thinking skills: your job requires you to be logical and flexible. Good finance team leads can easily solve problems and analyse tasks to find the most efficient way of addressing the situation.
- mathematical skills: anyone in the finance industry needs to be good with numbers. Although you don't need knowledge of advanced calculus, you should know standard algebra at least.
- communication skills: being able to explain concepts well is an essential skill for this job. Great finance team leads speak professionally to clients and create a great rapport with their team.
FAQs about working as a teamlead finance
Here, you will find the answers to the most frequently asked questions about the profession of a teamlead finance worker.
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what does a teamlead finance worker do?
As a team leader in finance, you manage a team of coworkers and collaborate to perform financial tasks. You break down large finance tasks into small duties for the finance team to carry out.
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how much do teamlead finance officers make in Australia?
Your salary as a teamlead finance in Australia is $117,780 per year. When you are new to the role, you start with a salary of $111,734 annually, but with experience, your earnings increase to over $123,825 per year.
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is a teamlead finance position worth it?
Working in a teamlead finance position improves your skills in financial reporting and taxation. The knowledge you gain prepares you for higher roles in finance or accounting, like becoming a finance manager.
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is teamlead finance a managerial role?
While a team lead in finance is in charge of a team, you are focused on the small details of the role. For instance, you break down the steps for accomplishing each and every task, whereas a manager only develops the strategy.
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what is the difference between a teamlead finance and finance manager?
As a team lead finance, you coach your team, assign tasks and supervise the completion of tasks. You help team members achieve their objectives. A finance manager focuses on strategic and administrative duties. They create goals that align with the organisation's vision and transfer the workload to employees.
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how do I apply for a teamlead finance vacancy?
Applying for a teamlead finance 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.