2019 saw major changes in renumeration for financial services due to findings from the Royal Commission, and state and federal elections, according to the Morgan McKinley 2020 Salary Guide, which covered the latest renumeration insights from the last 12 months.
Analysis from Morgan McKinley said the Royal Commission not only tipped the finance sector on its head, but changes were felt throughout the wider Australian economy.
“It wasn’t all bad news, however, the demand for regulatory, risk, remediation and compliance professionals peaked significantly across both permanent and contract roles, as organisations rearranged their budgets and shifted their focus,” it said.
“The state and federal elections also caused the economy to push the “pause” and “rearrange” buttons, but only for a short time.”
A financial planning and analyst would earn on average $95,000, a head of financial planning and analyst would on average $220,000, while a head of finance business partnering/decision support would earn on average $220,000.
A standard financial accountant’s average salary was $100,000, while head of product control would earn double that.
The average salary for a chief financial officer for a small-medium enterprise was $300,000, while a divisional one would earn an average of $500,000.
An average compliance analyst in investment banking would be $100,000, while a head of compliance earns an average of $320,000.