As custodians of business success and sustainability, finance professionals may enjoy higher pay than other management roles and can fast-track their way to becoming CFOs with an MBA.
If you have a knack for numbers, thrive on making data-led decisions and want to earn an impressive salary, a career in financial management could be the right fit for you.
Exploring the role of a finance manager
Finance managers play a vital role in steering the financial health and performance of companies across diverse industries, from banking and healthcare to manufacturing and beyond.
While roles vary across organisations, financial managers typically report to the chief financial officer (CFO) and guide key business decisions through analysis, forecasting and strategic direction.
With that said, it’s not all figures and spreadsheets. They also help mitigate risk and ensure regulatory compliance to safeguard the financial future of SMEs and global corporations.
What does a finance manager do?
Finance manager responsibilities vary across roles and sectors but typically include:
- Gathering financial data
- Conducting financial analysis
- Creating and managing budgets
- Preparing financial reports
- Managing financial resources
- Identifying and managing financial risks
- Making investment decisions
- Establishing financial systems
- Managing working capital
- Implementing financial software
- Staying up-to-date with industry trends
Depending on the size of the company, some positions will require you to lead a team of finance personnel while supporting the executive management group.
How much do finance managers get paid?
As a vital link in the business success chain, finance professionals are often highly paid and sought-after for their broad skill set.
According to the latest data from SEEK, the average finance manager salary in Australia ranges from $125,000 to $145,000 per year.
Based on the roles advertised on SEEK, here is what you can expect to earn annually as you progress through your financial management career:
- Junior-level: $50,000 to $90,000
- Mid-level: $100,000 to $145,000
- Experienced: $150,000 to $230,000
Annual salaries can vary depending on your experience, qualifications, location and the size of your chosen organisation.
Finance managers who possess advanced qualifications, like an MBA, enjoy increased earning capacity when compared to their bachelor-degree-only peers and can unlock a wider range of career opportunities.
How to become a finance manager
Whether you plan to climb the corporate ladder or embark on a new career path, you'll need to complete an accredited undergraduate degree. Check out the guide below to have a better understanding of a finance manager's possible career path:
1. Obtain an undergraduate degree
Kickstarting a career as a finance manager typically requires a bachelor’s degree in accounting, finance, economics or a related field. To ensure you’re on the right path, check that the course you are planning to study includes units that cover financial analysis, accounting and financial management. Acquiring an undergraduate qualification is a great first step, not only for students with long-term career goals in this field, but also for working professionals who want to switch careers but don't have an educational background in finance.
2. Get industry experience
Becoming a finance manager requires a combination of relevant education and work experience. Start your journey in financial management by taking on a junior role in this field. Your responsibilities may vary according to your job, company and the industry you work in. You may be involved in processing invoices, maintaining the accuracy of financial records, preparing financial documentation and supporting other financial-related tasks.
The longer you work as a finance professional, the higher the chances for you to move into more senior roles. The scope of your duties will typically grow as well and you may start taking the lead in managing projects and junior finance executives. This allows you to develop your leadership skills as preparation to take on a management role in finance.
3. Acquire a professional qualification
When the time comes for career planning, it’s worth obtaining a certification as a chartered accountant (CA) or certified practising accountant (CPA) to demonstrate proficiency and expertise within the finance industry. Many finance manager roles require candidates to have one of these qualifications.
Joining prominent industry organisations such as the Australian Securities and Investments Commission (ASIC) and the Australian Finance Industry Association (AFIA) can also be beneficial.
4. Pursue a postgraduate degree
Another way to enhance your skills as a finance professional is to further your studies with a postgraduate qualification, such as a master's degree in finance or an MBA. One of the most significant benefits of an MBA is the level of specialisation available. MBA degrees offer a range of focus areas, allowing you to fine-tune your skills to align with specific career goals.
Choosing an MBA with a built-in finance specialisation will equip you with a broader skill set than most degrees. It can also help to push your CV to the top of the pack, thanks to the in-depth and sought-after knowledge you'll possess as a graduate.
You can find plenty of master's degrees in finance and MBA programs with a specialisation in finance in Australia, such as the following.
Melbourne Business School’s new Master of Finance has been designed to equip you with specialist technical knowledge that goes well beyond an undergraduate degree, preparing you for a career in the ever-evolving finance sector.
The Master of Finance degree aims to provide graduates with detailed knowledge of the operations and activities of financial markets, an understanding of financial management principles and their application to financial policy, a comprehensive understanding of Australian and international financial markets, a comprehensive knowledge of various asset classes and the operation of the markets in these asset classes, and an applied knowledge of specialised aspects of the finance industry.
With advanced courses in research, funds management and corporate policy, the Master of Finance offers a competitive edge in the finance world.
Study Australian and international financial markets in depth, learn about derivative assets and their specific markets' operation, and explore different areas of the finance industry according to your interests and career goals. You'll analyse and interpret developments in financial practice and work on a large-scale applied research project.
It’s an indisputable fact that money makes the world go round. Consequently, some of the most important, exciting and rewarding jobs can be found in the banking and finance sector. A career in this dynamic field has the potential not only to take you around the world, but also to make a considerable impact on people across the globe.
In this program, you’ll develop your knowledge and skills in the core areas of financial principles, analysis and modelling, econometrics and statistics. And you’ll have the opportunity to undertake electives in areas such as fintech, environmental finance, capital markets and business valuation.
The Master of Business Administration (Finance) provides a comprehensive foundation in core business principles with a specialisation in finance. This course is designed to prepare leaders to learn the latest concepts which can be applied to finance roles immediately.
You will learn how to take advantage of technology to better manage a company’s accounts and capital as well as make critical investments and business decisions. This MBA course has industry engagement embedded, with a total of up to 36 weeks of experience available through Work Integrated Learning and industry programs.
The course is designed to provide a strong foundation of business knowledge, skills and attitudes to support ethical, global business management of organisations including private sector business organisations, not-for-profit organisations and public organisations. Through experiential learning techniques, students will develop knowledge and skills to conduct independent research, carry out industry and discipline-related projects, and relate their learning to their individual business experience.
VU Online's MBA (Finance) isn’t just about numbers, it’s also about gaining the financial knowledge to drive corporate strategies and engaging discussions resulting in optimal business decision-making.
Across 12 specialist units of study, you’ll develop the strategic, analytical and financial skills demanded of today’s senior business leader. You’ll also network with a community of like-minded peers via VU Online's intuitive and immersive online learning environment.
The Master of Applied Finance provides graduates from diverse undergraduate disciplines with training and analytical skills in finance. Students will gain core financial management skills, an understanding of Australian and international financial markets, knowledge of derivative assets and markets, analytical skills for interpreting and analysing developments in finance practice, and applied knowledge of various specialised aspects of the finance industry.
Does an MBA require a bachelor’s degree?
You can apply for an MBA without a bachelor’s degree if you satisfy relevant work experience criteria. In most cases, you'll need at least four years of business experience in a managerial capacity or other qualifications and practical experience recognised by the Dean.
How to be a good finance manager
Being a good finance manager requires a combination of technical skills, strategic thinking and effective communication. To excel as the eyes and ears of an organisation’s financial health, you’ll need a comprehensive grasp of the following areas:
- Accounting knowledge. A strong understanding of accounting principles and practices is essential to ensure that financial statements and reports are precise and adhere to regulatory standards.
- Financial planning and budgeting. You'll need laser-sharp skills when it comes to developing financial plans and budgets that align with company strategies and objectives.
- Financial analysis. Successful finance managers need a strong foundation in data analysis and decision modelling to make informed decisions. This includes understanding financial statements, ratios and forecasting techniques.
- Risk management. Understanding financial risk and effectively managing it is a critical aspect of a finance manager’s role. You'll need to continuously monitor and review potential risks to ensure that risk management strategies are effective and aligned with organisational goals.
- Leadership skills. To become a respected and effective leader, you'll need an understanding of organisational behaviour and finely-tuned interpersonal skills.
- Communication skills. Effective communication is crucial for finance managers tasked with breaking down complex financial jargon into clear language for both financial and non-financial stakeholders.
- Strategic thinking. A good finance manager needs to have a strategic mindset and be able to align financial goals with the overall organisational strategy. Consider a qualification that offers a strategic knowledge management unit.
- Global perspective and continuous learning. A good finance manager needs to stay up-to-date with global market trends and developments and acquire further knowledge and training where possible.
Once you have mastered these skills, you will be well-equipped to effectively oversee financial operations, provide strategic guidance and ensure the financial health of any organisation.
Take the next step today
If you have your eyes set on a career as a finance manager, pursuing a postgraduate business degree can have a game-changing effect on your job prospects, earning potential and career path. Explore a variety of MBAs and postgraduate courses in finance offered by leading institutions in Australia today.