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A shortage of skills in a range of specialties like reporting, modelling and project management has employers upping salaries to land candidates.
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CFOs pay 30% premium for financial analysts, planners
12 January 2024
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10 minute read
CFOs covet workers with finance skills and four out of 10 are offering salaries up to one-third above average to land financial planning and analysis professionals, according to recruitment agency Robert Half.
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Director Nicole Gorton said CFOs who forked out salary premiums recognised the value of finance skills and saw it as a worthwhile “investment” in their business.
“Business leaders are looking for staff who can propel innovation and swiftly adapt to changing conditions,” she said.
“They are willing to pay a salary premium because of the pivotal role the candidate will play in steering companies towards growth as well as maintaining a distinct competitive edge.”
The survey of 100 CFOs, conducted in June last year, found respondents offered candidates with skills like financial planning and analysis a 31 per cent salary premium on average.
Professionals with project and program management could expect the same level of premiums, but the number of willing CFOs halved to 21 per cent.
Financial reporting or modelling skills also commanded salary offers up to one-quarter higher than average for just under 30 per cent of CFOs.
Generalised business skills like leadership and management or big data analytics were also popular among employers, with about one-quarter of CFOs offering salary premiums of 26 per cent and 23 per cent respectively.
“Employers recognise that candidates who hold these highly sought-after skills bring a unique edge to their organisation and enable it to thrive in times of rapid change,” Ms Gorton said.
However, it was often difficult to source candidates that “ticked every box listed”, the survey said. That meant some CFOs were also becoming more flexible with their demands for specific industry experience.
Over one-quarter of CFOs said they would “bend” on specific industry experience, and over 30 per cent would also overlook candidates who did not have the years of experience they required.
On the other hand, most (82 per cent) of CFOs said they would not be willing to compromise when it came to certifications in financial roles.
Certifications were deemed essential for three-quarters of all finance and accounting roles and 64 per cent of management accounting and strategic financial management roles.
Candidates looking to work in tax also needed certifications for 62 per cent of roles.
Additionally, over one-half (54 per cent) of risk management, governance and control positions required certifications.
“Employers are open to hiring candidates who hold the right skill set, even if their experience in the industry is relatively limited,” Ms Gorton said.
“However, certifications still provide tangible proof that a candidate has expertise in key areas, which is particularly necessary for industries such as finance and technology, as they require a high degree of accuracy and regulatory compliance. These credentials validate a candidate's ability to navigate complex frameworks, as well as assure employers that they possess the in-depth knowledge and proficiency necessary for success.”
The fight to secure workers with in-demand skills and necessary certifications reflected the ongoing labour shortages experienced in finance and professional services.
In October, the government placed tax accountants and financial advisers on a “Skills Priority List” of occupations in shortage across the country.
CA ANZ has also called on the government to increase funding for accounting, management and commerce courses to promote enrolments or risk shortages that would “persist and grow into the future”.
The professional body cited research that found almost half (46 per cent) of accounting teams had a shortfall of accountants, with 6 per cent being significantly short-staffed.
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