Chief Financial Officer
A chief financial officer leads an organisation's finance function, from the accounting that keeps it compliant to the capital decisions that shape where it goes.
- Median salary*
- $252,200
3.5%vs last year, before tax
- People employed*
- 8,500
0.0%vs last year
- Projected growth*
- +2.1%
to 2035
- AI exposure*
- Moderate
- automation risk
- Average hours*
- 50/wk
+10h vs all jobs
- Shortage status*
- Not in shortage
national
A chief financial officer runs the finance function of an organisation: accounting, treasury, tax, financial reporting and the capital decisions that sit behind them. The difference from a financial controller is scope, because a controller owns the numbers and the controls while a CFO also answers for how money is raised and spent and sits with the chief executive and the board on strategy. Most work in financial services, manufacturing, construction, professional services or retail, and in larger organisations they lead teams of accountants, analysts and treasurers.
How much do chief financial officers earn?
The median full-time salary for a chief financial officer is $252,200 per annum, before tax, up $53,600 since 2018.
At this level the package is shaped by the size and complexity of the organisation as much as by the title, since running finance for a listed company, a bank or a large public entity is a different job from doing it in a small private firm. Short-term incentives and long-term share plans usually form a large part of total earnings, so the figure moves with company performance as well as with salary. Sector and the scope of reporting obligations also affect what employers will pay.
What does a chief financial officer do day to day?
The list below is what fills most weeks; the exact mix shifts with seniority and whatever stage the current work is at.
- Directing financial strategy and long-term capital planning with the chief executive, covering debt, investment and how much risk the business can carry
- Overseeing the financial statements and statutory filings that go to the board, auditors and regulators each reporting cycle
- Managing relationships with auditors, tax advisers, banks and rating agencies, including the negotiations that set borrowing costs
- Leading finance teams through budget season and the annual audit, and building the reporting and analysis capability the business needs
- Presenting performance, forecasts and risk to the board and explaining any gap between the plan and what happened
What skills do chief financial officers need?
Employers look for financial reporting, tax compliance and planning, auditing and assurance, backed by SAP or Oracle ERP systems fluency and strong people leadership.
Specialist skills
- Financial reporting
- Tax compliance and planning
- Auditing and assurance
- Budgeting and forecasting
- Financial analysis and modelling
- Strategy development
Software and tools
- SAP or Oracle ERP systems
- Excel and financial modelling
- XBRL and disclosure management platforms
- Treasury management systems
General skills
- People leadership
- Stakeholder management
Is the job growing?
About 8,500 people work as chief financial officers in Australia, and employment is projected to grow 2.1% over the decade to 2035. That's modest growth: demand is steady rather than booming.
How do you become a chief financial officer?
Here's the path most chief financial officers take, step by step.
- 1Complete a degree in accounting, finance or commerce
This is the usual entry point, and 52% of chief financial officers hold a bachelor degree. Choose a program accredited by CPA Australia or Chartered Accountants Australia and New Zealand so your subjects count towards a professional qualification later.
- 2Qualify as a chartered accountant or CPA
Both bodies require exams plus around three years of supervised practical experience, usually completed while working in an accounting firm or a finance team. The qualification carries weight with audit committees and boards, and it is the credential most CFOs share.
- 3Build reporting, control and treasury experience in the middle ranks
Most CFOs spend years as a financial controller, finance manager or treasurer, where they own statutory reporting, audit, tax and cash flow. That experience is what employers test when they hire for the top finance job, more than the title on your business card.
- 4Add study or a directors' course if you are heading for a listed company
An MBA or a master's in finance is common among CFOs, and the Australian Institute of Company Directors course is often taken by those moving towards board work. Study is easier to fit in while an employer is paying for it.
- 5Take on capital raising, investor relations and acquisitions before you apply
The step from controller to CFO usually depends on experience outside the ledger: negotiating debt facilities, talking to investors or analysts, hedging policy and buying or selling businesses. Ask for those projects while you are still in a supporting role, because they are hard to pick up once you have the title.
Ready to apply as a chief financial officer?
Whether you're working toward becoming a chief financial officer or already are one and want a hand with the next step (sharpening your resume for ATS screening, tightening your cover letter, or knowing what you'll actually be asked at interview), here are examples grounded in this specific role, not generic templates.
What jobs can a chief financial officer move to?
None of the roles chief financial officers typically move into pay more than the role itself. Chief Operating Officer is the closest match. If a bigger salary is the goal, moving up into a senior or principal position within the role is usually the faster route than moving sideways.
| Move to | Typical pay change | Overlap | Retraining |
|---|---|---|---|
| Chief Operating Officer Financial strategy and governance carry into operational leadership, though broader oversight of operations, people and delivery needs development. | −$52,000 | 38% | reskill |
Moves are chosen from Jobs and Skills Australia's Data on Occupation Mobility, which follows income tax records between 2011-12 and 2020-21, together with entry requirements and skill overlap. A known move is one people were seen making in that data. Pay change compares median full-time pay for the two roles.
Who works as a chief financial officer?
The typical chief financial officer is 52 years old; 62% are men, 98% work full-time, and full-timers average 50 hours a week.
- 52
- Median age
- 38%
- Female share
- 98%
- Full-time
- +10h
- vs all-jobs avg
What's it like being a chief financial officer?
The job runs to a calendar that never really stops: month-end, half-year and full-year results, the annual audit and the budget round that feeds them, with board papers due on top. Full-time chief financial officers average about 50 hours a week, and the weeks around results and audit run longer. It suits someone who is comfortable being accountable for numbers a team prepared and who enjoys moving between accounting detail, capital strategy and managing people.
What people like
- A seat at the top table. The CFO is one of the few roles outside the chief executive's chair that sees the whole business, from pricing decisions to acquisitions, and gets to argue a case on all of it.
- You watch a plan turn into numbers. Building the forecast that supports a strategy and then seeing whether it holds in the accounts is the part that keeps the work interesting for many people in the role.
- Leading a specialist team. Finance attracts people who like precision, and a CFO can build a capable group across reporting, treasury, tax and analysis and hand them responsibility that matters.
- The skills travel across industries. The same reporting, funding and control work applies in a bank, a manufacturer, a builder or a retailer, so the role rarely ties you to one sector.
What people find hard
- The reporting calendar does not negotiate. Statutory deadlines for results, audit and lodgement are fixed, so the weeks around them are long regardless of what else is happening in the business.
- You carry the bad news. When revenue misses or a forecast is cut, the CFO is the one explaining it to the board and often to lenders as well.
- Accountability without the detail. By this stage you sign off on numbers your team prepared, so the work becomes reviewing, questioning and challenging rather than building the model yourself.
- Board and executive politics. A CFO sits between a chief executive with plans and a board with a duty to test them, and those expectations sometimes pull in different directions.
Based on our synthesis of professional-body surveys and public accounts of the role, not first-person verified reviews.
Which industries employ chief financial officers?
Financial and Insurance Services employs the largest share of chief financial officers, followed by Manufacturing.
Top employing industries
- 1Financial and Insurance Services
- 2Manufacturing
- 3Construction
- 4Professional Services
- 5Retail and Wholesale Trade
Ranked by employment share; the source doesn't publish an exact percentage per industry.
| Bachelor degree | 52% | |
|---|---|---|
| Postgraduate | 26% | |
| Diploma / Advanced Diploma | 13% | |
| Other | 9% |
Will AI replace chief financial officers?
This is a moderately exposed role: AI and reporting software already handle much of the compiling, consolidating and first-draft commentary that used to occupy a finance team, so a CFO spends less time producing numbers and more time interrogating them. What keeps the exposure from being high is that the job's output is a judgement about capital, risk and what the business should do next, and that judgement has to be defended to a board, lenders and regulators. The tools change how quickly the numbers arrive, not who is accountable for the decision.
Share of typical working time by exposure level
- Leading the finance function and capital decisionsHiring and structuring the team, negotiating debt facilities, setting hedging policy and assessing acquisitions depend on relationships with banks, advisers and executives.30%low
- Budgeting, forecasting and scenario modellingRolling forecasts and scenario models are quicker to build with current tools, but someone still has to choose the assumptions and decide which scenario the business plans against.25%moderate
- Board and investor reportingSoftware can draft the pack and flag variances, though explaining a miss to a board, a lender or an analyst and setting out the response is still done in person.25%moderate
- Financial reporting and statutory lodgementConsolidations, first-draft commentary and disclosure documents are increasingly generated by ERP and XBRL platforms, leaving the CFO to review and sign rather than compile.20%high
Common questions about becoming a chief financial officer
Straight answers to the questions people ask most.
How much does a chief financial officer earn?
Chief financial officers earn a median of $252,200 per annum, before tax. Pay at this level depends heavily on the size and complexity of the organisation and on how much of the package is short-term incentive and long-term shares, so total earnings can swing with company performance. It is a median, so half of CFOs earn more than it and half earn less.
How do you become a chief financial officer?
Almost all CFOs start with a degree in accounting, finance or commerce, qualify as a chartered accountant or CPA, then spend a decade or more in reporting, control and management roles. The step up usually comes from a financial controller, finance manager or treasurer position, a move that typically brings $101,200 more in pay. From there, capital raising, investor relations and board exposure are what separate a strong finance manager from a credible CFO candidate.
Are chief financial officers in demand?
Chief financial officers are currently not in shortage. Employment is projected to grow 2.1% over the decade to 2035, and with about 8,500 people in the role, most openings come from retirements and executives moving on rather than from newly created positions. Those openings turn up across financial services, manufacturing, construction, professional services and retail.
Will AI replace chief financial officers?
AI reaches the analysis and drafting side of the job more than the judgement side. ERP reporting tools, XBRL disclosure platforms and forecasting software now assemble consolidations, variance commentary and first drafts of board packs, which trims the time a finance team spends compiling. Deciding what the numbers mean, how much debt the business can carry and what to tell lenders is still the CFO's call.
What can a chief financial officer move on to?
One option is a move into broader executive leadership, such as a chief operating officer role, which trades hands-on finance for a wider remit across operations, people and delivery and $52,000 less in pay. Financial strategy and governance carry across, though oversight of operations and delivery needs development. Some CFOs instead stay in finance and take on a larger group or listed-company portfolio.
Do you need an MBA to become a chief financial officer?
No, but it helps at the margin, and 26% of chief financial officers hold a postgraduate qualification, most often an MBA or a master's in finance. Accounting qualifications and a track record of running a finance function matter more, and study is easier once an employer will contribute to it.
Related roles
- Chief Operating Officer
- Financial Controller
- Finance Manager
- Treasurer
- Tax Auditor
- Investor Relations Manager
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