CFO Salary in Australia and New Zealand: How to Read the Salary Surveys
“What does a CFO earn?” is one of the most searched questions in finance careers. The answer most people find is a salary survey from a recruitment firm, with a range for each role and city. Those surveys are useful. But they are also easy to misread, and CFOs who rely on a single number from a single survey often go into remuneration conversations with the wrong expectations.
This guide does not give you a figure. Instead, it explains where CFO salary information comes from in Australia and New Zealand, what each source can and cannot tell you, and how to use them together to form a realistic view of your market value.
Why there is no single CFO salary
The title CFO covers a huge range of roles. A CFO of a small private business with a team of three and a CFO of a large listed group with hundreds of finance staff share a title and very little else. Their responsibilities, risk, accountability and pay are completely different.
CFO pay depends on factors such as:
The size of the organisation, usually by revenue, assets or market capitalisation
Ownership, such as listed, private, PE-backed, family-owned, government or not-for-profit
Industry and the complexity of the business
The scope of the role, including any functions beyond finance
Location, including the difference between Australia and New Zealand, and between cities
The mix of fixed pay and incentives
The supply of candidates with the specific experience the role needs
Any survey that gives a single range for “CFO” is averaging across all of these. That is why you need to look deeper.
Source 1: Recruitment firm salary guides
Many of the large recruitment firms, including Hays, Robert Walters and Michael Page, publish annual salary guides covering Australia and New Zealand. These usually give salary ranges by role, city and sometimes organisation size.
What they are good for: A quick view of the general market, trends over time and differences between cities and sectors.
What to watch for:
They are based on each firm’s own placements and survey responses, which may not reflect your part of the market
Ranges are often wide and may not show what drives the difference between the bottom and top of the range
They often report base salary or fixed pay, not total remuneration including incentives
The organisation size bands may not match your target roles
Read more than one guide, and read the notes on methodology. If two guides give different ranges, that tells you something about the uncertainty in the market.
How to read the methodology notes
Most salary guides include a short section explaining how the figures were gathered. Few people read it. It is often the most useful page in the document.
Look for these points:
Where the data came from. Is it based on placements the firm made, a survey of employers, a survey of candidates, or a mix? Each gives a different view. Placement data reflects what was actually agreed. Candidate surveys reflect what people say they earn.
Sample size. A range built on a small number of CFO responses in one city is far less reliable than one built on many. If the guide does not say how many responses sit behind a figure, treat the range with more caution.
When it was collected. Many guides are gathered months before they are published. In a moving market, that gap matters.
What “salary” means. Check whether the figure is base salary, fixed pay including superannuation or KiwiSaver, or total remuneration including incentives. Comparing one guide’s base with another guide’s total package will mislead you.
Median or average. A median shows the middle of the range. An average can be pulled up or down by a few very high or very low figures. Know which one you are reading.
Source 2: Listed company remuneration reports
Listed companies publish detailed remuneration information. In Australia, companies listed on the ASX include a remuneration report in their annual report, covering key management personnel, which usually includes the CFO. In New Zealand, NZX-listed companies also disclose executive remuneration, although the level of detail about individual executives varies.
What they are good for: Actual pay, including fixed pay, short-term and long-term incentives, for real CFOs in companies of a known size and industry.
What to watch for:
They reflect listed companies only, which are usually larger and more complex than private businesses
Incentive values may be targets or maximums, not what was actually received
Remuneration structures differ between companies, so compare like with like
For CFOs targeting listed roles, a review of remuneration reports for companies of similar size and industry is one of the most useful things you can do.
Source 3: New Zealand remuneration bands
In New Zealand, company annual reports generally disclose the number of employees whose remuneration exceeds $100,000, in bands of $10,000. This does not name individuals, but for many companies you can work out the likely range for the most senior executives. It is not precise, but it can be a useful cross-check.
Source 4: Public sector pay information
Public sector remuneration is often published or set through formal frameworks. Government agencies, state-owned enterprises and statutory bodies may publish senior executive remuneration in annual reports, or be subject to published pay frameworks.
What it is good for: Understanding the pay range for public sector CFO roles, which is useful whether you are moving into or out of government.
What to watch for: Public sector pay structures often differ from the commercial market, with different benefits, incentive arrangements and superannuation or KiwiSaver settings. Our piece on moving between public sector and commercial CFO roles covers the broader move.
Source 5: Search consultants and your network
The most useful information often comes from conversations. Search consultants who work regularly on CFO appointments know what recent roles have paid and what candidates have accepted. Peers who have recently moved can tell you what they were offered.
What it is good for: Current, specific and realistic information about roles similar to your target.
What to watch for: Individual views can be biased or out of date. Treat them as one input, not the answer. Our guide to working with executive recruiters covers how to have these conversations well.
How to use the sources together
To form a realistic view of your market value:
Define your target roles clearly. Size, ownership, industry, location and scope.
Read two or three recruitment salary guides for a general range, and note what drives the difference between the bottom and top.
Look at listed company remuneration reports for companies similar to your targets, if relevant.
Check public sector or NZ disclosure data where it applies.
Talk to search consultants and peers to test your view against the current market.
Consider total remuneration, not just base salary. Incentives, superannuation or KiwiSaver, equity and benefits can make a big difference.
You will end up with a range, not a number. That is realistic. The final figure for any role depends on the organisation, the brief and the negotiation.
Base salary versus total remuneration
For CFO roles, base salary is only part of the story. Two roles with the same base can be worth very different amounts once everything else is included.
When you compare roles, look at:
Base salary
Superannuation in Australia or KiwiSaver in New Zealand, and whether it sits inside or on top of the quoted figure
Short-term incentives, including the target, the maximum and how they are measured
Long-term incentives, such as shares, options or a share of value on exit in PE-backed businesses
Other benefits, such as vehicle, insurance, parking or flexibility
Also ask how incentives have actually paid out in recent years. A generous target that is rarely met is worth less than a modest one that pays reliably.
Questions to ask a search consultant
A good search consultant is one of your best sources of current market information. The quality of what you learn depends on the questions you ask. Try:
What have recent CFO roles of this size and type paid, as fixed pay and as total package?
How is the incentive structured, and how has it paid out?
Where does this role sit against similar roles you have worked on recently?
What would move the offer towards the top of the range?
Is the budget for this role fixed, or is there room to move for the right person?
Listen for how confident the answer is. A consultant working on several similar roles will usually give a clearer view than one guessing from a guide.
Australia and New Zealand are different markets
CFO pay in New Zealand is generally lower than in Australia for roles of a similar title, partly because New Zealand organisations tend to be smaller. But comparing titles alone can mislead. A New Zealand CFO often has a broader role than an Australian CFO in a company of similar size. If you are moving between the two markets, compare the actual scope and responsibilities, not just the title and the number. Our piece on CFO roles in New Zealand covers how the market differs.
Use the information in negotiation
Salary information is most useful when you are negotiating an offer. Knowing the market range gives you confidence and helps you avoid accepting too little or asking for too much. Our guides to salary expectations for senior executives and negotiating an executive offer cover how to use this information in the conversation.
Read the survey, then read the role
A salary survey tells you about the market. It does not tell you about the specific role in front of you. The CFOs who negotiate well use the surveys as a starting point, then build a view based on the size, scope and complexity of the role they are actually being offered.
If you are planning a career move and want help working out where you fit in the market, see how I support executive career transitions.
If you are a finance leader considering your next move and want to understand your options, book a complimentary Clarity Session and we will look at your target roles and how to position for them.
