Understanding a Finance Manager Offer: Salary Packaging, Bonuses and Super
When a job offer arrives, most people look at one number. The base salary. If it is higher than what they earn now, they are tempted to accept straight away.
But a Finance Manager or Financial Controller offer is much more than a base salary. Superannuation or KiwiSaver, bonuses, salary packaging, leave, flexibility, notice periods, restraints and review dates all affect what the offer is really worth.
As a finance professional, you would never approve a contract based on one line. The same applies to your own offer. This article explains how to read a Finance Manager or Financial Controller offer properly.
Base salary
Start with base salary, but check exactly what it includes. Is superannuation included in the figure, or on top? In Australia, a figure described as “plus super” is worth 12 per cent more than one that includes it.
Compare the base with the market for the role’s scope and location. For context, see Financial Controller salary in Australia and New Zealand.
Superannuation and KiwiSaver
In Australia, the superannuation guarantee is 12 per cent of ordinary earnings. Some employers pay more. In New Zealand, employers contribute to KiwiSaver at a minimum rate. Check the rate and whether the employer offers anything above the minimum.
Bonuses and incentives
Many Finance Manager and Financial Controller roles include a short-term incentive or bonus. Ask how it works.
What is the target percentage of base?
What are the measures, such as company profit, individual goals or both?
How much has typically been paid in recent years?
Is it discretionary or contractual?
When is it paid, and do you need to be employed at that date?
A 15 per cent bonus that is rarely paid is very different from one paid reliably.
Salary packaging
Some employers, especially not-for-profits, health and some government bodies, offer salary packaging through fringe benefits concessions. This can increase take-home pay significantly. Ask whether it is available and what it covers.
Leave and flexibility
Check annual leave, personal leave and any additional leave, such as a purchased leave scheme or extra days. Ask about flexibility, such as hybrid work, a nine-day fortnight or flexible hours. For many people, flexibility is worth as much as salary.
Title and reporting line
Confirm the title and reporting line in writing. They affect your future career. A Financial Controller title with a genuine CFO reporting line is more valuable than one reporting to another Finance Manager.
Notice period
Finance Manager and Financial Controller contracts often have notice periods of four weeks to three months. Longer notice can make future moves harder. Consider whether it is reasonable for the role.
Restraint clauses
Some contracts include restraint clauses that limit where you can work after you leave, or prevent you approaching clients or staff. Read them carefully. Broad restraints can limit your options. If you are unsure, get advice.
Probation and review
Check the probation period, usually three to six months, and when your first salary review will happen. If the base is below what you wanted, a review after six months with clear criteria can be a useful compromise.
Other benefits
Look for other benefits. Professional membership fees, study support, a car or car allowance, mobile phone, health insurance, parental leave above the minimum and employee assistance programs all have value.
Compare offers properly
If you are comparing offers, or comparing an offer with your current role, list every element side by side. Put a value on each where you can. You may find that a lower base salary is actually the better package.
Negotiating
Once you understand the whole offer, decide what matters most and negotiate on that. For guidance, see negotiating your first Financial Controller offer.
Get it in writing
Make sure everything agreed verbally is in the written contract before you sign. Verbal promises are easily forgotten.
Parental leave and personal leave
If parental leave matters to you now or in the future, check the employer’s policy. Government schemes provide a baseline in both Australia and New Zealand, but many employers offer additional paid leave or return-to-work support. Some also offer extra personal or wellbeing days.
Contractor versus employee offers
Some roles are offered as contracts rather than permanent employment. In that case, the “package” is usually a daily or hourly rate. Compare it with permanent offers by accounting for unpaid leave, superannuation arrangements and gaps between contracts. For more, see contract or permanent finance roles.
Asking questions without risking the offer
Many people worry that asking questions about an offer will make them seem difficult. It will not, if done professionally. “Thank you for the offer. Before I confirm, I would like to understand how the bonus works and whether super is included in the base figure.” That is a reasonable question any good employer will answer.
A simple comparison table
When comparing an offer with your current role or another offer, list these elements side by side:
Base salary
Superannuation or KiwiSaver
Expected bonus, based on recent payouts
Salary packaging value
Leave and flexibility
Other benefits
Commute time and cost
Career development opportunities
Putting it all on one page often makes the right decision much clearer.
Think about the next move too
An offer is not just about this role. It sets the base for future pay and shapes your next move. A slightly lower salary in a role with strong development, a good manager and a clear path to Financial Controller or Head of Finance may be worth more over five years than a higher salary in a dead-end role.
A worked example
James is a Finance Manager in Sydney earning $150,000 plus super. He receives two offers for Financial Controller roles.
Offer A: $190,000 including super, with a discretionary bonus of up to 10 per cent. The recruiter says the bonus has paid about half of target in recent years. Fully office based. Three month notice period.
Offer B: $180,000 plus super, with a contractual bonus of 10 per cent paid if the business meets budget, which it has done in each of the last three years. Two days a week from home. One month notice period.
At first glance, Offer A looks higher. When James works it through, the answer changes.
Offer A base, once super at 12 per cent is taken out, is about $169,600
Offer A expected bonus, at half of target, is about $8,500
Offer B base is $180,000, with super paid on top
Offer B expected bonus, based on recent history, is about $18,000
Offer B is worth around $20,000 more a year before flexibility is counted. James also saves two days of commuting a week. He accepts Offer B and uses Offer A only to confirm he is being paid at market.
These are illustrative numbers. Your own calculation will depend on how each employer defines ordinary earnings, when the bonus is paid and your personal tax position.
A note on tax and salary packaging
Salary packaging rules vary by employer and sector. What one employer offers, another may not. Some benefits reduce taxable income, and some carry fringe benefits tax costs that the employer may pass on to you.
Do not assume a benefit is worth what it appears to be. Ask the employer for a written summary of how the arrangement works, and check the details with a tax adviser before you rely on it.
Australia and New Zealand differences
If you are comparing roles across the Tasman, keep these general points in mind.
In Australia, superannuation guarantee is 12 per cent, and offers may be quoted inclusive or exclusive of it.
In New Zealand, KiwiSaver employer contributions are made at a set minimum rate, and some employers quote a “total remuneration” figure that includes them.
Leave entitlements, public holidays and notice customs differ between the two countries.
Market salaries differ too. As a guide, Finance Manager roles in Sydney sit around $155k to $175k, while Auckland sits around $150k to $180k.
Always confirm how the figure is built before comparing two numbers.
Questions to ask before you accept
Is the base salary inclusive or exclusive of super or KiwiSaver?
What has the bonus paid, as a percentage of target, in each of the last three years?
Is the bonus prorated in the first year?
When is the first salary review, and what will it be based on?
What flexibility is written into the contract, and what is informal?
Are there any restraints, and how long do they last?
Ask these in one short, polite email. A good employer will answer them all.
Common mistakes
Looking only at base salary
Not checking whether super is included
Assuming bonuses will be paid in full
Ignoring notice and restraint clauses
Signing before verbal agreements are in writing
Your next step
When your next offer arrives, list every element and put a value on it. Then decide what, if anything, you want to negotiate.
If you want support positioning yourself for stronger offers, my Gold package covers your resume, cover letter, LinkedIn and positioning strategy.
If you have an offer in front of you, book a complimentary Clarity Session.
