What a Finance Director actually owns
The Finance Director owns the whole function rather than a part of it. Statutory and management reporting, controls and compliance, budgeting and forecasting, the finance team, and the commercial input into decisions the rest of the executive is making. In a business without a CFO, they are the senior finance voice at the table.
One thing to be clear about in the Australian market: the title is used loosely. Finance Director, Head of Finance and senior Financial Controller cover overlapping ground depending on the business.[1] Judge the role by the scope and the reporting line, not by the words on the ad. A Finance Director reporting to a CEO is a different job from one reporting to a CFO.
| Seat | What separates it from the one below | |
|---|---|---|
| Finance Manager | Runs the close and the team doing it | Owns delivery. Accurate reporting on time, with a small team, inside a framework somebody else set. |
| Financial Controller | Owns controls, compliance and the numbers | Owns the integrity of the accounts and the audit relationship. Sets the framework rather than working inside it. |
| Finance Director / Head of Finance | Owns the whole function | Adds planning, commercial input and the finance voice at the executive table. Manages managers rather than doers. |
| CFO | Owns capital and strategy as well | Adds investors, capital structure and board accountability. In a startup, usually a later seat than founders assume. |
Qualifications and experience expected
The standard Australian profile is a CA or CPA, an accounting or commerce degree behind it, and eight to twelve years of post-graduate experience. Nothing is legally required, but at this level the qualification is close to universal and its absence will need explaining.
More important than the credential is the shape of the experience. What CFOs consistently tell me they need is a mix: technical accounting depth in areas like IFRS and consolidations, data analytics for genuine insight, tech literacy for efficiency, and strategic and commercial thinking.[2] A candidate strong on only the first of those looks like a senior Financial Controller, not a director.
If you are weighing whether to complete the CA or CPA at all, I go through when the qualification genuinely matters and when it does not here.
The path that actually works
The common route is Accountant, Financial Accountant or Analyst, then Finance Manager, then Financial Controller, then Finance Director. The step that stalls most people is the one from Controller to Director, because it is not a promotion for doing the Controller job well. It is a different job.
The change is in what you spend your time on. A Financial Controller moving up is overseeing tasks and developing the next layer of leadership, managing managers rather than individual contributors, and delegating more so they can focus on strategy, coaching and setting direction.[3] If you are still the best technical person in your team and doing the hard reconciliations yourself, you have not made that shift yet, however good your work is.
Two practical moves accelerate it. Get commercial exposure earlier than feels comfortable, because getting into a commercial role earlier in a finance career is not a loss but a trade-off that accumulates experience you will need.[4] And take on something outside your remit, a systems implementation, a pricing review, an acquisition integration, because that is the evidence a hiring board reads as director-level.
What to do if you are stuck
The default response to feeling undeveloped is to change companies. It is often the wrong one. Financial Controllers who feel a lack of development do not necessarily need to move; they often benefit most from an external mentor who understands the industry and can offer impartial advice.[5] Moving for the sake of it resets your internal credibility and rarely fixes the underlying gap.
If you do decide to move, be realistic about the market. Australian finance teams have run leaner since the 2025 headcount cuts, with higher workloads and more deliberate hiring decisions as a result.[6] That means fewer director roles opening but a higher premium on people who can genuinely operate at that level. Be precise about which one you are.
If you want to know what the step up is worth in dollars, the Australian Head of Finance and Finance Director bands are set out here here.
Common questions
How long does it take to become a Finance Director?
Most people reach the seat with eight to twelve years of post-graduate experience, typically running Accountant or Analyst, then Finance Manager, then Financial Controller, then Finance Director. The timing varies more with business size than with ability: a smaller Australian scale-up may hand the whole finance function to someone at eight years, where a larger business will expect twelve or more for a comparable scope.
What qualifications does a Finance Director need in Australia?
A CA or CPA is close to universal at this level, usually with an accounting or commerce degree behind it. Nothing is legally required, but its absence will need explaining. What matters more is the shape of the experience: technical accounting depth in areas such as IFRS and consolidations, data analytics for genuine insight, tech literacy, and strategic and commercial thinking. A candidate strong only on technical accounting reads as a senior Financial Controller rather than a director.
What is the difference between a Financial Controller and a Finance Director?
A Financial Controller owns the integrity of the numbers: controls, compliance, the close and the audit relationship. A Finance Director owns the whole function, adding planning, commercial input and the finance voice at the executive table. The practical difference is where your time goes. A director manages managers, delegates the technical work and spends their time on strategy, coaching and direction. In Australian job ads the titles are often used interchangeably, so judge the role by scope and reporting line rather than the words.
I am a Financial Controller and feel stuck. Should I change companies?
Not automatically. Controllers who feel a lack of development often benefit more from an external mentor who understands the industry and can give impartial advice than from a move, and moving for its own sake resets your internal credibility without fixing the underlying gap. Before deciding, check whether you have actually made the shift from doing the technical work to managing managers, and whether you have taken on anything outside your remit such as a systems implementation or an acquisition integration. That is the evidence hiring boards read as director-level.
References
- Story Recruitment role coverage: senior finance leadership roles including CFOs, VP and SVP Finance, Heads of Finance, Finance Directors, Heads of FP&A and Financial Controllers.
- Tom Hunter on capability demand in the Australian finance market: CFOs consistently ask for technical accounting depth such as IFRS and consolidations, data analytics for insight, tech literacy for efficiency, and strategic and commercial thinking.
- Tom Hunter on the Financial Controller step up: overseeing tasks and developing the next layer of leadership, managing managers rather than individual contributors, and delegating more in order to focus on strategy, coaching and setting direction.
- Tom Hunter on career sequencing: getting into a commercial role earlier in a finance career is not a loss but a trade-off that accumulates valuable experience.
- Tom Hunter's advice to Financial Controllers feeling a lack of development: they do not necessarily need to move companies, and often benefit most from an external mentor who understands the industry and can offer impartial advice.
- Tom Hunter on the Australian finance market: following 2025's headcount cuts, finance teams are running leaner with higher workloads, which requires more deliberate hiring decisions.