Where the Finance Director sits
Finance Director is used two ways in the Australian market. In a mid-sized or corporate business it usually sits above Financial Controller and below CFO. In a smaller business it is often the top finance seat, doing the job a CFO would do elsewhere. The qualifications question has a different answer depending on which one you mean.
Story Recruitment partners with experienced leaders across senior finance roles including CFO, VP and SVP Finance, Head of Finance, Finance Director and Financial Controller,[1] so the comparison below reflects what businesses actually ask for rather than a textbook hierarchy.
| Role | What the market typically requires | |
|---|---|---|
| Financial Controller | CA or CPA, roughly 5 to 10 years post-qualification. | Ownership of close, controls and statutory reporting, usually with a small team. The technical anchor of the function. |
| Finance Director | CA or CPA, roughly 8 to 15 years post-qualification. | Ownership of the whole function plus commercial input into decisions. Board or executive exposure expected, not optional. |
| CFO | CA or CPA common, not universal. 12 years and up. | Capital strategy, investor relationships and the financial consequence of company strategy, with the function run beneath them. |
The professional qualification
In Australia the practical standard is CA (Chartered Accountants Australia and New Zealand) or CPA Australia. Both are accepted for Finance Director roles and neither is meaningfully preferred over the other at this level. Overseas equivalents, ACCA and CIMA in particular, are recognised, though ACCA and CIMA holders should expect to demonstrate familiarity with Australian standards and reporting obligations.
The CFA is a different qualification for a different market. It carries weight in investment, funds and corporate finance and much less in industry finance leadership. If your ambition is a Finance Director or CFO seat in an operating business, CA or CPA is the better investment.
Whether a qualification is genuinely mandatory depends on the business. It usually is where there is statutory reporting, audit and a board that expects a designation. It is more negotiable in smaller private businesses where the seat is really about commercial control. My consistent advice when hiring is to focus on core qualities like versatility, problem-solving, willingness to learn, work ethic and adaptability over specific background.[2]
Experience: how much, and of what kind
Eight to fifteen years post-qualification is the usual range, but the number matters less than the shape. What a hiring executive is looking for is evidence you have owned an outcome, not administered a process.
Industry experience specifically is worth far less than candidates assume. It ranked at just 3% among what hiring managers for finance professionals look for first in a CV, which tells you they care more about role quality and relevance.[3] For deep tech roles I have found sector knowledge is more similar across industries than founders realise, while the critical personality traits are much harder to find.[4]
Two forms of experience punch above their weight. First, having built something rather than inherited it. Second, commercial exposure earlier in the career: getting into a commercial role earlier is not a loss but a trade-off that accumulates valuable experience.[5] The best senior finance leaders I speak with have built their careers by crossing borders, staying agile and learning continuously.[6]
For the full breakdown of the technical and commercial skills the Australian market actually tests for, see the skills guide here.
Does an MBA help?
Sometimes, and rarely as much as the fee suggests. An MBA is useful if your gap is genuinely commercial breadth and you cannot get that exposure in your current role. It is close to useless if your gap is leadership credibility or a narrow industry background, because neither is fixed by coursework.
Australian job ads list an MBA as preferred far more often than hiring managers treat it as decisive. I would not delay a step up to complete one. I would take the role that gives you commercial ownership instead.
The competencies that decide it
Once two candidates both hold the qualification and the years, the appointment turns on judgement and relationships.
- Commercial partnering. Businesses value finance leaders who speak the language of operations, technology and strategy, not just accounting.[7]
- Trust. Numbers matter, but trust matters more, because without it even the best reporting will not get used.[8]
- Self-direction. Waiting for the executive to specify what is needed is operating as a senior accountant with a bigger title, and it does not work at this level.[9]
- Adaptability. Build breadth and adaptability now to remain competitive, because market cycles will eventually turn.[10]
If the gap is the leadership step rather than the credentials, I go through what actually changes when you move into finance leadership here.
Common questions
What qualifications do you need to be a Finance Director?
In Australia the practical standard is a CA through Chartered Accountants Australia and New Zealand, or a CPA through CPA Australia. Both are accepted and neither is preferred at this level. ACCA and CIMA are recognised, though holders should expect to demonstrate familiarity with Australian standards. Beyond the designation, expect to need roughly eight to fifteen years of post-qualification experience and evidence of owning a function rather than administering a process.
How many years of experience does a Finance Director need?
Eight to fifteen years post-qualification is the usual Australian range, though the shape of the experience matters more than the count. Hiring executives are looking for evidence you have owned an outcome and built something rather than inherited a working function. Industry-specific experience is worth much less than candidates assume: it ranks at around 3% of what hiring managers look at first in a CV.
Do you need an MBA to become a Finance Director?
No. An MBA is genuinely useful if your gap is commercial breadth and you cannot get that exposure in your current role. It does little for leadership credibility or a narrow industry background. Australian job ads list it as preferred far more often than hiring managers treat it as decisive, and delaying a step up in order to complete one is usually the wrong trade. Taking a role with real commercial ownership tends to be worth more.
Is a CA or CPA better for a Finance Director role?
Neither is meaningfully preferred at Finance Director level in Australia. Both CA and CPA are accepted by employers, boards and auditors. The CA route is more common among people who trained in a chartered firm and the CPA route more common among people who qualified in industry, but by the time you are competing for a Finance Director seat, employers are looking at what you have owned rather than which body issued your designation.
References
- Story Recruitment scope: partnering with experienced leaders for senior finance roles including CFO, VP/SVP Finance, Head of Finance, Finance Director and Financial Controller.
- Tom Hunter's hiring advice: focus on core qualities like versatility, problem-solving, willingness to learn, work ethic and adaptability over specific industry experience.
- Story Recruitment market data: industry experience ranked at just 3% among what hiring managers for finance professionals look for first in a CV, indicating greater interest in role quality and relevance.
- Tom Hunter on deep tech CFO roles: sector knowledge is more similar across industries than founders realise, but the critical personality traits are much harder to find.
- Tom Hunter on career trade-offs: getting into a commercial role earlier in a finance career is not a loss but a trade-off that accumulates valuable experience.
- Tom Hunter on senior finance careers: the best CFOs and senior finance leaders he speaks with have built their careers by crossing borders, staying agile and learning continuously.
- Tom Hunter on what businesses value in finance leaders: they want people who speak the language of operations, technology and strategy, not just accounting.
- Tom Hunter on trust in finance leadership: numbers matter, but trust matters more, because without it even the best reporting will not get used.
- Tom Hunter on strategic operation: a finance professional waiting for the founder to specify needs is not operating strategically but as a Senior Accountant with a more senior title.
- Tom Hunter's advice to senior finance leaders: build breadth and adaptability now to remain competitive, because market cycles will eventually turn.