The three categories, and which one is scarce
Split the field into technical accounting skills, analytical and tooling skills, and commercial or interpersonal skills. Every job ad mixes them together in one bullet list, which hides the fact that they are not equally hard to find.
Technical depth is common. Commercial thinking is not. CFOs tell me what they are desperate for in the Australian market spans technical accounting depth in IFRS and consolidations, data analytics for insight, tech literacy for efficiency, and strategic commercial thinking.[1] The last two are where the shortage actually sits, and where a candidate can differentiate quickly.
| Skill category | What employers actually test for | |
|---|---|---|
| Technical accounting | Australian accounting standards and IFRS, consolidations, statutory reporting, tax and GST, audit preparation. | Accuracy and independence. Can you complete the work to a high standard without someone checking it? This is the entry ticket, not the differentiator. |
| Analytical and tooling | Advanced Excel, financial modelling, ERP systems, data visualisation, increasingly AI-assisted workflows. | Whether you can build something the business runs on repeatedly, rather than a one-off model nobody else can maintain. |
| Commercial judgement | Business partnering, forecasting assumptions, pricing input, capital allocation, risk judgement. | Whether a non-finance leader changed a decision because of your input. The scarcest skill in the Australian market and the one that promotes people. |
| Communication | Stakeholder management, board reporting, presentation. | Whether the reporting actually gets used. Without trust, even the best reporting sits unread. |
Hard skills, by level
The technical requirement does not just get bigger as you go up. It changes shape. Early on you are judged on accuracy and throughput. Later you are judged on judgement, and accuracy is assumed.
- Entry level. Ledger work, reconciliations, accounts payable and receivable, payroll basics, GST and BAS, and enough Excel to be trusted with a workbook someone else will rely on.
- Qualified and senior accountant. Month-end close, statutory reporting under Australian standards, audit preparation, tax effect accounting, and variance analysis you can explain to a non-accountant.
- Finance Manager and Financial Controller. Consolidations, controls design, the finance systems stack, cash forecasting and budget ownership, and managing a small team.
- Head of Finance and above. Three-way modelling, board reporting, capital and funding conversations, and the ability to test a hiring plan or a pricing decision before it becomes a commitment.
On tooling, be realistic about where the market is going. AI and automation tools are on the table for finance teams, but adoption across the Australian market remains slow.[2] That gap is an opportunity. One Australian scale-up controller refreshes their board pack every Monday with a single instruction, then checks revenue, cash and ARR against Xero and adds commentary, rather than rebuilding the pack by hand.[3] Being the person who can do that is a real differentiator right now, not a future one.
The soft skills that actually move careers
Businesses value finance leaders who speak the language of operations, technology and strategy, not just accounting.[4] That is a skill you build deliberately by sitting in other functions' conversations, not something that arrives with seniority.
Trust is the one that compounds. Numbers matter, but trust matters more in finance, because without it even the best reporting will not get used.[5] A perfectly correct report that nobody acts on is not a contribution.
There is also a behaviour that quietly caps people. A finance professional who waits for the founder to specify what they need is not operating strategically. They are a Senior Accountant with a more senior title, and at Head of Finance level that dynamic does not work.[6] If you want the next level, the move is to bring the question rather than wait for it.
If you are aiming at finance leadership specifically, I set out what separates a great CFO from a merely competent one here.
Qualifications and how to close a gap
In Australia the CA and CPA programs are the standard route and worth completing if you are on a technical accounting path. The CFA is a different market, weighted towards investments and corporate finance rather than industry finance roles. Neither replaces the commercial skills above; they get you considered, not chosen.
If you are coming from an accounting firm into industry, the fastest way to stand out is a Key Clients section on your CV.[7] For each key client, outline their industry, revenue and listed or non-listed status, then three to five points of noteworthy work naming the specific accounting standards or reporting frameworks involved.[8] It converts a generic firm background into evidence of the exact exposure a hiring manager is looking for.
Beyond that, the practical advice I give senior candidates is to build breadth and adaptability now, because market cycles will eventually turn and breadth is what keeps you competitive when they do.[9] Depth in one industry is a fragile asset. Range is not.
For more on the finance career path in Australia and the moves that open the next level, browse the careers guides here.
Common questions
What skills are required for accounting and finance roles?
Three layers. Technical accounting: Australian standards and IFRS, consolidations, statutory reporting, tax and GST, audit preparation. Analytical and tooling: advanced Excel, financial modelling, ERP systems, data visualisation and increasingly AI-assisted workflows. Commercial and interpersonal: business partnering, forecasting judgement, and the ability to explain finance to people who do not work in it. The first layer gets you considered. The third decides how far you go.
What is the difference between accounting skills and finance skills?
Accounting skills are largely backward-looking and rules-based: recording what happened accurately and in line with the standards. Finance skills are forward-looking and judgement-based: forecasting, capital allocation, pricing and investment decisions. Most Australian finance careers start on the accounting side and move across. The move usually stalls when someone keeps being measured on accuracy rather than seeking out decisions to influence.
Which skills are most in demand in the Australian finance market?
The capabilities finance leaders most often say they cannot find span technical accounting depth including IFRS and consolidations, data analytics for insight, tech literacy for efficiency, and strategic commercial thinking. Technical depth is comparatively available. Commercial thinking and genuine tech literacy are where the shortage sits. AI and automation adoption in Australian finance teams remains slow, so being the person who can practically apply it is a live differentiator.
How do I build commercial skills if my role is purely technical?
Stop waiting to be asked. A finance professional who waits for the founder or the business to specify what they need is operating as a senior accountant with a more senior title, and that dynamic does not work above Finance Manager level. Practically: sit in on operations and sales conversations, own a forecast assumption rather than just the model, and bring one commercial recommendation to every reporting cycle. Getting into a commercial role earlier is a trade-off that accumulates experience, not a loss.
References
- Tom Hunter on what CFOs tell him they need in the Australian finance market: technical accounting depth including IFRS and consolidations, data analytics for insight, tech literacy for efficiency, and strategic commercial thinking.
- Tom Hunter on AI in Australian finance teams: automation tools are on the table but adoption remains slow.
- Story Recruitment AI in Finance workflow example: an Australian scale-up controller refreshes their board pack every Monday with a single instruction, then checks revenue, cash and ARR against Xero and adds commentary, eliminating the manual rebuild.
- 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, a dynamic that is ineffective at Head of Finance level.
- Tom Hunter's CV advice for professionals moving from an accounting firm into industry: the easiest way to stand out is to include a Key Clients section on the CV.
- Tom Hunter on structuring a Key Clients section: for each client, outline industry, revenue and listed or non-listed status, followed by three to five points of noteworthy work including the specific accounting standards or reporting frameworks involved.
- Tom Hunter's advice to senior finance leaders: build breadth and adaptability now to remain competitive, because market cycles will eventually turn.