Despite the challenges a global pandemic brings to international markets, the financial services industry in Australia continues to remain buoyant and there continues to be strong demand for marketing professionals. Interestingly, marketers in financial services tend to be paid more when we compare Kaizen data to average marketing salaries in Australia*.
There are many factors contributing to this. Primarily, due to the promotion and communication of highly regulated, often complex financial products and services requires particular competencies when compared with for example promotion of retail or FMCG offerings.
Especially if they are responsible for written content of investment communications.
Salaries are fairly consistent at entry to management level but executive remuneration differs significantly. Generally speaking, marketing salaries rise sharply with increasing customer bases, team sizes, budgets and complexity and diversity of products.
Because these roles are highly complex, there is too much at stake, and of course significant upside from a marketing person who truly knows how to grow a brand, lead a team, advise senior stakeholders and who truly understands commercialities while being highly creative.
The skill sets and knowledge modern marketers require at all levels is continuously evolving with new technologies like automation and artificial intelligence plus rapid fragmentation of media consumption. Many businesses are undergoing organisational digital transformation, increasing the demand for experienced digital marketing talent.
Marketing departments have transformed into veritable publishing houses producing and distributing targeted original content across any number of online and traditional channels. Marketers are also challenged to grasp a truly holistic view with intensified communication of brand values and social responsibility plus greater demand for internal marketing initiatives to promote culture and performance.
Based on Kaizen’s industry analysis, below is a salary guide for marketing professionals in financial services.
Marketing Coordinator / Digital Coordinator / Social Media Coordinator
Marketing coordinators assist with implementation of marketing and advertising campaigns. They prepare marketing reports by collecting, analysing and summarising campaign response and sales data. Depending on the size of the marketing department, they may be responsible for updating the website, social media posts, other collateral, and often possess an intermediate level of graphic design capability.
Ultimately, the marketing coordinator must have excellent communication skills, natural creative flair and the ability to take on any task assigned. Graduate studies are highly regarded with 0 to 4 years’ experience.
These roles are specialised roles typically available in larger organisations. They require more advanced knowledge and experience than entry level, but are not all encompassing like senior roles. Depending on the role, marketing managers at this level typically have very focused duties for example:
Managing the marketing for a particular product or products
Engaging in partnerships or sponsorships (this can have a larger sales component)
Execution of email marketing campaigns or content production
Community engagement and activations
Graduate studies are highly regarded with 2 to 4 years’ experience.
Marketing Manager / General Manager – Marketing
The marketing manager is responsible for end-to-end marketing; mainly developing, implementing and executing strategic marketing plans including budgets. In the absence of a marketing director which is common in small to medium size organisations, the marketing manager will have a dual strategic and hands-on role, plus a seat at the executive table.
Day-to-day tasks include managing and coordinating marketing and creative staff, leading market research efforts and liaising with service providers such as media organisations and creative agencies. Marketing managers work closely with business development teams, compliance teams and investment teams. Marketing managers work with executives to determine budgets and targets. They are often charged with developing pricing strategies for products and services.
Marketing Director / Chief Marketing Officer
The marketing director or chief marketing officer has a strategic focus and a seat at the executive table. Their role is to devise, own and lead the strategic marketing activity and essentially be the ‘compass’ and sound decision maker. They oversee and grow the marketing department in terms of resources and capability. They develop and manage the annual budget, profit/loss projections and other financial considerations.
Often analysis and research intensive, the marketing director will be involved in pricing strategy, identifying revenue opportunities, channel strategy, new market entry, customer segmentation, consumer insights, forecasting and regulatory awareness to name a few. The role is less hands-on, rather oversight, strategy and often ‘directing traffic’. Graduate or preferably post-graduate studies are highly regarded with 10+ years’ experience.
For all marketing roles in funds management, superannuation, wealth management and insurance, please contact Stacey Fernandes on 0430 822 112 or stacey@kaizenrecruitment.com.au.
* Please see selection of data relating to average salaries for marketing professionals in Australia.
https://au.indeed.com/salaries/marketing-manager-Salaries
https://www.payscale.com/research/AU/Job=Marketing_Manager/Salary
https://www.seek.com.au/career-guide/role/marketing-coordinator
https://www.seek.com.au/career-guide/role/marketing-manager
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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