The accountancy field in Australia
Skills shortages and strong demand for accountants across the country mean employers are increasingly subject to pressure to meet the demands of potential employees in this candidate-driven market.
Accounting in Australia
Accounting graduate outcomes
Where do accounting graduates work?
The employment market for graduates
Skills shortages
Salaries
Find out more
Accounting in Australia
Demand for accountants and other finance professionals is currently strong Australia-wide. Low unemployment, a strong financial services sector and the strength of the resources, mining and construction boom are ensuring the buoyancy of the accountancy market.
Accounting graduate outcomes
According to The Good Universities Guide 2009, 81% of 2006 accounting graduates were employed four months after graduating. A further 19% were seeking work, and 17% were participating in further study.
Where do accounting graduates work?
The Good Universities Guide 2009 reports that 2006 accounting graduates were employed largely in private practice and private industry (both 41%), and the public sector (8%).
The employment market for graduates
The current employment market and outlook for accounting graduates is very positive. Skills shortages and strong demand for accountants across the country mean employers are increasingly subject to pressure to meet the demands of potential employees in this candidate-driven market.
The high expectations of generation Y workers have resulted in increasing turnover rates in junior roles with candidates moving between firms in search of career advancement and better rewards. As a result many firms are offering higher salaries and more flexible working conditions in order to attract and retain staff.
Beyond the graduate market
According to the Department of Employment and Workplace Relations’ Australian jobs 2008 job prospects for accountants are good, and unemployment is below average. Future employment growth to 2012–13 is expected to be strong.
In particular demand are candidates with mining, manufacturing, construction and engineering experience, costing accountants and management consultants, according to the Hays Salary survey 2008. Candidates for these occupations may be able to negotiate significantly higher salaries and benefits than other accounting specialisations.
Skills shortages
The positive employment outlook for accounting graduates is not surprising given that there is currently a marked national skills shortage in this profession. Acute shortages of accountants throughout much of the country have resulted in their inclusion on the Department of Immigration and Citizenship’s Migration Occupations in Demand list.
Results from Graduate Careers Australia’s Graduate outlook 2007 survey revealed that graduate employers are experiencing difficulty sourcing accounting graduates. Over 60% of employers had trouble recruiting graduates of particular disciplines, and of those 23.5% experienced difficulty sourcing accounting/economics graduates.
Leading recruitment specialists have identified various factors that are exacerbating the current skills shortages within the accounting profession. The increasing numbers of qualified accounting graduates leaving the profession, turning to self-employment, or simply moving between firms too quickly are some of the biggest concerns. Significant numbers of accountants are also opting to explore employment opportunities overseas.
Salaries
Accounting graduates can expect competitive salaries that compare well to salaries within other fields. According to The Good Universities Guide 2009 the average graduate accounting salary is $41,994. After a couple of years experience accountants can expect to earn around $60,000.
Find out more
CPA Australia, www.cpaaustralia.com.au
Institute of Chartered Accountants in Australia (ICAA), www.charteredaccountants.com.au
National Institute of Accountants (NIA), www.nia.com.au