CPA Australia
Accountancy: a career that takes you places
Among the many career opportunities that exist for a graduate, why choose to become an accountant? Indeed, why choose to be a CPA? Being a CPA means you have successfully completed an accredited undergraduate degree with a major in accounting, and have completed the CPA Program and the Practical Experience Mentor Program.
The skills shortage
So why take this path? Demand for accountants keeps climbing and the skills shortage in accounting is worsening, so there are many job vacancies and increasing starting salaries for graduates. The Department of Employment and Workplace Relations’ Skills in Demand Assessment Reports found that 72% of employers agreed there is a skills shortage for qualified accountants, with 51% reporting they had experienced recruitment difficulties. A total of 37% of employers surveyed had unfilled vacancies at the time of responding.
The increase in demand for accountants is driven heavily by changes to existing requirements as well as new requirements in taxation and compliance legislation, advancements in banking, finance and financial planning, and the move to international accounting standards. Coupled with an insufficient supply of new graduates coming into the profession, employers are finding it increasingly difficult to recruit new staff, with a number of positions remaining vacant for up to two years.
Diversity in accounting
There are around 150 000 accountants Australia-wide, up more than 18% compared with five years ago. Accountants
are employed in public and private practice across a diverse range of roles, with larger firms expanding the services
and roles they offer to cater to new business opportunities and requirements from clients.
Accountants undertake a variety of accounting, record-keeping and compliance tasks including formulating budgets; regulating accounts; preparing financial statements; conducting financial investigations; performing audits; examining operating costs, income and expenditure in institutions; and handling taxation matters. The industries with the largest share of employment for accountants are property and business services, finance and insurance, manufacturing, and wholesale trade.
Accountants are found in a vast number of sectors in roles that allow them to travel the road of discovery. Among the many roles is that of a management accountant. They provide budgetary control, forecast preparation and engage in feasibility studies for businesses. Management accountants are business-minded and focused, and have good people
management, negotiation and communication skills. A graduate working in this role in the commerce and industry
sector can expect to earn anywhere between $50,000 – $60,000.
Business analysts provide capital justification, preparation and analysis of actual, budget and forecast financial data, as well as management reporting. A business analyst is typically perceptive and influential, improvement focused, and good at predicting and explaining trends, while being acutely aware of market activity. Business analysts in the commerce and industry sector can expect to earn between $55 000–$70 000 in their first three years after graduation.
Go places with CPA Australia
While your degree will help you in obtaining positions such as those described above, the CPA designation will further enhance your career, with more than 20 000 CPA Australia members holding the position of General Manager, Financial Controller, Chief Financial Officer or Chief Executive Officer.
If you are thinking of travelling, accounting and CPA Australia will certainly help you go places, with around 24 000 CPA members currently living or working outside of Australia. CPA Australia also has reciprocal arrangements with several overseas accounting bodies, meaning you can easily take advantage of international career opportunities that come your way.
University of Melbourne graduate and CPA Kevin Trantallis is a business analyst at Christian Dior in Hong Kong, where work is a fusion of fashion, new season unveilings and book-keeping. Kevin’s work can range from providing analysis to senior management, to overseeing boutique operations—proof that there is no such thing as ‘just an accounting degree’ when you match it with specific qualifications required to become a CPA.
The CPA Program—your career advantage
Life is all about choices and creating your own individual style. The CPA Program is internationally recognised, challenging and comprehensive, flexible and highly sought after. The challenging content of the CPA Program ensures that on completion CPAs possess technical expertise that is second to none. Benchmarked worldwide and aligned with international best practice, it is regularly reviewed to ensure its structure and content are of the highest standard and exceed the demands of today’s business professionals.
It is delivered through flexible learning, designed for you to study when and where you choose, with the convenience
of having the study materials sent to you anywhere in the world. The course structure comprises six units plus practical mentored work experience, which together must be completed within six years. You must take three compulsory segments, as well as choosing three electives from a possible nine segments, such as knowledge management or financial accounting. The examinations for these segments are all open book, combining both written case based and multiple-choice formats. The CPA Program allows you to choose the support you need— from study groups to workshops and online forums. You also have the choice of 240 locations around the world in which to sit your exams. So whether you’re travelling, working, or both, the CPA Program is flexible enough to fit into whatever you are doing in life.
Get the edge with CPA Passport
Becoming part of this fraternity has its advantages. CPA Passport is CPA Australia’s global student network and your ticket to the broadest career options available. It provides more resources, networking opportunities, study support, ongoing training and work experience programs, both in Australia and overseas, than any other professional body of its kind. We offer you the chance to gain a work experience placement with Australia’s leading organisations. If you prefer the idea of gaining your work experience in China, Hong Kong, Malaysia, Singapore or New Zealand, then we can provide you with all the information you need. Free to CPA Passport students is our Real Business magazine, the only finance, accounting and business magazine specifically for students. It provides you with industry information, employer profiles and the information you need to join the workforce. To join CPA Passport, visit cpacareers.com.
FIND OUT MORE
Visit www.cpaaustralia.com.au for more information.