Ruqayyah Snyder
Accounting in Australia has its pros and cons. On the one hand, Australia is one of the major accounting and financial hubs in the Asia-Pacific region, and the country is actively working to position itself as a world fintech hub. The average salary for an accountant in Australia is $55,046, and this rises as accountants acquire abilities in financial analysis and budget management. However, the job market is highly competitive, with a large number of graduates competing for a small number of entry-level positions. This has been exacerbated by the automation and offshoring of work, as well as outsourcing to countries where labour is cheaper.
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Salary expectations
In terms of location, the highest number of opportunities for accounting jobs are in the central business districts of Sydney and Melbourne, which are Australia's largest financial centres. Sydney alone is home to 65% of the Australian finance industry. Other major cities such as Brisbane and Perth are also emerging as financial hubs, particularly for roles related to the resources industry. While regional areas in Australia may have fewer job opportunities, they often come with a lower cost of living and a better work-life balance.
The salary for entry-level accountants in Australia with 1-3 years of experience ranges from $45 to $60 per hour, or an annual salary between $54,000 and $70,000 AUD. An experienced accountant with 8+ years of experience can expect to earn an average of $80,000 to $119,000 AUD per year. The salary can increase further with specialised skills in financial analysis and budget management. For example, financial analysts in Australia make around $71,299 AUD per year, while budget managers earn between $88,364 and $108,090 AUD annually.
Public accounting is one of the largest accounting industries in Australia, and public accountants are well-compensated. The average salary for a public accountant is between $79,000 and $118,000 AUD per year. Auditing accountants also earn competitive salaries, with an average salary range of $70,000 to $90,000 AUD per year.
However, it is important to note that the accounting profession in Australia is facing some challenges. There is a perceived oversupply of accounting graduates, making it difficult for newcomers to secure graduate positions. Additionally, the automation and offshoring of accounting work have impacted the availability of junior accounting roles. Despite these challenges, accounting remains a sought-after skill in Australia, particularly for skilled migrants, and it is still considered a good career choice by many.
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Job market
Australia is one of the major accounting and financial hubs in the Asia-Pacific region. Sydney is the country's largest financial centre, with 65% of the Australian finance industry located there, including the Reserve Bank, the Australian Stock Exchange, and the Sydney Futures Exchange. Melbourne is the second-largest financial hub, with the Victorian Government working to position the city as a world fintech hub. Other financial hubs include Perth, Brisbane, and Adelaide, which are the capital cities of their respective states.
There are many different types of accounting jobs in Australia, including public accounting, auditing, bookkeeping, payroll, and corporate advisory. The job market for accounting in Australia is highly competitive, with a large number of applicants for a relatively small number of positions. This is due in part to the increasing automation and offshoring of accounting work, as well as the inclusion of accounting on the Skilled Occupation List (SOL), which allows up to 5000 migrant accountants per year to work in Australia without employer sponsorship. Additionally, the supply of locally educated accounting graduates has dropped slightly from its 2011 peak, and many international students find it difficult to secure internships or graduate positions.
Despite the competition, there is still a demand for accountants in Australia, especially in regional areas and for those with specific experience and skills. The job market may be particularly favourable for UK professionals as UK accounting qualifications are recognised and respected across Australia, with job roles and qualifications being largely equivalent between the two countries.
Salaries for accountants in Australia vary depending on the specific role, experience level, and location. Public accountants can expect to earn between $79,000 and $118,000 AUD per year, while auditing accountants earn between $70,000 and $90,000 AUD per year. Entry-level accountants with 1-3 years of experience typically earn between $54,000 and $62,000 AUD per year, while experienced accountants with 8+ years of experience can expect salaries upwards of $80,000 AUD per year.
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Qualifications
The minimum qualification to become an accountant in Australia is a Diploma in Accountancy. However, most accountants in Australia hold a degree in accounting or related fields of study. If you're not ready to complete a bachelor's degree, you can also choose to upskill with a nationally recognised certificate course, such as a Certificate IV in Accounting and Bookkeeping. UK accounting qualifications are also recognised and respected by employers across Australia.
Accountants in Australia must also register with one of the country's three professional accounting bodies. Public accountants in Australia, for example, must have a Certified Practising Accountant (CPA) licence. The CPA designation is internationally recognised and associated with a strong legacy, international presence, and thought leadership. The CPA programme teaches skills beyond the numbers, such as leadership strategy and business, to help accountants advance in their careers.
Additionally, public accountants in Australia can also become chartered accountants, focusing on the technical aspects of accounting and taxes. Chartered accountants are highly qualified professionals who can provide a range of financial services.
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Work-life balance
However, there are steps that accountants can take to improve their work-life balance. Setting boundaries, prioritising tasks, effective communication, and taking breaks are essential strategies. Adopting flexible work arrangements, such as working from home or having flexible hours, can also help. Additionally, accountants should ensure they are taking time off to relax and de-stress, engaging in hobbies, and spending time with family.
On the other hand, some sources suggest that the nature of the industry makes it difficult to achieve a good work-life balance in accounting. The "always-on" attitude, constant emails, and notifications make it challenging to disconnect from work, impacting mental health and well-being.
To address this issue, accounting firms are encouraged to promote a company culture that recognises the importance of life outside of work. Implementing capacity planning processes, providing workplace flexibility, and prioritising employee health and well-being can help improve work-life balance for accountants.
Overall, while accountants may face challenges in achieving a good work-life balance, there are strategies and measures that individuals and firms can implement to improve this aspect of their careers.
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Stress levels
Stress is an inevitable part of any job, and accounting is no exception. However, the accounting profession is currently facing a mental health emergency, with increased working hours, demanding clients, and a talent shortage contributing to high stress levels and burnout among accountants.
A survey by the Chartered Accountants Benevolent Association (CABA) found that 98 out of 100 accountants were stressed at work, even before the Covid-19 pandemic. This stress is exacerbated by the perception of accounting as a demanding profession with unappealing long hours, tight deadlines, and high stakes. The busy season for accountants, from the end of the financial year in December to Tax Day in April, can be particularly gruelling, with many working long hours and weekend hours.
The Advancetrack Accounting Talent Index reports that 88% of worldwide accounting professionals say that increased working hours due to a skills shortage are significantly harming their mental health, work-life balance, and stress levels. This has led to an exodus of accountants from the industry, with an estimated 300,000 accountants leaving the profession between 2019 and 2022 in the US, a trend mirrored in the UK and Australia.
However, not all accounting roles are equally stressful. Government accounting roles, for example, are known for less stringent deadlines and better job security, reducing stress levels. Additionally, private accounting roles can offer more regular hours, though there may still be end-of-month and end-of-quarter reporting rushes.
To manage stress and prevent burnout, accountants are encouraged to set boundaries, take regular breaks, and practice self-care. Embracing new technologies and delegating tasks can also help reduce workloads and alleviate stress. While accounting can be a demanding profession, finding the right role and adopting healthy coping strategies can make it a more manageable and rewarding career choice.
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Frequently asked questions
The salary for an accountant in Australia depends on a variety of factors such as job description, experience, educational background, and location. An entry-level accountant in auditing can expect to make between $60,000 and $70,000 AUD per year. An accountant with more experience (8+ years) can expect to make between $80,000 and $119,000 AUD per year.
Australia is one of the major accounting and financial hubs in the Asia-Pacific region, with Sydney being the country's largest financial centre. While there is a high demand for accountants in major cities like Sydney and Melbourne, the competition is also fierce, with accounting roles receiving the highest number of applications per vacancy. Regional areas have fewer opportunities but also less competition.
The minimum qualification to be an accountant in Australia is a Diploma in Accountancy. However, most accountants in Australia have a degree in accounting or a related field. UK accounting qualifications are recognised and respected by employers across Australia. To work as a Public Accountant in Australia, you must obtain a Certified Practicing Accountant (CPA) Licence.
Whether or not you experience negative levels of stress as an accountant depends on your personality. If you don't get stressed easily or don't mind being a bit more on edge, accounting might not be too stressful for you. However, if you are someone who gets stressed out easily, a career in accounting may not be the best option.
