Career Profiles

Accounting & Finance

• Accounting & Finance

Accounting & Finance

The accounting and finance industry in Australia and New Zealand has changed rapidly and dramatically over the past 10 years. Contrary to popular belief, this industry offers very diverse work and is anything but boring. High-profile mergers and acquisitions, in conjunction with changed work practices and regulatory environments, have created an industry that is very different to what it was a decade ago. As a consequence of these changes the work is more challenging and there are wider career opportunities.

The work

Accounting and finance professionals work to ensure that companies or organisations are financially efficient and profitable. Within this scope of work, there are many types of general and specific roles and career paths, including:

• Risk management/actuaries
• Financial or accounting management/planning
• Investment management and advice
• Banking
• Chartered accounting
• Auditing/financial investigations
• Taxation management
• Corporate recovery/insolvencies
• Corporate finance
• Insurance broking/underwriting
• Stockbroking

Graduate accountants are usually expected to undertake the CA or CPA qualification within the first year or two of starting work.

Many of the professions within the finance sector include an expectation of further study to achieve postgraduate qualifications, so you should aim to undertake further study within the first five years.

One of the great benefits of working in the finance sector is the potential for overseas work or secondment. The CA and CPA qualifications are recognised internationally and most of the large employers in this sector offer global opportunities: short and long-term secondments, overseas transfers and/or the ability to interface regularly with other global organisations and colleagues.

It’s a great time to be entering the accounting and finance profession. Employment prospects for graduates entering the sector are very good. The industry has recorded strong growth over the past five years and this is expected to continue until 2010.

While it is possible for Accounting and Finance graduates to earn high salaries, long hours are often required for at least part of the year (such as tax time and end of financial year).

What you need

The accounting and finance sector requires quite specific degrees. In the case of accounting particularly, it is essential to have undertaken certain accounting subjects at university.

In order to work in a chartered firm, it is essential to be able to undertake the CA or CPA qualification after commencing work.

The degrees usually sought for this industry include Finance, Economics, Accounting, Commerce, Business and Actuarial.

Career Portal

Finsia – the Financial Services Institute of Australasia – has a career portal designed to provide useful information and resources for students and graduates starting out on a career in financial services. The portal has been designed to provide a guide to the diversity of job opportunities available, and provide access to some useful tools and advice that can help students and graduates get the job they want – www.finsia.com/Content/NavigationMenu/Careerservices/Careerportal

Money matters

While salary levels in this industry can vary greatly, one of the attractions of working in the industry is the potential to earn high salaries if you are successful in your chosen field. Six-figure salaries are common among those who have risen to the top of their profession. In 2006, half of all new bachelor graduates working in banks earned between $35,000-$50,000 while those employed as accountants earned between $33,500-$45,000 overall. The equivalent ranges for those employed as auditors and financial managers were $34,000-$42,000 and $44,000-$75,000 respectively. Experienced finance directors are currently earning from $100,000 upwards, with high six-figure salaries for partners in chartered firms.

For all up-to-date salary figures please go to www.gradsonline.com.au .

Significant stats

• In Australia, the finance and insurance services sector employs more than 397,000 people – about four per cent of the Australian work force.
• Most positions are concentrated in the financial centres (Sydney and Melbourne) with less than 20 per cent of jobs located outside state capitals.
• Approximately 53 per cent of the work force in this industry is female.
• Accounting and Finance graduates are in demand: more thand 23 per cent of employers who had difficulty recruiting enough graduates in 2007 wanted to recruit more Finance and Accounting graduates (Graduate Outlook Survey 2007, Graduate Careers Australia).

(Source: Except where indicated, figures from Australian Jobs 2007, Department of
Education, Employment and Workplace Relations.)

Graduate profile: Luke Andrews

“I completed a Bachelor of Arts at Monash and then went on to a Bachelor of Commerce at Deakin majoring in Accounting. Since starting at KordaMentha I have been involved in insolvency, performance management and forensics work. In the insolvency field I was involved in the Administration of Ultimate Woodheaters and Barbeques. This job was fast-paced and exciting, as we traded on the business and got great exposure to running a business of a significant size. I was given a high level of responsibility straight away with my main areas of responsibility being cash flow management. Cash flow management is crucial to every business it was great to learn this skill, particularly learning it a couple of months after graduating.”

Luke worked at KordaMentha through the ICAA’s CA Achiever Program and also the vacation program. He has completed the two-day IPAA – Introduction to Insolvency course and is currently completing the CPA – Insolvency & Reconstruction module. He commenced the CA program in early 2008.

This article was taken from Graduate Opportunities 2008.

© 2008 GCA