Is Accounting an In-Demand Career in Australia?

Are you thinking about getting into the field of accounting as a career? If that's the case, you're probably wondering whether or not this is a job that's in demand in Australia.

The good news is that there are many of work prospects accessible, and the field of accounting is expanding, so this is definitely something to look into. However, it is crucial to keep in mind that the competition for jobs can be tough; hence, it is necessary to possess the appropriate abilities and qualifications.

This article will take a more in-depth look at the field of accounting in Australia and will offer some suggestions on how to improve your chances of finding work in the field. Continue reading this article if you are considering a move into accounting as a new line of work.

If you are interested in working in a field that is growing in popularity in Australia, accounting may be the perfect option for you. The industry is one that is always expanding, and there are a wide variety of work opportunities that are now available.

In addition, businesses and organisations of all sizes have a significant demand for accountants to fill a variety of positions. Therefore, if you have a fascination with mathematics and a desire to make the world a better place, a profession in accounting can be the path for you to choose.

Is Australia a Good Place to Pursue a Career in Accounting?

The work landscape has seen some very significant shifts as a direct consequence of the pandemic.

In spite of the fact that several sectors are witnessing a decline in the number of new opportunities or even complete hiring freezes, there is still a significant demand for accountants in Australia. Continue reading to see why this is the case and to discover the opportunities that exist within this dynamic field.

Do Australians Need Accountants?

The quick response is yes, unquestionably! Geoff Balmer, the founding director of Richard Lloyd Accounting Recruitment, reveals that before the coronavirus outbreak, the firm only had one position available each month for a recent college graduate. Around six graduate accounting positions are being filled each month through Richard Lloyd's recruitment efforts.

This is owing to the fact that Australian companies formerly placed a significant amount of reliance on foreign accountants to service their needs, which is no longer possible due to the closure of borders and limits placed on travel. This indicates that there is more work available in accounting than the local accountants in the area are able to take on; hence, it is an excellent moment to study accounting in Australia.

What Does the Future Hold for Accounting?

There certainly is! When evaluating the benefits of studying accounting in Australia, it is important to note that the majority of executive accounting roles are currently filled by members of the "Baby Boomer" generation (people who were born between 1946 and 1964), and these individuals are anticipated to retire within the next ten years.

Because of this, many opportunities at various levels will become available, which may make it possible for graduate accountants and junior accountants to advance their careers more quickly. Those who choose to pursue a career in accounting in Australia will be well positioned for success in the future given that the beginning wage for an accountant on average is $50,000 per year.

Many of the routine tasks that are usually associated with a career in accounting may also be at risk of becoming automated, just like they are in other industries that are being touched by artificial intelligence. This will result in an 80–90% reduction in the amount of time accountants need to spend on manual chores, freeing up their time to concentrate on more demanding and fascinating activities.

Traditional accounting methods will be transformed so that on-demand, real-time reporting becomes the norm as a result of technological improvements. This will allow accountants to work in a manner that is more nimble and proactive. Graduate accountants are likely to be digitally literate and comfortable with the use of a wide variety of software due to the fact that younger generations have been reared with technology. This makes graduate accountants desirable candidates for employment.

The Accounting Skills That Will Be In Highest Demand in 2021

As a direct consequence of COVID-19, a number of businesses have chosen to suspend new employee recruitment due to increased financial constraints. Thankfully, a recent survey conducted by a company that specialises in recruitment revealed that accounting is one of the top three priority roles that employers are wanting to hire in a world where coronaviruses no longer exist. Particularly vulnerable to the devastating effects of the pandemic were companies of a smaller or medium size. Accountants play an essential part in the maintenance of the sector by advising companies on how to obtain financial assistance from the government, understanding relevant legislation, and assisting companies who are experiencing financial difficulties.

The results of the poll also indicate that employers place a significant amount of importance on soft skills. Communication is at the top of the list of the most in-demand abilities, as evidenced by the fact that 45% of companies are looking for people who possess this ability. The ability to adapt comes in second with 40 percent, while working well with others follows in third with 39 percent. In the post-COVID environment, where many employees are still working from home, developing these softer skills has become an essential focus area.

In order for accountants to be successful in their roles, professional accounting bodies like CPA, ACCA, and CAANZ continue to emphasise the skills that accountants should prioritise developing. Their studies highlight the necessity of incorporating new digital solutions and capabilities in order to optimise more conventional methods of working and reporting. These abilities will be much more valuable in the year 2021 given the enormous changes that COVID-19 has brought about in every business. ACCA has compiled a report titled "Future Ready: accountancy careers in the 2020s," in which readers can investigate how new career zones will develop in the future as well as the essential abilities that will carry them through their accounting careers.

Which Accounting Sector Suits Me Best?

According to the Association of Chartered Certified Accountants (ACCA), accounting is a unique job because it is necessary to every business and every sector, regardless of how large or little the firm or industry may be. This gives accountants the flexibility to direct their careers in the directions of industries and roles that are most interesting to them. The term "sector" refers to a particular industry in which you may choose to work as an accountant. Examples of sectors include, but are not limited to the following:

• In the public interest and not for profit:
• including nonprofit organisations and the government.
• Financial services:
• banking services on a personal and private level, as well as investment and retirement planning.
• Public practise:
• companies that cater to a diverse set of customers and provide a variety of services.
• Corporate:
• opportunities available in-house at companies that are run for profit.
• Services that are shared:
• monetary matters, human resource management, and information technology (IT). The consolidation of teams leads to increased opportunities for cross-training and professional development for accountants.
• Services related to outsourcing and advisory work:
• functioning as an accountant for various companies across a variety of industries that do not employ accountants full-time.

Is There an Opportunity for International Students to Find Work in Accounting in Australia?

Although accounting is one of the most in-demand industries in Australia, it is not an easy task to obtain job in any profession. This task has become even more difficult in the face of the worldwide pandemic.

There is no denying the impact that the virus has had on the labour force in Australia. Therefore, if you are having trouble finding work in accounting at the moment, there is no need for you to be concerned. There are certain things that you, as an accounting student or graduate, can be doing to boost your employment prospects while you wait for the ideal role to present itself.

The maximum number of hours that international students can work in a given fortnight has been increased from 40 to a higher number in a variety of high-priority industries by the Australian government. For instance, gaining experience in the hotel or tourism industry can be very useful in assisting you in the development of important soft skills such as communication, which you would require when taking on a career in accounting.

Alternately, volunteering is a great opportunity to strengthen a variety of soft skills, show that you have a strong work ethic, and get a head start on building a professional network. This can be an amazing approach to help you obtain a job.

Positions Available In Australia's Accounting Sector

After completing your accounting education in Australia, you will have a multitude of options available to you within your chosen industry, some of which include, but are not limited to the following:

• Internal or external auditor
• Compliance auditor
• Financial or management accountant
• Chief Financial Officer (CFO)
• Business or financial analyst
• Forensic accountant
• Risk manager
• Partner
• Tax accountant or bookkeeper
• Treasurer, payroll, accounts payable or accounts receivable
• Funds or credit control manager

Why Do People Believe Accounting Is Hard?

Because any topic contains components that can be challenging for some sorts of individuals, there will always be those who regard a subject to be "difficult."

If a person doesn't enjoy reading lengthy books, for instance, they generally won't want to major in history. On the other hand, somebody who isn't interested in learning about scientific concepts probably won't want to major in physics.

But why do it seems like such a large number of individuals believe that accounting is difficult? Let's take a look at three of the most typical explanations for this misunderstanding.

They Hate Math

Some people believe accounting is difficult because it needs arithmetic, and they don't want to do any math; therefore, they believe accounting is difficult. If you absolutely despise mathematics, then the answer is probably that you wouldn't do well in the accounting field.

In point of fact, you probably won't want to major in accounting, study it, or attempt to begin a career in the area, because there's certain to be some element of mathematics involved in what it is that you perform on a daily basis.

They are Trepidatious About Taking the CPA Exam

Others may have a negative perception of accounting because they are concerned about their ability to pass the Certified Public Accountant examination, which is well-known for being challenging.

The good news, however, is that not all accountants go on to become certified public accountants (CPAs), and taking the CPA exam is just one of many possible career routes available to someone who is interested in beginning a career in accounting.

If the only thing preventing you from exploring a career in accounting is the fear of the CPA exam, it is time to reconsider your concerns. Accounting graduates have a whole series of fantastic options that they can pursue in addition to becoming a CPA.

To Them, Accounting Is Nothing More Than Crunching Numbers

Last but not least, some people may believe that accounting is difficult because they have been led to believe that all accountants do is crunch numbers, much like a human calculator. This may lead them to believe that accounting is difficult.

These people have the false concept about what is involved in accounting, but anyone who believes that and enjoys working with others would logically assume that accounting is difficult because they wouldn't want to perform the work themselves, thus they would think that accounting is difficult.

Accountants, like professionals working in any other sector, are responsible for a diverse range of tasks and duties. It is possible that some accountants may be responsible for doing nothing but calculating numbers (much like bookkeepers in entry-level positions), but the vast majority of accounting professionals will be requested to perform a variety of activities.

In point of fact, many accountants spend the majority of their time ignoring numbers and instead end up devoting themselves to working with other people to collect information, build presentations, and advise senior leadership about the organization's finances using numbers that have been crunched for them by another accountant. This is the case for many accountants who spend the majority of their time ignoring numbers.

What Foundational Knowledge Must You Acquire to Become a Professional Accountant?

You are going to need to build your talents and capabilities in order to be able to achieve things like the following in order to be able to tackle the typical obstacles that accountants confront on a daily basis:

• Maintaining and organising financial records should be a priority.
• Find strategies to boost the company's bottom line while both increasing value and reducing costs.
• In this role, you will be responsible for preparing, analysing, and verifying the correctness of financial records and tax filings.
• Make sure that the taxes are paid on time and in the correct manner.

You will also need to improve your capability to deliver these types of services to both individuals and organisations, as accountants may find themselves working with both businesses and individuals as clients at some point in their careers.

It's possible that at some point you'll be able to determine which type of client you prefer working with the most, at which point you'll be able to choose to specialise in either individuals or organisations as your clients. However, while you're still getting your feet wet and working on launching your career, it'll be in your best interest to be familiar with how to interact with both types of clients.

The responsibilities may not appear to be simple, but they are not so challenging that it is impossible to learn how to perform them. Completing a degree programme in the relevant sector is the most effective approach to increase your capacity for performing these jobs.

Which Advanced Accounting Abilities Are Necessary for You?

Earning your degree will provide you with the fundamental abilities described above, but more crucially, it will educate you how to manage far more complex responsibilities, such as learning how to handle situations in which you are required to:

• In order to analyse financial data, you should apply accounting principles, standards, and procedures.
• Collaborate on the performance of accounting business operations, the communication of information, and the creation of financial solutions by utilising tools for automation, business intelligence, and data analytics.
• Conduct research into current issues of ethical conduct and regulatory compliance that are pertinent to both domestic and international accounting.
• Conduct an analysis of the accounting procedures, systems, and financial data in order to locate areas of opportunity for process improvement inside the company.
• Accounting and leadership abilities should be demonstrated through the use of automation, business intelligence, and data analytics.

It is reasonable to anticipate that there will be a bit of a learning curve associated with the development of these more complicated skills and capabilities; nevertheless, this is not anything that can't be overcome with committed study and serious education.

And after you've gained the knowledge and skills necessary to successfully complete these challenging accounting tasks, you'll be able to apply those skills in virtually any sector, which will position you as a very valuable asset at virtually any organisation.

Who Should Think About Pursuing a Career in Accounting?

Although a career in accounting is not for everyone, there are some people who are ideally suited to excel in this field.

The following is a list of many personality characteristics that could assist increase the likelihood that this area of study is the appropriate one for you:

• You have a good handle on things. As an accountant, you will be responsible for sorting through various types of financial data, organising that data, and providing insights on it; therefore, the ability to keep things organised will be an extremely crucial talent for you to possess.
• You have excellent planning skills. Accountants are required to plan and project, which involves thinking about the future and preparing both their clients and the organisations for which they work to achieve crucial financial goals.
• You enjoy contributing to a collective effort. As an accountant, you'll spend some of your time working independently; nevertheless, after the data has been produced, it must be presented to someone who is in a position to make decisions based on the results. Nearly every accountant is part of a group of some type, either with other accountants or with organisational executives who rely on them to provide financial guidance. This could be a combination of both.
• You are able to articulately communicate complicated ideas. For instance, one of the most important skills that accountants need to have is the ability to analyse a large quantity of financial data and condense it into a few key points in such a way that senior management can comprehend what actions they need to do in response to the data.
• You enjoy solving problems. Accounting is not always an easy process; at times, it needs searching for information, piecing things together, and unearthing financial subtleties that aren't obvious, particularly when performing sophisticated tax calculations or conducting an audit. If you're someone who enjoys a good challenge, this job might be the one for you.

There are many more qualities that might suggest you'd be a great accountant, and while none of them are strictly necessary to be successful in the profession, if you possess several of them, you might find accounting to be much simpler than you first anticipated.

Does Having a Degree Give You an Advantage in the Job Market?

Although it is certainly feasible to enter the accounting field without a degree, doing so has become increasingly challenging in today's modern times, when accountants are expected to join firms prepared to deliver value on the first day of employment.

Every year, accounting work becomes increasingly technical, detailed, and important to organisational performance. If you want to start a successful career in the field, you should definitely think about enrolling in a degree programme to gain the information and abilities necessary to function as an effective accountant before you start looking for work.

Earning your degree not only improves the likelihood that you will be able to accomplish the accounting work that has been given to you, but it is also a fantastic method to demonstrate to potential employers that you have the qualifications necessary to fill the positions that are accessible to you.

The Benefits And Drawbacks Of An Accounting Career

No job is all upside. When you are getting ready to enter the world of full-time work, you should think about how much you will appreciate the benefits of an accounting job and how disappointing you will find the drawbacks of such a position to be.

The Pros

• Interesting job. Forget the cliches about bean counters toiling over piles of musty financial documents in offices lacking natural light. These days, accountants are responsible for a diverse range of activities. They frequently work in groups, and many are stationed in their customers' offices. Because of technological advances, many routine duties can now be performed by machines, freeing accountants to concentrate on more difficult problems.

• A stimulating setting for one's job. Your coworkers will, in most cases, be bright, ambitious, and enthusiastic about accounting like you are. They will also share your passion for the field.

• There are no professional limits. Accountants can choose from a wide range of different job options. These include careers in public accounting, corporate accounting, careers in government and non-profit organisations, as well as academic accounting. There are also various sub-fields within accounting, such as healthcare accounting, environmental accounting, and tax accounting. Accounting can also serve as a stepping stone to professions in other fields, such as business, consulting, law, education, government, and non-profit organisations.

• You should see the world. Since there is a high need for accountants all over the world, it should not be too difficult to obtain a work visa for another country or even citizenship in a different nation. If you work for one of the global accountancy behemoths, you have a decent chance of being able to organise a tour of duty in a place like New York or London. This is because these cities are among the most important financial centres in the world.

• Autonomy. If you are sick of working for "The Man" and want to be your own boss, you can join the growing number of accountants who have formed their own businesses and compete with them for clients.

• Put in some work while wearing your tracksuit pants. Accounting is one of those professions that can easily be done from home, even if the "big end of town" has been slow to accept the concept. Telecommuting is becoming increasingly common. There are a significant number of self-employed accountants who choose to operate from the comfort of their own homes and create offices there.

• A sufficient amount of money. Graduates of accountancy programmes in Australia can anticipate starting salaries of about $50,000 per year, while the exact amount will vary based on the industry and company. Within the next ten years, there is the very real possibility of doubling or tripling that amount. Should you persist in working your way up the corporate ladder, there is a chance that you will eventually earn hundreds of thousands, if not millions, of dollars annually.

• Learning while on the job. You may keep your abilities current by taking advantage of continuing education, which is actively encouraged in the accounting sector.

• A completely free education in business. Accountants are privy to a behind-the-scenes look at how firms function and the typical blunders made by owners of businesses. As you climb the corporate ladder and take on more managerial responsibilities, this information may come in helpful. Or in the event that you make the decision to hang your own shingle.

• A wealth of options for professional development and progress. It is anticipated that the majority of baby boomers will retire during the next decade, a significant number of whom currently hold positions of managerial or executive responsibility. This indicates that Gen Y accountants should have many more prospects for rapid progress than their Gen X counterparts did despite the fact that Gen X accountants had to endure more challenges.

• A growing variety of people. The Australian sector that was once associated with middle-aged white males has made significant gains in recent years to encourage participation from women and people from origins other than those in which English is the primary language.

The Cons

• A lot of work. If you are interested in moving up the corporate ladder, you should prepare to put in a least of 40 hours of labour per week and likely much more than that. During the busiest times of the fiscal year, you will be expected to put in overtime hours even if you aren't the type of person who is preoccupied with their job and works long hours.

• Travel. When you're young and single, travelling all over the country and the world can seem like an exciting adventure, but when you're older and wanting to have a family, it can be a stressful experience.

• Stress. Some accountants help manage multimillion-dollar corporations. Even the most unassuming accountants in the suburbs are likely to be playing an important part in the process of ensuring the continued financial health of a large number of small family businesses. Therefore, the element of pressure will always be included in the equation.

• Never-ending study. Because tax regulations are constantly evolving and certification is necessary, accountants must continue their education throughout their employment. To become qualified as an accountant as a graduate, you will most likely need to combine working long hours on the job with studying for a qualification offered by an accounting organisation such as the CPA.

• Politics in the workplace. Obviously, this is a problem in every sector of the economy. When you assemble a group of people who are all driven to succeed and have high standards for themselves, ego clashes and turf wars are inevitable.

• Conformism. Because of the industry's emphasis on teamwork and rules-oriented best practises, individualists may have a difficult time succeeding in this field.

• Sedentary work environment. A significant amount of time is spent by accountants, particularly those in more entry-level roles, sitting in front of their computers.

• Multiple conflicting demands. Generally speaking, accountants are tasked with a number of different projects at once. (You'll need to become skilled at setting priorities and, when necessary, learning how to decline opportunities.)

• Conservative culture. The past few years may have seen a loosening up of restrictions in other businesses, but the accounting industry has managed to preserve its well-deserved reputation for steadfast respectability. It is quite improbable that the industry would undergo significant transformation due to the characteristics of the work and the expectations of customers. You might want to look into other opportunities if you're hoping to get a job that allows you to dress casually and has ping pong tables on the premises.