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Accounting is a good choice for a profession to qualify the highest points awarded on the Australia Skilled Immigration Occupation List for the full 60 points. (see Accounting section on http://www.visabureau.com/australia/skilled-migration-professionals.aspx)
For one thing, it has survived being de-listed as a result of the tightened immigration policies of 12-May.
“While the changes made this year will remain during the 2009-10 financial year, a further cap on the independent skilled migration program will be implemented, reducing the projected total to 108,100 places.”
“The measures introduced are aimed to prioritise those applicants who have the skills needed most”
YES, accounting is one of the ‘skills needed most’ at the moment, with a place at the bottom of the Current Australian Critical Skills List (updated March 2009).
“Australian visa applicants with occupations on the Critical Skills List are eligible to have their applications given priority processing over those with other occupations on the MODL.
The Critical Skills List gives priority processing to applicants in the medical, engineering and construction fields; as well as people working in key IT professions.”
This is particularly true keeping in mind the latest developments regarding new priority processing direction which comes into effect on 23 September 2009, as applications from the CSL are given top priority, and more so when sponsored by an organization or family.
Also, CPA Australia president Richard Petty believes that accounting is a profession that can only become greater in demand: read the post here.
“The Federal Government should ensure accountants remain on the Critical Skills List for skilled migrant intake as there is still a significant shortage in the accounting profession.
'The Government has indicated the Critical Skills List will remain under constant review and it will remove occupations from the list if demand for those skills can be satisfied by local labour,' Professor Petty said.
'However there is, and is likely to be for many years, a shortage of qualified and skilled accountants. There are thousands of accounting positions being advertised across Australia today and the latest industry forecasts* are predicting growth in the profession this year despite the downturn, he said.
Professor Petty said the shortage was not as great as it was 12 months ago, but it was still a significant shortage
'We must not forget the economic recession of the early 1990s and what happened in the years following when an acute shortage of accountants hampered the nation's recovery.
'Australia does not want to be in the invidious position in the near future of having too few skilled accountants to assist businesses to re-establish and grow as we emerge from the recession,' Professor Petty said.”
The latest report coming out of Hays Accountancy & Finance Professional Practice - October 2009 on their website supports the claim, though no numbers are provided.
Hays Sector Commentary on Accounting and Finance also provides information on ground realities in the profession - seniority and local experience are the winning credentials in any accounting position, and general satisfaction levels in the profession aren't always Cloud 9.
“The downturn in the economy has led to an increase in vacancies for Insolvency Seniors and Supervisors with stable work histories and experience in top tier firms.
Senior Accountants/Supervisors and Intermediate Accountants with several years experience in an Australian accounting practice are also sought.”
Seniority and local experience are also the least available in the pool of applications – mainly because those candidates already have decent jobs.
"The strongest and most desirable candidates remain passive job seekers. These candidates are not actively looking for work, are currently employed, but are often not satisfied in their current role.”
However, temporary employment is more likely to be available as project work for candidates in the process of building their careers.
“'Demand for services related to rigorous governance and regulation, more complex tax and other legislation requirements, the growing trend towards conformity in worldwide accounting and auditing standards, the likely introduction of the emissions trading scheme and an increase in non financial reporting is also expected to increase.”
“Supervisors, Managers and Senior Managers across taxation and business services are also needed. The clients of accounting firms still recognise the value they can add and so workloads are remaining high."
'Coupled with this is the advent of carbon auditing and credits and the emissions trading scheme which is expected to be a new growth area for this industry.'"
"In line with previous years, there is an ongoing demand for corporate tax accountants, either from within industry or those making a move from professional practice.
Cost and management accounting is high on stake, as strategic managers and businesses are increasing interested in more analytical management reports rather than simply financial reporting.
“'We need to take a long term view for the sake of our economy. The demand for high-quality accounting professionals with a thorough understanding of ethics, governance and strategic performance management will be greater than ever in the next few years.”
“Business development skills remain critical to ongoing practice growth. Candidates with the potential to increase revenue and proactively market to new clients are valued.”
"Risk and compliance are high on many companies’ agendas, particularly from an analytical and business strategy viewpoint. Project accountants, candidates with proven experience in system implementation and integration, and those with recent exposure to joint venture accounting are highly sought after."
From what I’ve seen so far, ‘Analysts’ are either management accountants or IT guys. They also have dozens of job posts on a daily basis on Australian job sites such as Career One.
My guess is that accounting coupled with the next emerging profession on the critical skills list (with less structured and more demanding entry requirements) – that of Information Technology – is a bet you won’t lose your money on.
Accountants with hands on IT experience in software packages such as SAS or COGNOS are highly in demand in countries like the US, and my guess is this likely to go down under in a matter of time. The industry continues to evolve and new standards are quickly adopted.
Presently, most Australian job listings for analysts require strong analytical experience, especially using MS Excel with Access a plus. Project management and business consulting provide plenty of leverage.
"Candidates with project accounting and business strategy experience are required as employers look at ways to improve business models and reduce costs."
The highest paid positions are for CA/ CPA qualified candidates – Financial Analysts in business services (not to mention whopper packages for IT consultants). Of course, four additional letters – ACMA – are likely to have a big impact.
Good accounting positions aren’t up for grabs to just anyone – organizations are trying their best to ensure that the candidate brings real value.
“Candidates should be prepared for a lengthened recruitment process. Companies are being more cautious, lengthening the interview process to ensure they secure the right person for the role.
Management accountants with some seniority through plenty of analytical work experience, hopefully in an organization with work practices highly similar to Australia’s, including technical experience in an BI / ERP environment are likely to be highly sought after in the coming years.
For one thing, it has survived being de-listed as a result of the tightened immigration policies of 12-May.
“While the changes made this year will remain during the 2009-10 financial year, a further cap on the independent skilled migration program will be implemented, reducing the projected total to 108,100 places.”
“The measures introduced are aimed to prioritise those applicants who have the skills needed most”
YES, accounting is one of the ‘skills needed most’ at the moment, with a place at the bottom of the Current Australian Critical Skills List (updated March 2009).
“Australian visa applicants with occupations on the Critical Skills List are eligible to have their applications given priority processing over those with other occupations on the MODL.
The Critical Skills List gives priority processing to applicants in the medical, engineering and construction fields; as well as people working in key IT professions.”
This is particularly true keeping in mind the latest developments regarding new priority processing direction which comes into effect on 23 September 2009, as applications from the CSL are given top priority, and more so when sponsored by an organization or family.
Also, CPA Australia president Richard Petty believes that accounting is a profession that can only become greater in demand: read the post here.
“The Federal Government should ensure accountants remain on the Critical Skills List for skilled migrant intake as there is still a significant shortage in the accounting profession.
'The Government has indicated the Critical Skills List will remain under constant review and it will remove occupations from the list if demand for those skills can be satisfied by local labour,' Professor Petty said.
'However there is, and is likely to be for many years, a shortage of qualified and skilled accountants. There are thousands of accounting positions being advertised across Australia today and the latest industry forecasts* are predicting growth in the profession this year despite the downturn, he said.
Professor Petty said the shortage was not as great as it was 12 months ago, but it was still a significant shortage
'We must not forget the economic recession of the early 1990s and what happened in the years following when an acute shortage of accountants hampered the nation's recovery.
'Australia does not want to be in the invidious position in the near future of having too few skilled accountants to assist businesses to re-establish and grow as we emerge from the recession,' Professor Petty said.”
The latest report coming out of Hays Accountancy & Finance Professional Practice - October 2009 on their website supports the claim, though no numbers are provided.
Hays Sector Commentary on Accounting and Finance also provides information on ground realities in the profession - seniority and local experience are the winning credentials in any accounting position, and general satisfaction levels in the profession aren't always Cloud 9.
“The downturn in the economy has led to an increase in vacancies for Insolvency Seniors and Supervisors with stable work histories and experience in top tier firms.
Senior Accountants/Supervisors and Intermediate Accountants with several years experience in an Australian accounting practice are also sought.”
Seniority and local experience are also the least available in the pool of applications – mainly because those candidates already have decent jobs.
"The strongest and most desirable candidates remain passive job seekers. These candidates are not actively looking for work, are currently employed, but are often not satisfied in their current role.”
However, temporary employment is more likely to be available as project work for candidates in the process of building their careers.
"Temporary assignments have increased to assist practices through busy periods or when a permanent hire is unjustifiable."
As to which area of specialization in accounting is better than others, niche markets for the profession include business services such as taxation and audit, with an emphasis on analytical rather than financial accounting.“'Demand for services related to rigorous governance and regulation, more complex tax and other legislation requirements, the growing trend towards conformity in worldwide accounting and auditing standards, the likely introduction of the emissions trading scheme and an increase in non financial reporting is also expected to increase.”
“Supervisors, Managers and Senior Managers across taxation and business services are also needed. The clients of accounting firms still recognise the value they can add and so workloads are remaining high."
"Professional practice demand has not decreased in insolvency practitioners at the supervisor, manager and senior manager levels and within restructuring.
As firms build their fee base, business services and audit partners with transferable clients and strong local networks are highly regarded.
In Melbourne and Adelaide demand remains for strong senior accountants in business services with experience reviewing work papers and managing workflow. Sydney, Hobart and Perth employers need audit seniors, supervisors and managers."
“'Independent projections also estimate the profession will continue to grow in many areas, particularly work related to insolvency, corporate restructuring and mergers and acquisitions.'Coupled with this is the advent of carbon auditing and credits and the emissions trading scheme which is expected to be a new growth area for this industry.'"
"In line with previous years, there is an ongoing demand for corporate tax accountants, either from within industry or those making a move from professional practice.
The chronic shortage of credit controllers, accounts receivable and experienced payroll officers and managers remains and organisations are maintaining a clear focus on retaining staff in these areas. Senior executives in the oil & gas, public and notfor- profit sectors also remain in demand."
Cost and management accounting is high on stake, as strategic managers and businesses are increasing interested in more analytical management reports rather than simply financial reporting.
“'We need to take a long term view for the sake of our economy. The demand for high-quality accounting professionals with a thorough understanding of ethics, governance and strategic performance management will be greater than ever in the next few years.”
“Business development skills remain critical to ongoing practice growth. Candidates with the potential to increase revenue and proactively market to new clients are valued.”
"Risk and compliance are high on many companies’ agendas, particularly from an analytical and business strategy viewpoint. Project accountants, candidates with proven experience in system implementation and integration, and those with recent exposure to joint venture accounting are highly sought after."
From what I’ve seen so far, ‘Analysts’ are either management accountants or IT guys. They also have dozens of job posts on a daily basis on Australian job sites such as Career One.
My guess is that accounting coupled with the next emerging profession on the critical skills list (with less structured and more demanding entry requirements) – that of Information Technology – is a bet you won’t lose your money on.
Accountants with hands on IT experience in software packages such as SAS or COGNOS are highly in demand in countries like the US, and my guess is this likely to go down under in a matter of time. The industry continues to evolve and new standards are quickly adopted.
Presently, most Australian job listings for analysts require strong analytical experience, especially using MS Excel with Access a plus. Project management and business consulting provide plenty of leverage.
"Candidates with project accounting and business strategy experience are required as employers look at ways to improve business models and reduce costs."
The highest paid positions are for CA/ CPA qualified candidates – Financial Analysts in business services (not to mention whopper packages for IT consultants). Of course, four additional letters – ACMA – are likely to have a big impact.
Good accounting positions aren’t up for grabs to just anyone – organizations are trying their best to ensure that the candidate brings real value.
“Candidates should be prepared for a lengthened recruitment process. Companies are being more cautious, lengthening the interview process to ensure they secure the right person for the role.
Management accountants with some seniority through plenty of analytical work experience, hopefully in an organization with work practices highly similar to Australia’s, including technical experience in an BI / ERP environment are likely to be highly sought after in the coming years.
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