Location-based job market analysis: Canberra

As the centre of Australia’s power and politics, Canberra has a major public sector employment concentration. Employment activity is strong, with Canberra’s public sector experiencing a significant increase in accountancy vacancies compared to previous years.

The introduction of IFRS, where governance is a central factor, has shifted the public sector’s staffing needs. In the past, the public sector would employ candidates with no experience or qualifications in entry-level vacancies. These staff, over time, could then progress to the higher-level accounting functions. However IFRS and governance factors demand qualified candidates, so the public sector’s need for CPA/CA qualified accountants at the $55,000 to $90,000 level now outstrips supply.

The strongest job opportunities are currently for financial accountants with over three years experience at the $55,000 and $80,000 level, and accounting policy professionals at the financial executive level. APS level 5 and 6 candidates with experience in financial statements, management accounting or taxation also have strong opportunities.

The government’s increasing focus on IFRS and the tightening of financial timeframes, such as the Department of Finance’s shortened financial statement deadline, has increased demand for extra staff and this is expected to continue for the foreseeable future, particularly for candidates with expertise in the preparation of financial statements.

Over the last year candidate shortages and increased demand have created a competitive market for candidates, which has seen government departments increase salaries to the highest end of the salary range available for both permanent and temporary vacancies. Most notably, this has affected assistant accountant and accountant vacancies between the $40,000 to $60,000 level and accounting roles in the middle-level, such as financial and management accountants at the $50,000 to $85,000 level. With government departments now requiring qualified accountants, salaries for CPA/CA qualified candidates have also increased.

Qualified accountants have experienced high salary increases as the market moves away from candidates with only practical experience, to experience and a CPA/CA qualification. As a result, Canberra has closed the gap with Sydney salaries to attract and retain the candidates required.

Previously public sector departments would insist on candidates with public sector experience. However, in the current candidate short market flexibility in this area has emerged and candidates with broad experience are now highly valued. For key accounting roles, employers are insisting on CPA/CA qualifications, or continuing professional development, so candidates should complete their tertiary qualifications and their CPA/CA accreditation.

Hays Accountancy & Finance recently recruited an assistant accountant for a large government statutory authority. The successful candidate was degree qualified and had two to three years experience. Candidates with this experience are limited. The salary offered was $45,000 plus 12.5 per cent superannuation and public service benefits, most notably flexible hours.

We also recently filled a management accountant vacancy with a large corporate. Particular experience in high-level financial modelling was required. Since candidates with this experience are difficult to find, an $85,000 package, plus performance bonus and other attractive benefits were offered.

For the remainder of the year we expect Canberra’s public sector market to remain positive, although slight pressure to attract and compete for the best talent will remain. Even with a federal election imminent demand is continuing, particularly due to IFRS and tightened timeframes.

About the author: Hays Accountancy & Finance

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