Things are looking good for Down Under finance professionals in the year ahead.
The outlook for finance and accounting professionals across Australia for the next 12 months is overwhelmingly positive. Sustained economic growth, a strong dollar and low unemployment mean candidates are in hot demand in all sectors and all states.
National employer confidence is at the highest level on record, according to Hudson's Q1 2008 report, and 96 per cent of employers intended to increase or maintain their current staffing levels for the first three months of the year.
The highest levels of confidence are in the professional services, construction / property / resources and telecommunications sectors.
The unprecedented demand for natural resources from Asia, and in particular, China, means demand for skilled finance and accounting professionals in WA is insatiable. Jane Donnelly, senior regional director of Hays Accountancy & Finance, says financial management accountants are thin on the ground: 'Because of the resources and mining sector, there is a high demand for project accountants with oil and gas, and construction engineering experience.'
In Queensland, a swelling population has stimulated the retail sector and prompted investment in much-needed infrastructure to support the growth, creating many new opportunities for finance and accounting professionals. Donnelly says, 'A lot of companies are aiming to become more efficient, so there's a real shortage of analysts.'
Despite the demand, Donnelly believes Queensland employers aren't lowering their candidate expectations. 'Employers are more wary in Queensland,' she says. 'If people can't demonstrate stability in employment, they're not inclined to recruit them.'
In NSW and Victoria, there is very strong demand in the professional services and banking sectors. In Melbourne, a vibrant economy and numerous consolidations means M&A work is plentiful. Donnelly says employers are looking for good corporate finance and statutory accountants, particularly experienced tax accountants.
Scott Stacey, national practice leader at Hudson Accounting & Finance, says there's a shortage of people with banking and solid financial services experience. 'Beyond that,' he says, 'the demand is highest at the more junior end of the accounting market.
'There's a really strong demand for junior business analysts and junior financial accountants. And there's always going to be a really strong demand in the profession for auditors, tax accountants and insolvency specialists.'
In NSW, the story is much the same, with a shortage of financial management accountants. This is particularly the case for those at the $70-90k level who have financial services experience, according to Donnelly.
'We've also seen pressure on manufacturing companies because they are looking for qualified accountants with hands-on experience in manufacturing and production environments, to look at costing and reporting,' she says. 'There's a distinct lack of candidates in that area.'
The ACT is still settling down following the change in government but the demand is at the more senior end of the market. 'The ACT is short on financial controllers and financial managers at the $100-120k mark,' says Donnelly. South Australia's sizeable defence and energy sectors see continued demand for project accountants and similar roles.
The resources boom is affecting salaries across the board as candidates are attracted to the historically above-market rates paid by mining and resource companies. Employers are increasingly moulding roles to suit applicants in recognition of the need to be more flexible. 'They might have to undercook a role, bring in someone less experienced and skill them up really quickly or change the job description to suit that person,' says Stacey.
