Accountancy salaries steady as demand meets supply

This article was current at the time of publication.

Accounting practices may find the search for good staff a little easier as salaries remain muted, according to one recruiter.

“With more candidates in the market, many are willing to accept lower salaries that are more aligned with what employers are willing to offer than in the previous few years, which has kept overall wage pressure in check,” says Adam Napper, Manager, Professional Services at Madison Recruitment.

However, this may not be the case for much longer. New Zealand has experienced a long-term decline in students enrolling for accountancy tertiary education. Economic consultancy Infometrics is forecasting a need to fill almost 15,000 (new and replacement) roles between now and 2030.

Recruitment company Hays says accounting professionals are in demand across the board, particularly at the intermediate level, noting that a decline in people undertaking an accounting degree is adding to the skills imbalance.

What should you pay?

Hays’ Salary Guide FY25/26 shows that an accountant in public practice with three to four years’ experience can expect to earn $85,000 in Auckland or Wellington, while $90,000 is offered to those with five years’ practice under their belt.

A manager with up to two years’ experience can expect $110,000 in Auckland (Wellington $102,000) or $140,000 in Auckland (Wellington $128,000) with three-plus years’ experience. 

Tax consultants with up to four years’ experience can expect $70,000 in Auckland (Wellington $73,000). At the five-year mark, that rises to $80,000 in Auckland (Wellington $77,000). 

Hays reports that accountants (along with engineers) are among the most optimistic groups about the economy — and are one of the few groups saying they have taken fewer applications to land a role. 

“In the case of accountants and auditors, there seems to be a lot of opportunities available, and changing jobs feels relatively easy.”

AI enters the recruitment mix

One feature of the market is a rising tide of applicants for every role offered.

“Competition has definitely increased,” notes Napper. “Alongside those who are immediately available, many candidates, currently in roles, are actively looking. With fewer opportunities in the market, a higher number of applicants per role has become the norm.”

Hays says the application wave is across industries and is driven in part by AI. Its survey notes: “The volume of applications has increased significantly, often with highly exaggerated CVs and AI-generated cover letters that overly embellish.”

What are the perks?

While salary remains the number one incentive, flexibility continues to gain ground.

“Flexibility remains key,” Napper says. “Overall, there’s a clear push from many employers to return to the office more often, even if shifting the culture back remains a challenge.” He says companies insisting on five days in the office are finding it increasingly difficult to attract top talent.

The Hays survey shows that across the industries canvassed, 53 per cent of New Zealanders and 59 per cent of Australians cited flexibility as the most sought-after benefit after salary. In fact, flexibility is no longer seen by many candidates as a benefit, but as an employment given.

Additional leave is also rated highly at 45 per cent in both countries.

Accountants place more value on opportunities for further study than other professions.

“Career development is a clear priority for many candidates – often followed closely by salary and flexibility, which tend to go hand in hand with advancement opportunities,” Napper says.

With a marked difference in the way different groups see benefits, Hays advises employers to offer a range and allow candidates to choose their own package.