Accounting & Finance

Accounting and Finance - NZ

Many of the professions within the finance sector include an expectation of further study to achieve postgraduate qualifications, so you should aim to undertake further study within the first five years.

One of the great benefits of working in the finance sector is the potential for overseas work or secondment. The CA and CPA qualifications are recognised internationally and most of the large employers in this sector offer global opportunities: short and long-term secondments, overseas transfers and/or the ability to interface regularly with other global organisations and colleagues.

It’s a great time to be entering the accounting and finance profession

Employment prospects for graduates entering the sector are very good. The industry has recorded strong growth over the past five years and this is expected to continue until 2010.

While it is possible for Accounting and Finance graduates to earn high salaries, long hours are often required for at least part of the year (such as tax time and end of financial year).

What you need

The accounting and finance sector requires quite specific degrees. In the case of accounting particularly, it is essential to have undertaken certain accounting subjects at university.

In order to work in a chartered firm, it is essential to be able to undertake the CA or CPA qualification after commencing work. The degrees usually sought for this industry include Finance, Economics, Accounting, Commerce, Business and Actuarial.

Accounting and finance industry in Australia and New Zealand has changed rapidly and dramatically over the past ten years. Contrary to popular belief, this industry offers very diverse work and is anything but boring. High-profile mergers and acquisitions, in conjunction with changed work practices and regulatory environments, have created an industry that is very different to what it was a decade ago. As a consequence of these changes the work is more challenging and there are wider career opportunities.

The work

Accounting and finance professionals work to ensure that companies or organisations are financially efficient and profitable. Within this scope of work, there are many types of general and specific roles and career paths, including:

  • Risk management / actuaries
  • Financial or accounting management / planning
  • Investment management and advise
  • Banking
  • Chartered accounting
  • Auditing / financial investigations
  • Taxation management
  • Corporate recovery / insolvencies
  • Corporate finance
  • Insurance broking / underwriting
  • Stockbroking

Graduate accountants are usually expected to undertake the CA or CPA qualification within the first year or two of starting work.

Some of the employers profiled on this website that are seeking Accounting and Finance graduates include:

Deutsche Bank
Centrelink
Australian Taxation Office
Coles Group
Monadelphous
Westpac
St George
ANZ
Mission Australia
Department of Education, Employment and Workplace Relations
Audit Office of NSW
Australian National Audit Office
Commonwealth Bank
PricewaterhouseCoopers
KMPG
The Treasury
NSW Department of Commerce
Unilever

Money matters

While salary levels in this industry can vary greatly, one of the attractions of working in the industry is the potential to earn high salaries if you are successful in your chosen field. Six-figure salaries are common among those who have risen to the top of their profession. In 2006, half of all new bachelor graduates working in banks earned between $35,000-$50,000 while those employed as accountants earned between $33,500-$45,000 overall. The equivalent ranges for those employed as auditors and financial managers were $34,000-$42,000 and $44,000 -$75,000 respectively. Experienced finance directors are currently earning from $100,000 upwards, with high six-figure salaries for partners in chartered firms.

Significant stats
  • In Australia, the finance and insurance services sector employs more than 397,000 people – about 4 per cent of the Australian workforce.
  • Most positions are concentrated in the financial centres (Sydney and Melbourne) with less than 20 per cent of jobs located outside state capitals.
  • Approximately 53 per cent of the workforce in this industry is female.
  • Accounting and Finance graduates are in demand: more thand 23 per cent of employers who had difficulty recruiting enough graduates in 2007 wanted to recruit more Finance and Accounting graduates (Graduate Outlook Survey 2007, Graduate Careers Australia).

Source: except where indicated, figures from “Australian Jobs 2007”, Department of Employment and Workplace Relations.