Graduate Opportunities

The accounting and finance industry covers a range of sub-sectors and services, including auditing, share-broking, financial planning, investment advice, risk management, taxation management and corporate finance. The industry is closely related to the insurance and the business management services industries, and is integral to the success of the New Zealand economy.

New Zealand’s finance industry has grown moderately over the last two to three years. In 2006, there were 64,128 people employed in the combined finance and insurance industries. Competition to attract and retain clients has resulted in regular restructuring, mergers and take-overs as companies struggle to gain a share of the market. Many large companies are foreign-owned and operate globally, and in the last 10 years some have shut down their New Zealand offices and moved their Australasian operations to Australia.

Major sectors

One of the largest areas of this industry is the accounting sector. Many people working in this sector are employed in business administration roles, such as accounts payable and payroll. Most large companies employ a team of accounts staff, while in small companies these duties are usually part of an office administrator’s job.

There is a global shortage of experienced chartered accountants and many New Zealand graduates head overseas for better pay and broader opportunities. Many large companies that recruit graduates now offer junior employees higher salaries and incentives to stay in New Zealand.

Accountants work in a wide variety of organisations, including: chartered accounting firms; small-medium sized accounting practices; government organisations; not-for-profit organisations; business and commercial enterprises; management consultancies and law firms.

Sharebroking and financial planning is a relatively new but growing sector in New Zealand. Work opportunities in this area can be found in investment and commercial banks, accounting firms, insurance companies, sharebroking and securities firms or in private practices. The New Zealand Exchange (NZX) provides a market for trading securities, including shares in listed companies and bonds, and is also the national body representing sharebrokers who are NZX members.

Business administration continues to make up the largest occupational group within the finance industry, and numbers are expected to increase as the economy strengthens and the number of mergers settles, encouraging firms to employ more staff.

Professional bodies

While anyone in New Zealand can use the term accountant to identify their occupation or job, only members of the New Zealand Institute of Chartered Accountants (NZICA) use the title Chartered Accountant (CA) or the related titles, Associate Chartered Accountant (ACA) or Accounting Technician (AT). To become a member of NZICA you need to undertake appropriate academic study and complete the professional competency and practical experience programs. In addition to NZICA, study towards membership of other international accounting professional bodies can be undertaken at New Zealand universities.

Significant stats

• In 2006, 64,128 people were employed in the finance industry
• The finance industry accounted for 4 per cent of New Zealand’s GDP in 2005

Statistics sources:

Business and Economic Research Ltd (BERL) Census Report 2006, Statistics New Zealand

This profile is based on edited extracts from the following sources: www.careers.govt.nz and “Career View: Accounting”, published by Career Development and Employment, Victoria University of Wellington.