Accounting salaries still sluggish
Salaries across the accounting, banking and finance sectors have remained stagnant for much of the year as labour supply continues to outweigh demand, a report shows.
However, the surplus of labour has dropped markedly from earlier levels, with just 400 additional accountants in the September quarter, compared to 1000 in the June quarter, according to the latest Clarius Skills Indicator.
While the year saw small increases in demand for commercial accountants from small- to -medium businesses (SMBs), most were offset by offshoring from large companies, Paul Barbaro, executive general manager of Clarius division, Lloyd Morgan, said.
"Offshoring remained prevalent, particularly among back office administration. At some work sites, back office and non-customer facing contract roles were reduced by up to 90 per cent with the majority heading to India," he said.
Barbaro said the outlook for job seekers and salaries appears more positive for the second half of 2014, especially with the repeal of the carbon tax and the new government's signalled industrial relations changes.
"This will become particularly apparent in SMBs where demand for management accountants, fund accountants, tax accountants, business managers and business analysts will become more buoyant," he said.
"A portion of this activity will be self-correction as business was overzealous in scaling back roles in early 2013 when signs of the mining investment downturn filtered through."
AUTHOR
Staff Writer
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
