Broaden skills to get the job - Lloyd Morgan
Accountants and auditing professionals will need to develop broader skills in order to secure a job, according to the latest Clarius Skills Index (CSI) from Lloyd Morgan Accounting Talent Specialists.
The CSI is the only measure of underlying demand and supply of skilled labour in Australia.
According to the latest results, the demand for wider skills is being driven by the uncertainty that exists around Australia’s economic conditions, particularly the imminent introduction of a carbon tax, which in itself will increase demand for accountants with skills in auditing and risk analysis.
Paul Barbaro, Executive General Manager of accounting and finance specialists for Lloyd Morgan, said the Index report was in line with the recent approach by employers in the accounting industry to hold back on hiring during uncertain times.
“The current global economic situation and uncertainty about our own economy has resulted in employers pulling back on their hiring intentions, with an increasing shift towards employing short-term contractors rather than full-time employees,” he said.
June quarter results from the Index show an oversupply of approximately 2,300 accounting professional and 300 auditors – the closest tension between supply and demand of skilled labour in a decade, according to Lloyd Morgan.
Barbaro pointed to the stringent reporting financial and corporate governance requirements that most organisations are subject to as another factor that has placed a “great strain” on the need to take on more skilled and experienced industry professionals.
He said auditors will be among the highest sought after professions within the overall accounting industry over the next five to 10 years.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
