Recent analysis from Randstad has positioned Australia alongside the United States and Switzerland as one of the leading nations in terms of compensation for finance and accounting professionals. According to the findings, the average salary range for individuals in this field in Australia spans from $69,000 to $170,000.
The report highlights a notable uptick in salaries, a trend largely attributed to the prevailing skills shortage within the sector. Randstad notes that sourcing finance and accounting expertise is significantly more challenging, with talent in these areas being two to five times scarcer compared to the global market average.
Of particular concern is the recruitment of senior-level talent, which the analysis suggests is 36 percent more arduous across all markets due to a scarcity of individuals possessing deep regulatory knowledge and extensive experience.
Jo Jakobs, Director of Professional Talent at Randstad, underscores the growing demand for proficient finance and accounting professionals, driven by ongoing industry evolution fueled by digitalization, cybersecurity, and decentralization. Jakobs emphasizes the need for organizational leaders to enhance their employer branding strategies to attract and retain talent, alongside advocating for increased gender diversity within the industry.
Highlighting specific areas of demand within Australia, the analysis identifies regulatory compliance, budgeting and forecasting, financial analysis, taxation, accounting systems and software, financial reporting, auditing, and cost accounting as the skills with the highest vacancy rates.
Despite Australia’s relatively strong representation of women in the finance and accounting sector, accounting for 43 percent of all workers, concerns persist regarding the widening gender gap. The report notes that while women represent a substantial portion of the existing workforce, the influx of new talent into the industry predominantly comprises men, accounting for 77 percent of all new entrants.
The analysis, which encompassed 23 global markets, sheds light on the need for proactive measures to address talent shortages and foster gender diversity within the finance and accounting profession. With the landscape of the industry continually evolving, strategic investments in recruitment, training, and diversity initiatives are essential to ensure the long-term sustainability and growth of the sector.
