The numbers of accounting graduates finishing tertiary studies will not be enough to meet the demands of Australian business and communities, particularly in inland Australia, according to recent Charles Sturt University (CSU) research.

 

“Recent statistics quoted by the Institute of Chartered Accountants Australia (ICAA) show there are four job vacancies for every one accountant in Australia,” says CSU accounting academic Ms Naomi Stuart.

 

“According to the ICAA, accountancy will experience one of the highest rates of jobs growth of any profession between 2005 and 2010.

 

“The mining boom, a strong Australian dollar, developments in the wealth management industry and the lure to overseas jobs have all contributed to strong demand for accountants.”

 

Citing the latest data from the federal Department of Education, Science and Training, Ms Stuart also found that the total number of accounting graduates coming from Australian universities have stabilised or decreased in recent years at around 5 200 each year.

 

“And with large international firms now recruiting accounting students in the second and third years of their degrees, there is even greater pressure on smaller firms in inland Australia trying to find and recruit graduates to maintain their businesses.”

 

Ms Stuart is concerned that one area that companies need to address is low starting salaries, which may encourage graduates into higher paying corporate positions rather than moving into professional practices.

 

“Graduate Careers Australia has reported that starting salaries for accountants are over nine per cent lower than average earnings for the average graduate in their first year of work. A 2007 survey also found accounting firms outside of Sydney appear to offer even less to graduates commencing their careers.”

 

CSU researchers Ms Debra Da Silva and Ms Kerry Grigg are documenting how large firms such as O’Callaghans are seeking to attract new graduates to regional centres such as Albury-Wodonga.

 

“In recent years, media have highlighted the ‘tree change’ phenomenon, with many high-paid, highly skilled professionals moving to regional areas to leave the pressures of modern city life for a more relaxed lifestyle. So why are many large organisations in inland Australia finding it so difficult to recruit skilled professionals such as accountants?” says Ms Da Silva.

 

Ms Grigg is focusing particularly on how companies are using ‘work/life balance’ policies, not just better pay, to lure workers out of the cities to meet the regional skills crisis.

 

“We are experiencing high economic growth and low unemployment, and this makes it difficult to attract professionals to inland areas. But more workers are looking for a ‘tree-change’ to improve their lifestyles. So why are they not coming to Albury?” Ms Grigg says.

The CSU researchers all point to the need for more carefully considered policies from all players – companies and governments – to attract and retain professionals such as accountants to regional Australia. Among them is the need to carefully consider education options for these professions.

 

Charles Sturt University offers accounting degrees on its campuses in Albury-Wodonga, Bathurst, Dubbo and Wagga Wagga, on-campus fulltime and part-time as well as via distance education.

 

“The figures in other CSU courses such as pharmacy show that training graduates originally from regional areas at CSU greatly increases the numbers who are willing to work in regional Australia. We think this will also be the same for accounting,” says CSU’s Dean of the Faculty of Business, Professor John Hicks.