5. Executive summary
Opportunities to learn and develop new skills, career
progression and prestigious places to work were
determined as the most important factors for young
Chartered Accountants in their early careers. These
become significantly less important as they progress.
Being well paid, work-life balance and flexible work
arrangements become increasingly important later on in
their careers.
While many Chartered Accountants start their careers in one
of the Big 4 accounting firms, they typically move on to work
for large commercial organisations or large, medium to small
practices. Career change is mostly driven by new challenges
and opportunities, pay increases or the desire to develop
new skills.
Professional networking is the single most important skill
that Chartered Accountants have identified for their future
careers. Other future skills for the next two to five year
career timeframe are teamwork, leadership and
communications skills.
5
7. Career time line
This report has been divided into four sections: career A graphical representation of the results of these questions is
expectations, career path, skills requirements and future presented below.
directions to reflect the chronological order of a young What motivates members at the outset of their career
Chartered Accountant’s career cycle. appears to shift as they build on their experience as
professionals. Opportunities to learn and develop, career
Career expectations
progression and a prestigious place to work are the most
Young members were asked questions about what was most important factors for those starting their careers. These
important to them when they first started their career. They become significantly less important as their career
were also asked to comment on what is currently important progresses. Conversely, being paid well, work life balance
to them and what they believe will be important in their and flexible work arrangements are less important at the
career in two to five years time. beginning of members’ careers but become increasingly
important later on.
Early career Current career Future career
Opportunities to learn and develop 52.3 27.3 14.3
Opportunities for career progression 44.2 32.3 26.9
Prestigious place to work 26.7 3.2 3.4
Being paid well 24.9 47.4 48.3
A clear career path 24.4 9.1 9.1
Challenging work/being pushed to learn 23.8 26.6 14.5
Gaining transferable skills 17.1 8.1 5.9
The quality of the people in the organisation 12.5 20.7 18.5
Mobility (i.e. opportunity to travel) 12.2 3.6 3.6
Organisational culture 9.9 14.3 14.5
Great work-life balance 7.3 41.2 53.5
Immediate team culture 5.9 7.9 6.2
Variety 5.8 6.8 6.5
Effective leadership 4.8 11.3 13.8
Flexible work arrangements 1.8 18.2 33.1
Ethical practices 1.3 5.7 5.6
Social and environmental responsibility 0.4 1.7 2.2
Other 0.9 1.2 1.3
0 20 40 60 0 20 40 60 0 20 40 60
% % %
7
9. Career path in the accounting profession
Starting out Present Future
> Big 4 (42%) > A large commercial (34%) > Another role, same org.,
> Large practice (19%) > Big 4 (10%) same country (30%)
> Medium practice (16%) > Small practice (10%) > A role in current profession,
> Small practice (16%) same country (21%)
> Large practice (8%)
> A role in current organisation,
different country (7%)
A typical career path in the Chartered Accounting profession is summarised
above, including only most frequently mentioned responses.
(Note: the total will not add to 100%)
Number of times changed organisations
> None (21%) > 61% of members changed jobs within an
> Once (24%) organisation with most of those changing jobs
> Twice (17%) up to three times (82%)
The top three reasons for changing organisations and jobs One in four respondents have not changed organisations
within an organisation are: since starting their career. This is more likely for those
• To embark on new challenges / opportunities (48% of working in the Big 4 (57%) or practice (31%).
respondents who changed organisations vs. 67% of those Career progression advice
who changed jobs within an organisation); Respondents are most likely to seek out career progression
• To increase pay (30% vs. 27%); and advice and information from friends, colleagues and family.
• To develop new skills (27% vs. 53%). Mentors also ranked highly as sources of advice, with HR
departments coming in second last in the ratings.
Other reasons for changing organisations include mobility
and international opportunities (20%), dissatisfaction with the The value of advice provided by mentors is again emphasised
job (19%), lack of promotion (19%) and to improve work-life as they were viewed as being the group that provided the
balance (19%). most valuable source of professional career advice.
Sources of professional advice Providers of valuable professional advice
Friends 52 Mentor/s 77
Colleagues 50 Managers/s 66
Family 48 Colleagues 64
Mentor/s 36 Family 60
Managers/s 34 Friends 54
Recruitment firms 24 Recruitment firms 39
Job websites 23 Job websites 31
HR department 4 HR department 30
Don’t know/have not sought career advice 6 None of the above 9
0 25 50 75 100
Other 2
%
0 20 40 60
%
9
11. Future directions New South Wales
Young Professionals Panels are key in driving the Institute’s Natalie Fallon
increasing focus on young member engagement, directing natalie.fallon@charteredaccountants.com.au
initiatives and discussions around support for the demographic.
The panels provide advice in career progression, training, Queensland
development issues and challenges facing regional areas. Chris Hurling
The Institute, together with the Young Professionals Panels, chris.hurling@charteredaccountants.com.au
regularly host events that bring together young Chartered
Victoria/Tasmania
Accountants in multiple locations across the country.
Elaine Coughlan
The aim of these events is to create a forum for networking and elaine.coughlan@charteredaccountants.com.au
sharing knowledge among peers. Many of these events have
been run in conjunction with different industry professional South Australia/Northern Territory
bodies and this has afforded members the opportunity to Rebekah King
generate networks across various professions. rebekah.king@charteredaccountants.com.au
Through sharing the results of this survey, the Institute hopes
to provide firms and employers of Chartered Accountants with Australian Capitol Territory
information to enable them to expand their offerings of skill and Laura Hannan
personal development for their young Chartered Accountants. laura.hannan@charteredaccountants.com.au
This report is only intended as a concise snapshot of the survey.
A more complete set of graphs and statistics is available via Western Australia
www.charteredaccountants.com.au. Brian Martin
brian.martin@charteredaccountants.com.au
The Institute has representatives dedicated to working with
young professional members in each of the major centres in
Australia. Please feel free to contact the representative in your
centre if you have any queries about the young professionals
program or if you would like to get involved with activities
around young members.
11
13. Appendix 3: Appendix 4:
Respondent region Respondent location
Regional area, 11.4 ACT 2.3
NSW 24.5
NT 1.0
Qld 12.4
SA 7.2
TAS 1.5
Vic 16.6
WA 6.8
Outside Australia 27.8
0 10 20 30
Capital/major city, 88.6 %
Question Question
And is that in a capital/major city or Where are you currently working?
a regional area?
Base
Base All respondents (n=1113)
All respondents (n=1113)
13
15. Appendix 5:
Main reasons for changing
roles by gender
Total Male Female
% % %
Base (n) (662) (355) (305)
To embark on new 66.8 67.5 65.8
challenges/opportunities
To develop new skills 53.3 57.0*** 48.3***
To increase pay 27.5 32.5*** 21.0***
For mobility/international 16.1 19.7*** 11.6***
opportunities
To pursue other interests 11.1 8.6*** 14.1***
Due to low job satisfaction 5.6 5.0 6.3
Due to a lack of promotional 5.2 5.0 5.5
prospects/career growth
To improve work-life balance 5.2 3.8** 7.0**
Due to a change in personal 4.3 2.1*** 7.1***
circumstances
Due to poor management/ 3.3 3.2 3.5
leadership
For more flexible work 3.2 0.0*** 7.4***
arrangements
For a better culture fit 1.6 1.7 1.6
Other 9.2 8.9 9.6
Question
What are the main reasons for changing roles within
an organisation?
Base
Respondents that changed roles within one
organisation (n=662)
15
16. Contact details
Customer Service Centre 1300 137 322 South Australia / Northern Territory
Westpac Building
National Office / New South Wales Level 29, 91 King William Street
33 Erskine Street Adelaide SA 5000
Sydney NSW 2000 GPO Box 9985
GPO Box 9985, Sydney NSW 2001 Adelaide SA 5001
Phone 02 9290 1344 Phone 08 8113 5500
Fax 02 9262 1512 Fax 08 8231 1982
Australian Capital Territory Victoria / Tasmania
Level 10, 60 Marcus Clarke Street Level 3, 600 Bourke Street
Canberra ACT 2601 Melbourne Vic 3000
GPO Box 9985, Canberra ACT 2601 GPO Box 9985, Melbourne Vic 3001
Phone 02 6122 6100 Phone 03 9641 7400
Fax 02 6122 6122 Fax 03 9670 3143
Queensland Western Australia
Level 32, Central Plaza One Ground Floor, BGC Centre
345 Queen Street, Brisbane Qld 4000 28 The Esplanade, Perth WA 6000
GPO Box 9985, Brisbane Qld 4001 GPO Box 9985, Perth WA 6848
Phone 07 3233 6500 Phone 08 9420 0400
Fax 07 3233 6555 Fax 08 9321 5141
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