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Australia in top 3 for finance and accounting pay

Analysis from a specialist recruiting firm has shown that Australia is among the highest payers for finance and accounting skills.

Australia stands alongside the US and Switzerland as one of the highest payers for finance and accounting skills, according to new analysis from Randstad, with an average salary range of $69,000 to $170,000.

The firm said salaries are being driven up in part by the current skills shortage, with finance and accounting skills two to five times more difficult to find compared with the market average globally.

Hiring senior talent is particularly tough, it said, being on average 36 per cent more challenging across all markets due to talent scarcity tied to deep regulatory knowledge and experience.

“Demand for expert finance and accounting talent is already high, but as the sector evolves – fuelled by digitalisation, cyber security, and decentralisation – this is only expected to soar,” said Jo Jakobs, director, professional talent at Randstad.

“Leaders must now consider how they can improve their employer branding in order to attract and retain staff if they want to future-proof their business, as well as continuing to encourage women into the industry to strengthen gender equality.”

The finance and accounting skills with the highest vacancy rate in Australia are:

  1. Regulatory compliance - 4.9 per cent
  2. Budgeting and forecasting - 3.4 per cent
  3. Financial analysis - 2.6 per cent
  4. Taxation - 2.6 per cent
  5. Accounting systems and software - 2.3 per cent
  6. Financial reporting - 2.1 per cent
  7. Auditing - 1.6 per cent
  8. Cost accounting - 1.2 per cent

The analysis also found that while Australia has relatively strong female representation in the industry, with women accounting for 43 per cent of all workers, there is a risk of the gender gap widening as the talent pool grows. The large majority of new talent entering the market are men, making up 77 per cent of all new workers – the third highest rate globally.

The analysis looked at 23 markets globally: Argentina, Australia, Brazil, Canada, Czechia, France, Germany, Hungary, India, Italy, Malaysia, Mexico, Netherlands, Norway, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, the UK, and the US.

It used data based on a combination of verified, normalised labour market data by market and granular, skill-based data sourced from professional social media networks and job boards, and career sites.