A recent survey conducted by Chartered Accountants Australia and New Zealand (CA ANZ) has highlighted a pressing national skills shortage in key accounting roles, including finance manager, management accountant, and taxation accountant.
The survey, which involved 395 members who posted job vacancies in Australia over the course of a year, revealed taxation accountants as the occupation facing the highest risk of a national shortage, constituting a significant portion of the advertised roles and showing substantial demand.
According to the survey results, the fill rates for various roles were notably low, with financial investment advisers, finance managers, management accountants, and taxation accountants experiencing challenges in filling vacancies.
Comparing demand levels in 2024 to the previous year, the survey found a consistent demand for most occupations surveyed, with some roles like internal auditors, financial investment advisers, external auditors, and management accountants witnessing increased demand.
Regional areas were particularly affected, with the lowest vacancy fill rates observed for management accountants, financial investment advisers, finance managers, and external auditors. The survey pointed out that external auditors in regional South Australia faced the greatest risk of a shortage.
Respondents cited the lack of suitable applicants as the primary reason for unfilled vacancies, with challenges including a lack of experience, technical skills, and necessary qualifications among job applicants.
CA ANZ emphasized the importance of addressing the long training gap in the accounting profession and called for a shift in Australia’s migration system to focus on skill quality rather than quantity to tackle shortages.
The professional body recommended that accountants, auditors, and finance-related occupations be prioritized on Australia’s skilled migration lists and highlighted the need for educational support to enhance the talent pipeline entering the profession.
Furthermore, CA ANZ urged the government to invest in workforce development programs focusing on accounting, financial capabilities, digital skills, AI, and sustainability education to strengthen Australia’s workforce.
The submission also emphasized the importance of government support for work readiness programs to enhance employment and migration outcomes for international accounting graduates and migrant accountants, maximizing the utilization of their skills in the industry.
As the accounting profession grapples with a potential shortage of skilled professionals, proactive measures and strategic investments are crucial to ensure a sustainable and thriving workforce in the evolving landscape of financial services.
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