The future’s bright: Accounting students optimistic about career prospects and development opportunities
- Massey University and UTS research highlights optimism of audit and accounting students.
- Students back accounting careers as a way to positively impact business and society.
- While enthusiasm wanes as students enter the workforce, transferable skills and career opportunities make accounting one of the best professions.
A new report by Massey University and the University of Technology Sydney has found high levels of optimism amongst auditing and accounting students.
The report titled ‘Talent in the Accounting and Audit Profession: How to attract and retain the next generation of graduates into accounting and auditing’ delivers encouraging insights from those planning a career in the profession.
The report’s authors, including senior lecturers and professors in accountancy from the two universities, interviewed current audit and accounting students to determine how optimistic they are about their career prospects and the future of the profession they look set to enter.
More than 600 accounting and auditing students were surveyed about their hopes and expectations for their future careers. Findings include:
- 83% of domestic students believe there are good job prospects in accounting.
- 80% of domestic students believe there is high renumeration and earnings potential in accounting.
- 65% of domestic students believe the accounting profession has a promising future.
- 61% of domestic students believe the accounting profession has a high status.
- 80% of domestic students believe technology is going to enhance accounting expertise in the future.
- 60% of domestic students believe accounting will provide them with an opportunity to positively impact businesses and society.
- 80% of domestic students believe accounting provides highly transferable skills across different businesses and countries.
The report also found that enthusiasm diminishes as graduates enter the workforce and spend several years working in the profession. This finding is further reinforced by recent CA ANZ research – specifically into attracting and retaining audit talent – which urged employers to recognise young audit professionals lead multi-faceted lives, value life/work balance, and place a premium on workplace culture.
To ensure the profession keeps and attracts the next generation of top talent, the report makes several key recommendations for university educators, employers and the professional bodies. The recommendations focus on better communications from all stakeholders to promote the long-term benefits of the profession.
The report recommends the professional bodies do more to share the real-world experiences of auditing and accounting professionals with students, as well as the wider importance of the profession in society beyond purely its technical aspects.
Similarly, universities are recommended to ensure that accounting subjects are taught by enthusiastic and passionate educators, and that career development information and opportunities are widely available, including exposure to the professional bodies.
Interviews with graduates raised concerns about working conditions (in terms of long working hours) and the difficulty to achieve a positive work‐life balance, as well as poor prospects to improve remuneration. The report recommends that employers adjust graduates’ remuneration to align it with other commercial roles or salaries in other business divisions within public firms.
Quotes attributed to John Curtin Distinguished Professor Dale Pinto FCPA, CPA Australia President & Chair
“It’s incredibly heartening to witness the optimism of our future auditors and accountants reflected in this survey. They are confident in their career prospects, earnings potential, and the highly transferable skills they are acquiring, which can open doors in various sectors and countries. These results highlight the positive image of our profession that we, as insiders, know very well, but haven't always effectively communicated.
“Enthusiasm wanes once graduates spend several years working in the profession, and while this can be partly attributed to the reality of life in the workforce, we must also be realistic about the challenges and working conditions that contribute to this.
“We acknowledge that audit and accounting professionals face ever-increasing demands and a constantly evolving regulatory landscape. These challenges are a core focus of the professional bodies.
“A career in auditing and accounting is immensely rewarding. It offers the chance to make a positive impact on local communities, provides numerous opportunities for career advancement, and can take you anywhere in the world.
“The global demand for accounting talent is enormous, and accountants are highly respected wherever they go. Those who studied in Australia and New Zealand, and members of both professional bodies, are especially esteemed. This truly is one of the best professions and I’m thrilled these students recognise the great opportunity they have.”
Quotes attributed to Ainslie van Onselen, Chartered Accountants Australia and New Zealand CEO:
“Chartered Accountants ANZ is very focused on solving for the decreasing pipeline of talent into our profession, which plays a vital role in supporting the health and vibrancy of our economy.
“Accounting degree university enrolments in Australia have halved since 2018, which is a significant concern for the profession’s sustainability, particularly given the considerable ongoing demand for talent, and it’s why we’re increasing efforts to make the profession a go-to choice.
“This research is very heartening because it shows that those choosing a career in accounting are very alive to the benefits of such a career.
“It’s an exciting time to be a Chartered Accountant. The profession is showing enormous leadership on the sustainability agenda in finance and business. We must be ready to embrace change where needed but also to safeguard the central tenets that make our profession so valuable in the economy and society.
“But more needs to be done to ensure the reality of work life meets the expectation of the next generation of talent and as a profession, we’re committed to doing everything we can to ensure that workplaces are as inclusive, respectful and fair as possible.
“Employers need to be more focused than ever on providing flexible working arrangements, including remote options, four-day weeks and other inventive solutions, enabled by the profession’s high use of technology.
“Next generation talent is looking for financial stability and a career aligned with their personal values. The accounting and audit professions offer unparalleled opportunities to make a meaningful impact on society, whether through advancing sustainable practices or upholding financial integrity.”
The report ‘Talent in the Accounting and Audit Profession: How to attract and retain the next generation of graduates into accounting and auditing’ was funded by CPA Australia and Chartered Accountants Australia and New Zealand in association with the Accounting and Finance Association of Australia and New Zealand (AFAANZ) Auditing and Assurance SIG and the Australian Public Policy Committee (APPC).
The full survey results, including a breakdown of domestic, international, on-campus and remote learning outcomes from students at the two universities is available here.
Media contacts
CPA AustraliaSimon Downes, External Affairs Lead
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Chartered Accountants Australia and New Zealand
Gillian Bowen, Public Affairs Manager Australia
M +61 411 485 421
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