Shortage of skilled accountants looming
Despite the latest forecast showing a slight oversupply for accounting and auditing professionals for the next five years, employers will face difficulties in recruiting personnel as the demand for multi-skilled staff increases.
The latest Lloyd Morgan Skills Index showed that availability of skilled accountants and auditors is, and will remain, in the balanced range through to the first quarter of 2016.
However, Lloyd Morgan and the Institute of Chartered Accountants - Australia said they expect the pace of technology, economic forces and legislative changes to tax and corporate governance will result in shortages of broader business skills now sought by employers.
They stated that while the Skills Index forecasted an ongoing oversupply of accountants, many will simply not fill the skills requirements of certain employers and the capabilities to contribute broadly to the growth of organisations.
Will Gordon, national general manager of Lloyd Morgan, said clients were increasingly seeking professionals that delivered greater organisational value than the traditional candidate offered.
"They want their CFOs to be extremely commercial and be a key driver of corporate strategy," Gordon said. "They also need accounting professionals who can work with other professions - such as compliance, risk management, engineering and scientific disciplines - to meet sustainability, environmental and carbon reporting requirements."
Andrew Conway, CEO Institute of Public Accountants, added that Australia needs to look abroad for skilled accountants. "In terms of the demand for accountants in Australia, the profession is estimated to grow by between three and four percent in net terms year-on-year.
The need is increasing, but the domestic supply isn't able to meet the demand. That is not to say it is slow or has stopped, it is just that the demand is very strong," he said.
"This presents a real opportunity for skilled migration and we would welcome an increase in the number of qualified accountants from overseas allowed to work in Australia.
Lee White, executive general manager, members, Institute of Chartered Accountants Australia, said that in the future accountants will be expected to have a greater focus on strategy and value creation, and a breadth of vision across organisations.
"Employers are particularly interested in employees who not only have the analytical skills to interpret the numbers, but who have the vision and foresight to apply these skills to the current economic environment," White said.
"This is increasingly valued given the recent uncertain economic environment stemming from the global financial crisis. There is significant hiring of accounting and auditing graduates. The skills that are highly sought-after in these professions relate to strategic planning, value creation and communication skills.
"In our experience, employers are saying that the current education system provides the technical aspects that are required but the practical applications are missing from education courses.
This means new graduates are not quite "job ready" and have a steep learning curve when they begin their new position."