There are heaps of reasons as to why Australians consider starting a career in financial services and work as an accountant.
It could be because it’s a growing industry with a stable career path, or the above-average pay accountants receive for their skills.
Let this blog guide you and give you a better idea about working as an accountant in Australia — take a look at the pros and cons of starting a career in financial services and some of the in and outs of being an accountant.
Working as an Accountant in Australia: What is Expected of You?
Here are some of the responsibilities an accountant does on a daily basis:
- Report and explain financial information to management
- Collate the company’s financial information that can be used to help make important business decisions
- Liaise with external and internal auditors
- Provide financial advice
- Analyse expenditure and revenue of the business
- Prepare reports, budgets, and forecasts
- Help identify where the business can save money, or when the business can afford to spend money
There may be more responsibilities than those mentioned above, as it may also depend on the needs of your employer and the business. But generally speaking, these cover most of an accountant’s most common tasks.
The roles you perform on a daily basis may also be determined by what kind of accounting job you’re into.
A tax accountant will have different daily tasks than a forensic accountant. But you will most likely utilise the same accounting skills to accomplish tasks and succeed in working as an accountant in Australia.
The Pros and Cons of Working as an Accountant in Australia
Like most jobs, there are heaps of benefits in working as an accountant. However, like all other jobs as well, expect a few downsides.
But to be frank, working as an accountant in Australia has more advantages than disadvantages.
If you’re keen to start a career in financial services, then this is certainly good news for you!
1. The Financial Services Industry is Ever Growing
From 2014 to 2019, the number of Australians working as accountants grew from 181,400 to 195,800 — a great sign that the Financial Services industry is ever stable.
There is also heaps of room for professional growth, which is ideal for those who wish to climb the ladder professionally.
2. Expect Competitive Salaries When Working as an Accountant in Australia
Trained and qualified Accountants have high demand in Australia — and salaries for accountants are very competitive.
The average salary for accountants in Australia is around $1660 per week, which is higher than most jobs in the country.
3. Have the Opportunity to Work in Any Industry
Every kind of business, in one way or another, will have to deal with financial matters. The best person to do that for the business is a qualified accountant!
With this, accountants have this flexibility in terms of which industry they may end up working in — which ultimately means more options and opportunities for you to choose from.
You’ll never have the dilemma of finding which industry to go and work for, as you can literally be an accountant for any type of business!
4. Your Accounting Skills Will Always Be Useful
Having skills and knowledge of accounting will always come in handy for you, especially if you decide to start your own business.
Also, if you come to the decision of changing careers, your skills and knowledge working as an accountant in Australia can be a massive boost for your resume, as many of your skills are definitely transferable (preparing reports, reading and analysing data, communicating with stakeholders, etc.)
5. A Wide Range of Jobs to Choose From
As mentioned earlier, you can end up in various industries to work as an accountant. But did you know that there are heaps more job roles other than being an accountant?
Once you have the proper qualification, you can also work as an Auditor, Financial Planner, Financial Analyst, Chief Financial Officer, and heaps more!
1. Being an Accountant Can Be Stressful
Being an accountant does present its own challenges. There are seasons throughout the year where accountants will be under heavy pressure and will be expected to perform in a higher level than usual.
For example, the end of the financial year can be a very busy and stressful period for heaps of accountants.
Businesses will be keener on financial data during this time of year, which means double the workload for accountants.
2. Working in a Sedentary Environment
If you’re an outgoing person and are someone who can never see yourself working behind a computer for a long period of time, then being an accountant may not be for you.
Generally speaking, accountants work in an office environment. Unless you’re an auditor which will require leg work for visits.
But for the most part, you’ll be crunching numbers and sitting behind a desk.
So, are you Keen to be Working as an Accountant in Australia?
If you’re looking to jumpstart your career, expanding your skill set, or taking the next step in the professional ladder, we have the right courses that can help you reach your goals!
While our Diploma in Accounting is ideal for those who wish to get to the next level and climb the professional ladder!
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