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The Lloyd Morgan Accounting Skills Index

February 2010 
 
Download the February 2010 Lloyd Morgan Accounting Skills Index
 
Australia’s pool of accountants and auditors will slowly evaporate over the next three years but demand will be fuelled by corporate environmental disclosure policies and the anticipated emissions trading system, according to the Lloyd Morgan Accounting Skills Index.
 
The December quarter recorded an oversupply of approximately 2,000 accountants, which almost matched the previous quarter’s result. The number of surplus auditors rose by 100 workers, compared to the previous quarter.
 
The employment market for both occupations remains a long way away from its September 2008 peak when there was an undersupply of approximately 2,600 accountants and 300 auditors.
 
Those days aren’t expected to return within the next three years although job seekers will find employment easier to obtain.
 
Between now and the end of 2012, demand for accountants is forecast to rise by 4.5 per cent (approximately 7,000 accountants) while supply is forecast to rise by a slower 3.1 per cent (approximately 5,000 accountants).
 
The demand for auditors will decrease over the next three years, with a fall of 5.7 per cent in demand for auditors, with supply forecast to decline further, by 7.2 per cent.
 
Based on these figures supply and demand will almost be equal with only minor skills shortages expected or a “balanced” score of 100, according to the Index.
 
The Index translates the supply and demand numbers to create a skills barometer for accountants and auditors.
 
A score of 100 indicates equal tension between labour supply and demand. Anything greater than 105 on the skills shortage side of the Index is regarded as extreme shortage. A score of 95 to 98 is moderate. 95 is low.
 
In December, the Index for accountants recorded a 98.5 reading, up from 98.1 the previous quarter. It’s forecast to reach 99.9 in next three years, which is balanced. The auditing profession has been slower to recover, recording a 98.1 reading in December. This is expected to reach 99.9 by December 2012.
 
 
The Lloyd Morgan Skills index looks forward and, based on solid data sources, forecasts the likely supply and demand of accountants and auditors through to 2012, utilising a forecasting model developed by our research partner, KPMG Econtech.
 
The research is an extension of the highly regarded and widely reported Clarius Skills Index, developed by our parent company Clarius Group, which provides quarterly updates on the supply and demand of skilled labour across 20 occupation categories as defined by the Department of Employment and Workplace Relations, using Australian Bureau of Statistics labour force data.
 
 
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