Much broader skills demand forecast for accounting and auditing professionals
We have once again collaborated with our research partner KPMG Econtech, the Institute of Chartered Accountants in Australia and on the ground experience from the Lloyd Morgan team to deliver a detailed report on the outlook for accountants and auditors.
Using a forecasting model developed by KPMG, the report forecasts the likely supply and demand of accountants and auditors through to 2016 against a data series dating back to 2001.
The Index shows that skilled accountants and auditors is, and will remain, in the balanced range through to the first quarter of 2016 but predicts total labour demand is expected to increase from 176,800 accounting positions and 16,400 auditing positions in the March quarter 2011, to 181,700 and 17,100 respectively by the March quarter 2016.
But while the Skills Index forecasts 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.
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.
A key feature in this issue of the LMASI is the Accountant of tomorrow.
The notion of a bespectacled, grey-cardiganed bean counter with calculator in hand has never been less representative of reality.
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.
New to this edition of the LMASI is a revamped At the Coalface section where a detailed market commentary is provided for Sydney, Melbourne and Brisbane coupled with the top five in-demand roles and its respective current and expected salary in 12 months.
The report further analyses employment, vacancies and unemployment for the overall labour market as well as specifically for accountants and auditors.
The report further analyses employment, vacancies and unemployment for the overall labour market as well as specifically for accountants and auditors.
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 2016, 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