In order to make your job search and career decision-making productive, strategic and effective, it is important to understand labour market information. Labour market information is readily accessible online however it is continually changing therefore you need to know where to look and keep updated with changes. To help you with this, try the ‘Get to Know Your Industry’ online module via Curtin Challenge.
A selection of labour market information relevant to the accounting profession in Australia is listed below. Please note, the information reported is correct at time of writing and is subject to change.
- Accounting professionals with high level IT skills are in high demand. This is due to the fact that many organisations are implementing systems and technology to enhance accounting service efficiency. Accounting students and graduates should obtain familiarity with Accounting Software packages such as MYOB, Xero and Quickbooks – watching online tutorials online and learning the basics will help! Also, students and graduates should regularly read relevant and online accounting industry news feeds to keep updated on new technology developments in the sector.
- Accountants are increasingly being hired on temporary or fixed term contracts. This is a trend not only unique to Accounting but all other occupations in the business sector. Organisations are taking measures to reduce staffing costs and employ staff on a fixed term basis to assist with certain projects or short-term increases in workloads. This emphasises the need for accounting professionals to maintain strong professional networks to ensure they are well positioned to find new opportunities when required.
- Demand for accountants has grown in the construction, property, technology, finance and banking industries across Australia.
- Technological advancements could result in some accounting functions being automated which could impact on the demand for accountants in the future. This kind of technological impact on an industry is commonly referred to as ‘Digital Disruption.’ It is important to understand predicted digital disruption for your career so you can make strategic career decisions that will maximise your job prospects.
To explore labour market trend relating to Accounting in Australia further, check out the following reports: