Accounting Labor Market in Australia: Trends, Career Opportunities, and Challenges

Running head: ACCOUNTING
Accounting
Name of the Student
Name of the University
Author’s Note

1ACCOUNTING
Executive Summary
The report focuses on the accounting labor market in Australia. The first section reflects on the
labor market trends in accounting industry of this nation. The next section focuses on the career
opportunities in other two selected sectors such as telecommunication and manufacturing where
the accountants play the major role. The third section highlights on the creative ways of job
seeking in this industry. The fourth section focuses on intercultural challenges that firms in this
sector faces in Australia. Lastly, the recommendations are given to the employers of this industry
for further growth in the sector.

2ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Australian labor market trends for the accounting and service industry.........................................3
Labor market for accountants......................................................................................................3
Trends in labor demands and supply in accounting industry......................................................4
Employment.................................................................................................................................4
Competition in labor market........................................................................................................5
Migration.....................................................................................................................................5
Imbalances in Australia accounting labor market and unemployment trends.............................6
Career opportunities in Australia’s manufacturing and telecommunication industry.....................6
Recruitment agencies in accounting industry..................................................................................7
Intercultural challenges....................................................................................................................9
Recommendations............................................................................................................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

3ACCOUNTING
Introduction
The purpose of this study is to assess career opportunities with the present labor market
in Australia with target industry as accounting industry. The accounting service sector has
revealed modest growth over the last five years owing to positive business confidence and rising
demand for sector- specific advisory services. As per the general market research, the accounting
entities in Australia has been valued at around $20 billion in the last year in form of revenue.
Auditing service have been the dependable source of revenue for the firms operating in this
industry over the last five years. The revenue generated from high- valued advisory services has
enhanced as clients have searched to accounting entities for advice on decreasing costs. Over the
last five years, the firms under this sector have rapidly outsourced lower accounting activities
level to international entities. The accounting sector in Australia posted an average yearly growth
of around 2.6% between the year 2012 and 2017. The employment figures reached at around
115,000 in the past year. The study also analyzes on how the present trends in Australian labor
market affects career opportunities in this industry. The reasons behind this occupation is viable
options for career path has been discussed in this study.
Australian labor market trends for the accounting and service industry
Labor market for accountants
The dynamics of labor market for accountants has been understood in context to changes
which are occurring in Australian labor market. Change in technology and globalization leading
to dynamic structural change where flexible business skills and accountant skulls are basic
requirements. This industry has integrated new technologies and become risingly involved in
global economy. The accounting industry has accounted for around 70% of all jobs (Alizadeh
2013).