Welcome to your quarterly update on the Accounting and Financial Services market, where we provide you with insights from both the previous and upcoming quarters.
Accounting & Finance Market Trends
What were the market trends for last quarter?
It’s been a busy start to 2019 for Accounting and Finance, with a noticeable increase in roles registered for January and February. We have however into March seen a hold on hiring at two major banks which has affected the broader hiring market and resulted in a slow down of new roles registered.
What are the major skills in demand?
- Finance Business Partner: As systems and processes continue to improve, businesses are looking for more insight, analysis, and interpretation of the numbers to really add value to business outcomes.
- Project Finance and Data/Systems skills: With several acquisitions, de-mergers and all the Royal Commission changes, we have seen demand for accountants with project and change management experience. We also have seen an increasing need for accountants with data and systems experience on such projects.
- Regulatory Reporting: We have recorded high demand for accountants with APRA Reporting and EFS experience.
- Financial Reporting: We have seen demand at all levels, from accountants through to senior management, which is being driven by changes to IFRS and the Royal Commission.
What are the skill gap shortages?
In line with the major skills in demand, the shortages are evident. Although we have seen a slow down in the last month due to a hold at the two major banks, these skills are still in high demand in the broader financial services market. We are still seeing a number of FinTech’s starting up in Australia with a need for financial reporting, being in the early stages of their business. As they grow and develop, we expect they will hire within management reporting and decision support.
What are organisations doing to attract the best talent?
Flexibility has been a key feature of attraction within financial services, which mirrors the importance we have recently recorded from job seekers in our salary survey. In addition, we have seen a large number of people who have always worked in financial services looking to work in new industries - potentially an outcome of the Royal Commission. Financial services companies will often have strong salaries and bonuses, which can be a key selling factor for a lot of people. Salaries have also progressed this year after recording a couple of flat years. Companies are no longer just competing for talent within the finance industry - job seekers are genuinely interested across a range of industries.
Hiring Finance professionals?
What is the outlook for the next quarter?
With the Easter break and long weekend in April, we are expecting a slow start to Q2. However, as the major banks lift their freeze we are expecting an influx of roles and high demand in the market for experienced financial professionals as mentioned above.
Q1 2019 INSIGHTS
Top roles in demand
- Statutory and Regulatory Reporting Manager
- Finance Business Partner
- Financial Accountant