The transfer of lower-level financial jobs overseas and the market segmentation trend of the financial services industry are affecting the employment of Australian accounting students.
According to the "Australian Financial Review", internal data shows that 25% to 40% of accounting graduates from top Australian universities cannot find relevant professional jobs within one year after graduation. From 2011 to 2012, the number of business graduates of the University of Sydney and National University has also shown a downward trend.
In the job market, there are fewer and fewer positions for accounting professions, so many people hold the idea that "accounting professions are easy to find jobs" should be changed.
Professor Raymond da Silva Rosa of the Department of Accounting at the University of Western Australia said: “The problem of employment difficulties for American law students will also appear for Australian accounting graduates.”
The statistical results of this internal data are inconsistent with the official Australian graduation survey data. According to the official graduation survey, 80% of accounting graduates found full-time jobs within 4 months of completing their studies. Professor Rosa pointed out that the mining boom once guaranteed the employment of University of Western Australia students, but new educational institutions, including private schools, have sent a large number of accounting graduates, which may have caused an oversupply of students in this major. Many newly established schools will choose the most popular courses with the lowest input cost to offer. Accounting is one of them.
Rosa pointed out that there are more and more educational institutions offering accounting courses, the market is compressed, and now it is more difficult to find a job.
Firm cuts graduate recruitment in poor economic situation
In an environment of slow economic development, one of the biggest trends is that large accounting firms will drastically reduce the number of graduate recruits.
In the 2012-2013 fiscal year, the Big Four accounting firms may not be able to achieve positive growth, so they have all reduced the recruitment of graduates. Professor Nonna Martinov-Bennie of Macquarie University said that graduate jobs have been cut and many graduates cannot find jobs.
Of course, there are other influencing factors, that is, junior-level positions are gradually transferred to foreign countries. Relevant industrial organizations and graduates have complained for a long time that the knowledge and degrees obtained in school cannot meet the requirements of actual jobs. According to the Australian Financial Review, Julie Walker, head of the accounting department at the University of Queensland, said that the skills and knowledge needed by companies have far exceeded the scope of traditional university accounting degrees. Therefore, the current dual degree courses are very popular.
Competitive pressure, accounting students busy changing careers
Due to the increasing number of graduates and the limited number of jobs in the accounting profession, there is an obvious oversupply. Many accounting graduates switch to other majors.
Chen Wen, who has been in the translation industry for a year, is an example of this. She said that if there is no experience in accounting, it is difficult to find a job; due to the large number of job seekers, the salary of entry-level jobs has been repeatedly depressed.
She said: "Although the officially announced accounting department has higher salaries, entry-level jobs, such as accounting assistants and cashiers, are often paid only 3 yuan a year due to high competition pressure. Even some accounting firms require job applicants to be full-time. Internship for several months without paying any salary."
She said that thanks to her other expertise, she was able to find a job in another profession.