Recent article in the Sunday Business Post about the demand for CPAs overseas

Demand for newly-qualified accountants has risen significantly in the Australia and Asia region, writes Dermot Corrigan, Sunday Business Post, 06/06/2010

Qualified accountants are heading overseas in search of jobs in more economically stable markets. According to Suzanne Shaw, business development director of the Institute of Certified Public Accountants in Ireland, candidates who make the move stand to benefit from a range of well-paid career opportunities in Asia and Australia.

“This area has not been as badly hit by the global downturn as Ireland and some other parts of the world,” said Shaw. “There are a huge amount of large corporations and foreign affiliates with operations there, which can provide fantastic career development platforms for qualified accountants. Whether you plan to stay there or come home after a period of time that experience would stand to you for your entire career. “

Shaw said demand for newly-qualified accountants has risen significantly over the past nine months, particularly in Sydney.
“Sydney is the first port of call for most Irish migrants to Australia and has a very large financial centre with a strong presence of global financial services organisations and blue-chip corporates,” she said. “There are opportunities in junior accounting roles and assistant management positions, which would be of interest to part-qualified accountants. At the other end of the scale, qualified accountants with a few years’ experience, can choose from a wide variety of permanent and contract positions, including commercial accountants and management accountant roles.”

In the Australian market, Shaw said that accountants were generally well-paid. “Many employers, particularly the institutional banks, will consider visa sponsorship to secure talent and offer attractive remuneration packages,” she says. “Salary-wise, newly qualified accountants in Australia earn between AUS$75,000 and AUS$90,000, which translates at about €50,000 to €60,000. More experienced candidates can go up the scale to between AUS$80,000 and AUS$120,000 (€55,000-€83,000). As well as attractive tax-breaks available to short term ex-pats resident in Australia, take-home pay can be considerably higher than you might expect to earn in Ireland at the moment.”
Shaw said qualifications and on the job experience gained in Ireland were generally recognised by employers in Australia. “The Irish CPA has a mutual recognition agreement with CPA Australia, so any member in good standing with either institute is considered for membership of the other body,” she said. “The Irish and Australian markets are not that dissimilar in terms of the technical competence required for accountancy roles. Irish individuals who can demonstrate strong business relationship and communications skills in their interview tend to do very well.”

Shaw said Hong Kong was the main financial services hub in the Asia –Pacific region. “Singapore is probably the most westernised city in the region, with one of the lowest tax rates in the world. Morgan McKinley recently surveyed 200 companies in Tokyo’s financial services and commerce and industry sectors, and found that 70% of these companies intended to hire new staff over the next 6-12 months. Each of these cities offers opportunities for Irish accountants who want to work there.” The main industries in Singapore include shipping, research and development, healthcare and business services.

“All day-to-day business is done through English, so there are advantages there,” said Shaw. “The positions are very typical to what an accountant would apply for at home – management accountants roles, change management roles, financial controller roles, analysts and tax managers. If you have the technical competence plus the interpersonal skills, you should do very well.”
Shaw advised accountancy professionals, who were considering a move overseas to do plenty of research. “It is no small step for anyone to relocate to another country, especially to a distant region that has a very diverse cultural and linguistic landscape,” she said. “There are certainly steps that make the transition as smooth as possible. Individuals can do plenty of research from home, using the internet to build contacts through sites such as Facebook and LinkedIn and take advantage of other networks such as their professional institute.” Contacting recruiters, either based here or in your target region, might be the next step, Shaw said. “A lot of recruiters in Ireland would have contacts in other international markets,” she said. “Premier, for example is part of the same group as Morgan McKinley, which has operations in the Australia/Pacific region. Robert Walters would also have extensive contacts in that area. Anybody interested in potential opportunities can just contact these and find out what is available. You can use the internet to make contact with recruiters in your desired location.”

Shaw advised candidates to consider upskilling in areas that would appeal to employers in their preferred overseas market. “Individuals can look to make sure that their technical competence matches the requirements of the jobs in the regions you are considering. It is always important for accountants to keep their skills up to date and any additional skills you can develop can give you that extra edge when you are looking for a job,” she said.
Jobs for accountants were thin on the ground in the Irish market according to Shaw. “There has been a complete turnaround in the recruitment dynamic for both part-qualified and qualified accountants whatever their experience,” she said. “Employers are definitely back in the drivers seat. The labour market for accountants like the other professions, declined in 2009. Generally speaking, it is remaining very competitive, particularly for newly-qualified accountants with a little less experience under their belts.” Shaw added, however, that there was some demand for specific skill-sets.

“Certain industry sectors have remained resilient or are coming back. For example, online gaming and renewable energies are growing. FMCG is definitely coming back and insurance and reinsurance have remained very resilient. We find that experienced candidates in these areas are finding it relatively easier to secure roles,” she said.
Shaw said she expected recruitment in financial services to recover gradually. “We are seeing a lot more positions coming on to the market, compared to this time last year and a trend, which we expect to continue, is a definite demand for contract staff,” says Shaw.