Survey reveals early career accountants receive biggest pay rises
Junior and intermediate chartered accountants are receiving the largest pay increases, a recent CA ANZ survey reveals.
The latest CA ANZ Remuneration Survey Report shows that early-career CA ANZ members are more likely to receive the highest percentage pay increase compared to more experienced members.
The survey of 5,905 members of CA ANZ revealed that 60 per cent of members received a pay increase during the calendar year.
Of members who reported a pay rise, 45 per cent of those with five years or less experience received an increase of 7.6 per cent or above, the most of any cohort. In comparison, only 15 per cent of those with 30 years of experience received a lift of 7.6 per cent or more.
Similarly, only 23 per cent of those with 21-25 years of experience and 17 per cent of those with 26-30 years of experience reported a pay rise of more than 7.6 per cent.
CA ANZ chief executive Ainslie van Onselen said there’s huge competition for young talent and the latest survey shows that the profession is willing to compete on pay for top talent.
“This is a great sign for those starting out,” said Ms van Onselen.
Full-time respondents with five years of experience or less reported a median remuneration of AUD$91,400 in Australia and NZD$81,310 in New Zealand, while respondents with 21 years or more experience reported a median remuneration of $207,627 in Australia and $164,800 in New Zealand.
Across all survey respondents, median remuneration growth for full-time employees slowed to three per cent in Australia and Aotearoa New Zealand, compared to 11 per cent in 2022.
The slow-down in overall remuneration comes during a cost-of-living crisis in both Australia and New Zealand, with significant increases in both inflation and interest rates alongside a drop in consumer confidence.
Ms van Onselen said that after a big pay increase in 2022, remuneration growth across Australia and New Zealand has slowed.
“However, continued low unemployment and competition for talent is reflected in strong pay increases for junior and intermediate entrants to the profession – pay rises that also help assist them through the cost-of-living crisis,” she said.
The survey also revealed that of those who received a pay increase, early career respondents were more likely to expect a larger pay increase than they received.
Forty-one per cent of those with 0-5 years of experience expected more, compared to 20 per cent of those with over 30 years of experience.
“The survey results suggest that early-career respondents are aware of the tight job market and are expecting larger pay rises. That presents a challenge for employers,” said Ms van Onselen.
“The survey’s insights into additional benefits will be valuable for employers looking at recruitment strategies beyond simply increasing base salary.”
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