- Remuneration continues to rise, but location and sector make a big difference to the size of remuneration packages
- The gender pay gap narrows
- Members, in particular women, place high value on workplace flexibility and flexible hours
The remuneration packages of Chartered Accountants Australia and New Zealand members continues to rise on either side of the Tasman, and across all designations, according the latest Chartered Accountants Australia and New Zealand remuneration survey.
However, as was the case in the previous survey, where you work, who you work for, and how much experience you have can make a big difference to remuneration levels.
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It pays to be based in Sydney or Auckland, work in the corporate sector, and in terms of salary increases, to have less than 10 years' experience.
The annual CA ANZ Remuneration Survey provides members and employers with a valuable overview and benchmarks of remuneration for the accounting profession. The online survey, held late last year is run in Australia and New Zealand. It was completed by nearly 10,500 members including Chartered Accountants (CAs), provisional CAs, Accounting Technicians and Associate Chartered Accountants.
The survey shows the total value of primary or secondary budgetary responsibilities for external suppliers, held by CA ANZ members, across all business areas in Australia and New Zealand combined, is over A$57 billion. In the 2017 survey it was $50 billion.
"This puts a hard number on the key role our members play in both countries' businesses."
"It shows the reach of their work and the consequent ability of members to influence business growth by bringing to bear their skills such as spotting opportunities and critical thinking."
The survey reveals continued solid growth in remuneration for members across Australia and New Zealand.
"Everyone's situation is different, but the median total remuneration of Australian members increased at least 3% since 2017. For New Zealand members it was 2%. The survey shows a stated percentage remuneration increase among respondents who have been in the same role for at least 12 months. It is not a comparison with the 2017 survey."
Gender pay gap narrows
"While it is good news for members on the overall remuneration front, there's not such good news regarding the gender pay gap among members revealed by the survey," Rice said. "While it is reducing, it remains too large."
"The average female CA ANZ member in Australia and New Zealand earns 25% less than a male member."
"Some of the gap can be explained by roles, the number of direct reports, experience and hours worked. Twenty to 30 years ago, more men entered accounting than women and the most experienced accountants are the ones with the highest remuneration."
"But it is hard to find a defense for around 30% of the difference."
He said monitoring the pay gap through the Remuneration Survey was a good start to closing the gap.
"CA ANZ is committed to supporting members and their employers to speed up progress, not only on the gender front but across the diversity spectrum."
"We have moved the CA Program away from a 'one size fits all' approach to one where a more diverse group of learners can start and leave the program where it makes most personal sense."
The survey shows workplace flexibility is much more highly rated among women than men.
There are a number of active women member interest groups, such as the women accountants' Special Interest Groups in New Zealand, who ensure the gender pay gap stays top of mind for CA ANZ.
The gender profile of new CAs entering the profession is changing. Members with less than 10 years' experience are more likely to be female, with the profession even more strongly female-dominated among those who have entered in the past five years.
Other key survey results
- CA remuneration is 20% higher in Australia than New Zealand and within Australia, Sydney CAs receive 21% more than the rest of the country.
- In New Zealand, Auckland members earn the most, but the difference with the rest of the country is less marked than for Sydney and Australia.
- Across both countries, the greatest growth in remuneration (in percentage terms) is in the first 10 years. Provisional CAs had the largest increase.
- CAs in the corporate sector have the highest remuneration. In terms of roles, CEOs, managing directors and partners in large CA firms have the largest remuneration.
- Members place high value on flexibility. Across both countries, 68% of respondents said workplace flexibility and flexible hours were important.
- The next most important workplace factor was culture and atmosphere (23%) followed by coaching and training (18%) and work life balance (16%).
- The least important workplace factors included type of work, social aspects, time off and job satisfaction – all rated as important by 3% of respondents.
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