While many people see Gen Z as notorious chasers of fame and status, our research shows that the top motivators for choosing a career are earning a high income and maintaining a healthy life-work balance. While older generations might see that insight as an oxymoron, in truth, careers like accounting offer the best of both worlds. Let’s find out why:
Accountants have great job security
Accountants enjoy some of the strongest job growth rates in the country. Why? Accountants have something to offer for virtually any industry, or organisation. They work at a range of different scales, from individuals all the way up to multinational companies with millions of employees. Whether the economy is booming, or things are going tough, companies need the financial and business advice of accountants to help them make the most of their money, set sensible financial targets and find savings where they can.
In fact, Accountants Daily has reported that the ABS has forecasted that we’ll need 338,362 accountants by 2026 (source: Accountants Daily)– or almost 10,000 per year. So, what does this mean for owning a home for example? Lenders look out for people in professions who they know aren’t at risk of financial insecurity, are consistently employed or aren’t vulnerable to sudden financial turndowns.
Accountants have great salary growth
Due to all of this demand, it’s probably no surprise that accountants also enjoy very competitive salaries, with plenty of potential for additional growth. According to the ABS, accountants enjoy a salary of $95,732 (source: Talent.com)), well above the nation-wide median take-home salary of $67,600/y. Compared to many other careers, there’s also plenty of room for additional salary growth as accountants
specialise or move up the ranks. Talent.com reports that more experienced workers earn towards $118,875 per year. Enjoying a great salary means that they could check off that dream trip from their bucket list or save for a deposit more quickly, be able to afford their own home sooner, and are less likely to experience mortgage stress.
Accountants naturally have the skills to achieve their own financial goals
Accountants understand how money works – whether it’s managing the budgets of a multi-billion-dollar company or just balancing their own finances at the kitchen counter. Many accountants also have some experience in areas such as finance or economics, giving them unique insights into wise investing, and being able to organise their money, as well as hitting their financial milestones. Much like a carpenter might build a deck out back in their own home, accountants have the skills to put their own house in order outside of their 9-5s.
So, there you have it! While following their passions is important, if homeownership or achieving their financial goals is a top priority for them, then considering a career in accounting could be their golden ticket. The combination of strong job security, competitive salaries, and financial literacy puts accountants in a prime position to achieve their goals faster than many other professions.
If your child is interested in a career in accounting, is looking for an in-demand career that allows them to pursue their passions while enjoying a great life-work balance, or is simply looking to explore their career options, Year13 and Chartered Accountants ANZ have created an interactive e-learning course called Business Class. Take a look over here.
Help your child fuel their passions
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