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Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
Young professionals – Career motivation study
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Young professionals – Career motivation study

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http://www.charteredaccountants.com.au An insight into Chartered Accountants aged under 40 years.

http://www.charteredaccountants.com.au An insight into Chartered Accountants aged under 40 years.

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  • 1. Young professionals –Career motivation studyAn insight into Chartered Accountants aged under 40 years
  • 2. The Institute of Chartered Accountants in AustraliaThe Institute is the professional body for Chartered Accountants in Australia and membersoperating throughout the world.Representing more than 70,000 professionals and business leaders, the Institute has a pivotalrole in upholding financial integrity in society. Members strive to uphold the profession’scommitment to ethics and quality in everything they do, alongside an unwavering dedication toact in the public interest.Chartered Accountants hold diverse positions across the business community, as well as inprofessional services, government, not-for-profit, education and academia. The leadership andbusiness acumen of members underpin the Institute’s deep knowledge base in a broad range ofpolicy areas impacting the Australian economy and domestic and international capital markets.The Institute of Chartered Accountants in Australia was established by Royal Charter in 1928 andtoday represents more than 58,000 members and around 12,500 talented graduates workingand undertaking the Chartered Accountants Program.The Institute is a founding member of the Global Accounting Alliance (GAA), which is aninternational coalition of accounting bodies and an 800,000 strong network of professionals andleaders worldwide.charteredaccountants.com.auDisclaimerThe information in this document is provided for general guidance only and on the understanding that it does notrepresent, and is not intended to be, advice. Whilst care has been taken in its preparation, it should not be used as asubstitute for consultation with professional accounting, tax, legal or other advisors. Before making any decision ortaking any action, you should consult with an appropriate specialist or professional.No warranty is given to the correctness of the information contained in this document, or its suitability for use by you.To the fullest extent permitted by law, no liability is accepted by the Institute of Chartered Accountants in Australia forany statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on oruse by any person of any material in the document.Note:• Significance tests are performed between groups in tables and charts at a 80%, 90% and 95% confidence level. Where there are significant differences, these are marked with asterisks (* for 80% confidence level; ** for 90% confidence level; *** for 95% confidence level).• A 95% confidence level means that if the study was repeated with the same sample size we would be 95% confident of finding the same differences.CopyrightCopyright © The Institute of Chartered Accountants in Australia 2012. All rights reserved.This publication is copyright. Apart from any use as permitted under the Copyright Act 1968, it must not be copied,adapted, amended, published, communicated or otherwise made available to third parties, in whole or in part, in anyform or by any means, without the prior written consent of The Institute of Chartered Accountants in Australia.Published by: The Institute of Chartered Accountants in AustraliaAddress: 33 Erskine Street, Sydney, New South Wales, 2000Young Professionals – Career Motivation Study 2011First editionABN 50 084 642 571 The Institute of Chartered Accountants in Australia Incorporated in Australia Members’ Liability Limited. 0412-44
  • 3. ContentsA message from the General Manager – Membersand the NSW Young Professionals Panel Chairman. ..................................................................... 4Executive summary. ............................................................................................................................... 5Why analyse young professional career motivation?. ................................................................... 6 Career time line........................................................................................................................................ 7 Career expectations ................................................................................................................................ 7 Career path .............................................................................................................................................. 8 Career progression advice ...................................................................................................................... 9 Skill requirements. ................................................................................................................................. 10 Future directions..................................................................................................................................... 11Appendices .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 3
  • 4. A message from the General Manager – MembersOur young members are an integral part of the future of the accounting profession in Australia. To put itquite simply they are the future of the profession.Year after year I am amazed at the high level of graduates that we have coming through the CharteredAccountants Program who have worked hard to earn the designation of ‘CA’ after their name.Against a backdrop of change including an ageing workforce in Australia and a continued demandfrom business for quality employees, it is important that we as the accounting community understandthe challenges, developmental needs and demands facing young Chartered Accountants. In a movesupported by the NSW Young Professionals Committee, the Institute of Chartered Accountants inAustralia (the Institute) commissioned Beaton Research & Consulting to survey members under the age of40 in Australia and overseas. The survey focused on finding out what young members felt was importantto them through key stages of their career to date.The information contained in this report is intended for use by employers, young Chartered Accountantsand graduates.In particular, employers should find the report useful and informative, particularly while building strategiesaround attracting, recruiting, developing and retaining the best people in their organisations.We would like to thank all the members who took the time to complete the survey. The success of thereport would not have been possible without their input.Simon Grant FCAGeneral Manager – MembersA message from the NSW Young ProfessionalsPanel ChairmanThe results of this survey have provided a valuable insight in to the current career motivations anddecisions of young Chartered Accountants. The Panel recognises that career expectations change overtime and this survey has provided a current view of young Chartered Accountants who are focused onopportunities to learn, clear career progression opportunities and a work-life balance.In response to the survey, the NSW Young Professionals Panel will continue to arrange and host eventswhich provide candidates and young Chartered Accountants with the information, skills and advicerequired to progress their careers.The survey benefits not only current young members but also employers as they compete to attract andretain capable graduates and young Chartered Accountants to their organisations. The survey shouldalso be used as a guide to university graduates and young Chartered Accountants reviewing their careeropportunities and understanding that exemplary technical skills are only part of the total skill set requiredto progress their careers.This report is a summary of the full survey results, for those employers, graduates and young memberswho are interested in career motivations, challenges and the skills required. It provides a thoughtprovoking insight into our membership.Fergus Roughley CANSW Young Professionals Panel Chair 2012©The Institute of Chartered Accountants in Australia
  • 5. Executive summaryOpportunities to learn and develop new skills, careerprogression and prestigious places to work weredetermined as the most important factors for youngChartered Accountants in their early careers. Thesebecome significantly less important as they progress.Being well paid, work-life balance and flexible workarrangements become increasingly important later on intheir careers.While many Chartered Accountants start their careers in oneof the Big 4 accounting firms, they typically move on to workfor large commercial organisations or large, medium to smallpractices. Career change is mostly driven by new challengesand opportunities, pay increases or the desire to developnew skills.Professional networking is the single most important skillthat Chartered Accountants have identified for their futurecareers. Other future skills for the next two to five yearcareer timeframe are teamwork, leadership andcommunications skills. 5
  • 6. Why analyse young professional career motivation?Young members are the future of the Chartered Accounting The survey was conducted with a random sample ofprofession and the Institute of Chartered Accountants Chartered Accountants, up to 40 years of age. Thein Australia (the Institute) is committed to increasing its respondents were Institute members based in Australiarelevance and engagement with this segment. and abroad.As part of this commitment, the Institute established The NSW Young Professionals Panel would like tothe Young Professionals Panels in each region to act as acknowledge the assistance of other Young Professionalsadvocates, provide support for other young members and to Panels nationally and Beaton Research & Consulting in theprovide leadership in the development of events. Each panel development of this survey and thank those members whoseis made up of Chartered Accountants under the age of 35 responses contributed to these findings.from small, medium and large practice and Big 4 as well By sharing our findings with other members and colleaguesas commercial and finance organisations, the public sector in the profession, we hope to work collaboratively toand academia. deliver more in terms of development to young accountingIn order to improve our support for and engagement with professionals and to ensure that we continue to support thethis growing demographic, the NSW Panel felt that there diverse needs of a growing young member base as theywas a need to better understand our young members – how progress through their professional life.and why they make certain career decisions, what motivatesthem, what is important to them in terms of retention andwhat they are looking for in their employers.In response to this, the Institute partnered with the NSWYoung Professionals Panel and commissioned BeatonResearch & Consulting to conduct a national careermotivation survey to explore:• How career expectations shift throughout members’ careers;• Why members change organisations and jobs, the challenges they face in this transition and their expectations for the future;• What information and resources are used for career advice by members; and• Which skills are important to members today and in the near future.©The Institute of Chartered Accountants in Australia
  • 7. Career time lineThis report has been divided into four sections: career A graphical representation of the results of these questions isexpectations, career path, skills requirements and future presented below.directions to reflect the chronological order of a young What motivates members at the outset of their careerChartered Accountant’s career cycle. appears to shift as they build on their experience as professionals. Opportunities to learn and develop, careerCareer expectations progression and a prestigious place to work are the mostYoung members were asked questions about what was most important factors for those starting their careers. Theseimportant to them when they first started their career. They become significantly less important as their careerwere also asked to comment on what is currently important progresses. Conversely, being paid well, work life balanceto them and what they believe will be important in their and flexible work arrangements are less important at thecareer in two to five years time. beginning of members’ careers but become increasingly important later on. Early career Current career Future career Opportunities to learn and develop 52.3 27.3 14.3 Opportunities for career progression 44.2 32.3 26.9 Prestigious place to work 26.7 3.2 3.4 Being paid well 24.9 47.4 48.3 A clear career path 24.4 9.1 9.1 Challenging work/being pushed to learn 23.8 26.6 14.5 Gaining transferable skills 17.1 8.1 5.9The quality of the people in the organisation 12.5 20.7 18.5 Mobility (i.e. opportunity to travel) 12.2 3.6 3.6 Organisational culture 9.9 14.3 14.5 Great work-life balance 7.3 41.2 53.5 Immediate team culture 5.9 7.9 6.2 Variety 5.8 6.8 6.5 Effective leadership 4.8 11.3 13.8 Flexible work arrangements 1.8 18.2 33.1 Ethical practices 1.3 5.7 5.6 Social and environmental responsibility 0.4 1.7 2.2 Other 0.9 1.2 1.3 0 20 40 60 0 20 40 60 0 20 40 60 % % % 7
  • 8. It is also worth noting (in the data below) the differences of Career pathwhat aspects young members felt was currently important Members typically start out in practice, predominantlyaccording to their gender. The graph shows that being well at one of the Big 4 firms and move to large commercialpaid is far more important to men than to women. Women organisations or another practice role outside of the Big 4.are also more interested in flexible work arrangements and Career change is mostly driven by members seeking newwork-life balance. Both genders were evenly matched when challenges and opportunities, pay increases or the desire toit comes to organisational culture, with marginally greater develop new skills.numbers of women interested in opportunities to learn and Almost half of the respondents started out in the Big 4develop. (42%). Since then, the majority have moved on to different organisations (79%) or changed jobs within anAspects currently most important in career by gender. organisation (59%). Total Male Female A large commercial organisation is cited most commonly as % % % a current workplace (22%), followed by Big 4 (13%), small Base (n) (1113) (571) (537) practice (13%) and large practice (11%). Being paid well 47.4 54.5*** 39.4*** One in three respondents express some loyalty to their Great work-life balance 41.2 39.4 43.4* current organisation, stating their next career move is Opportunities for career 32.3 32.7*** 26.7*** likely to be another role in the same organisation in the progression same country (27%) or a role with current organisation in a Opportunities to learn and 27.3 26.0 28.8 different country (9%). develop Currently, members working in practice and business are Challenging work/being 26.6 25.0 28.2 significantly more likely to be looking at another role in pushed to learn the same organisation in the same country (30% and 35% The quality of people in the 20.7 21.1 20.3 respectively). organisation Close to one in five, however, will look for a role in their Flexible work arrangements 18.2 9.6*** 28.0*** current profession in the same country (17%), significantly Organisational culture 14.3 14.4 14.1 more prevalent among those working in government (29%) Effective leadership 11.3 10.2 12.2 and business (29%). A clear career path 9.1 11.1*** 6.9*** Changing roles within their current organisation was more Gaining transferable skills 8.1 8.1 8.1 likely to be the next step for males (30% looking for another role in the same country and 10% looking to move to a Immediate team culture 7.9 6.4** 9.6*** different country), while females are significantly more Variety 6.8 6.6 7.2 likely to look for a role in their profession in the same Ethical practices 5.7 5.8 5.6 country (20%). Mobility (i.e. opportunity to 3.6 3.6 3.5 travel) Prestigious place to work 3.2 3.6 2.9 Social and environmental 1.7 1.6 1.8 responsibility Other 1.2 1.2 1.2©The Institute of Chartered Accountants in Australia
  • 9. Career path in the accounting profession Starting out Present Future > Big 4 (42%) > A large commercial (34%) > Another role, same org., > Large practice (19%) > Big 4 (10%) same country (30%) > Medium practice (16%) > Small practice (10%) > A role in current profession, > Small practice (16%) same country (21%) > Large practice (8%) > A role in current organisation, different country (7%)A typical career path in the Chartered Accounting profession is summarisedabove, including only most frequently mentioned responses.(Note: the total will not add to 100%) Number of times changed organisations > None (21%) > 61% of members changed jobs within an > Once (24%) organisation with most of those changing jobs > Twice (17%) up to three times (82%)The top three reasons for changing organisations and jobs One in four respondents have not changed organisationswithin an organisation are: since starting their career. This is more likely for those• To embark on new challenges / opportunities (48% of working in the Big 4 (57%) or practice (31%). respondents who changed organisations vs. 67% of those Career progression advice who changed jobs within an organisation); Respondents are most likely to seek out career progression• To increase pay (30% vs. 27%); and advice and information from friends, colleagues and family.• To develop new skills (27% vs. 53%). Mentors also ranked highly as sources of advice, with HR departments coming in second last in the ratings.Other reasons for changing organisations include mobilityand international opportunities (20%), dissatisfaction with the The value of advice provided by mentors is again emphasisedjob (19%), lack of promotion (19%) and to improve work-life as they were viewed as being the group that provided thebalance (19%). most valuable source of professional career advice.Sources of professional advice Providers of valuable professional advice Friends 52 Mentor/s 77 Colleagues 50 Managers/s 66 Family 48 Colleagues 64 Mentor/s 36 Family 60 Managers/s 34 Friends 54 Recruitment firms 24 Recruitment firms 39 Job websites 23 Job websites 31 HR department 4 HR department 30Don’t know/have not sought career advice 6 None of the above 9 0 25 50 75 100 Other 2 % 0 20 40 60 % 9
  • 10. The main challenges listed in changing organisations A high proportion of those who responded said they wereincluded the lack of mentors to approach about advice and keen to gain access to increased mentoring services or toguidance and also not knowing about options that might be learn how they could access those already available to them.available to assist with change.Challenges to changing organisations 40 39 33 31 30 24 33 21% 20 17 17 15 14 13 10 6 0 No mentor to give Not knowing career Not knowing where to go Too many options available Other Don’t know me guidance options available for information/resources making choices difficult Challenges in changing organisations Challenges in changing jobsSkill requirements The need for communication skills, along with the abilityThe graph below indicates what respondents viewed as the to network remain strong motivators throughout the threemost important skills in the various phases of their careers. phases of career (as indicated below).Professional networking increased exponentially as arequired skill as Chartered Accountants move throughtheir careers. When starting out At present In the future Task and time management 67.7 44.9 20.3 Technical skills 58.8 42.9 27.3 Communication skills 47.9 60.5 56.1Critical thinking and problem solving 32.5 45.4 37.2 Teamwork and leadership 29.1 49.4 58.0 Self direction and autonomy 20.2 21.4 20.1 Professional networking 5.0 22.7 60.7 Other 0.4 0.5 1.1 0 25 50 75 0 25 50 75 0 25 50 75 % % %©The Institute of Chartered Accountants in Australia
  • 11. Future directions New South WalesYoung Professionals Panels are key in driving the Institute’s Natalie Fallonincreasing focus on young member engagement, directing natalie.fallon@charteredaccountants.com.auinitiatives and discussions around support for the demographic.The panels provide advice in career progression, training, Queenslanddevelopment issues and challenges facing regional areas. Chris HurlingThe Institute, together with the Young Professionals Panels, chris.hurling@charteredaccountants.com.auregularly host events that bring together young Chartered Victoria/TasmaniaAccountants in multiple locations across the country. Elaine CoughlanThe aim of these events is to create a forum for networking and elaine.coughlan@charteredaccountants.com.ausharing knowledge among peers. Many of these events havebeen run in conjunction with different industry professional South Australia/Northern Territorybodies and this has afforded members the opportunity to Rebekah Kinggenerate networks across various professions. rebekah.king@charteredaccountants.com.auThrough sharing the results of this survey, the Institute hopesto provide firms and employers of Chartered Accountants with Australian Capitol Territoryinformation to enable them to expand their offerings of skill and Laura Hannanpersonal development for their young Chartered Accountants. laura.hannan@charteredaccountants.com.auThis report is only intended as a concise snapshot of the survey.A more complete set of graphs and statistics is available via Western Australiawww.charteredaccountants.com.au. Brian Martin brian.martin@charteredaccountants.com.auThe Institute has representatives dedicated to working withyoung professional members in each of the major centres inAustralia. Please feel free to contact the representative in yourcentre if you have any queries about the young professionalsprogram or if you would like to get involved with activitiesaround young members. 11
  • 12. Appendix 1: Appendix 2:Research Methodology Respondent segment• Research method – Email invitation to a web based Other, 0.4 survey. Big 4, 16.0• Target population – Full members up to 40 years of age Overseas, 28.5 at time of survey.• Sampling – A random sample of 10,000 was taken from the above target population. This sample was cleaned against the Institute sample laundry criteria of: – Maximum one completed survey per year; – Maximum three invitations for survey participation per year; and – Only members with 6+ months membership.• While the cleaning process produced a total of 8,748 Members in Practice, 38.0 business, 13.4 records, email invitations and reminders were sent to 7,973 live emails – excluding bounces, irrelevant respondents Government, 3.7 and those away for the survey duration. – 1,113 completed the survey, yielding a response rate Question of 14.0% Segment• Survey period – 29 August to 19 September 2011. Base• Questionnaire instrument – Assessed career All respondents (n=1113) expectations, the process of changing organisations and roles, reasons for change and major challenges faced in this process; it also assessed resources used for career advice as well as skill requirements at different stages of career growth.• Weighting – The distribution for age and segment was checked against the population distribution. While the age distribution was consistent, the segment distribution was significantly different. As a result, the survey sample data was weighted accordingly by this variable to reflect the population.©The Institute of Chartered Accountants in Australia
  • 13. Appendix 3: Appendix 4:Respondent region Respondent location Regional area, 11.4 ACT 2.3 NSW 24.5 NT 1.0 Qld 12.4 SA 7.2 TAS 1.5 Vic 16.6 WA 6.8 Outside Australia 27.8 0 10 20 30 Capital/major city, 88.6 %Question QuestionAnd is that in a capital/major city or Where are you currently working?a regional area? BaseBase All respondents (n=1113)All respondents (n=1113) 13
  • 14. Appendix 5: Appendix 5:Response age Main reasons for changing organisations by gender Unwilling to disclose, 2.1 Total Male Female % % %35 or older, 30.4 Base (n) (882) (453) (425) To embark on new 47.9 50.6** 44.7** challenges/opportunities To increase pay 30.4 36.4*** 23.7*** To develop new skills 26.9 31.0*** 22.3*** For mobility/international 20.0 24.7*** 14.9*** opportunities Due to a lack of promotional 19.7 23.4*** 15.3*** prospects/career growth Under 35, 67.5 Due to low job satisfaction 19.1 16.6*** 22.1*** To improve work-life balance 18.5 14.6*** 23.2*** Due to poor management/ 16.1 16.4 15.4 leadershipQuestion Due to a change in personal 13.6 8.3*** 19.7***What is your age in years? circumstancesBase For a better culture fit 9.9 9.4 10.5All respondents (n=1113) To move to a more 7.8 7.6 8.1 prestigious place to work To pursue other interests 7.6 8.1 7.2 For more flexible work 3.4 1.5*** 5.5*** arrangements Due to unethical practices 2.2 2.6 1.7 To move to a more socially 0.4 0.0** 0.8** responsible organisation Other 6.2 6.3 6.2 Question What are the main reasons for changing organisations? Base Respondents that changed organisations (n=882)©The Institute of Chartered Accountants in Australia
  • 15. Appendix 5:Main reasons for changingroles by gender Total Male Female % % % Base (n) (662) (355) (305) To embark on new 66.8 67.5 65.8 challenges/opportunities To develop new skills 53.3 57.0*** 48.3*** To increase pay 27.5 32.5*** 21.0*** For mobility/international 16.1 19.7*** 11.6*** opportunities To pursue other interests 11.1 8.6*** 14.1*** Due to low job satisfaction 5.6 5.0 6.3 Due to a lack of promotional 5.2 5.0 5.5 prospects/career growth To improve work-life balance 5.2 3.8** 7.0** Due to a change in personal 4.3 2.1*** 7.1*** circumstances Due to poor management/ 3.3 3.2 3.5 leadership For more flexible work 3.2 0.0*** 7.4*** arrangements For a better culture fit 1.6 1.7 1.6 Other 9.2 8.9 9.6QuestionWhat are the main reasons for changing roles withinan organisation?BaseRespondents that changed roles within oneorganisation (n=662) 15
  • 16. Contact detailsCustomer Service Centre 1300 137 322 South Australia / Northern Territory Westpac BuildingNational Office / New South Wales Level 29, 91 King William Street33 Erskine Street Adelaide SA 5000 Sydney NSW 2000 GPO Box 9985GPO Box 9985, Sydney NSW 2001 Adelaide SA 5001 Phone 02 9290 1344 Phone 08 8113 5500Fax 02 9262 1512 Fax 08 8231 1982Australian Capital Territory Victoria / TasmaniaLevel 10, 60 Marcus Clarke Street Level 3, 600 Bourke StreetCanberra ACT 2601 Melbourne Vic 3000GPO Box 9985, Canberra ACT 2601 GPO Box 9985, Melbourne Vic 3001Phone 02 6122 6100 Phone 03 9641 7400Fax 02 6122 6122 Fax 03 9670 3143Queensland Western AustraliaLevel 32, Central Plaza One Ground Floor, BGC Centre345 Queen Street, Brisbane Qld 4000 28 The Esplanade, Perth WA 6000GPO Box 9985, Brisbane Qld 4001 GPO Box 9985, Perth WA 6848Phone 07 3233 6500 Phone 08 9420 0400Fax 07 3233 6555 Fax 08 9321 5141 Printed on ecoStar – a 100 per cent recycled paper supporting responsible use of forest resources.charteredaccountants.com.au

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