17 May 06 
 
Australian businesses wanting to recruit and retain talented accounting staff should be preparing for the emergence of generation Y, who are driven by a desire for greater work life balance rather than personal wealth, an Institute of Chartered Accountants survey has revealed.  
 
Launched today, the Institute’s National Student survey* of 960 accounting students from universities across Australia revealed, that 75.5% of respondents believe that being an accountant offers greater career opportunities and diversification. Conversely, salary was not a driving factor with only 4.4% agreeing that salary was a primary motive.  
 
The Institute of Chartered Accountants, General Manager for NSW and ACT, Lisette Cochineas said that these findings were not at all surprising and are consistent with the nature of Generation Y*, who are motivated by personal fulfilment rather than personal wealth.  
 
“The Generation Y factor is forcing businesses across Australia to re-evaluate their workplace practices and adapt to new procedures including, travel opportunities, further education, more flexibility and career progression, and if organisations think they can ignore these expectations, then they are bound to suffer a skills drought,” Lisette said.  
 
Interestingly enough, the survey also revealed that all students have very different career expectations and while more than 41% said they would like to work for one of the Big 4 firms when they graduate, others have revealed that working in the corporate sector, public practice, government sector and even running their own business is appealing.  
 
“Being an accountant means having a diverse skills set and varied career opportunities, many accountants often go on to become corporate heads of major organisations and in fact, research* has indicated that more than 60% of CFOs in Australian Top 500 companies are Chartered Accountants,” Ms Cochineas said.  
 
Coinciding with the burgeoning strength of generation Y in the marketplace, leading talent development expert and author of the acclaimed book, Generation Y: Thriving (and Surviving) with Generation Y at Work, Peter Sheahan, claimed that the Institute’s survey echoed the findings in his own research.  
 
“Accounting is an excellent platform to launch a career because of the many opportunities the profession provides,” Mr Sheahan said.  
 
“However, employers should beware - just because these emerging students have chosen accounting, don’t expect Generation Y-ers to follow a traditional career path. They are entrepreneurial and want to work for themselves and seek greater diversity, so accounting is an ideal starting point,” Mr Sheahan said.  
 
The reports that diversity and career opportunities are mounting for young graduates is good news for Natalie Abdel-Sayed, a final year business and commerce student at Macquarie University with an accounting major, who said that she chose to study accounting, as it was an excellent foundation for progressive career prospects and diversification.  
 
“The thing I love about accounting is the variety. It allows you to work in so many different types of organisations from commerce and professional services to small firms. Accounting also offers great job prospects - it’s really good to know that I’m studying something that allows me to branch off into so many different areas - including starting my own business if I want to,” Ms Abdel-Sayed said.  
 
Ms Abdel-Sayed will commence work in a graduate position with a Big 4 firm next year after she completes her studies.  
 
“The results of the survey are indicative of the expectations of Generation Y, who are educated, innovative and more inclined to be transients on the national and global stage,” Ms Cochines said.  
 
“In a climate where flexibility, diversity and lifestyle are key to engaging generation Y, it is essential for businesses to distinguish themselves apart from other potential employers in order to recruit and retain talented accounting staff,” Ms Cochines said.  
 
*Generation Y is considered to be those people aged between 14 - 28 years of age.  
*The Institute’s National Student survey is based on the responses of 960 final and penultimate accounting students across Australia. Respondents were asked to rate their career aspirations and future goals.  
*More than 60% of CFOs in Australian Top 500 companies are Chartered Accountants (Research International 2003)