21 September 2007 
 
 
A third of young accountants said a pay rise is the number one factor that would keep them in their role for longer according to research* commissioned by the Institute of Chartered Accountants in Australia.  
 
The second most important factor was more interesting work which was selected over promotion and career opportunities.  
 
“Industry studies have produced conflicting results about money as a motivator for generation y. Our survey shows that a pay rise is the number one factor that will keep them with their present employer,” said Sheena Frenkel, General Manager Chartered Accountants Program and admissions, Institute of Chartered Accountants in Australia.  
 
“The booming economy has ensured that the accounting profession is playing a lead role in the growth strategies of successful organisations as forward looking business advisers. Interesting and varied work can keep young accountants motivated to stay with an employer for longer whether they are working with a top 500 company or as a forensic accountant,” Frenkel continued. 
 
The independent national survey polled 680 accountants of predominantly 21-30 age range. The respondents were taken from the 12,400 that are presently studying the Chartered Accountants Program, the post-graduate diploma accountants take to become a Chartered Accountant.  
 
The survey found the young accountants are demonstrating loyalty to their employer, even with an acute skills shortage offering mobility. Those in the city expect to stay in their current role for 5.2 years compared to 7.2 years in regional and rural areas. 
 
“Generation y want choice and opportunities which a career in accounting provides so it is pleasing to see that young accountants are showing loyalty in their first professional accounting role,” said Frenkel.  
 
Top five factors most likely to extend time in current role: 
 
> Pay rise - 34% 
> Work that was more interesting - 13%  
> Promotion - 11% 
> Better career opportunities - 11%  
> Flexible working hours / conditions - 9% 
 
According to the Australian Department of Education and Training, the skills shortage in the accounting profession means that accounting is one of the biggest sources of jobs from 2005 to 2010. 
 
ENDS 
 
* Survey was undertaken by research group The Leading Edge 
 
Media enquiries please contact: 
Sarah Watson 
Institute of Chartered Accountants in Australia 
Ph: 02 9290 5562 / 0405 192011