Accounting is a term that explains the procedures of processing financial information in order to make it comprehensible and coherent for all the stakeholders and the potential relatable people of a particular business. The sole intent of carrying out accounting procedures is to record all the financial transactions and situation of cash flows to prepare statements and financial sheets. The task is no easy feat which is why the professionals and the experts of this domain are paid heavy & hefty amounts. Pay for accountants vary on the basis of their experience, qualification and the region they work in. New Zealand and Australia values such accountants too similarly however accountants lending accounting services in New Zealand are paid more than in Australia. Let’s see the main reason that lies behind this!
According to a survey, the growth of a Chartered Accountant is recorded after ten to fifteen years of his experience however on the other hand a Chartered Accountant in New Zealand grows within their careers of five to seven years.
In New Zealand in 2017, the total remuneration rate was witnessed to be rising by an increase in 2 percent. However, the accountants in the public sector of Australia experienced the biggest leap in remuneration by an increase of 4%. On the other hand, the accountants of New Zealand in the public sectors enjoyed the remuneration with a 5 percent increase.
Gender Pay Gap
The gender pay gap is a problem that is recorded amidst all the operating industries and accounting industry is no exception either. Stats and figures say males CA having experience of less than even 5 years can earn more than women.
Australia, similarly, considers experience plays a big role in the current pay gap because the average male CA has much more experience than the average female CA. However, if a discriminatory analysis is carried on, the results are shocking. How much a woman in New Zealand earns through her accounting profession’s experience and expertise is exactly how much a male in Australia with the same working background will make. This show the women of Australia will earn way less than the women residing in New Zealand.
Although, the fluctuating demographics of gender proportion of the workforce states that the trends being followed right now are likely to witness drastic and dramatic changes in the foreseen future.
Work Place Ratings
For a lot of accountants in New Zealand, money isn’t everything. The world doesn’t entirely revolve around money for them. Your income might pay your rent and your bills but there’s more happiness that lies within the comfort and the flexibility than the money. Accountants of New Zealand value professional development opportunities, comfort level, promotion aspects and flexible hours. The work place ratings mean a lot to them, which is why New Zealand offers its accounting employees good sum of money if compared to Australia.
The demand for accountant in Australia and the New Zealand is still dramatically increasing with a slight difference in the pay rate of the accountants due to a few reasons. However, everybody owning a business (no matter how small or big) would require accounting services which can only be obtained through accounting professionals.