Young professionals

Career motivation study

An insight into Chartered Accountants aged under 40 years

The Institute of Chartered Accountants in Australia

The Institute is the professional body for Chartered Accountants in Australia and members
operating throughout the world.
Representing more than 70,000 professionals and business leaders, the Institute has a pivotal
role in upholding financial integrity in society. Members strive to uphold the professions
commitment to ethics and quality in everything they do, alongside an unwavering dedication to
act in the public interest.
Chartered Accountants hold diverse positions across the business community, as well as in
professional services, government, not-for-profit, education and academia. The leadership and
business acumen of members underpin the Institutes deep knowledge base in a broad range of
policy 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 and
today represents more than 58,000 members and around 12,500 talented graduates working
and undertaking the Chartered Accountants Program.
The Institute is a founding member of the Global Accounting Alliance (GAA), which is an
international coalition of accounting bodies and an 800,000 strong network of professionals and
leaders worldwide.
charteredaccountants.com.au

Disclaimer
The information in this document is provided for general guidance only and on the understanding that it does not
represent, and is not intended to be, advice. Whilst care has been taken in its preparation, it should not be used as a
substitute for consultation with professional accounting, tax, legal or other advisors. Before making any decision or
taking 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 for
any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or
use 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.
Copyright
Copyright 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 any
form 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 Australia
Address: 33 Erskine Street, Sydney, New South Wales, 2000
Young Professionals Career Motivation Study 2011
First edition

ABN 50 084 642 571 The Institute of Chartered Accountants in Australia Incorporated in Australia Members Liability Limited. 0412-44

Contents
A message from the General Manager Members
and the NSW Young Professionals Panel Chairman. ..................................................................... 4
Executive summary. ............................................................................................................................... 5
Why 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..................................................................................................................................... 11

Appendices

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12

A message from the General Manager Members

Our young members are an integral part of the future of the accounting profession in Australia. To put it
quite 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 Chartered
Accountants 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 demand
from business for quality employees, it is important that we as the accounting community understand
the challenges, developmental needs and demands facing young Chartered Accountants. In a move
supported by the NSW Young Professionals Committee, the Institute of Chartered Accountants in
Australia (the Institute) commissioned Beaton Research & Consulting to survey members under the age of
40 in Australia and overseas. The survey focused on finding out what young members felt was important
to them through key stages of their career to date.
The information contained in this report is intended for use by employers, young Chartered Accountants
and graduates.
In particular, employers should find the report useful and informative, particularly while building strategies
around 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 the
report would not have been possible without their input.
Simon Grant FCA
General Manager Members

A message from the NSW Young Professionals

Panel Chairman
The results of this survey have provided a valuable insight in to the current career motivations and
decisions of young Chartered Accountants. The Panel recognises that career expectations change over
time and this survey has provided a current view of young Chartered Accountants who are focused on
opportunities 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 events
which provide candidates and young Chartered Accountants with the information, skills and advice
required to progress their careers.
The survey benefits not only current young members but also employers as they compete to attract and
retain capable graduates and young Chartered Accountants to their organisations. The survey should
also be used as a guide to university graduates and young Chartered Accountants reviewing their career
opportunities and understanding that exemplary technical skills are only part of the total skill set required
to progress their careers.
This report is a summary of the full survey results, for those employers, graduates and young members
who are interested in career motivations, challenges and the skills required. It provides a thought
provoking insight into our membership.
Fergus Roughley CA
NSW Young Professionals Panel Chair 2012

The Institute of Chartered Accountants in Australia

Executive summary
Opportunities to learn and develop new skills, career
progression and prestigious places to work were
determined as the most important factors for young
Chartered Accountants in their early careers. These
become significantly less important as they progress.
Being well paid, work-life balance and flexible work
arrangements become increasingly important later on in
their careers.
While many Chartered Accountants start their careers in one
of the Big 4 accounting firms, they typically move on to work
for large commercial organisations or large, medium to small
practices. Career change is mostly driven by new challenges
and opportunities, pay increases or the desire to develop
new skills.
Professional networking is the single most important skill
that Chartered Accountants have identified for their future
careers. Other future skills for the next two to five year
career timeframe are teamwork, leadership and
communications skills.

Why analyse young professional career motivation?

Young members are the future of the Chartered Accounting
profession and the Institute of Chartered Accountants
in Australia (the Institute) is committed to increasing its
relevance and engagement with this segment.

The survey was conducted with a random sample of

Chartered Accountants, up to 40 years of age. The
respondents were Institute members based in Australia
and abroad.

As part of this commitment, the Institute established

the Young Professionals Panels in each region to act as
advocates, provide support for other young members and to
provide leadership in the development of events. Each panel
is made up of Chartered Accountants under the age of 35
from small, medium and large practice and Big 4 as well
as commercial and finance organisations, the public sector
and academia.

The NSW Young Professionals Panel would like to

acknowledge the assistance of other Young Professionals
Panels nationally and Beaton Research & Consulting in the
development of this survey and thank those members whose
responses contributed to these findings.

In order to improve our support for and engagement with

this growing demographic, the NSW Panel felt that there
was a need to better understand our young members how
and why they make certain career decisions, what motivates
them, what is important to them in terms of retention and
what they are looking for in their employers.
In response to this, the Institute partnered with the NSW
Young Professionals Panel and commissioned Beaton
Research & Consulting to conduct a national career
motivation 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

By sharing our findings with other members and colleagues

in the profession, we hope to work collaboratively to
deliver more in terms of development to young accounting
professionals and to ensure that we continue to support the
diverse needs of a growing young member base as they
progress through their professional life.

Career time line

A graphical representation of the results of these questions is
presented below.

This report has been divided into four sections: career

expectations, career path, skills requirements and future
directions to reflect the chronological order of a young
Chartered Accountants career cycle.

What motivates members at the outset of their career

appears to shift as they build on their experience as
professionals. Opportunities to learn and develop, career
progression and a prestigious place to work are the most
important factors for those starting their careers. These
become significantly less important as their career
progresses. Conversely, being paid well, work life balance
and flexible work arrangements are less important at the
beginning of members careers but become increasingly
important later on.

Career expectations
Young members were asked questions about what was most
important to them when they first started their career. They
were also asked to comment on what is currently important
to them and what they believe will be important in their
career in two to five years time.

Early career

Current career

Prestigious place to work

24.9

A clear career path

24.4

Challenging work/being pushed to learn

23.8

Gaining transferable skills

12.5

Mobility (i.e. opportunity to travel)

12.2

Organisational culture

9.1

9.1

14.5

26.6
5.9

8.1

18.5

20.7
3.6

3.6

14.5

14.3

9.9

Great work-life balance

48.3

47.4

17.1

The quality of the people in the organisation

3.4

3.2

26.7

Being paid well

26.9

32.3

44.2

Opportunities for career progression

14.3

27.3

52.3

Opportunities to learn and develop

Future career

7.3

53.5

41.2

Immediate team culture

5.9

7.9

6.2

Variety

5.8

6.8

6.5

Effective leadership

4.8

Flexible work arrangements

1.8

Ethical practices

1.3

33.1

18.2
5.6

5.7

Social and environmental responsibility

0.4

1.7

Other

0.9

1.2

13.8

11.3

20

40
%

60

2.2
1.3
20

40
%

60

20

40

60

It is also worth noting (in the data below) the differences of

what aspects young members felt was currently important
according to their gender. The graph shows that being well
paid is far more important to men than to women. Women
are also more interested in flexible work arrangements and
work-life balance. Both genders were evenly matched when
it comes to organisational culture, with marginally greater
numbers of women interested in opportunities to learn and
develop.
Aspects currently most important in career by gender.

Base (n)

Total
%

Male
%

Female
%

(1113)

(571)

(537)

Being paid well

47.4

54.5***

39.4***

Great work-life balance

41.2

39.4

43.4*

Opportunities for career

progression

32.3

32.7***

26.7***

Opportunities to learn and

develop

27.3

26.0

28.8

Challenging work/being
pushed to learn

26.6

25.0

28.2

The quality of people in the

organisation

20.7

21.1

20.3

Flexible work arrangements

18.2

9.6***

28.0***

Organisational culture

14.3

14.4

14.1

Effective leadership

11.3

10.2

12.2

A clear career path

9.1

11.1***

6.9***

Gaining transferable skills

8.1

8.1

8.1

Immediate team culture

7.9

6.4**

9.6***

Variety

6.8

6.6

7.2

Ethical practices

5.7

5.8

5.6

Mobility (i.e. opportunity to

travel)

3.6

3.6

3.5

Prestigious place to work

3.2

3.6

2.9

Social and environmental

responsibility

1.7

1.6

1.8

Other

1.2

1.2

1.2

The Institute of Chartered Accountants in Australia

Career path
Members typically start out in practice, predominantly
at one of the Big 4 firms and move to large commercial
organisations or another practice role outside of the Big 4.
Career change is mostly driven by members seeking new
challenges and opportunities, pay increases or the desire to
develop new skills.
Almost half of the respondents started out in the Big 4
(42%). Since then, the majority have moved on to
different organisations (79%) or changed jobs within an
organisation (59%).
A large commercial organisation is cited most commonly as
a current workplace (22%), followed by Big 4 (13%), small
practice (13%) and large practice (11%).
One in three respondents express some loyalty to their
current organisation, stating their next career move is
likely to be another role in the same organisation in the
same country (27%) or a role with current organisation in a
different country (9%).
Currently, members working in practice and business are
significantly more likely to be looking at another role in
the same organisation in the same country (30% and 35%
respectively).
Close to one in five, however, will look for a role in their
current profession in the same country (17%), significantly
more prevalent among those working in government (29%)
and business (29%).
Changing roles within their current organisation was more
likely to be the next step for males (30% looking for another
role in the same country and 10% looking to move to a
different country), while females are significantly more
likely to look for a role in their profession in the same
country (20%).

Career path in the accounting profession

Starting out
> Big 4 (42%)
> Large practice (19%)
> Medium practice (16%)
> Small practice (16%)

Present
> A large commercial (34%)
> Big 4 (10%)
> Small practice (10%)
> Large practice (8%)

Future
> Another role, same org.,
same country (30%)
> A role in current profession,
same country (21%)
> A role in current organisation,
different country (7%)

A typical career path in the Chartered Accounting profession is summarised

above, 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
organisation with most of those changing jobs
> Once (24%)
up
to three times (82%)
> Twice (17%)

The top three reasons for changing organisations and jobs

within an organisation are:
To embark on new challenges / opportunities (48% of
respondents who changed organisations vs. 67% of those
who changed jobs within an organisation);
To increase pay (30% vs. 27%); and
To develop new skills (27% vs. 53%).
Other reasons for changing organisations include mobility
and international opportunities (20%), dissatisfaction with the
job (19%), lack of promotion (19%) and to improve work-life
balance (19%).

Sources of professional advice

52

The value of advice provided by mentors is again emphasised

as they were viewed as being the group that provided the
most valuable source of professional career advice.

30

HR department
6

Dont know/have not sought career advice

31

Job websites

HR department

39

Recruitment firms

23

Job websites

54

Friends

24

Recruitment firms

60

Family

34

Managers/s

64

Colleagues

36

Mentor/s

66

Managers/s

48

Family

77

Mentor/s

50

Colleagues

None of the above

0

2
0

Career progression advice

Respondents are most likely to seek out career progression
advice and information from friends, colleagues and family.
Mentors also ranked highly as sources of advice, with HR
departments coming in second last in the ratings.

Providers of valuable professional advice

Friends

Other

One in four respondents have not changed organisations

since starting their career. This is more likely for those
working in the Big 4 (57%) or practice (31%).

25

50

75

100

%
20

40

60

The main challenges listed in changing organisations

included the lack of mentors to approach about advice and
guidance and also not knowing about options that might be
available to assist with change.

A high proportion of those who responded said they were

keen to gain access to increased mentoring services or to
learn how they could access those already available to them.

Challenges to changing organisations

39

40
33

31

30
24

33

21

% 20
15

17

14

17
13

10

0
No mentor to give
me guidance

Not knowing career

options available

Challenges in changing organisations

Not knowing where to go

for information/resources

Too many options available

making choices difficult

When starting out

The need for communication skills, along with the ability

to network remain strong motivators throughout the three
phases of career (as indicated below).

At present

In the future

42.9

58.8

Technical skills

20.1
60.7

22.7

5.0

1.1

0.5

0.4

58.0

21.4

20.2

Other

37.2

49.4

29.1

Teamwork and leadership

56.1

45.4

32.5

Critical thinking and problem solving

27.3
60.5

47.9

Communication skills

20.3

44.9

67.7

Task and time management

Professional networking

Dont know

Challenges in changing jobs

Skill requirements
The graph below indicates what respondents viewed as the
most important skills in the various phases of their careers.
Professional networking increased exponentially as a
required skill as Chartered Accountants move through
their careers.

Self direction and autonomy

Other

25

50
%

The Institute of Chartered Accountants in Australia

75

25

50
%

75

25

50
%

75

Future directions

New South Wales

Young Professionals Panels are key in driving the Institutes

increasing focus on young member engagement, directing
initiatives and discussions around support for the demographic.
The panels provide advice in career progression, training,
development issues and challenges facing regional areas.

Natalie Fallon
natalie.fallon@charteredaccountants.com.au

The Institute, together with the Young Professionals Panels,

regularly host events that bring together young Chartered
Accountants in multiple locations across the country.
The aim of these events is to create a forum for networking and
sharing knowledge among peers. Many of these events have
been run in conjunction with different industry professional
bodies and this has afforded members the opportunity to
generate networks across various professions.
Through sharing the results of this survey, the Institute hopes
to provide firms and employers of Chartered Accountants with
information to enable them to expand their offerings of skill and
personal development for their young Chartered Accountants.
This report is only intended as a concise snapshot of the survey.
A more complete set of graphs and statistics is available via
www.charteredaccountants.com.au.
The Institute has representatives dedicated to working with
young professional members in each of the major centres in
Australia. Please feel free to contact the representative in your
centre if you have any queries about the young professionals
program or if you would like to get involved with activities
around young members.

Queensland
Chris Hurling
chris.hurling@charteredaccountants.com.au

Victoria/Tasmania
Elaine Coughlan
elaine.coughlan@charteredaccountants.com.au

South Australia/Northern Territory

Rebekah King
rebekah.king@charteredaccountants.com.au

Australian Capitol Territory

Laura Hannan
laura.hannan@charteredaccountants.com.au

Western Australia
Brian Martin
brian.martin@charteredaccountants.com.au

11

Appendix 1:
Research Methodology

Appendix 2:
Respondent segment

Research method Email invitation to a web based

survey.
Target population Full members up to 40 years of age
at time of survey.

Other, 0.4
Big 4, 16.0
Overseas, 28.5

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
records, email invitations and reminders were sent to 7,973
live emails excluding bounces, irrelevant respondents
and those away for the survey duration.
1,113 completed the survey, yielding a response rate
of 14.0%
Survey period 29 August to 19 September 2011.
Questionnaire instrument Assessed career
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

Members in
business, 13.4
Government, 3.7

Question
Segment
Base
All respondents (n=1113)

Practice, 38.0

Appendix 3:
Respondent region
Regional area, 11.4

Appendix 4:
Respondent location
2.3

ACT

24.5

NSW
1.0

NT

12.4

Qld
7.2

SA
1.5

TAS

16.6

Vic
6.8

WA

27.8

Outside Australia
0

10

Capital/major city, 88.6

Question
And is that in a capital/major city or
a regional area?
Base
All respondents (n=1113)

20

30

Question
Where are you currently working?
Base
All respondents (n=1113)

13

Appendix 5:
Response age

Appendix 5:
Main reasons for changing
organisations by gender

Unwilling to disclose, 2.1

35 or older, 30.4

Under 35, 67.5

Question
What is your age in years?
Base
All respondents (n=1113)

Total
%

Male
%

Female
%

Base (n)

(882)

(453)

(425)

To embark on new
challenges/opportunities

47.9

50.6**

44.7**

To increase pay

30.4

36.4***

23.7***

To develop new skills

26.9

31.0***

22.3***

For mobility/international
opportunities

20.0

24.7***

14.9***

Due to a lack of promotional

prospects/career growth

19.7

23.4***

15.3***

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/

leadership

16.1

16.4

15.4

Due to a change in personal

circumstances

13.6

8.3***

19.7***

For a better culture fit

9.9

9.4

10.5

To move to a more
prestigious place to work

7.8

7.6

8.1

To pursue other interests

7.6

8.1

7.2

For more flexible work

arrangements

3.4

1.5***

5.5***

Due to unethical practices

2.2

2.6

1.7

To move to a more socially

responsible organisation

0.4

0.0**

0.8**

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

Appendix 5:
Main reasons for changing
roles by gender
Total
%

Male
%

Female
%

Base (n)

(662)

(355)

(305)

To embark on new
challenges/opportunities

66.8

67.5

65.8

To develop new skills

53.3

57.0***

48.3***

To increase pay

27.5

32.5***

21.0***

For mobility/international
opportunities

16.1

19.7***

11.6***

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

prospects/career growth

5.2

5.0

5.5

To improve work-life balance

5.2

3.8**

7.0**

Due to a change in personal

circumstances

4.3

2.1***

7.1***

Due to poor management/

leadership

3.3

3.2

3.5

For more flexible work

arrangements

3.2

0.0***

7.4***

For a better culture fit

1.6

1.7

1.6

Other

9.2

8.9

9.6

Question
What are the main reasons for changing roles within
an organisation?
Base
Respondents that changed roles within one
organisation (n=662)

15

Contact details
Customer Service Centre 1300 137 322
National Office / New South Wales
33 Erskine Street
Sydney NSW 2000
GPO Box 9985, Sydney NSW 2001
Phone 02 9290 1344
Fax
02 9262 1512

South Australia / Northern Territory

Westpac Building
Level 29, 91 King William Street
Adelaide SA 5000
GPO Box 9985
Adelaide SA 5001
Phone 08 8113 5500
Fax
08 8231 1982

Australian Capital Territory

Level 10, 60 Marcus Clarke Street
Canberra ACT 2601
GPO Box 9985, Canberra ACT 2601
Phone 02 6122 6100
Fax
02 6122 6122

Victoria / Tasmania
Level 3, 600 Bourke Street
Melbourne Vic 3000

Queensland
Level 32, Central Plaza One
345 Queen Street, Brisbane Qld 4000
GPO Box 9985, Brisbane Qld 4001
Phone 07 3233 6500
Fax
07 3233 6555

Western Australia
Ground Floor, BGC Centre
28 The Esplanade, Perth WA 6000

Printed on ecoStar a 100 per cent recycled paper

supporting responsible use of forest resources.

charteredaccountants.com.au

GPO Box 9985, Melbourne Vic 3001

Phone 03 9641 7400
Fax
03 9670 3143

GPO Box 9985, Perth WA 6848

Phone 08 9420 0400
Fax
08 9321 5141