Hays Accountancy & Finance - January 2008

New Zealand

Hotspots

Within the commercial arena, demand for NZCA part and newly qualified accountants is very strong across all sectors. Management accountants and financial analysts with a NZCA qualification are also required, particularly within the manufacturing industry, while qualified and experienced accounting managers and group accountants with strong technical skills and staff supervisory experience are another hotspot of demand.

At the accounting support level, assistant accountants with NZ commercial experience studying towards their professional qualifications are sought, while credit controllers and payroll clerks are required due to the shortage of candidates with two to three years New Zealand experience.

Within professional practice, demand is high for experienced business advisory and taxation specialists at the intermediate and senior level. Auditors are also in constant demand.

The coming quarter

The first quarter of 2008 will be a very active one for New Zealand's accountancy recruitment market. We expect an increase in vacancies for newly qualified accountants, since candidates are becoming more aware of the demand for their skills and their subsequent worth in the current market and will often change roles upon qualification.

More financial executive vacancies are expected this quarter, particularly within the manufacturing and FMCG industries, which have seen a lot of candidate movement in recent months.

We also expect an increase in the demand for accounts payable and accounts receivable clerks with two or more years experience.

Executive recruitment

The demand for finance managers and financial controllers has increased over the last three months of 2007 and is expected to remain strong, particularly within growing businesses that are looking to strengthen their financial position.

Within the professional practice market demand for senior accountants, senior auditors, audit managers and business services managers remains extremely high. Qualified and experienced candidates with corporate finance and management consulting experience are in high demand as are directors/senior managers within external audit.

Salaries

In Wellington salaries are expected to stabilise over the next quarter following substantial increases over the previous two years. However in other areas of the country, particularly in Auckland, the high demand for experienced New Zealand CA qualified staff will maintain pressure on salaries, resulting in continued increases, with many commercial organisations paying premiums to recruit top talent.

Candidate trends

The flow of newly qualified candidates has been very slow, however this is expected to reverse in the first quarter of the year as candidates begin to consider other opportunities.

Candidates across the board are well aware of their market worth and are therefore more inclined to negotiate their salary package and ensure they obtain the best possible offer.

Other trends

Employers need to move quickly and streamline their recruitment process, since unnecessarily lengthy recruitment procedures often lead to employers missing out on talent because the candidate is offered another role in the meantime.

Despite increasing accountancy skills shortages, there is still a lack of understanding or recognition from employers about international professional qualifications. Talented CIMA, ACCA or CPA qualified candidates do not always get the attention they deserve as most New Zealand employers only recognise or value the NZCA qualification.

Many employers need to proactively search for talent overseas on an ongoing basis - today large CA firms and financial services corporates are competing not only with other organisations locally but also with international companies for the limited supply of candidates.