{"id":14954,"date":"2022-05-17T00:00:00","date_gmt":"2022-05-17T00:00:00","guid":{"rendered":"https:\/\/kaizen.ap.applyflow.com\/fund-accounting-salary-guide-and-market-update\/"},"modified":"2024-07-22T02:14:24","modified_gmt":"2024-07-22T02:14:24","slug":"fund-accounting-salary-guide-and-market-update","status":"publish","type":"post","link":"https:\/\/www.kaizenrecruitment.com.au\/fund-accounting-salary-guide-and-market-update\/","title":{"rendered":"Fund Accounting Salary Guide 2022"},"content":{"rendered":"
Investment accountants have been, and for the foreseeable future, will continue to be in great demand. Since the onset of the COVID-19 pandemic, talent shortages have heightened within investment accounting with demand outstripping the supply of quality candidates. A war for local talent has ensued with Australian borders being closed, a pan-industry theme, including as mentioned recently in a broader investment operations market update<\/a>. Financial year-end was a challenge for many firms due to tightly resourced investment accounting teams, compounded by the shortage of contractors to assist over the critical periods. As funds become more complex, CPA and CA-qualified investment accountants are having more success than those who are not qualified.<\/div>\n

Investment Accounting: Salary and Market Update<\/h3>\n
Investment accounting salaries have seen a significant shift over the last 12 months, due to a local talent shortage and the Australian borders being closed to international talent. As fund sizes grow and become more complex, the need for end-to-end investment accounting experience is highly valuable, and clients continue to require high-calibre talent on both a contract and permanent basis.<\/div>\n
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*salaries are reflective of the funds management and superannuation industry, with fund services providers typically having differently structured internal teams with global offshore models<\/em><\/div>\n

Demand vs Supply<\/h3>\n
Before COVID-19, Australia would receive an influx of investment accountants from offshore fund administration hubs in wider parts of Asia, Ireland, and the UK. Many would come to Australia on working holiday visas and commence contract positions, which supported local firms at the end of the financial year, and those who performed well would be offered a contract extension, permanent position or sponsorship from their employer.<\/div>\n
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With the supply tap of international talent being turned off, contract roles have been highly challenging to fill, with local talent valuing job security and preferring permanent positions. Hence, hiring managers have been challenged with finding end-of-financial-year support and have been looking outside of the typical \u2018investment accountant market\u2019 for solutions.<\/div>\n
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Many hiring managers within fund services and some fund managers have been looking at talent from the big 4 and mid-tier accounting firms, ideally with exposure to funds management clients, and will train the investment accounting skill set to them, especially for financial reporting positions.<\/div>\n
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Recruiting for investment accountants at the 1-3 years’ experience level has been the most challenging, due to the majority of global firms offshoring junior positions and limited exposure to the investment management industry.<\/div>\n
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Some of the other factors we see influencing recruitment within investment accounting are akin to what we recently noted for the investment operations employment landscape<\/a>.<\/div>\n
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Investment accounting although is a specialised accounting function, the scope of the role can vary across fund managers, custodians, superannuation funds and wealth management firms. Depending on the funds under management, fund and team structures (inhouse or outsourced models) and asset class focus, the role of an investment accountant can differ.<\/div>\n
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Investment accountants\u2019 responsibilities include the following functions:<\/div>\n