In light of our recent salary survey and just released Salary Report, we wanted to share our insights into the data to give you a snapshot of the Sydney Accounting sector. One of the key areas we decided to focus on was location.
In the report, we provide a breakdown of the average salaries for each role level in the major Sydney areas, as well as the percentage of Sydney Accountants by area, with the goal of understanding whether location really does matter in the Sydney Accounting sector.
In what was likely the most surprising result of our location breakdown, the CBD was not the highest-paying region in Sydney. In fact, the Northern Beaches region had the highest salaries on average, with the median Accounting Professional in that area taking home $118,000 per year. They were also home to the highest paid single role level of any location, with Senior Managers on the Northern Beaches averaging $200,000 per annum; the next closest being the CBD with $168,500. For Accounting Support professionals, the Eastern Suburbs is the most lucrative work destination with a $65,000 median salary. The highest salaries for mid-level Accounting professionals were found in the Hills District, with $110,000 being the highest median salary for that role level.
The CBD is home to the largest proportion of Sydney Accounting professionals, and by quite some distance, with 43.23% of respondents working in the inner city, and a further 7.14% on the city fringe. The North Shore was the suburban area with the most Accountants, being home to 12.33% of respondents, while Western Sydney was close behind at 10.87%. The CBD is also the most popular place for young Accounting professionals to start their careers, with 67.64% of CBD respondents identifying themselves as Millennials, higher than any other area. However, we’re also seeing suburban locations like the Hills District and Eastern Suburbs offering higher salaries for Accounting Support professionals, potentially in order to lure young talent away from the city centre.
Location is often cited by employers as a key benefit, and although there’s no doubt that working at an easily accessible office makes life easier, the question still remains as to how important location is to Sydney Accounting professionals. When respondents were asked what considerations are important when looking for a new role, location came in 8th of 20 overall, with 20.84% of respondents listing it as a factor. Location was more important to Executive (5th) and Support (6th) respondents than Mid-Level (9th), but still came in far behind in having a great team, work/life balance and career progression. Interestingly, location was also significantly more important to women than men, with 25.00% of women listing it as an important factor compared to just 17.39% of men.
In conclusion, it seems that although location is an important consideration when looking for a new role, employers should still focus on ensuring the basics of everyday working life are fulfilling and rewarding. Salary does tend to rank higher for most respondents, so perhaps the strategy being taken by suburban employers to lure young talent could turn out to be a success.
For a more detailed breakdown of salaries by location – including salaries for all role levels in all areas – and more insights into the Sydney Accounting market, feel free to click here to secure your copy of our first-ever Sydney Accounting Salary Report.