4 accounting specialisations – with salary guides

When you first start out in your accounting career, working as a generalist has its benefits. You can work across different types of accounting and a range of industries, and get a taste for what area appeals to you.

Some choose to stay as generalists, enjoying the variety.

“We usually advise accountants to consider specialising, even though some prefer to remain generalists,” says IPA Group Executive Advocacy and Policy Vicki Stylianou.

“For those who do want to dig deeper into a specific area, the extra study or expertise required can pay off.”

Within their niche, specialists have the potential to add greater value to a client or a business, particularly in times of change when they can focus on the changing rules, regulations and standards, as well as trends and new skillsets required, of a smaller segment of the profession.

Senior accounting and finance management roles currently carry typical salaries around the $100,000-$150,000 mark, according to the Hays Salary Guide FY23/24. For example, the typical salary of a corporate accountant in Melbourne, in a business with a turnover of up to $100 million, is $105,000, while the same corporate accountant with a turnover of up to $300 million in Perth typically earns $155,000.

“Accountants who specialise in a particular segment may be more employable, competing against a smaller pool of peers,” says Stylianou.

“Though they’re also often competing for a smaller number of roles or contracts, there is the potential to earn more than a generalist accountant.”

Forensic accounting

Were you deciding between law and accounting? Then this one might be for you. Forensic accountants are the detectives of the financial world, combing financial records for evidence of crimes such as fraud, money laundering and embezzlement. Or you could also be trying to find assets that a creditor can use to settle a dispute or uncover key information for an insurance claim.

This specialisation requires curiosity and determination. These traits help forensic accountants delve behind numbers and get past people trying to hide something, and see what’s really going on. Forensic accountants need to be familiar with legal concepts and courtroom procedures, and be able to explain what they’ve found in a way non-accountants can understand.

Salary: Glassdoor reports an average annual salary in Australia of $109,028, ranging from a low of $96,000 to a high of $128,000.

Auditor

Forensic and audit tasks are quite similar. Auditors review financial records for accuracy, honesty and risk. They validate that an organisation’s financials follow the correct methods and standards, and are free from fraud. You may need to provide expert testimony in court about your findings.

On the plus side, you’ll usually work in a collaborative team environment and with different departments and organisations. You’ll be able to see beyond the finances and gain a good knowledge of business processes.

However, as in forensics, you may also come up against defensive people and awkward situations, so people skills are important in this speciality.

Salary: According to the Hays guide, however, salaries vary based not just on seniority but location and whether the focus is internal or external audit. Starting salaries for internal auditors, the Hays report says, generally sit around the $100,000 mark with a variation of approximately 10% either way based on location.

The typical salary of internal auditors increases by around 20% through seniority ranks up to a high of $300,000 for a head of internal audit in Sydney. That same role in Hobart/Launceston is typically paying $140,000.

External auditors at undergraduate and graduate level typically earn around $50,000, increasing by around 10% for each year of experience after graduation until 6 years’ experience. At senior levels, the highest typical salary is $190,000 in Perth.

Business recovery and insolvency

Consider this specialty if you like working alongside businesses to solve their financial issues and have the ability to empathise with a range of people.

Recovery is when a business needs help to get out of financial difficulty: you could be creating payment plans, negotiating with creditors or restructuring debt. It involves dealing with a lot of complex financial information and sensitivity to those in the business.

When recovery fails, insolvency is the next step, and banks or lawyers often appoint accountants. You will need to come up with plans to realise assets, investigate transactions by company directors or correspond with angry employees, suppliers or customers, so you will often need a thick skin.

On the positive side, you learn a lot about every aspect of an organisation, and if you can get the company back on track or even guide it through insolvency smoothly, you can gain a huge amount of satisfaction.

Salary: Graduates without experience can expect a typical starting salary between $43,000 and $50,000 depending on location, according to the Hays guide, increasing by around 10% per year for those with up to three years’ experience.

Those with additional qualifications and more than six years’ experience can expect a typical salary between $85,000 in regional Queensland and $130,000 in Perth, while the most senior principal/director level typically earns $200,000 in Sydney.

Investment accountant

For those with a bent towards economics and investments, investment accounting offers a variety of roles across managed funds, including superannuation, specific asset classes and multi-asset funds.

Generally, the role includes working out the value of investments, calculating distributions and taxes, monitoring transactions, working out the implications of activities such as rights issues and stock splits, and preparing statutory and client reports. In smaller companies, an investment accountant may also be involved in investment operations.

Further specialisation within this segment may focus on self-managed super funds (SMSF), which account for about a quarter of total superannuation assets in Australia and growing.

SMSF accounting involves checking the SMSF’s investments are compliant, auditing, and advising on tax and growth strategies. As many people have SMSFs for decades, this could be a good option for those skilled in building and maintaining long-term client relationships.

Salary: The Hays guide cites typical salaries for investment accountants varying by location, from $71,000 in regional NSW, $80,000 in Adelaide, $91,000 in Brisbane/Gold Coast/Sunshine Coast and a top of $100,000 in Sydney.

Senior investment accountants generally add approximately 20% with some variation across regions, with a similar percentage increase again moving into the investment accounting manager level.