Chartered accountant salaries continue to show strong growth this year, with early signs the gender pay gap is moving in the right direction.
CA ANZ 2022 Remuneration Survey: How does your salary stack up?
STRATEGY
The results from the annual Chartered Accountants Australia and New Zealand Member Remuneration Survey are in and have once again confirmed the value of holding a chartered accountant designation during a skills shortage which has increased competition for talent.
Acuity Special Edition December/January 2023
See full issue
Bonus/risk component
Base salary
0-4 years
Full-timers
$105,000
$110,521
Would a global recession be on the cards if countries talked to each other more?
Abigail Murison is a freelance content strategist, editor and writer, who specialises in business, marketing and finance. Her work has appeared on websites and in magazines in the US, Australia, South Africa and New Zealand. She has a keen interest in entrepreneurship, human ingenuity and technology, and how they can transform the way we live and work.
Story ABIGAIL MURISON
Abigail Murison is a freelance content strategist, editor and writer, who specialises in business, marketing and finance. Her work has appeared on websites and in magazines in the US, Australia, South Africa and New Zealand. She has a keen interest in entrepreneurship, human ingenuity and technology, and how they can transform the way we live and work.
STORY
ABIGAIL MURISON
The results show that members can expect their total remuneration to increase with length of membership tenure, with a key difference between Australian and NZ members being the incentives (bonus/risk/other components):
Australia
n=2,339
$3043
$135,780*
$126,000
$4,000
5-10 years
11-15 years
16-20 years
21 years
or more
$132,000
$122,979
$3800
$156,238
$145,705
$4500
$170,000
$157,231
$5020
$186,537
$170,000
$6000
New Zealand
n=2,541
* Please note Base salary and bonus/risk/other components do not add up to total, as median values shown for each instead of mean. $ expressed in local currency.
‘Other components’ is equivalent to the combined values of ‘Other’ and ‘Superannuation/KiwiSaver’ line items in the survey
Question: Please enter your gross annualised earnings as at 30 June 2022.
Commerce
Government
Not-for-profit
Public practice
$180,553
$150,000
$10,308
$150,401
$130,000
$16,494
$166,282
$149,459
$15,000
$115,500
$102,042
$10,200
Source: CA ANZ 2022 Remuneration Survey
As shown in previous remuneration surveys, CAs in public practice earn less than those in the commerce, government and not-for-profit sectors. However, their earnings are higher than the average for full-time work in Australia (AUD$92,000 in May 2022, according to the Australian Bureau of Statistics) and significantly higher than the New Zealand median annual wage (NZD$61,800 per year, according to June 2022 Labour market statistics from Stats NZ).
For comparison, the Hays Salary Guide 2022–2023 reveals accountants who don’t hold a professional designation earn on average AUD$61,000–AUD$97,000 in Australia and NZD$75,000–NZD$95,000 in New Zealand, depending on their years of experience.
Other components
Base salary
Australia
n=4,033
Membership tenure
0-4 years
5-10 years
11-15 years
16-20 years
21 years
or more
Full-timers
$120,500
$105,041
$11,000
$158,635
$135,000
$14,733
$178,272
$153,000
$17,000
$215,141
$181,908
$20,000
$225,388
$187,183
$22,000
$150,000*
$130,000
$13,750
n=3,668
n=1,546
n=371
n=159
n=1,498
Other components
Membership tenure
Median
$16,000
New Zealand
Commerce
n=1089
n=356
n=116
n=705
Government
Not-for-profit
Public practice
$127,430
$122,375
$4000
$136,818
$132,057
$4000
$103,000
$99,958
$2400
$160,500
$3000
$145,382
$5000
Source: CA ANZ 2022 Remuneration Survey
* Please note Base salary and bonus/risk/other components do not add up to total, as median values shown for each instead of mean. $ expressed in local currency.
‘Other components’ is equivalent to the combined values of ‘Other’ and ‘Superannuation/KiwiSaver’ line items in the survey
In a tight labour market like this one, employers are grappling with the right mix of base salary, increases and non-remuneration benefits.
“We know that it’s not always about money – getting non-remuneration factors right can be the difference between keeping a star employee and having them walk away,” says CA ANZ chief executive officer Ainslie van Onselen.
More than money
The 2022 survey found flexible working, quality of leadership and meaningful work were the three key benefits CAs consider most important, beyond salary.
Says van Onselen: “These findings show that employers need to be targeted in how they attract and retain their talent and cater to the demographics within their organisation.”
While members’ median salary has increased, women CAs as a group still earn less than CAs who are men. Based on average total remuneration for full-timers, the gender pay gap stands at 24% in Australia and 30% in New Zealand. Further analysis, including part-time, temp, casual and self-employed members and using a median hourly rate shows gaps of 19% and 23% respectively.
The gender pay gap endures but moves in the right direction
Australia
New Zealand
Gender pay gap
19%
Total remuneration by median hourly rate
Believe there is a gender pay gap in the profession
Total remuneration by ethnicity - AU men vs AU women (Australia)
Total remuneration by ethnicity - NZ men vs NZ women (Pakeha)
Total remuneration - CA tenure (0-4 yrs CA membership)
Total remuneration by Public practice
Total remuneration by Government
47%
24%
52%
18%
26%
-
17%
12%
21%
22%
19%
7%
-
*Note: If we measured GPG using 2021 metric of average total remuneration of full timers, then 2022 GPG in Australia 24%, NZ 30%. The 2021 GPG Australia and NZ was 28% and 34% respectively.
What hasn’t changed since 2021 is the perception of a gender pay gap – 7 out of 10 men still think it doesn’t exist, as well as 3 out of 10 women.
Nearly half (49%) of members surveyed believe there is a gender pay gap in the accounting profession. Women (72%) are more likely than men (31%) to believe the gender pay gap exists in the accounting profession. This points to several issues, one being a misconception of what a gender pay gap is.
Perceptions remain stubborn
New Zealand
Source: CA ANZ 2022 Remuneration Survey
*Median hourly rate total remuneration of full & part time, casual, temp, self-employed respondents
^2022 results are similar to 2021 survey, with similar level of member perceptions toward belief there is a gender pay gap
0-4 years
5-10 years
11-15 years
16-20 years
21+ years
10%
21%
27%
25%
AU overall
19% GPG
NZ overall
24% GPG
n=4,450
n=2,673
20%
NZ - total rem combined CA tenure
Australia
0-4 years
5-10 years
11-15 years
16-20 years
21+ years
15%
14%
17%
22%
25%
“Societal norms and pressures generally enable men to work longer hours and women, often as primary carers, are deterred from working the same level of unpaid overtime, leading to less perceived value based on lower billable hours or perceived commitment.”
– Female survey respondent, CA ANZ 2022 Remuneration Survey
Many respondents in verbatim feedback said ‘not in my organisation’ or cited knowing men and women in the same roles who are paid equally.
The difference between men and women
Say a gender pay gap exists
Women
Men
70%
30%
Take a career break
Women
Men
52%
21%
Take a break for parental leave
Women
Men
76%
18%
Source: CA ANZ 2022 Remuneration Survey
Read the full CA ANZ 2022
Remuneration Survey findings
Accountants in New Zealand are generally satisfied with the service they receive from Inland Revenue (IR) but are frustrated that it is so difficult to get answers over the phone and declare new IR measures will add significantly to the compliance burden.
Once again, the results from the annual Chartered Accountants Australia and New Zealand 2022 Remuneration Survey have confirmed the value of holding the chartered accountant designation. More than 7700 members participated this year, (compared with around 4500 last year) sharing the details of their salaries, pay increase expectations, most-valued job benefits and more.
In 2022, members’ median remuneration was A$150,000 in Australia and NZ$136,000 in New Zealand: an increase on 2021 income of 10% in Australia and 12% in New Zealand. In the September 2022 quarter, inflation reached 7.3% in Australia and 7.2% across the ditch, so salary increases have outstripped inflation to represent genuine advances in earnings.
0-4 years
Full-timers
$110,521
$105,000
Median
Acuity Special Edition December/January 2023
See full issue
More than 7,700 members participated this year (a significant increase from the around 4,500 members last year), sharing the details of their salaries, pay increase expectations, most-valued job benefits and more.
In 2022, members’ total full-time median remuneration was AUD$150,000 in Australia and NZD$136,000 in New Zealand: an increase on 2021 income of 11% in both countries. In the September 2022 quarter, inflation reached 7.3% in Australia and 7.2% in New Zealand, so salary increases have outstripped inflation to represent genuine advances in earnings.
In the 2021 survey, women CAs in Australia earned A$50,000 less on average and women CAs in New Zealand earned NZ$60,000 less than men CAs. While this year’s gap is still considerable, 2022 data suggests there has been an improvement: in both countries, the gap has reduced by 4%.
Those with more experience (aged 50–59) are most likely to value meaningful work highest, while mid-career CAs (aged 30–39) prioritise flexibility. Younger employees (20–29) place a higher value on career path opportunities.
In response to 2021 findings, members endorsed further work by CA ANZ on advocacy and resources to address the gender pay gap. CA ANZ used the Australian Labor Government’s 2022 Jobs and Skills Summit to advocate for greater workforce participation, referencing its Narrowing your Gender Pay Gap playbook to help organisations take action.
Van Onselen says that while the guide to understanding, analysing and addressing gender pay gaps can be used by anyone, it is especially targeted at small and medium practices.
“We pulled together what we consider to be excellent tools and thinking required to close the gender pay gap and included them in the playbook, acknowledging that not all organisations have immediate access to the resources and skills required to make a tangible impact. It’s about enabling best practice approaches to close the gap across our entire ecosystem,” she said.
Percentage of members who believe there is a gender pay gap
31% Men
72% Women
47% Australia
n=4595
52% New Zealand
n=2815
Source: CA ANZ 2022 Remuneration Survey
“I believe in most organisations people are remunerated based on the value they add to the organisation,” said one 2022 Member Remuneration Survey respondent.
That may be true, however a gender pay gap may still be present, as it is the difference between women’s and men’s earnings within an organisation, sector or economy as a whole, rather than equal pay, or like for like, which in Australia and New Zealand, is legislated for.
Factors that contribute to gender pay gaps include having more men at higher levels of an organisation, and in higher paid occupations compared to women.
Additionally, some commentators have pushed back against measuring the gender pay, arguing it does nothing but create a bad impression of organisations or perceptions. That’s something van Onselen disagrees with.
“Measuring the gender pay gap shows that our profession is serious about attracting women; the very real risk is that we lose top talent to other more progressive organisations or professions.
“Our members see the benefits of stepping up our efforts to close the gap; the vast majority of our survey respondents said they believed that CA ANZ has an important role to play here,” she said.
As the Narrowing your Gender Pay Gap playbook states, apart from correcting societal inequality, there’s a good business case for reducing the gender pay gap. According to KPMG, addressing discrimination against women and halving the gender pay gap could increase Australia’s annual gross domestic product by AUD$60 billion by 2038.
Parental leave as a solution
One important way organisations can start is by applying parental leave and flexible working policies equally to men and women. This could encourage more men to use parental leave and take on more of the childcare responsibilities.
The survey found a distinct gap in the reasons why men and women take time away from work. Just 21 per cent of men reported taking a career break, versus 52 per cent of women.
Additionally, women are more likely than men to take a career break to care for children (76 per cent), while men are more likely to take a career break for travel (51 per cent). Only 18 per cent of men surveyed cite parental leave as a reason for their career break.
“As detailed in our playbook, there are massive social, and economic benefits for families where men take on more parental leave responsibilities,” says Simon Grant, CA ANZ group executive advocacy, professional standing and international development.
“If men pick-up their end, there’s a strong argument to say that family connections will be stronger, earning power across couples improves and women’s superannuation will be in a much better shape come retirement.”
More than 7,700 members participated this year (a significant increase from the around 4,500 members last year), sharing the details of their salaries, pay increase expectations, most-valued job benefits and more.
In a tight labour market like this one, employers are grappling with the right mix of base salary, increases and non-remuneration benefits.
“We know that it’s not always about money – getting non-remuneration factors right can be the difference between keeping a star employee and having them walk away,” says CA ANZ chief executive officer Ainslie van Onselen.
The 2022 survey found flexible working, quality of leadership and meaningful work were the three key benefits CAs consider most important, beyond salary.
Those with more experience (aged 50–59) are most likely to value meaningful work highest, while mid-career CAs (aged 30–39) prioritise flexibility. Younger employees (20–29) place a higher value on career path opportunities.
More than money
In a tight labour market like this one, employers are grappling with the right mix of base salary, increases and non-remuneration benefits.
While members’ median salary has increased, women CAs as a group still earn less than CAs who are men. Based on average total remuneration for full-timers, the gender pay gap stands at 24% in Australia and 30% in New Zealand. Further analysis, including part-time, temp, casual and self-employed members and using a median hourly rate shows gaps of 19% and 23% respectively.
In the 2021 survey, women CAs in Australia earned A$50,000 less on average and women CAs in New Zealand earned NZ$60,000 less than men CAs. While this year’s gap is still considerable, 2022 data suggests there has been an improvement: in both countries, the gap has reduced by 4%.
In response to 2021 findings, members endorsed further work by CA ANZ on advocacy and resources to address the gender pay gap. CA ANZ used the Australian Labor Government’s 2022 Jobs and Skills Summit to advocate for greater workforce participation, referencing its Narrowing your Gender Pay Gap playbook to help organisations take action.
Van Onselen says that while the guide to understanding, analysing and addressing gender pay gaps can be used by anyone, it is especially targeted at small and medium practices.
While members’ median salary has increased, women CAs as a group still earn less than CAs who are men. Based on average total remuneration for full-timers, the gender pay gap stands at 24% in Australia and 30% in New Zealand. Further analysis, including part-time, temp, casual and self-employed members and using a median hourly rate shows gaps of 19% and 23% respectively.
The gender pay gap endures but moves in the right direction
What hasn’t changed since 2021 is the perception of a gender pay gap – 7 out of 10 men still think it doesn’t exist, as well as 3 out of 10 women.
Nearly half (49%) of members surveyed believe there is a gender pay gap in the accounting profession. Women (72%) are more likely than men (31%) to believe the gender pay gap exists in the accounting profession. This points to several issues, one being a misconception of what a gender pay gap is.
Many respondents in verbatim feedback said ‘not in my organisation’ or cited knowing men and women in the same roles who are paid equally.
“I believe in most organisations people are remunerated based on the value they add to the organization,” said one 2022 Member Remuneration Survey respondent.
That may be true, however a gender pay gap may still be present, as it is the difference between women’s and men’s earnings within an organisation, sector or economy as a whole, rather than equal pay, or like for like, which in Australia and New Zealand, is legislated for.
Factors that contribute to gender pay gaps include having more men at higher levels of an organisation, and in higher paid occupations compared to women.
Additionally, some commentators have pushed back against measuring the gender pay, arguing it does nothing but create a bad impression of organisations or perceptions. That’s something van Onselen disagrees with.
“Measuring the gender pay gap shows that our profession is serious about attracting women; the very real risk is that we lose top talent to other more progressive organisations or professions.
“Our members see the benefits of stepping up our efforts to close the gap; the vast majority of our survey respondents said they believed that CA ANZ has an important role to play here,” she said.
As the Narrowing your Gender Pay Gap playbook states, apart from correcting societal inequality, there’s a good business case for reducing the gender pay gap. According to KPMG, addressing discrimination against women and halving the gender pay gap could increase Australia’s annual gross domestic product by AUD$60 billion by 2038.
One important way organisations can start is by applying parental leave and flexible working policies equally to men and women. This could encourage more men to use parental leave and take on more of the childcare responsibilities.
The survey found a distinct gap in the reasons why men and women take time away from work. Just 21 per cent of men reported taking a career break, versus 52 per cent of women.
Additionally, women are more likely than men to take a career break to care for children (76 per cent), while men are more likely to take a career break for travel (51 per cent). Only 18 per cent of men surveyed cite parental leave as a reason for their career break.
“As detailed in our playbook, there are massive social, and economic benefits for families where men take on more parental leave responsibilities,” says Simon Grant, CA ANZ group executive advocacy, professional standing and international development.
