Working hard, playing hard in Sydney - An Interview with Shane Power
Author:
Daisy Downes
They say travel broadens the mind. It also enhances your career prospects which is why many young Irish Chartered Accountants take the opportunity of a post-qualification stint abroad. Shane Power is typical of those who choose the Australian option. Recently back in Dublin for a friend’s wedding, he talked to Accountancy Ireland about his decision to try life in Sydney.
It is fairly common for Irish Chartered Accountants to opt for a period abroad after they qualify. Most believe that if they don't grab the chance in their twenties, it may not be there later when they are in more senior roles and burdened with family and mortgage obligations.
Australia, famous for its relaxed, outdoor lifestyle, has reciprocal Working Holiday Maker arrangements in effect with the Republic of Ireland, and is a popular destination.
There are three avenues for Irish ACAs looking to work in Australia. The most common is the Working Holiday Visa (WHV) which provides the opportunity for people aged between 18 and 30 to work and travel in Australia for one year and in special circumstances two. A significant change with effect from 1 July 2006, now permits those on the WHV to work with the same employer for six months, were previously it had been three.
Those looking to come to Australia on a longer term basis can be sponsored by an employer (457 business visa) which in effect means they can work in the country for up to four years. The Australian Immigration Office has attached a high priority to applications from chartered accountants and they are typically granted between two to four weeks after submission.
The third option, is to apply for Australian permanent residency (either on or offshore), which entitles successful applicants to the same work and travel rights as an Australian citizen. This process is a point based system and at present can take a number of months.
Shane Power is typical of the young Irish Chartered Accountants opting to broaden their knowledge and skills through a period working abroad. A graduate of UCD, (B.Comm 1997), Shane spent 1998 pursing an MA in European Studies before completing his Masters in Accounting at Carysfort. During his four years with KPMG in Dublin, Shane worked mostly in the firm's assurance where he says he received a solid grounding in accounting and “great exposure to how different businesses and sectors operate”. Despite at times a very demanding work environment, he made a number of strong friendships which he still maintains.
It was the Rugby World Cup at the end of 2003 that inspired Shane to head for Australia. He followed the Irish team through Adelaide and Melbourne before settling in Sydney. In between travel Shane was placed within Macquarie Investment Bank as a financial accountant where he worked for three months. Subsequently he worked as a management accountant within the Consumer banking division of Citigroup for three months.
“Working as a contractor can be anything and everything which makes things interesting" comments Shane. "It also offers an easy transition out of practice and as it is very well paid is a big favourite with Irish accountants looking to build up a travelling fund". As an illustration Shane notes that at present most recently qualified Irish chartered accountants take home between $1,300 - $1,500 a week, roughly 800 - 900 euros. Considering average rents are $200 per week and schooners of beer (3/4 of a pint) are about $4 this leaves plenty of money to enjoy themselves.
Shane, like many of his FAE intake, decided to extend his stay in Australia and moved from the WHV to the business sponsorship visa. While all of Shane's counterparts remained working in accounting roles, Shane had a 180 degree turn of direction and moved into recruitment. Specialising in placing qualified accountants into multinational clients, over 80% of his placements to date have turned out be Irish.
Why have so many Irish accountants stayed on in Australia? “The quality of life was just to good to leave. Work/life balance is a well worn cliché but in Australia it actually does happen! A significant number of blue chip companies have operations in Australia and people work hard between 8:30 and17:30 but after that it's time to get outdoors and enjoy the good weather.” says Shane. At present he lives by the beach in Bondi and comments on the hive of activity in the evening with swimmers, surfers, walkers, volleyball and touch rugby players from a host of different countries all putting there day in the office behind them and relaxing.
Like everywhere else, Australia is experiencing a shortage of qualified accountants and there are a number of opportunities for both contract and permanent work with international and local businesses. Driving the high demand, is the global increase in compliance work and a very strong Australian economy which is very well positioned to benefit from the growth of the Indian & Chinese markets. In addition Shane points to the shortage of recently qualified Australian accountants many of whom head to Europe after their training contract.
Incidentally, Irish chartered accountants are the most sought after amongst employers, followed by South African ACA's. Shane attributes this to "the rigorous training and high standards that are expected in an often high pressurised environment at home. This in turn means that Irish ACAs, who are renowned for their strong work ethic, are able to grasp new concepts quickly and deliver high quality work in a short time frame, which is particularly important in the contract market. Add to this the fact that we are a sociable bunch which means we fit in well to almost all environments."
As to whether he has plans to return to Ireland anytime soon, Shane laughs and says his mother asks him the same question all the time! One of the benefits of his job is that he gets to travel to Ireland a couple of times a year to host recruitment seminars, but for now any relocation decision for him is definitely 'on hold'.