Second time lucky
Kenneth Weldin CA’s first overseas posting coincided with a terrorist attack and corporate collapse. His relocation to Australia, where he is a Partner at PKF Melbourne, has gone rather better, as he tells Rachel Ingram
Australia’s economy has been enjoying a privileged time of late – at least compared with much of the rich world. While Europe’s major economies, battered by a cost-of-living crisis and rising international tension, flatline or worse, Australia’s GDP continued to grow in 2023; modestly so, perhaps, but a 1.5% increase is significantly better than almost all of its peers, bar the US.
In fact, it’s largely business as usual down under, according to Kenneth Weldin CA, who emigrated from Scotland almost 20 years ago. A Partner at PKF Melbourne, Weldin has seen the country enjoy a strong economy for many years and, despite the impact of Covid-19, inflation and its particular exposure to the climate crisis, he remains optimistic about the future.
While Sydney is the number one destination for CAs outside the UK, Weldin chose to settle in Melbourne, enticed by its European outlook, more temperate climate and abundant opportunities. Accountancy remains in demand in the country, making now an ideal time to consider making the leap. And outside his day job in audit and risk with PKF, he has been able to pursue his passions for sustainability and governance through various board positions.
Kenneth Weldin CA
Partner, PKF Melbourne
My dad was an accountant, as were my uncles and cousins, so while I briefly considered trying to be a rock star, I opted to become an accountant. I did an accounting degree at Glasgow University and my traineeship with a firm called Bannerman Johnstone Maclay, before qualifying with ICAS and joining Arthur Andersen. In 2001, I ended up on secondment in Chicago – I landed 10 days after 9/11 and shortly before the firm collapsed – so a year later I came back to Scotland and spent a few years in commerce.
In 2004, I came to Australia on my honeymoon. We were at an “if we don’t make a move now we never will” moment. I was looking for something different, and my wife and I thought Melbourne had a good feel. So I made a few calls, met up with a few ex-Andersen colleagues, interviewed on the Thursday, got a job offer on the Friday, flew home on the Sunday and resigned on the Monday. It took me 10 weeks to get back to Melbourne – and 20 years later, I’m still here.
As I was leaving the UK, I completed an MBA in corporate governance, so when I arrived in Australia and joined EY, I got involved in that side of the business alongside traditional audit work. I also did some additional study with the Governance Institute of Australia, where I’m now privileged to serve on the board. About eight years ago, I got the opportunity to come to PKF, which was looking to build its Melbourne practice from scratch. I got a blank sheet of paper and was able to come across and do both those roles at the same time, which has been great.
In my day job, I look after audit risk and governance compliance. I also chair a business called PKF Integrity, which is about forensic investigations and whistleblowing, and outside of that, I have a couple of board roles at East Grampians Health Service [an Australian organisation, despite its name] and a housing association. I top it all off by working with ICAS on sustainability and shaping the profession. No two days are the same.
Glasgow down under
Melbourne has a European outlook. Culturally, it’s quite similar to Glasgow at times. When I spent time in America, I felt more of a culture shock, even though Chicago is, from my understanding, one of the more European of America’s cities. The US has a different pace; it’s also pretty much every man for himself. But here, although people work hard, more often than not everyone’s on the same side.
Australia is quite regularly referred to as the “lucky country” – for good reason. Before Covid, we had 30 years of uninterrupted economic growth with no recession. We’ve got pretty high interest rates now [the base rate is currently 4.35%, 0.9% lower than in the UK] which is causing some stress, but compared with other countries, our economy is in great shape, whether that’s due to good policy or by accident. I look at what’s happening in the UK and, by comparison, working here doesn’t seem to be as tough. There’s still a degree of optimism and vibrancy that is great to be around.
“The biggest challenge to entry in Australia is the visa system. It’s a bit of a jigsaw – but accounting is an in-demand skill, so it’s very much achievable”
Melbourne is also regularly named one of the top cities to live in. It’s not perfect, but it’s pretty close. One key difference between Melbourne and Glasgow, not surprisingly, is the weather. We can get bad weather – just two hours from me they’re battling wildfires – but it generally tends to be bright. There’s an outdoor lifestyle here if you want it and people can plan outdoor gatherings with confidence every week, which you wouldn’t think of doing in Scotland.
I’m still immensely proud of Scotland, what it taught me and what it stands for, and I’d never say never to going back, but life’s good at the minute and I’m very grateful for what we’ve got. The reality is that it can be tough when you have relatives who get old and fall ill back at home, or you’re having babies with no immediate family support to call on. That said, if Morton ever reach the Cup Final, I’ll be back! But this is, by any definition, a lucky country, with a lot going for it.
The biggest challenge to entry in Australia is the visa system. It’s a bit of a jigsaw – but accounting is an in-demand skill, so it’s very much achievable. The typical path is to come out with one of the accounting firms, where there’s a social network already in place. For more support, we have an ICAS network of about 170 members in the state of Victoria.
I have been the group’s Ambassador for the past couple of years, which has been very enjoyable. I would definitely recommend becoming involved in that side of things as it presents the opportunity to help build the CA community here. If somebody reaches out, we will always help them to settle.
If you’d told the younger me that I’d be living in Melbourne, I’d have said you were crazy. But life is all about trying different things. If you’re thinking about moving here, my advice is to do it. It doesn’t have to be for ever. And what’s the worst that can happen? You go back. If you should happen to land in Melbourne, get in touch at internationalAN@icas.com and we’ll show you the ropes. I’m stepping down from the role to enable the next CA to take on this opportunity, so if you’d like to learn more of what it involves, contact ICAS at the email above.
Learn more about working abroad
Green shoots
Kenneth Weldin is a member of the ICAS Sustainability Panel. He outlines the growing importance of sustainability to CAs everywhere, not just in Australia
Sustainability has never been more important, given the local and global debates. I’ve been on the ICAS Sustainability Panel for a few years now and had the opportunity to work alongside world leaders in the space, including its Chair, Carol Adams. The panel’s objectives are set across advocacy and influence, learning and training, social change, and leading by example – and that’s across all aspects of the ESG [environmental, social and governance] spectrum.
Climate change is one of the biggest challenges of the modern age. I think the tide is beginning to turn and people are taking it more seriously. We have mandatory sustainability reporting coming here in Australia, effective from 1 July. It’s getting more and more attention because people are demanding it, whether it’s investors, shareholders, lenders, and so on.
Taking a localised view, we had a 40°C day yesterday and less than two hours from my home there are major fires happening, and yet a few short weeks ago we also had serious flooding.
But climate is just one aspect of sustainability – looking at the word’s literal definition, it’s also about asking yourself, are you going to be here in 20 years’ time? Have you sustained yourself as an individual or as an organisation?
It’s tough when you have a cost-of-living crisis and rising inflation to say we want to spend money on other projects for the longer term. Key business leaders in the country are now talking in terms of “the science is settled but the solutions are not” and one hopes that the forthcoming sustainability reporting programmes will help shape those solutions.
As such, it’s something we should all be invested in because it’s not just an Australian challenge, it’s a global one – and one CAs can play a key role in.
Learn more about the ICAS Sustainability Panel and its work
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