As we celebrate the launch of our new Accountancy & Finance division, we wanted to explore how the industry is looking in 2024.
We’ve delved deep into the market overview, key UK trends, technological advancements, salary changes and geographical factors.
Market overview
Looking at the Office for National Statistics, the accountancy job market is experiencing a period of high demand – with many businesses in urgent need of talent.
According to their data, the employment of accountants is projected to grow by 5% from 2023 to 2028.
The Institute of Chartered Accountants in England and Wales (ICAEW) has published also a report that shows “Shortage of talent remains one of the main macro trends driving change among mid-tier (accountancy) firms”.
A whopping 70% of respondents listed a talent-related issue as their highest concern – making now the perfect time to secure a new opportunity in the industry.
With the demand for talent being so great, we feel that companies must strive to offer competitive benefits and salaries, or they risk losing valuable candidates.
Key trends in the industry
Technological advancements
We speak a lot about AI and technological advancements, looking at how they’re affecting businesses within the UK.
The accountancy and finance industry is no exception to this. Automation tools are transforming routine tasks such as data entry, payroll, and tax preparations.
A survey conducted by PwC revealed that 63% of UK accounting firms have integrated AI into their operations.
This could be seen as negative for job seekers looking to move into these roles, but it can also be seen as a positive as it creates more budget for hiring senior accountancy and finance candidates.
Demand for specialists
Anyone who works within the industry knows that financial regulations and the current economy are making things more complex.
Businesses are now looking for individuals with specialised skills, such as forensic accounting, risk management, and sustainability reporting.
The Association of Chartered Certified Accountants (ACCA) states that 70% of accountants believe that specialising in niche areas improves career prospects and job security!
Remote working and flexibility
It’s not new information that the COVID-19 pandemic has permanently changed how people work.
As a recruitment agency, we’ve seen firsthand the increase in demand for hybrid and remote working, with many businesses flexing on this to secure the best talent.
A survey conducted by the Chartered Institute of Management Accountants (CIMA) has found that 82% of accountants in the UK prefer flexible working – a huge statistic to consider if you’re currently recruiting in the industry.
Salary packages
Like any industry, the average salary in the industry is dependent on experience, location and specialised skills.
From entry-level to senior-level roles, the salary range is £25,000-£70,000 – with London of course pulling a salary significantly higher than the national average.
Major cities in the UK are offering much higher salaries and have been found to have more job openings in the industry as a result of having a greater number of finance businesses in their regions.
The need for degrees
We’ve supported with recruitment for a number of finance roles and one key trend we’ve identified is that businesses look for a Bachelor’s Degree in accounting, finance, or a related field of study.
There are also a number of other qualifications that are highly valued in the industry such as: Chartered Accountant (CA), Certified Public Accountant (CPA), and Chartered Management Accountant (CMA).
The accountancy and finance industry is a great place to be right now in the UK, particularly if you’re a job seeker looking for a new role.
If you’re a business looking to recruit in the industry, it’s paramount that you move quickly on candidates – to avoid losing them to other businesses.
Our specialist Senior Recruitment Consultant, Olivia Hunt, heads up our new division and will be more than happy to support both job seekers and businesses in the region.