Audit & Governance Jobs: A Shift in Demand

The 2024 job market for audit and governance professionals has been a mixed bag. While traditional roles saw a decline, specialised skills like ESG, cyber security, and data analytics are in high demand. This shift creates both challenges and opportunities for job seekers and employers alike.

Market Overview

Economic uncertainty and political change contributed to a subdued job market in 2024. Many companies held back on hiring, leading to fewer vacancies and increased competition for available roles. This trend was particularly noticeable in Internal Audit, which saw a 10% decrease in job postings compared to 2023. However, the UK Financial sector defied the overall decline, showing a 3.37% increase in job availability despite a 14.3% year-on-year decline in the overall job market.

Key Trends

• Decline in Traditional Roles: Internal Audit saw the biggest drop in vacancies, while External Audit experienced a more moderate decrease.
• Surge in Specialised Skills: Jobs in ESG, cyber security, data analytics, and AI were in high demand, with a 20% increase in demand for auditors with these skills.
• Skills Gap: A shortage of candidates with these specialised skills led to intense competition. 40% of employers reported difficulty finding candidates with the necessary data analysis skills.
• Work-Life Balance: This became a top priority for job seekers, with 60% of audit professionals considering flexible work arrangements a key factor when evaluating job offers.

What This Means for Employers

To stay competitive, employers need to adapt to these changing dynamics:

• Upskill and Reskill: Invest in training programmes to develop existing employees and attract candidates with in-demand skills. 75% of audit firms are already investing in training to upskill their workforce in data analytics and ESG reporting.
• Employer Branding: Showcase company values, culture, and commitment to employee development to attract top talent. Companies with strong employer brands have a 40% higher chance of attracting top talent in the Audit & Governance sector.
• Flexible Work Arrangements: Offer remote or hybrid work options to improve work-life balance and attract talent.
• Competitive Compensation: Provide competitive salaries and benefits packages to retain skilled professionals. Average salary expectations for audit professionals have increased by 8-10% in 2024.

Advice for Job Seekers

• Update Your CV: Ensure your CV highlights your skills and experience, especially in areas like data analytics, ESG, and cybersecurity.
• Evaluate Your Skills: Consider expanding your skillset through training or certifications to increase your marketability.
• Network Strategically: Use platforms like LinkedIn to connect with professionals and explore job opportunities.

Looking Ahead

The audit and governance job market is expected to rebound in 2025, with increased hiring activity, especially in the financial sector. By understanding the key trends and adapting their strategies, both employers and job seekers can navigate this evolving landscape successfully.

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