What happened in Q2 across the South East Accountancy & Finance market?
Georgina Trudgill
Director at Harvey John | Commercial Finance Recruitment - 07508748013
Welcome back!
Welcome back to Harvey John 's Accountancy Market Insights. Didn't those 3 months fly by?! Thank you to those who have subscribed to our quarterly newsletter. If you haven’t done so already, click to ‘subscribe’ to receive all the latest market insights straight to your inbox.?
So, without further ado, let's dive in.
How did last quarter compare to Q1?
The accountancy market continued to have high activity throughout Q2. But, what were the most sought after roles by job title?
Accountancy roles with highest client demand
Upon analysing the data for this quarter, we observed a significant rise in the number of Analyst opportunities. Many ambitious professionals we engage with view this as an attractive career path. Accounts Assistant roles, which now encompass Purchase Ledger and Sales Ledger titles, continue to hold a strong position, accounting for nearly one-third of the market, similar to the previous quarter. Mid-senior level positions, including Management and Financial Accountants, also demonstrate a sustained strength. However, the popularity of Senior Finance roles more than doubled compared to the previous quarter.
An overview of the junior and senior accountancy market
In our previous update, we forecasted a rise in mid-senior level opportunities, and we are pleased to report that this prediction materialised during the current quarter. This trend serves as a promising sign for you if you’re advancing in the field of accountancy.
?? Junior level 32%
?? Mid senior 48%
?? Senior 20%
We also saw an increase in roles requiring qualified AAT, ACA, ACCA, CIMA or active studier.
???No qualifications required?14.17%
???ACA/ACCA/CIMA?48.1%
???AAT?37.73%
This is what Georgina Trudgill 's thoughts were:
"The increased demand for professional qualifications is likely influenced by the increased popularity in mid senior and senior roles we've seen. The number of opportunities available as candidates progress through their careers does unfortunately contract without these under their belts. People often ask us 'is it worth it?' but the truth is most clients will require qualified Accountants for leadership roles. Knowing the client market, we would always encourage candidates to invest in their professional qualifications to better their future options. But we do fully appreciate how much of a commitment they are!"
Which counties had the most job vacancies?
Based on our research… The results were intriguing and aligned with our own observations, showcasing Sussex as a frontrunner in terms of job opportunities. This serves as a testament to the robust and thriving job market in our region, which is undoubtedly a positive development for us. West Sussex emerged as the leader, accounting for 52.04% of the total vacancies, closely followed by East Sussex at 26.70%. This data further reinforces the favourable employment landscape in our area.
What are the average salaries for accountants?
When it comes to the salaries of accountants, it's important to consider various factors such as experience, location, industry, and specific roles. However, we can provide a general overview of average salary ranges based on industry reports and market trends.
It's worth noting that these figures are approximations, and actual salaries may vary depending on individual circumstances. Moreover, salary trends are subject to change due to factors like market demand and economic conditions.
With any recent changes in average salaries for highly sought-after professionals, it is anticipated that salaries are increasing. With a tightening candidate market and inflationary influences, clients are facing heightened competition, leading to rising salary expectations.
?? Accounts Assistant | ￡25,800 - ￡29,000
?? Assistant Accountant | ￡28,000 - ￡35,000
?? Analyst | ￡36,000 - ￡43,000
???Management Accountant?| ￡44,200 - ￡52,000
?? Financial Controllers | ￡66,000 - ￡76,700
???Finance Directors?| ￡85,000 -￡102,000?
Our Associate Director Callum McKenna offered his take on salaries last quarter:
"Based on our experience?of roles taken, a reason for perhaps a slight?drop in salaries being offered to Assistant Accountants could also be to do with the candidate market being light in terms of experienced/ Part-Qualified level Assistant Accountants and, therefore, clients are having to become slightly more flexible in terms of the types of candidates they employ in these roles- i.e. they will consider?slightly?less qualified/ experienced applicants but this is then reflected?in the salary offered."?
What did last quarter look like for accountancy firms??
Breakdown of jobs by grade
Providing an accurate overview of the public practice market is not as straightforward as analysing the advertised vacancies given that not all vacancies are advertised! It is worth noting that in general the public practice is a candidate?driven market as opposed?to job driven.?
So although?there are of course?a wide selection of advertised?vacancies across all services lines and in most geographical areas, there are more opportunities available which are not visible to the?market as they are candidate led meaning that it's your skill set, your experience, your qualifications?that will in most situations, create an opportunity. The ball is in your court. You will have options.
With existing relationships with firms across the South East our?suggestion is to get in touch with one of our experienced consultants who will be more than happy to explore the market on your behalf and talk through the options available to you.
What roles were the highest demand?
Semi-Senior Accountants and Client?Managers were unsurprisingly in demand this past quarter which is a great indicator for those seeking mid to senior level?roles. Bookkeepers were also in high demand but when aren't they?!
Our Managing Director, David Waddell has offered insight on his view of the market
"As we've mentioned earlier in this report, opportunities across the public practice market will always exist and in the majority of cases, a candidate will receive multiple offers. My advice to anyone in practice considering a new opportunity is to be 100% sure you are ready to make the move, because once you press the 'go' button, processes will move pretty fast! And, just go with one agency ideally with Harvey John! There's a lot of noise out there so lower the volume!"
What qualifications are most in demand for accountancy firms?
Unsurprisingly last quarter, there was high demand for ACA/ACCA qualified accountants as well as those studying for AAT. This won't really change too much as clients look for that blend of experience with professional?qualifications.
How many part time jobs are there?
Whilst the advertised?vacancies remain to lean heavily towards full time opportunities, we have seen an increase in part time opportunities since Q1. In Q1, there were only 4.15% part time roles in accountancy practices,?whereas Q2 had 9.38% of part time roles. We're seeing more part time roles advertised in the recent months. Experienced part time professionals will in most cases be considered alongside the full time candidate pool. No reason for part time professionals to feel unloved here but encouraging to see the numbers increase.
Principal Consultant Claire Jones has shared her thoughts on this:
"I haven't seen any slow down in the volume of practice vacancies at any level in the last quarter, but there has been a noticeable?increase in part time roles being registered,?mainly with smaller firms. I think there are a number of reasons for that - some firms need to increase their capacity, but will take on a part time candidate as it is less risky than making a full time?hire and then not having enough work for them in an uncertain?economic?environment.. Employing a part timer can also allow a firm to employ more experienced/qualified candidates who they might not be able to afford/have the work for on a full time basis. There is also the perception that offering part time work will open up the pool of available candidates to parents with younger children, those with caring responsibilities or older people who don't want to work full time. While this can be the case, I find that offering better flexibility in terms of where and when people work, plus paying a decent salary and benefits is far more beneficial in terms of attracting more and better candidates."
What are the average salaries for practice accountants?
Please view as a guide - your Harvey John contact will be able to discuss in more detail.
??? Senior Accountant | ￡40,000-￡55,000
??? Bookkeeper | ￡24,500-￡32,500
??? Accounts Assistant | ￡22,500-￡30,000
??? Accounts Manager | ￡45,000-￡60,000
??? Semi Senior Accountant | ￡27,000-￡35,000
Our Public Practice Consultant, Meg Glencross has shared her thoughts on this
"Accountancy recruiting trends have been relatively stable in the past year, with only a slight decline but with a slight increase in the number of opportunities available. The marlet continues to be competitive with salaries seemingly having reached a plateau but of course, there's still room for negotiation!"??
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In case you missed it....
Public Practice Consultant, Meg Glencross understands the importance of going through a specialist recruiter, with 10 years' experience as a Public Practice Accountant, Meg shares her own perspective on why it's so important to go through a specialist recruiter when you're searching for your next role!
Are you looking for your next role?
Georgina Trudgill is recruiting for a Group Finance Manager for our Hassocks based client specialising in telecommunications. This role is open to first movers from practice or industry professionals looking for that next step. Contact Georgina or Danielle Prior for further information.
Callum McKenna is seeking an experienced Head of Finance / Finance Director for our client based in Redhill specialising within importing and distributing. This role will be ideal foe those who are used to operating at 'number 1". Contact Callum or Danielle to find out more!
Reach out to our specialist team for further information on our current vacancies!
Managing Director
Senior Finance & Temporary opportunities across Sussex, Kent & Surrey
07725 543493
Associate Director
Permanent Commercial roles across Sussex
07508 748013
Associate Director
Permanent Commercial roles in Sussex & Surrey.
07759 122733
Principal Consultant
Public Practice roles across Sussex
07759 122736
Consultant
Public Practice roles across Hampshire
07759 122746
Candidate Engagement Manager
Focusing on commercial roles across all areas
07759 122749