What happened in Q3 across the South East Accountancy & Finance market?
Georgina Trudgill
Director at Harvey John | Commercial Finance Recruitment - 07508748013
As we close off Q3 of 2023 (time flies!) it is a good time to reflect on the last 3 months in the accountancy & finance market. We're delighted to say that Harvey John has just wrapped up a record-breaking quarter! We had the highest client engagement in our 20-years trading, a promising sign for those interested in the local job market.
As we enter Q4, we're here to provide a concise overview of the accountancy recruitment landscape. Our aim is to equip both employers and job seekers with valuable insights, strategies, and market trends to inform your decisions in the upcoming quarter.
Accountancy roles with highest client demand
Last quarter our observations reveal an increase in demand for various job roles. Notably, positions like Credit Controllers, Financial & Management Accountants, and Finance Directors have experienced spikes in demand.
Accounts Assistants have continued to maintain their strong presence in the job market, capturing nearly one-third of the total share. This data underscores the persistent demand for those skilled in managing financial accounts and supporting financial operations across sectors.
In terms of industry-specific trends, we've observed that the Aerospace, Education, Financial Services and Retail sectors have been the most active and dynamic during this quarter.
Overall, there’s a good breadth of roles across our team, including across the temporary and permanent desks. The accountancy market remains strong, but it seems a notably good time to be a Credit Controller! Perhaps with the recent economic uncertainty, clients are looking to keep debt to a minimum - not a bad idea! Or improve cash before the end of the calendar year.?
Accounts Assistants remain strong, taking up a quarter of the market which continues to be a highly sought after role.
The market ebbs and flows throughout the year but the levels of activity should be a positive indicator for those looking for their next accountancy role.
Georgina Trudgill | Associate Director
An overview of the junior and senior accountancy market
In our recent analysis, we've seen a slight decline in mid-level accounting positions, accompanied by a rise in opportunities within the junior market. This emerging trend carries positive implications for those at the outset of their accounting careers, signaling a favorable job market for newcomers to the field.
How many temporary accountancy roles are there?
While permanent hires continued to be the predominant choice among employers, commanding a substantial 66.67% share of the market, temporary and contract positions secured the remaining 33.33%. This represents a notable increase compared to the earlier part of this year, signifying a promising shift for professional contractors and individuals seeking swift career transitions.
Our Temp & Interim Consultant, Toriah Wilson rightly says:
Our candidates are the finest 'chameleons' in the market, demonstrating their adaptability and readiness to deliver immediate value to clients.
In addition, we are delighted to announce the return of our Head of Temps, Georgina Hayes from her maternity leave. Her expertise and leadership will further strengthen our commitment to delivering exceptional temporary staffing solutions. Welcome back, Gee!
What are the average salaries for industry accountants?
Good news - we saw salary increases across the board this quarter. We noted many clients show better appreciation for the increased financial motivations and pressures of many candidates due to rising cost of living. It's been a real pleasure securing many individuals a well-earned and well-needed pay rise!
However, while average wages rose 4.7% between April and June, that was unfortunately outpaced by inflation. As a result, the "real value" of pay fell by 3% so there is still more work to be done - we are trying for you!
I think it's clear that salaries have risen for a whole host of reasons- of course inflation plays a key part in this but it can also be down to the requirements/ demands of the role- for example, I've noticed in a lot of Accounts Assistant type roles- while previously clients have generally been keen to secure someone to focus on one specific area- i.e. AR or AP, now a lot of clients are looking for a versatile finance assistant, who can turn their hand to other areas of finance- if and when needed. We are certainly noticing that the overall package on offer is ever important at the senior end of the market- as incentives such as bonuses, car allowances and profit share schemes can of course heavily bolster the package on offer.
Callum McKenna | Associate Director
What did last quarter look like for accountancy firms?
Last quarter, Client Managers emerged as the frontrunners in terms of the in-demand level from firms across the region. This trend bodes well for professionals aspiring to advance in their careers, showcasing promising opportunities for growth within their respective roles.
Notably the public practice market is predominantly driven by candidates' preferences and aspirations so if you're actively searching for your next career move and haven't come across your ideal role in public postings, we strongly encourage you to connect with our experienced and specialist consultants. With two decades of nurturing relationships with clients across the South East and beyond, we possess the insights and connections to potentially uncover the perfect role tailored to your aspirations.
领英推荐
As we've already noted in this report, the public practice market consistently presents opportunities. My advice to those in practice considering a change is clear: Make sure you're fully prepared, because once you hit "go," things will accelerate rapidly! And when you do, stick with a single agency, ideally Harvey John, to cut through the noise and streamline your journey.
David Waddell | Managing Director
What were the most in demand qualifications for accountancy firms?
With a substantial 73% of positions falling within the mid-senior and higher echelons, this demand is vividly reflected in the qualifications sought for practice roles. 62% of these positions mandate that applicants hold either part-qualified or fully qualified status in ACA/ACCA.
In contrast, 9.52% of roles seek candidates with AAT qualifications, while 19.05% impose no specific qualification prerequisites. 9.43% of listings did not specify any qualification requirements at all.
This data underscores the prominence of mid-senior and senior-level roles in the market, with ACA/ACCA qualifications being a pivotal asset for those aspiring to excel in the accounting profession.
ACA/ACCA are always the most sought after qualifications within accountancy firms. The accountancy practice job market in the South East is still candidate short, so employers continue to be flexible in considering candidates who are part qualified or qualified by experience, but those who are qualified are always the most sought after, and can definitely command higher salaries. Going into the final quarter of 2023 we are still seeing high volumes of senior/manager level vacancies so I foresee that this will continue - so it is definitely worth pursuing/completing a chartered qualification to improve long term career prospects and earning potential.
Claire Jones | Principal Consultant
What are the average salaries for practice accountants?
As mentioned earlier in this newsletter, while salaries showed an uptick from April to June, there's room for further improvement. his quarter's salary figures didn't diverge significantly from those in Q2.
The advantage of partnering with a recruiter lies in our knack for negotiation, allowing to focus your time on nailing those interviews. This is what we do day in, day out...?
Teaming up with just one recruiter might seem a bit shortsighted but trust me, it's a smart move that pays off big time throughout the entire job hunt. They'll handle everything from juggling your schedule, setting up interviews, giving you valuable feedback, helping you put it to good use next time, and most importantly, they'll be the ones to haggle for that sweet deal. Now, when it comes to salary talks, I get it, it can be pretty nerve-wracking to throw out those numbers and justify what you want. But having a seasoned recruiter in your corner means you've got someone who really knows your experience, your skills, and the current job market inside and out. They'll be the ones to make sure you get the best possible offer. So, what have you got to lose?
Meg Glencross | Consultant
How many employers provide flexible working?
Post-COVID, there's been a significant shift in the expectations of professionals regarding hybrid work arrangements. It's no surprise that last quarter, more than two thirds of the job vacancies we tracked offered roles with either hybrid work options (80%) or entirely remote opportunities (7%). A notable 13% of positions provided no remote work flexibility.
It's worth noting to consider the recent government initiative, the Flexible Working Bill . In a nutshell, this legislation grants professionals the right to submit two requests for flexible working. This empowers employees to seek flexibility not only in their work hours but also in how those hours are scheduled and where they can work, be it in the office, from home, or at a satellite location to reduce commute times.
Stay ahead of the curve with the evolving landscape of flexible work options – this is the new norm, and professionals have more say than ever in shaping their work arrangements.
Here at Harvey John, we take pride in our commitment to flexible working. Why not take a moment to read our latest article on "How to Support and Retain Working Parents "?
In case you missed it...
How many interviews have you conducted for that job opening in your accounting team? If you're a hiring manager in accounting, attracting top talent can be tough, especially when competing with big firms offering higher salaries and better benefits.
Often, you interview multiple candidates, only to discover they choose larger firms due to their extensive perks. At Harvey John, we understand the importance of tailoring your benefits package to stand out.
That's why we invite small and mid-sized accounting professionals to join our 2023 Benefits Survey. We'll gather data and provide a comprehensive report to help you compete effectively with larger firms where it matters most.
In completing our survey, you'll be first to receive a copy of our Benefits Guide for Practice the moment it's finished!
Before you go - we are working on some brilliant opportunities, so be sure to check out our advertised positions and reach out to us. Even if you are looking to make the move in the new year, initiating discussions now is wise, as several of our clients are charting their recruitment strategy for early 2024!
If you've enjoyed this report, why not try?subscribing?to our?Outside In: Sussex Accountancy newsletter?so you get notified as soon as we release a new article?
Accounts Assistant at Harrys London | MSc in Accounting and Financial Management from University of York
1 年This was a really nice read. Such great insights about the current market situation. Thankyou Georgina Trudgill for sharing this. This job hunting phase has been dreadful the last 3 months for me. But this article gives a little motivation to not loose hope. Thankyou!
Head of XR Technology
1 年It's been a fab, record breaking Q3, and we're storming into Q4 with the same big energy! Thanks for sharing this article, with our highlights, and some interesting news about what's happening in the market right now! ??