Demands for Newly Qualified Accountants set to grow in 2017
Demand for Newly Qualified Accountants is expected to grow in 2017 as firms look to attract candidates into high positions and niche roles. Although the Brexit vote and EU referendum have had a negative impact within the jobs market by delaying hiring decisions, many firms are still hiring exceptional accountants. Mostly, they are recently qualified from Big 4 and mid-tier practice firms and looking to make their first move in industry.
Newly Qualified Accountants who are confident and can demonstrate clear technical knowledge around IFRS are in popular demand. This is because businesses look to meet changing economic climates complying to IFRS reporting. Reports from the second half of 2016 show that many Corporations restructured in the wake of many shake up exercises. There was a trend showing they recruited Qualified Accountants at the senior end of the market. Those who proved specific knowledge around risk mitigation and knowledge, related to a specific firm or industry, successfully secured a job despite tough market conditions.
Salaries and lack of wage increases have also had a significant impact within the market. Candidates have had to adjust their salary expectations to 10% increase as opposed to the 15% norm typically coming from Big 4 or mid-tier practice firms into industry. Salaries for Newly Qualified Accountants working in a management or financial reporting role can expect base packages ranging from 35,000 – 45,000 per annum.
Further trends resulting from the EU referendum vote also saw Big 4 firms downsizing but the mid-tier firms expanding contrary to the market conditions and economic slowdown. Growing SMEs that have demonstrated innovative flair have seen rapid growth attracting the best talent in comparison to the larger corporations also benefiting the mid-tier practice firms. Larger Corporations struggle to secure skills in modern times as opposed to traditionally absorbing top talent based on sheer size.
The future for Accountants demands increased soft skills and greater interface across the business operating in a business partnering capacity. Advancements in technology increased trends in alliance partnerships between Corporations. This has resulted in the tightening regulations and a greater emphasis on audits.
Accountants that can embrace the changing culture, demonstrate strong technical knowledge and adaptable soft skills will position themselves well. This is because Finance Directors and CFOs are addressing change within corporations to create a better finance culture. Such change will not only make financials more transparent but it will also encourage corporations to become more liquid and streamline accurate reporting. In turn, this will lead to better decisions by business leaders wishing to excel their businesses and reduce risk.