Accountancy firms in Manchester and Nottingham are the worst hit by the accountancy talent shortage
Manchester had the second highest number of accountancy vacancies in the UK at 2,884, after London which saw 5,810 vacancies, according to the Financial Professionals Index (FPI).
While there were more than 57,200 searches for opportunities in the capital per month, in comparison 5,840 people wanted to find equivalent roles in Manchester.
In Nottingham, over 1,400 accountancy roles were advertised – the sixth highest on the list – yet the number of searches for the city was a relatively modest 3,227 per month.
Liverpool, Leeds, Brighton and Sheffield ranked lowest after Manchester and Nottingham, with an average of three job hunters per role – less than half the national average of seven.
Cities like Carlisle (14 applicants), Norwich and Plymouth (13), and Edinburgh (12), each found themselves with the most applicants per role.
Kevin McCallum, CEO of Bright, said that the findings would come as a little surprise to firms that have struggled to recruit top talent over the past 12 months.
McCallum said: ‘These figures provide a snapshot of a deepening crisis in the industry, where many firms are unable to reach their growth potential because they don’t have enough skilled staff.
‘What’s surprising though, are the stark regional variations across the UK and Ireland. It’s also disappointing that the big university cities don’t seem to have a steady stream of graduates and professionals looking to work there.’
Like other professions, accountancy was derailed by the Covid-19 pandemic, with some firms still apprehensive about remote or hybrid working, while the turbulent jobs market has meant more professionals could be tempted by highly paid jobs in other industries like financial services and insurance.
McCallum added: ‘Remote or hybrid working can help firms to widen their talent pool, yet some are still holding back – possibly because they don’t have the technology to support it.
‘Cloud-based accounting technology makes it easier for employers and employees to be flexible, so firms aren’t as vulnerable to fluctuations in the local jobs market.
‘It can be difficult for smaller firms in particular to compete with the big players both within and outside their sector when it comes to paying. That’s why it’s crucial for these accounting organisations to put their people first, through technology, policies and benefits like hybrid working.
‘As well as appealing to existing employees, today’s next generation of accountants see these as being crucial to their career development and job satisfaction.’
The FPI is based on an analysis of 20 cities in the UK and Ireland, comparing the number of online searches for accountancy-based jobs with the number of relevant roles advertised over a month.
