In the accountancy & finance sector, the last five years have undeniably been a great period for professionals in the field. The financial climate has witnessed a surge, reflected in salaries, which have soared well beyond the UK wage inflation rate of 7%. This upward trajectory in compensation is coupled with a remarkable shift in the dynamics of the job market.  

We have looked at our data and other sources of reference to give an overview of the senior finance market across Yorkshire and the East Midlands in the past year.  

Totaljobs produces one of the most comprehensive analyses of the UK Job market. Their report of Q4 in 2023 suggested that the Finance & Accountancy sector was one of the strongest in the UK with 32% of employers planning on recruiting in their finance department in 2024.  We have presented some of the other headline results below:

Job opportunity volume has plateaued (but at a high level)

• The volume of new jobs recruited and advertised in the region has dropped marginally from 2022 (6%)
• Recruitment of roles with a Financial Accounting, Management Accounting and Finance Business Partnering primary focus has dropped marginally. Hiring of Finance Manager and Financial Controller have risen significantly, by 11% and 16% respectively.

Salary trends: a balancing act

• Senior finance salaries, which have experienced a consistent upward trajectory, are showing signs of stabilising. Industry commentary suggests a rise between 7% and 12% in the past year, aligning with our data indicating increased salary levels for comparable senior finance positions.
• Our data shows that more senior finance jobs are being filled at increased salary levels for similar-level jobs than in 2022. The proportion of jobs at the £50-60k range rose by 5% and £60-70k by 4%.

Candidates are still in strong demand

• Good candidates continued to find opportunities in 2023. We worked with several candidates who received more than one offer.  We saw an increased number of candidates affected by redundancies in 2023, but we were delighted to see almost every single one secure a new role very quickly.
• The volume of advert responses to job adverts increased by 11% and the average number of CVs on a shortlist rose by 19%. This suggests that some of the supply of talent strengthened.

The past year not only upholds the positive trends seen in the accounting profession over the last five years. It is an exciting time to be part of the dynamic and flourishing field of finance and accountancy.