A recent study commissioned by the AAT (Association of Accounting Technicians) and the Association of Chartered Certified Accountants (ACCA), revealed that 47% of MPs think that Brexit will affect the accountancy role in a positive way. This is due to many companies, regardless of what sector they are in, needing advice on the financial implications of leaving the European Union (EU).
The news may not surprise many people who currently work in the sector. A previous report completed by Ambition, that looked into this year’s industry trends, said there will continue “to be a high job flow” in accountancy but “low candidate availability”.
The report explained: “There are a number of partners approaching retirement age within mid-tier firms and gaps at Director level will put increased pressure on the senior end of the market. This will impact the growth of firms moving forward and we may see an increase in M&A activity.”
AAT Chief Executive Mark Farrar said: “Many of the ramifications of Brexit remain unclear, especially around issues such as passporting rights, tax, compliance and the general impact on business.
“However, amongst all this uncertainty, it is very clear that accountants have a valuable role to play in advising clients on the tax and financial implications of our EU withdrawal. We have recognised this and these results show that large numbers of politicians recognise this too.”
The latest data released by the Chartered Institute of Management Accountants (CIMA) and recruitment specialist, Global Accounting Network, found that 61% of UK-based qualified accountants are planning on changing jobs in the next two years. In comparison, 35% of Ireland-based accountants intend on switching jobs during the same period.
The survey conducted from almost 8,000 CIMA and student members discovered that almost half (48%) of accounting students are planning to move into a new role in the next 24 months.
Commenting on the findings, Adrian O’ Connor, Founding Partner at the Global Accounting Network, said:
“It is no surprise that the majority of accounting professionals have aspirations to accelerate their careers in the coming months. Demand for top accounting talent is positively booming and ambitious professionals are taking advantage of this landscape to reach for more rewarding opportunities with greater long-term prospects.”
“While this mobility is great news for organisations looking to further invest in their existing internal finance departments, it also serves as a warning to employers who wish to retain existing skills and expertise. Businesses must offer their current and potential employers a compelling employer value proposition, and communicate this effectively, if they want to keep their best people in this hugely competitive market.”
The most frequently mentioned motivators for changing jobs amongst the groups were; financial reward, scope of the role and promotion prospects. Furthermore, 7% of UK members who plan to take the next step in their careers have their sights set overseas, with Australia, New Zealand and Canada featuring as the most mentioned destinations.
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