Accounting & Finance – UK Finance Labour Market Trends Report, December 2023
Finance recruitment dips in 2023; Insurers hold up best
Key findings include:
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- In financial services, finance vacancies decrease by 30.4%
- Retail becomes the leading industry recruiting for qualified accountants, despite a 24.7% fall
- BAE Systems had a 52.7% increase in vacancies triggered by the war in Ukraine
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2023 has seen a significant drop in accounting vacancies across financial services and commerce & industry. March marked the year’s peak in financial services with 532 vacancies, a 31% decrease from 2022, and the only increase was a 12% rise in November, according to the latest UK Finance Labour Market Trends report by Morgan McKinley and market data analysts Vacancysoft.
Bex Pearce – Customer Director – Morgan McKinley comments:
“With the changes in various regulations across banking, 2023 saw an increased demand for Regulatory Reporting jobseekers, as well as high activity within Financial Control and Accounting Policy.”
In 2023, the commerce and industry sectors saw a uniform decline in accountancy vacancies, marking a shift from the growth in 2022. With a 52.2% drop, the Technology sector experienced the most significant decrease, aligning with reductions in tech company workforces.
Financial Services drops, London’s national share shrinks
London remained the largest hub for financial services accounting vacancies, totalling 2444, despite a 32.1% drop from the previous year. Within Commerce and Industry, accounting vacancies dropped by 42.8%. This drop, brought London’s vacancy share to its lowest since 2021 at 31.8%.
Phoenix Group lead the way as big banks contract
Within Financial Services, industry giants such as Barclays, JP Morgan, and Natwest experienced substantial year-on-year declines of 64.5%, 49.6%, and 45.7%, respectively. This contrasted sharply with the Phoenix Group, which emerged as a standout performer, boasting a noteworthy 47.1% surge in vacancies.
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