Internal Audit – UK Finance Labour Market Trends Report – June 2023



The current slowdown and adverse economic conditions are having a negative effect on the demand for internal audit positions in London and the rest of England & Wales (E&W) within the banking sector. Overall estimates indicate a projected year-on-year fall of 29.2% in 2023 according to the latest finance report by Morgan Mckinley and labour market data analysts Vacancysoft.

Other Key findings include:

  •  London based roles down 35.8% on last year, while regionally by only 10.3%
  • Birmingham has seen a 56% increase this year
  • IA also increased as a share of all finance vacancies, up to 17.5% from 16.4%
  • Lloyds Bank has had a 116% increase compared to last year

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London continued to lead the way in terms of internal audit opportunities within the accounting profession. In 2022, job posts in the City reached 587, a 17% improvement on the 501 roles published in 2022. However, the outlook for 2023 suggests a potential 35.8% year-on-year drop. Similar patterns were observed in the rest of E&W, with internal audit vacancies peaking at 206 in 2022. An anticipated decrease of 10.3% is projected for 2023, indicating a UK wide fall in the demand for internal auditors.

Regionalisation is an ongoing trend within Banking, as the cost of living increases and London based employees demand higher salaries, especially those being now asked to return to the office, we forecast more businesses looking to expand regional teams” according to the Vacancysoft CEO, James Chaplin.

The northern regions experienced the most significant year-on-year change, with a remarkable 82% rise in vacancies from 2021 to 2022 – accounting for 11.5% of the total vacancies in 2022. Conversely, the southern regions saw a negative year-on-year fall of 7%, with our 2023 forecast predicting a 45.7% drop, the biggest of all regions.

Looking at the demand for specific skills, the Internal Audit role emerged as the most sought-after within the accounting profession in E&W. A total of 793 Internal Audit jobs were published in 2022, representing a 21.3% increase from 2021. The role accounted for 16.5% of all Accountant vacancies in 2022, with this share rising further this year.

Finally, other than Lloyds Bank, companies worth watching for their hiring increases so far this year include Goldman Sachs, BNY Mellon and Deutsche Bank. However as a word of caution, of the top 20 banks, 12 are on track to have less vacancies this year than last, which indicates the febrile nature of the market at the moment.

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All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights, you need to power your business.

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