New research from Reed has revealed that salaries in the accountancy and finance sector continue to show signs of resilience due to the stable year-on-year salary increase.
Over the past year, the sector has seen an average of 4.2% increase in salaries throughout the industry. In comparison, the sector saw an increase of 4.7% in 2022. From an analysis of six million jobs posted on Reed.co.uk, as part of Reed’s suite of annual salary guides, it’s clear that the accountancy and finance sector remains to show some signs of resilience and growth due to the slight year-on-year salary increase.
The data also reveals how the accountancy and finance sector is doing against other industries. The hospitality sector has seen the biggest pay increase in the past year (7.3%) and has bounced back from its previous year’s salary decrease. The IT and cyber security sector has had the least growth, with an average of 2.4% increase in 2023.
Commenting on this, Reed accountancy expert, Alan Myers, said: “The accountancy sector finds itself at a crossroads after a period of talent shortages. Within a rapidly changing business landscape, advancements in technology are reshaping the industry, with both employers and professionals navigating the new landscape. The pandemic accelerated the adoption of digital tools, remote working and the importance of financial advisory services. These trends are here to stay and have profound implications for accountants.
“For employers in the sector, navigating the jobs market will require strategic planning and adaptation. Employers must recognise the current state of the labour market, with the much-reported shortage of skilled accountants becoming increasingly visible in financial statements.
“To stay competitive, encouraging a culture of continuous learning is essential, as businesses will need to upskill their teams in areas such as data analytics, automation and sustainability reporting to stay ahead.”
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Reed’s accountancy and finance salary guide also gives insight into the regions that are most competitive within this industry. Areas such as Wales (6.8%) and the North West (6.7%) have seen the biggest increase in wages in the sector. The South East (3.3%) and the West Midlands (4.4%) saw the least growth.
Reed has produced a suite of 16 sector-specific salary guides, which include an in-depth analysis of a survey with 5,000 UK workers, assessing their current and preferred salaries
and benefits, their organisation’s performance and priorities, how they rated their job security and the future of their sector, and the key recruitment and skills trends they’re witnessing.