PQ salary survey
What 2024 holds for PQs Karen Young, Director at Hays specialising in Accountancy and Finance, takes us through the latest salary survey
Scotland AAT studier ACCA Finalist ACCA PQ CIMA Finalist CIMA PQ CIPFA Finalist CIPFA PQ ACA Finalist ACA PQ
n the past 12 months a number of factors have continued to shape the world of work, including skills shortages, cost of living pressures, the rise of skills-based hiring and the flexible working debate. The question is: how will these factors impact the professional landscape in the year ahead? New research revealed in our 2024 UK Salary and Recruiting Trends guide shines a light on all the trends affecting PQs and accountancy and finance employers today and what the next 12 months might have in store for the finance sector.
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Economic optimism on the rise While economic uncertainty is ongoing, confidence that the economy will help, rather than hinder, employment opportunities is on the up. More than a third (38%) of accountancy and finance employers are optimistic about the wider economic climate and the employment landscape in the long-term, demonstrating an increase from 33% last year. On top of this, according to last year’s research, over half (53%) of PQs were concerned about the impact the economy might have on their career progression, whereas 59% of PQs this year are more optimistic about the wider economic climate and the employment opportunities it could create. Skills shortages are still a challenge Most accountancy employers (88%) faced skills shortages in the past year, showing little signs of improvement from the year before (90%). Although skills shortages have been felt across the finance sector, the skills gap has been most noticeable within credit management (92%) and PQ accountancy (90%). With the world of work continuously evolving, soft skills remain in high demand and prove invaluable for enhancing a person’s career. The core skills finance employers specifically look for are communication and interpersonal skills and an ability to problem-solve, adopt change and learn and upskill. In light of this, our research shows that PQs are particularly keen to develop their ability to learn and upskill, people management skills and critical thinking skills to drive their career forward. Hiring practices favour skills and potential Over a third (38%) of accountancy employers actively acknowledge the importance of skills and a willingness to learn, as they feel a degree is not an essential requirement. While relevant qualifications and experience will certainly help to support PQs on 24
North West their career journey, employers are less strict about making these factors a mandatory requirement at entry level. When it comes to hiring for potential, most finance employers (78%) say they are likely to hire professionals without all the required skills, with the intention of upskilling them, which is undoubtedly a positive way to create more opportunities and attract a diverse range of talent. Benefits are vital to attract PQs Although 52% of PQs say they aren’t considering a career change in the year ahead, just under half (48%) are, and the benefits an organisation offers are crucial for attracting and retaining talent. Aside from salary, an impressive benefits package, a good work-life balance and continuous professional development were rated as the most important factors for PQs when contemplating a new role. Interestingly, just over a third (34%) of PQs would be prepared to accept a lower paid job for more purpose and a better work-life balance, on par with last year. Most (81%) of PQs consider whether an organisation has a strong sense of purpose as important when assessing a potential role. Optimistically, almost three-quarters (72%) of PQs are satisfied with their job and just under two-thirds (62%) agree there is scope for career progression at their organisation. Despite the challenges organisations and professionals have to contend with today, there are still many things to be positive about across the accountancy landscape. Hopefully our research will give you some of the insight you need to shape your career in the year ahead. To see the salary guides in full go to https://www. hays.co.uk/salary-guide.
AAT studier ACCA Finalist ACCA PQ CIMA Finalist CIMA PQ CIPFA Finalist CIPFA PQ ACA Finalist ACA PQ
Typical £26,000 £38,000 £33,000 £38,000 £33,000 £35,000 £30,000 £38,000 £33,000
Typical £26,000 £40,000 £35,000 £39,000 £34,000 £38,000 £33,000 £36,000 £31,000
West Midlands AAT studier ACCA Finalist ACCA PQ CIMA Finalist CIMA PQ CIPFA Finalist CIPFA PQ ACA Finalist ACA PQ
South West AAT studier ACCA Finalist ACCA PQ CIMA Finalist CIMA PQ CIPFA Finalist CIPFA PQ ACA Finalist ACA PQ
Typical £26,000 £42,000 £34,000 £42,000 £34,000 £35,000 £31,000 £41,000 £34,000
Typical £27,000 £44,000 £37,500 £43,500 £34,000 £38,500 £33,000 £40,000 £35,000
PQ Magazine January 2024
