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Many accountancy skills are already in tight supply and, with an increase in demand, we predict greater  churn between jobs and salaries to rise ahead of inflation this year.

Explore salaries for accountancy & finance roles in your region.

Role Category Title Region Lower Quartile Median Upper Quartile
CFO CFO National Average £140,184 £170,849 £219,037
CFO CFO London £160,000 £195,000 £250,000
CFO CFO SouthEast £148,148 £180,556 £231,481
CFO CFO SouthWest £137,931 £168,103 £215,517
CFO CFO EastEast £142,857 £174,107 £223,214
CFO CFO WestMidlands £139,130 £169,565 £217,391
CFO CFO EastMidlands £139,130 £169,565 £217,391
CFO CFO Yorkshire £134,454 £163,866 £210,084
CFO CFO NorthEast £133,333 £162,500 £208,333
CFO CFO NorthWest £134,454 £163,866 £210,084
CFO CFO Scotland £140,351 £171,053 £219,298
CFO CFO Wales £132,231 £161,157 £206,612
GroupFinancialDirector Group Financial Director National Average £109,518 £127,041 £148,945
GroupFinancialDirector Group Financial Director London £125,000 £145,000 £170,000
GroupFinancialDirector Group Financial Director SouthEast £115,741 £134,259 £157,407
GroupFinancialDirector Group Financial Director SouthWest £107,759 £125,000 £146,552
GroupFinancialDirector Group Financial Director EastEast £111,607 £129,464 £151,786
GroupFinancialDirector Group Financial Director WestMidlands £108,696 £126,087 £147,826
GroupFinancialDirector Group Financial Director EastMidlands £108,696 £126,087 £147,826
GroupFinancialDirector Group Financial Director Yorkshire £105,042 £121,849 £142,857
GroupFinancialDirector Group Financial Director NorthEast £104,167 £120,833 £141,667
GroupFinancialDirector Group Financial Director NorthWest £105,042 £121,849 £142,857
GroupFinancialDirector Group Financial Director Scotland £109,649 £127,193 £149,123
GroupFinancialDirector Group Financial Director Wales £103,306 £119,835 £140,496
GroupFinancialController Group Financial Controller National Average £83,234 £96,376 £122,661
GroupFinancialController Group Financial Controller London £95,000 £110,000 £140,000
GroupFinancialController Group Financial Controller SouthEast £87,963 £101,852 £129,630
GroupFinancialController Group Financial Controller SouthWest £81,897 £94,828 £120,690
GroupFinancialController Group Financial Controller EastEast £84,821 £98,214 £125,000
GroupFinancialController Group Financial Controller WestMidlands £82,609 £95,652 £121,739
GroupFinancialController Group Financial Controller EastMidlands £82,609 £95,652 £121,739
GroupFinancialController Group Financial Controller Yorkshire £79,832 £92,437 £117,647
GroupFinancialController Group Financial Controller NorthEast £79,167 £91,667 £116,667
GroupFinancialController Group Financial Controller NorthWest £79,832 £92,437 £117,647
GroupFinancialController Group Financial Controller Scotland £83,333 £96,491 £122,807
GroupFinancialController Group Financial Controller Wales £78,512 £90,909 £115,702
FinanceDirector Finance Director National Average £87,615 £118,280 £157,707
FinanceDirector Finance Director London £100,000 £135,000 £180,000
FinanceDirector Finance Director SouthEast £92,593 £125,000 £166,667
FinanceDirector Finance Director SouthWest £86,207 £116,379 £155,172
FinanceDirector Finance Director EastEast £89,286 £120,536 £160,714
FinanceDirector Finance Director WestMidlands £86,957 £117,391 £156,522
FinanceDirector Finance Director EastMidlands £86,957 £117,391 £156,522
FinanceDirector Finance Director Yorkshire £84,034 £113,445 £151,261
FinanceDirector Finance Director NorthEast £83,333 £112,500 £150,000
FinanceDirector Finance Director NorthWest £84,034 £113,445 £151,261
FinanceDirector Finance Director Scotland £87,719 £118,421 £157,895
FinanceDirector Finance Director Wales £82,645 £111,570 £148,760
FinancialControllerashdown Financial Controller National Average £70,092 £78,853 £87,615
FinancialControllerashdown Financial Controller London £80,000 £90,000 £100,000
FinancialControllerashdown Financial Controller SouthEast £74,074 £83,333 £92,593
FinancialControllerashdown Financial Controller SouthWest £68,966 £77,586 £86,207
FinancialControllerashdown Financial Controller EastEast £71,429 £80,357 £89,286
FinancialControllerashdown Financial Controller WestMidlands £69,565 £78,261 £86,957
FinancialControllerashdown Financial Controller EastMidlands £69,565 £78,261 £86,957
FinancialControllerashdown Financial Controller Yorkshire £67,227 £75,630 £84,034
FinancialControllerashdown Financial Controller NorthEast £66,667 £75,000 £83,333
FinancialControllerashdown Financial Controller NorthWest £67,227 £75,630 £84,034
FinancialControllerashdown Financial Controller Scotland £70,175 £78,947 £87,719
FinancialControllerashdown Financial Controller Wales £66,116 £74,380 £82,645
GroupAccountant Group Accountant National Average £56,950 £65,711 £70,092
GroupAccountant Group Accountant London £65,000 £75,000 £80,000
GroupAccountant Group Accountant SouthEast £60,185 £69,444 £74,074
GroupAccountant Group Accountant SouthWest £56,034 £64,655 £68,966
GroupAccountant Group Accountant EastEast £58,036 £66,964 £71,429
GroupAccountant Group Accountant WestMidlands £56,522 £65,217 £69,565
GroupAccountant Group Accountant EastMidlands £56,522 £65,217 £69,565
GroupAccountant Group Accountant Yorkshire £54,622 £63,025 £67,227
GroupAccountant Group Accountant NorthEast £54,167 £62,500 £66,667
GroupAccountant Group Accountant NorthWest £54,622 £63,025 £67,227
GroupAccountant Group Accountant Scotland £57,018 £65,789 £70,175
GroupAccountant Group Accountant Wales £53,719 £61,983 £66,116
FinanceManager Finance Manager National Average £56,950 £65,711 £74,473
FinanceManager Finance Manager London £65,000 £75,000 £85,000
FinanceManager Finance Manager SouthEast £60,185 £69,444 £78,704
FinanceManager Finance Manager SouthWest £56,034 £64,655 £73,276
FinanceManager Finance Manager EastEast £58,036 £66,964 £75,893
FinanceManager Finance Manager WestMidlands £56,522 £65,217 £73,913
FinanceManager Finance Manager EastMidlands £56,522 £65,217 £73,913
FinanceManager Finance Manager Yorkshire £54,622 £63,025 £71,429
FinanceManager Finance Manager NorthEast £54,167 £62,500 £70,833
FinanceManager Finance Manager NorthWest £54,622 £63,025 £71,429
FinanceManager Finance Manager Scotland £57,018 £65,789 £74,561
FinanceManager Finance Manager Wales £53,719 £61,983 £70,248
AuditManager Audit Manager National Average £61,330 £70,092 £78,853
AuditManager Audit Manager London £70,000 £80,000 £90,000
AuditManager Audit Manager SouthEast £64,815 £74,074 £83,333
AuditManager Audit Manager SouthWest £60,345 £68,966 £77,586
AuditManager Audit Manager EastEast £62,500 £71,429 £80,357
AuditManager Audit Manager WestMidlands £60,870 £69,565 £78,261
AuditManager Audit Manager EastMidlands £60,870 £69,565 £78,261
AuditManager Audit Manager Yorkshire £58,824 £67,227 £75,630
AuditManager Audit Manager NorthEast £58,333 £66,667 £75,000
AuditManager Audit Manager NorthWest £58,824 £67,227 £75,630
AuditManager Audit Manager Scotland £61,404 £70,175 £78,947
AuditManager Audit Manager Wales £57,851 £66,116 £74,380
SeniorManagementAccountant Senior Management Accountant National Average £52,569 £56,950 £65,711
SeniorManagementAccountant Senior Management Accountant London £60,000 £65,000 £75,000
SeniorManagementAccountant Senior Management Accountant SouthEast £55,556 £60,185 £69,444
SeniorManagementAccountant Senior Management Accountant SouthWest £51,724 £56,034 £64,655
SeniorManagementAccountant Senior Management Accountant EastEast £53,571 £58,036 £66,964
SeniorManagementAccountant Senior Management Accountant WestMidlands £52,174 £56,522 £65,217
SeniorManagementAccountant Senior Management Accountant EastMidlands £52,174 £56,522 £65,217
SeniorManagementAccountant Senior Management Accountant Yorkshire £50,420 £54,622 £63,025
SeniorManagementAccountant Senior Management Accountant NorthEast £50,000 £54,167 £62,500
SeniorManagementAccountant Senior Management Accountant NorthWest £50,420 £54,622 £63,025
SeniorManagementAccountant Senior Management Accountant Scotland £52,632 £57,018 £65,789
SeniorManagementAccountant Senior Management Accountant Wales £49,587 £53,719 £61,983
ManagementAccountantashdown Management Accountant National Average £48,188 £54,321 £61,330
ManagementAccountantashdown Management Accountant London £55,000 £62,000 £70,000
ManagementAccountantashdown Management Accountant SouthEast £50,926 £57,407 £64,815
ManagementAccountantashdown Management Accountant SouthWest £47,414 £53,448 £60,345
ManagementAccountantashdown Management Accountant EastEast £49,107 £55,357 £62,500
ManagementAccountantashdown Management Accountant WestMidlands £47,826 £53,913 £60,870
ManagementAccountantashdown Management Accountant EastMidlands £47,826 £53,913 £60,870
ManagementAccountantashdown Management Accountant Yorkshire £46,218 £52,101 £58,824
ManagementAccountantashdown Management Accountant NorthEast £45,833 £51,667 £58,333
ManagementAccountantashdown Management Accountant NorthWest £46,218 £52,101 £58,824
ManagementAccountantashdown Management Accountant Scotland £48,246 £54,386 £61,404
ManagementAccountantashdown Management Accountant Wales £45,455 £51,240 £57,851
FinancialAccountantashdown Financial Accountant National Average £48,246 £52,569 £61,330
FinancialAccountantashdown Financial Accountant London £50,000 £60,000 £70,000
FinancialAccountantashdown Financial Accountant SouthEast £46,296 £55,556 £64,815
FinancialAccountantashdown Financial Accountant SouthWest £43,103 £51,724 £60,345
FinancialAccountantashdown Financial Accountant EastEast £44,643 £53,571 £62,500
FinancialAccountantashdown Financial Accountant WestMidlands £43,478 £52,174 £60,870
FinancialAccountantashdown Financial Accountant EastMidlands £43,478 £52,174 £60,870
FinancialAccountantashdown Financial Accountant Yorkshire £42,017 £50,420 £58,824
FinancialAccountantashdown Financial Accountant NorthEast £41,667 £50,000 £58,333
FinancialAccountantashdown Financial Accountant NorthWest £42,017 £50,420 £58,824
FinancialAccountantashdown Financial Accountant Scotland £43,860 £52,632 £61,404
FinancialAccountantashdown Financial Accountant Wales £41,322 £49,587 £57,851
PartQualifiedManagementAccountant Part Qualified Management Accountant National Average £35,046 £42,055 £48,188
PartQualifiedManagementAccountant Part Qualified Management Accountant London £40,000 £48,000 £55,000
PartQualifiedManagementAccountant Part Qualified Management Accountant SouthEast £37,037 £44,444 £50,926
PartQualifiedManagementAccountant Part Qualified Management Accountant SouthWest £34,483 £41,379 £47,414
PartQualifiedManagementAccountant Part Qualified Management Accountant EastEast £35,714 £42,857 £49,107
PartQualifiedManagementAccountant Part Qualified Management Accountant WestMidlands £34,783 £41,739 £47,826
PartQualifiedManagementAccountant Part Qualified Management Accountant EastMidlands £34,783 £41,739 £47,826
PartQualifiedManagementAccountant Part Qualified Management Accountant Yorkshire £33,613 £40,336 £46,218
PartQualifiedManagementAccountant Part Qualified Management Accountant NorthEast £33,333 £40,000 £45,833
PartQualifiedManagementAccountant Part Qualified Management Accountant NorthWest £33,613 £40,336 £46,218
PartQualifiedManagementAccountant Part Qualified Management Accountant Scotland £35,088 £42,105 £48,246
PartQualifiedManagementAccountant Part Qualified Management Accountant Wales £33,058 £39,669 £45,455
PartQualifiedFinancialAccountant Part Qualified Financial Accountant National Average £35,046 £42,055 £48,188
PartQualifiedFinancialAccountant Part Qualified Financial Accountant London £40,000 £48,000 £55,000
PartQualifiedFinancialAccountant Part Qualified Financial Accountant SouthEast £37,037 £44,444 £50,926
PartQualifiedFinancialAccountant Part Qualified Financial Accountant SouthWest £34,483 £41,379 £47,414
PartQualifiedFinancialAccountant Part Qualified Financial Accountant EastEast £35,714 £42,857 £49,107
PartQualifiedFinancialAccountant Part Qualified Financial Accountant WestMidlands £34,783 £41,739 £47,826
PartQualifiedFinancialAccountant Part Qualified Financial Accountant EastMidlands £34,783 £41,739 £47,826
PartQualifiedFinancialAccountant Part Qualified Financial Accountant Yorkshire £33,613 £40,336 £46,218
PartQualifiedFinancialAccountant Part Qualified Financial Accountant NorthEast £33,333 £40,000 £45,833
PartQualifiedFinancialAccountant Part Qualified Financial Accountant NorthWest £33,613 £40,336 £46,218
PartQualifiedFinancialAccountant Part Qualified Financial Accountant Scotland £35,088 £42,105 £48,246
PartQualifiedFinancialAccountant Part Qualified Financial Accountant Wales £33,058 £39,669 £45,455
Purchase/SalesLedger Purchase/Sales Ledger National Average £24,532 £28,037 £30,665
Purchase/SalesLedger Purchase/Sales Ledger London £28,000 £32,000 £35,000
Purchase/SalesLedger Purchase/Sales Ledger SouthEast £25,926 £29,630 £32,407
Purchase/SalesLedger Purchase/Sales Ledger SouthWest £24,138 £27,586 £30,172
Purchase/SalesLedger Purchase/Sales Ledger EastEast £25,000 £28,571 £31,250
Purchase/SalesLedger Purchase/Sales Ledger WestMidlands £24,348 £27,826 £30,435
Purchase/SalesLedger Purchase/Sales Ledger EastMidlands £24,348 £27,826 £30,435
Purchase/SalesLedger Purchase/Sales Ledger Yorkshire £23,529 £26,891 £29,412
Purchase/SalesLedger Purchase/Sales Ledger NorthEast £23,333 £26,667 £29,167
Purchase/SalesLedger Purchase/Sales Ledger NorthWest £23,529 £26,891 £29,412
Purchase/SalesLedger Purchase/Sales Ledger Scotland £24,561 £28,070 £30,702
Purchase/SalesLedger Purchase/Sales Ledger Wales £23,140 £26,446 £28,926
AccountsAssistant Accounts Assistant National Average £24,532 £28,037 £32,417
AccountsAssistant Accounts Assistant London £28,000 £32,000 £37,000
AccountsAssistant Accounts Assistant SouthEast £25,926 £29,630 £34,259
AccountsAssistant Accounts Assistant SouthWest £24,138 £27,586 £31,897
AccountsAssistant Accounts Assistant EastEast £25,000 £28,571 £33,036
AccountsAssistant Accounts Assistant WestMidlands £24,348 £27,826 £32,174
AccountsAssistant Accounts Assistant EastMidlands £24,348 £27,826 £32,174
AccountsAssistant Accounts Assistant Yorkshire £23,529 £26,891 £31,092
AccountsAssistant Accounts Assistant NorthEast £23,333 £26,667 £30,833
AccountsAssistant Accounts Assistant NorthWest £23,529 £26,891 £31,092
AccountsAssistant Accounts Assistant Scotland £24,561 £28,070 £32,456
AccountsAssistant Accounts Assistant Wales £23,140 £26,446 £30,579
CreditControlManager Credit Control Manager National Average £39,427 £48,188 £56,950
CreditControlManager Credit Control Manager London £45,000 £55,000 £65,000
CreditControlManager Credit Control Manager SouthEast £41,667 £50,926 £60,185
CreditControlManager Credit Control Manager SouthWest £38,793 £47,414 £56,034
CreditControlManager Credit Control Manager EastEast £40,179 £49,107 £58,036
CreditControlManager Credit Control Manager WestMidlands £39,130 £47,826 £56,522
CreditControlManager Credit Control Manager EastMidlands £39,130 £47,826 £56,522
CreditControlManager Credit Control Manager Yorkshire £37,815 £46,218 £54,622
CreditControlManager Credit Control Manager NorthEast £37,500 £45,833 £54,167
CreditControlManager Credit Control Manager NorthWest £37,815 £46,218 £54,622
CreditControlManager Credit Control Manager Scotland £39,474 £48,246 £57,018
CreditControlManager Credit Control Manager Wales £37,190 £45,455 £53,719
CreditController Credit Controller National Average £26,284 £30,665 £35,046
CreditController Credit Controller London £30,000 £35,000 £40,000
CreditController Credit Controller SouthEast £27,778 £32,407 £37,037
CreditController Credit Controller SouthWest £25,862 £30,172 £34,483
CreditController Credit Controller EastEast £26,786 £31,250 £35,714
CreditController Credit Controller WestMidlands £26,087 £30,435 £34,783
CreditController Credit Controller EastMidlands £26,087 £30,435 £34,783
CreditController Credit Controller Yorkshire £25,210 £29,412 £33,613
CreditController Credit Controller NorthEast £25,000 £29,167 £33,333
CreditController Credit Controller NorthWest £25,210 £29,412 £33,613
CreditController Credit Controller Scotland £26,316 £30,702 £35,088
CreditController Credit Controller Wales £24,793 £28,926 £33,058
PayrollManager Payroll Manager National Average £43,807 £48,188 £56,950
PayrollManager Payroll Manager London £50,000 £55,000 £65,000
PayrollManager Payroll Manager SouthEast £46,296 £50,926 £60,185
PayrollManager Payroll Manager SouthWest £43,103 £47,414 £56,034
PayrollManager Payroll Manager EastEast £44,643 £49,107 £58,036
PayrollManager Payroll Manager WestMidlands £43,478 £47,826 £56,522
PayrollManager Payroll Manager EastMidlands £43,478 £47,826 £56,522
PayrollManager Payroll Manager Yorkshire £42,017 £46,218 £54,622
PayrollManager Payroll Manager NorthEast £41,667 £45,833 £54,167
PayrollManager Payroll Manager NorthWest £42,017 £46,218 £54,622
PayrollManager Payroll Manager Scotland £43,860 £48,246 £57,018
PayrollManager Payroll Manager Wales £41,322 £45,455 £53,719
PayrollAssociate Payroll Associate National Average £30,665 £35,046 £39,427
PayrollAssociate Payroll Associate London £35,000 £40,000 £45,000
PayrollAssociate Payroll Associate SouthEast £32,407 £37,037 £41,667
PayrollAssociate Payroll Associate SouthWest £30,172 £34,483 £38,793
PayrollAssociate Payroll Associate EastEast £31,250 £35,714 £40,179
PayrollAssociate Payroll Associate WestMidlands £30,435 £34,783 £39,130
PayrollAssociate Payroll Associate EastMidlands £30,435 £34,783 £39,130
PayrollAssociate Payroll Associate Yorkshire £29,412 £33,613 £37,815
PayrollAssociate Payroll Associate NorthEast £29,167 £33,333 £37,500
PayrollAssociate Payroll Associate NorthWest £29,412 £33,613 £37,815
PayrollAssociate Payroll Associate Scotland £30,702 £35,088 £39,474
PayrollAssociate Payroll Associate Wales £28,926 £33,058 £37,190
PayrollAdministrator Payroll Administrator National Average £26,284 £30,665 £33,294
PayrollAdministrator Payroll Administrator London £30,000 £35,000 £38,000
PayrollAdministrator Payroll Administrator SouthEast £27,778 £32,407 £35,185
PayrollAdministrator Payroll Administrator SouthWest £25,862 £30,172 £32,759
PayrollAdministrator Payroll Administrator EastEast £26,786 £31,250 £33,929
PayrollAdministrator Payroll Administrator WestMidlands £26,087 £30,435 £33,043
PayrollAdministrator Payroll Administrator EastMidlands £26,087 £30,435 £33,043
PayrollAdministrator Payroll Administrator Yorkshire £25,210 £29,412 £31,933
PayrollAdministrator Payroll Administrator NorthEast £25,000 £29,167 £31,667
PayrollAdministrator Payroll Administrator NorthWest £25,210 £29,412 £31,933
PayrollAdministrator Payroll Administrator Scotland £26,316 £30,702 £33,333
PayrollAdministrator Payroll Administrator Wales £24,793 £28,926 £31,405

Salary guidance

Salaries typically fall between the lower and upper quartiles depending on candidate availability, demand for those skills, level of experience, industry sector and the size of the business or organisation.

Lower quartile
The band under which 25% of salaries are paid. The entry point for the job role
Median
The midpoint salary for the job role
Upper quartile
The band above which 25% of salaries are paid. For experienced professionals operating at expert level.

Key observations

 

Falling inflation and the prospect of lower interest rates are improving business confidence within the finance profession. Despite a cautious approach towards hiring and salary negotiations at the start of 2024, business sentiment is improving. Many accountancy skills are already in tight supply and, with an increase in demand, we predict salaries to rise ahead of inflation this year.

The accounting industry is undergoing a transformation driven by technology, as explored in our Accounting and AI report, which is disrupting traditional accounting models. The integration of artificial intelligence (AI), automation, and advanced analytics is reshaping the way accountants perform their roles. This shift towards technological advancements requires accountants to adapt, upskill, and embrace new technologies to remain competitive in the evolving landscape.

Key points
  • Demand for candidates is rising and there are still shortages in key areas such as audit and for those with analytical skills.
  • Following an Ashdown Group study of over 12,000 UK accountancy professionals, 70% of employees are positive about the efficiency advancements being made with AI technology and automation.
  • There is an increase in demand for systems accountants and analysts with the ability to translate business processes into automated tasks, extracting and presenting financial information more efficiently.
  • A key observation from finance employees was that they want more training with technology tools to help them be more effective and greater communication around the use of automation technology and the long term effect on jobs.
  • Entry level finance roles are having more of their routine tasks automated by accounting systems meaning they can spend more of their time on higher value tasks.
  • The average salary increase across accounting roles is 6.5%. Audit has seen an increase of 10% and is one of the most highly sought after skills. Employers are increasingly seeking those with strong interpersonal skills such as critical thinking, problem solving, teamwork and communication. Developing these skills will command a premium salary beyond hard technical skills alone.

Flexible working

Our survey of UK employers has shown flexible working to be widely accepted within the accountancy profession, with all respondents either maintaining or further improving their flexible working arrangements.

Accountancy Salaries

Accounting salaries have crept up in comparison to other sectors and are often increased by a fixed percentage annually. This has led to an environment where in demand skills represent a flight risk amongst existing employees.

Most in demand skills:

  • Finance Analyst – 7% increase in salary
  • Management Accountant – 7% increase
  • Financial Controller – 8% increase
  • Financial Accountant- 7.5% increase
July 2023

The accountancy market in 2023 has been marked by a significant decline in business confidence, primarily due to inflation. This has had a profound impact on business growth, resulting in a cautious approach towards hiring and salary negotiations. Businesses are tightening their belts, with financial well-being initiatives being dropped and salary raises depressed compared to 2022.

Key points
  • Demand for candidates has fallen slightly, although there are still shortages in key areas such as audit and analytical skills.
  • The average salary increase across accounting roles in 2023 is 7%, rising to 10% for in-demand roles such as audit.
  • Accountancy employees want more training in AI to help them use the technologies more effectively.

Falling demand

During 2022 the demand for skilled accountants outpaced the available pool of candidates. However, in 2023 demand has fallen slightly, and candidate availability has improved. As a result, salary growth has fallen below inflation.

While there are still skill shortages in various qualified accountancy roles such as audit and senior finance, there are fewer shortages than there were in 2022. Core skills such as analytical and management accounting skills remain in high demand.

The average salary increase across accounting roles is 7%. Audit has seen an increase of 10% and is one of the most highly sought after skills.

Flexible working

Our survey of UK employers has shown flexible working to be widely accepted within the accountancy profession, with all respondents either maintaining or further improving their flexible working arrangements.

Tech transformation

The accounting industry is undergoing a transformation driven by technology, which is disrupting traditional accounting models. The integration of artificial intelligence (AI), automation, and advanced analytics is reshaping the way accountants perform their roles. This shift towards technological advancements requires accountants to adapt, upskill, and embrace new technologies to remain competitive in the evolving landscape.

A recent report by the Ashdown Group on AI adoption revealed that senior finance professionals feel broadly positive about AI and the opportunities it will bring. However, it also highlighted a significant knowledge gap, lack of understanding, and inadequate training as key areas for development among finance leaders. There is a growing need for finance professionals to invest more time in developing knowledge around emerging technologies and future planning.

January 2023

Demand for accounting skills hit a plateau in July and has remained flat – albeit at an elevated level ever since. There is still a shortage of skills across all finance roles.

Demand for accountancy professionals remains robust with more roles being advertised than available candidates. This position will put upwards pressure on salaries throughout 2023 as inflation and the cost of living continue to climb.

According to the Financial Reporting Council (FRC), the accounting profession is seeing a slow decline in graduate numbers whilst simultaneously seeing a larger number of people retiring at an earlier stage. This will put further pressure on existing skill shortages and subsequently create an environment of above-inflation salary increases to meet demand.

As businesses look to quantify the value of business functions and spending, accounting roles will remain in high demand throughout 2023.

Financial, analytical, and management accounting skills remain in high demand to support decision making in a rapidly changing economy. We anticipate tight budgets dampening salary increases during the next 12 months. As a result, attracting and retaining employees will remain one of the biggest challenges, balancing budgets with salary expectations during a cost-of-living crisis in 2023.

As in our other sectors, businesses are working hard to upskill within the accounts function, producing a number of benefits such as greater employee retention, engagement, productivity and greater collaboration within organisations.

Pressure to present financial data, which will enable faster decision making in a volatile economy, will put additional stress on finance professionals in the coming 12 months. We see the finance department building its role as a partner to other departments, and being seen as increasingly key to delivering business strategy in 2023.

The rise of AI may solve some of the skills shortages around analytical roles, but the speed of adoption and trust in these technologies remains a challenge to the industry.

Budget cuts will have a dampening effect on salaries during 2023.

Bespoke salary report

If you would like to find out more about how your salaries compare to others in the Accountancy market, we offer our clients bespoke individual salary reports for a precise salary assessment, based on industry, geography, competition, job role and company size.

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