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What 2023 holds for PQs

Karen Young, Director of Hays and responsible for the accountancy & finance division, talks you through the latest salary and recruitment trends

There’s no doubting that 2022 presented much uncertainty in the political and economic climate, and this has had an impact on the world of work. We’ve seen skills shortages, more hybrid working and an emphasis on work-life balance, to name just a few.

New data revealed in the 2023 Hays Salary & Recruiting Trends guide gives an invaluable insight into the thoughts and feelings of part qualified accountancy professionals (PQs). Crucially, the wider insight from over 2,000 professionals working in the finance profession illustrates what the year ahead could look like for accountancy.

Employee worries varied In terms of the extent to which the wider economic situation may alter employment opportunities in the next two to five years, there was a mixed response. Some 10% of PQs describe themselves as being very concerned, 43% are quite concerned, 40% are not very concerned and 5% are not concerned at all.

Inevitably, employment anxiety is present across a wide range of industries today, but PQs continue to be one of the most in-demand roles across the accountancy and finance sector.

PQs satisfied in their jobs The start of a New Year is a good time to reflect on how happy you are career-wise, and what factors might improve that. The consensus surrounding PQ job satisfaction is hopeful; whilst 18% of PQs are dissatisfied with their current jobs, a large majority rated their job satisfaction as high, with 56% saying they are satisfied and 23% answering very satisfied.

Our guide found that 66% of PQs feel positive about their career prospects, a slight increase from 64% in last year’s survey. This growing optimism is promising for PQs. Likewise, 65% of PQs either agree, or strongly agree, that there is scope for career progression within their organisation. These results suggest that accountancy is likely to provide career fulfilment in the next 12 months and beyond for long-term career paths.

The outlook for salaries is optimistic Given the widespread cost-of-living challenges, pay is increasingly important to professionals. The total amount of PQs who describe being satisfied, or very satisfied, with their salary is 68%.

However, employees may be tempted to move companies to seek a pay-rise. While 32% of PQs haven’t seen a change in their salaries, 39% had a 5% or higher increase in the past 12 months.

Working practices are still hybrid Since the pandemic, workplace trends have continued to shift. Whilst there has been a return to the office post lockdowns, hybrid working – which entails both remote and office-based work – remains the most popular choice. As things stand, just over half of PQs (52%) are currently working under a hybrid model, compared to 30% fully in the workplace and 18% fully remote.

We found that the workplace trends an organisation has to offer substantially alters their appeal. For instance, over half of PQs (56%) plan to find a new role that is more of a mix of hybrid working. Notably, the opportunity to work from home some of the time is now more of an employee expectation than a benefit.

The importance of purpose Finally, organisational purpose greatly impacts a person’s desire to work for a specific company. In all some 32% of PQs stated that an organisation’s purpose is very important when considering a new role and 51% said important.

Despite the obvious challenges businesses face today, there are still many things to be positive about in the world of accounting. For the year ahead, PQs can expect to encounter continued economic uncertainty, but hopefully feel better equipped to tackle it with the insights of our Salary & Recruiting Trends guide. See: https://www.hays.co.uk/salaryguide • Karen Young is a Director of Hays

Scotland

Typical AAT studier £25,000 ACCA Finalist £37,000 ACCA PQ £32,000 CIMA Finalist £37,000 CIMA PQ £32,000 CIPFA Finalist £34,000 CIPFA PQ £28,000 ACA Finalist £37,000 ACA PQ £32,000

North West

Typical AAT studier £23,000 ACCA Finalist £38,000 ACCA PQ £33,000 CIMA Finalist £37,000 CIMA PQ £33,000 CIPFA Finalist £36,000 CIPFA PQ £33,000 ACA Finalist £35,000 ACA PQ £29,000

West Midlands

Typical AAT studier £24,000 ACCA Finalist £40,000 ACCA PQ £32,000 CIMA Finalist £40,000 CIMA PQ £33,000 CIPFA Finalist £33,000 CIPFA PQ £30,000 ACA Finalist £40,000 ACA PQ £33,000

South West

Typical AAT studier £26,000 ACCA Finalist £42,000 ACCA PQ £36,000 CIMA Finalist £42,000 CIMA PQ £35,000 CIPFA Finalist £37,000 CIPFA PQ £32,000 ACA Finalist £38,000 ACA PQ £33,000