2022/23 Financial Year Wrap-Up
The last 6 months in the Accounting and Finance recruitment market have very much followed the trend of the past couple of years with a high volume of roles and a shortage in supply of candidates being the underlying narrative.
There has been a definite slowdown in activity in the last financial quarter of FY23, but the market is well above the volumes we were seeing in late 2019 to March 2020. Like most things in life, it is all about perspective!
The junior-middle end of the accounting and finance recruitment market (Sub 140K) continues to trundle along at a good pace with highly skilled, highly active candidates finding there are a plethora of opportunities in their chosen space… unless their space is tech which is still reeling from the “tech wreck” earlier this year. Speed of hiring and providing truly compelling career propositions to candidates continues to be key in securing the best talent at this end of the market. Salaries feel like they have peaked here now, unsurprising given a probable 20-30% rise pre-covid levels.
Above that level, the accounting and finance market continues to be robust with a good number of opportunities on offer. However it is a very competitive landscape for candidates, with companies continuing to look to engage passive candidates with highly relevant skillsets and industry knowledge where possible. As we continue into uncertain economic times, companies are looking for leaders who can sail the ship through uncertain waters, so past experience is seen as the best predictor for future success. Salaries at this level have marginally risen over the past 3 years, arguably keeping in line with inflation.
Given year end is in full swing for most accounting and finance leaders, and those that aren’t seemed to be sunning themselves in Europe, July has made something of a slow start but that isn’t unexpected for this time of year.
So, the question everybody is asking us… what’s next?
Well, if the last 3 and a half years have taught me anything, it is don’t try and predict the future… but here goes!
Overall, I think the market will hit a slower period for the next 3 months, as companies start to look at what the world and their business looks like going into the future. With that I would expect a number of companies to look at restructuring their finance functions to adapt to the changing demands of the business. I would still expect a good level of demand though for candidates who can add value to the business, perhaps leaning towards cost management as inflation remains above the market targets.
The market typically picks back up late in July so if you are starting to think about your next career move, now is a good time to start chatting to established accounting and finance recruiters in the market to see what could be next for you.
