International accountancy talent coming into the UK

For the Summer issue of ABACUS, ICAEW Birmingham and West Midands member publication, we shared our insights on the international accountancy talent in the Midlands. 

In recent years we have seen a significant rise in the quantity of international talent coming into the UK accountancy market, particularly in audit.

One of the reasons that accountants from outside of the UK are joining firms is that there was a reduction in the number of graduate hires for several years during the recession which has caused significant issues and talent gaps. UK firm have had to be more proactive in searching for Accountants from other countries.

During the depths of the recession, most if not all of the top 20 accountancy firms didn’t look to recruit for graduates in any sector, let alone taking on young qualified professionals. This has left a significant skills gap across many sectors and junior level positions with firms are now struggling to fill positions due to a buoyant market.

The problem is only now being realised as firms look to grow their teams now the economic outlook is a little more prosperous.

Firms and offices are now more multicultural with the makeup of the teams ever more diverse. Being exposed to colleagues from Asia, South America and the US provides valuable experience for local talent, possibly resulting in a greater interest for British accountants looking to work abroad or take international secondments.

Accountancy firms need to continue to focus on a diverse range of candidates when looking to hire as the perfect candidate isn’t readily available in today’s market. We have seen in recent months that there it is certainly a candidate driven market in the Midlands with firms clamouring for a smaller pool of talent who are considering their next career move.

The large accountancy firms are now required to be a lot more flexible and nimble when it comes to attracting young talent to train the next generation of accountancy and finance professionals. School leaver programmes are an example of how firms are looking to take on more diverse spread of younger people.

Graduate schemes are no longer the only route for people to train to become an accountant.

With the increase in popularity of apprenticeships and the burden of student debt, firms are now capturing talent a far younger age as opposed to taking them after university.

School leaver programmes are open to all youngsters regardless of background and aren’t restricted to the most intelligent students. This is having a positive impact on the diversity of future teams and firms which can only have a positive impact on the working environment.

Creating a more diverse environment in the Midlands can only be a positive move for accountancy firms to shape their teams for the future and continue to improve their offering to clients.