Accountancy and finance job roles, image:Reappointed Solutions
Concern has been expressed over new data which shows that the number of finalists applying to work in investment banking, finance and accountancy has dropped by up to a fifth, in the last twelve months. This is believed to impact on the availability of talent with the necessary skills to fill senior roles in the future.
Adrian O’Connor, Founding Director of Global Accounting Network said:
“This is worrying news that fewer graduates than ever before are applying to work in investment banking, finance and accountancy as this will have wide-spreading consequences for the industry as a whole as it struggles to both recruit and develop the numbers of people it needs to hire .
“The impact of student debt, which has now risen to £37,000 upon graduation , is clearly an issue, and it will add another layer of doubt to those who may be considering applying to university, and further down the line, developing their talent to work in the finance industry.
“As new routes to employment open up for would-be financial professionals, such as apprenticeship schemes, employers will need to look again at how they respond to managing their talent pipeline, and we’ve already seen the “Big Four” accountancy firms, begin to do so this in response to technological changes in the way they audit companies.
“While these findings may only be a ‘blip’ due to a lack of confidence in the market, if the trend continues, there will be a high price to pay later on down the road. At worse, this could lead to a shrinkage in the accountancy market, at best it may lead to a complete reassessment of how financial professionals and businesses recruit and retain their best talent. For the moment, the jury is out as to which way this is heading.”