UK accountants are not happy bunnies, and some 43% recently said they want to leave the profession!
New research by Silverfin found UK accountants are some of the unhappiest in Europe. Only in Luxembourg did more accountants want to change profession (48%). Dutch and Danish accountants are much happier, with just 15% and 24% respectively saying they were looking for the exit!
The big worry about these latest figures is last year just 9% of UK accountants said they were looking to change profession.
With four in 10 accountants planning to move on it is hardly surprising that recruitment in the sector remains problematic. Some 92% of respondents reported their firm had at least one vacancy, and 41% say it typically takes 12 weeks or longer to fill posts.
And, nearly half of UK accountants say they cannot keep up with the demand for advisory services. It means overworked accountants are turning business away.
There is a feeling then, that accounting firms are being squeezed from all directions, with long-term challenges around talent and technology colliding with the daily work flows.
PQ magazine talked to Aleisha Hales (pictured), Silverfin’s head of UK and Ireland, about the worrying stats. An FCCA herself, she said many might be thinking of leaving accountancy because being a partner or CFO is not for them. But she felt they are using their qualification to open up more opportunities outside the traditional accountancy roles – so maybe the reasons for leaving the profession are not all negative. She pointed to herself as a prime example of someone not working in one of those traditional roles!
Hales also felt another figure from the study shows it is not a case of all doom and gloom – despite the operational pressures more than nine in 10 respondents (92%) are optimistic about the direction of the profession in the next five years. And, over the next decade some 41% of accountants also felt the profession would grow in importance and scope.
While AI might seem to be the answer to many of the woes, some two-thirds of 25–34-year-olds say they lack the time or resources to implement it. With some 64% of this age group also having concerns about its accuracy and reliability. This compares to just 16% of those aged 45-54. Silverfin wondered if younger accountants are more likely to be experimenting with free or general-purpose AI tools, while older colleagues have access to technology selected and controlled by the firm. Or, maybe younger accountants are closer to the day-to-day output, making them quicker to spot when the answer does not look right?
Again, Hales felt the disconnect with AI helps to lead into the current narrative.
Silverfin’s findings are published their report, How Europe’s accounting firms can meet rising demand for advisory services.
