East Midlands Newly Qualified Series

Henry Clarkson, our recruiter for Qualified Accountants in the East Midlands area, introduces himself and shares some tips on a constantly evolving area of the market, Newly Qualified Accountants.

July 25, 2022
Jul 26, 2022

Recruiting newly qualified accountants has been part of my professional career for the past 8 years.  Having returned to the UK last year after two years working (and of course a bit of travelling 😉) in and around New Zealand, I have seen just how much the world of work has developed for newly-qualified – and salary packages are right at the top of the list of developments.

During my six years as a newly qualified level recruiter in Yorkshire between 2014 and 2019, the full range of salaries sat between £35,000 and £45,000, with most being set around the £40,000 mark for employers in industry.  Candidates qualifying in practice would be earning between £34,000 and £38,000, so an offer of £40,000 was generally seen as attractive and competitive. A salary increase of 5-15% to £40,000, plus some good benefits, potential reduction in travel and good working hours (if moving from practice) was attractive and successfully secured strong candidates.

Fast forward two years and we have seen a significant change in the market.  

The demand for Newly Qualified Accountants has only increased *something I will explore later in this series, and the competition for talent is fierce.  We are now seeing a wider range of salaries on offer for Newly Qualified Accountants.  The range is still starting at around £35,000, but the upper end of the scale rises as high as £50,000.

“Brilliant news!” may be the first thought for those sitting their final exams, and there is no doubt that it is for you.  The roles we have recruited at £50,000 have all been technical Financial Accounting positions where a strong knowledge of skills such as IFRS is required.  Typically, these roles attract fewer candidates compared to Finance Business Partnering and Management Accounting roles and a highly competitive basic salary is one way of increasing applicants.

I would advise a holistic approach to secure your next hire; look at your company, your role, the managers’ profile, progression opportunities, work/life balance, and additional benefits as well as salary.  We have recently identified 47 different benefits companies offer that have an impact on individuals accepting a role. The right answer is rarely to just look at the basic salary.

It is about bringing to life the total opportunity.  We can help you do this from an employer’s perspective.  For candidates, we help them discover what is most important to them in their next role.

This area of the market is constantly evolving and following the recent increases in salary from PwC and KPMG, it will be interesting to see this impact over the coming months.

The next article in the series will utilise our latest benchmarking tool to look at real data for Newly Qualified Accountants to see how this varies over industries and locations.

For any questions, or more information, please contact me on henry@pratappartnership.com or 07522541383.

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