A London Accountancy & Finance Recruiter's Journey: 20 Years of Insights
My recruitment career started in 2004 after a stint as a letting agent in London. A successful recruiter-turned-landlord suggested the idea, and I never looked back. Now, approaching 20 years in accountancy & finance recruitment, with a detour into Talent Acquisition, I wanted to share some high-level points of view.
The Changing Face of Accountancy & Finance Recruitment
Over the past two decades, I've witnessed significant shifts in our industry. Consider these statistics:
A newly qualified accountant's salary has grown by 20-25% in the last 20 years, while Big 4 revenues have skyrocketed. EY's global revenue, for instance, jumped from $21.44 billion in 2009 to $49.4 billion in 2023. (Source: statista.com)
Only 16% of UK recruitment companies existed before 2008 (Source: Companies House). Our longevity speaks volumes about our resilience and adaptability.
Brexit has shrunk the UK workforce by 330,000, mainly affecting the 50+ and 18-24 demographics. (Source: ICAEW)
The fractional market is booming, with a 57% increase since 2020. Finance roles now comprise 31% of this market. (Source: Bureau of Labour Statistics)
These numbers paint a picture of a dynamic, evolving industry. But what does this mean for recruiters and job seekers?
Navigating Today's Recruitment Landscape
Based on my observations:
Despite technological advances, our market & niche still values great relationships, consultancy, and assessment above all.
The proliferation of agencies can be overwhelming for candidates & clients, making it crucial for firms to differentiate themselves.
The middle-management cohort in Accountancy & Finance has become increasingly candidate-led.
Recruitment can be a rewarding career, but it requires perseverance. The first 2-3 years are challenging as you build your network, but the payoff is worth it.
Lessons from Running a Small Recruitment Business
As a business owner, I've learned that:
Service positioning is crucial, but implementation is where the real challenge lies.
Specialization is key for small companies looking to make a big impact.
Solid financial stewardship is critical from day one.
Employees value different things in the 2020’s. Yes, money is a driver, but training & development, softer benefits and great relationships with workplace peers & management are equally as important.
Looking Ahead: Opportunities at Trace
At Trace, we're proud of our reputation for developing top-notch Accountancy & Finance Recruitment Consultants. Our team includes industry stalwarts, long-serving members trained from withing, trainees, along with the unavoidable alumni who've made their mark in the sector with competitors 😊
We're currently seeking experienced Consultants to join two of our teams. If you're interested in being part of a company that values expertise, relationship-building, and professional growth, I'd love to hear from you.
