Recruitment Trends in Accounting and Finance: London vs. Gulf Region
“Adaptability is not imitation. It means power of resistance and assimilation.” – Mahatma Gandhi. The recruitment landscape in the finance and accounting sectors is a testament to Gandhi’s words, as it continually adapts to economic fluctuations and market demands. But how do these adaptations manifest in regions as diverse as London and the Gulf? Are professionals in these areas witnessing the same trends, or is there a stark contrast in their experiences?
In London, the finance and accounting recruitment space is experiencing a steady rise in demand for skilled professionals. This uptick aligns with the city’s recovery trajectory and burgeoning business requirements. However, despite a 25% increase in recruitment within Commerce & Industry in 2024 compared to 2023, London’s accountancy and banking sectors have remained relatively stable, with no significant growth in vacancies (Morgan McKinley). The media sector, in particular, has seen the most substantial increase in recruitment activity. Regionally, finance vacancies have not enjoyed the same surge, remaining somewhat depressed outside of London.
Contrastingly, the Gulf region, particularly the UAE, is not as affected by inflation concerns and uncertain economic growth as other parts of the world. The introduction of new corporate tax regimes is expected to bolster hiring activity. In the UAE, 33% of accountancy and finance professionals plan to change organizations but remain in similar positions, indicating a healthy movement within the sector (ACCA Careers). Moreover, there’s a preference for mid-to-senior level professionals with local market knowledge, suggesting that experienced talent is in high demand.
Salaries in the UAE are also a point of interest. While finance professionals in the region generally seek increases up to 5%, this is modest compared to other parts of the world where finance skills shortages are more acute. This indicates that the supply of qualified candidates in the UAE is mostly sufficient to meet demand, a stark contrast to the talent shortages experienced elsewhere (Hays).
In terms of working arrangements, there has been a slight shift back towards fully office-based working for accounting and finance professionals in the UAE, with 59% reporting they work from the office full time, up from 51% in 2023 (ACCA Careers). This contrasts with the global trend towards more flexible working arrangements and may reflect cultural or business practice preferences in the region.
The UK economy is seeing improvement, with IPO volumes on the rise and an increase in corporate M&A activity. These trends are likely to continue driving demand for finance and accounting professionals in the market. However, London has witnessed an employment shift, with a 16% decrease in job seekers and a 38% decrease in jobs available compared to the previous year (Morgan McKinley). This could suggest a tightening of the job market, with fewer opportunities and candidates, potentially leading to increased competition for available roles.
In conclusion, the finance and accounting recruitment trends in London and the Gulf region are diverging. London’s market is showing signs of saturation with a decrease in job seekers and available jobs, while the Gulf, particularly the UAE, is experiencing a boom, with increased hiring activity and a preference for local, experienced talent. Salary expectations remain modest in the Gulf compared to other regions, and there is a noticeable return to traditional office-based work. These trends are crucial for stakeholders in both regions to understand as they navigate the recruitment landscape in 2024.
About
Warners Scott , based in London and Dubai, is a global leader in executive recruitment for Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of experience, they have built solid relationships with top-tier banks, financial institutions, and accountancies. Their distinct advantage comes from these long-term relationships with hiring managers and internal recruiters, a broad candidate network, and continuous candidate engagement. This unique positioning earns them trust from both talent and hiring managers. Their in-depth understanding of recruitment needs enables them to identify senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that other recruiters cannot reach.
Providing customized recruitment solutions, Warners Scott serves both international and regional clients as true business partners. Their offerings encompass retained, exclusive, and contingency searches, along with permanent, contract, and interim staffing services.
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References
– “Accounting & Finance UK Finance Labour Market Trends Spring 2024.” Morgan McKinley, https://www.morganmckinley.com/uk/article/accounting-finance-uk-finance-labour-market-trends-spring-2024.
– “2024 Middle East Salary and Recruitment Outlook: Salaries Buoyant as Gulf Booms.” ACCA Careers, https://jobs.accaglobal.com/article/2024-middle-east-salary-and-recruitment-outlook-salaries-buoyant-as-gulf-booms/.
– “London’s Financial Employment: A Rollercoaster Year of Contrasts and the Road Ahead in 2024.” Morgan McKinley, https://www.morganmckinley.com/uk/article/londons-financial-employment-rollercoaster-year-contrasts-and-road-ahead-in-2024.