Is Brexit affecting the accountancy job market?

As the Brexit closing date draws closer, recruiters, as well as fresh-graduates, and employees looking for jobs in the UK are sitting tight.

The uncertainty currently surrounding Brexit is creating fear, and many experts and strategists believe that it will impact the whole UK job market – if it hasn’t already.

Despite a significant 4 per cent drop in the overall number of jobs in the last quarter of 2018, technical accountancy jobs are among the few that have remained high in demand.

The changing employment and recruitment dynamics of the UK

As a business owner or recruiter in the UK, you might also be thinking what next does the UK job market have to offer once Brexit happens? Well, you are certainly not alone as everyone in the UK is anxiously waiting to see the impact Brexit has on the UK job market.

But one thing is very clear, recruiters and employees from each and every industry are currently unsure of what awaits them. Although, for now, the UK job market is showing a positive curvature and appears to be still going strong with marginal ups and downs. However, this may not always be the case once Brexit finally happens in March 2019.

However, even though the accountancy job market is relatively secure compared to jobs in other sectors, the volatile situation of the UK job market, and the economy as a whole pre and post-Brexit is making the predictions of accountancy jobs even more difficult.

According to a report, UK is going to face a massive employment crisis post-Brexit. This indicates that the employment crisis will impact each and every industry in the UK and accountancy jobs will be no exemption.

Here’s how Brexit is affecting the UK job market—industry wise…

Banking and Finance

According to the Bank of England, the UK could lose up to 40,000 financial services, and banking jobs after Brexit. This is in large part due to the fact that most skilled and technical employees working in the UK are from other EU member countries, and they might be forced to quit their jobs or work holding a status of ‘migrant’ if they are allowed to stay. However, the fate of those employees is still unknown as the final exit agreement is yet to be signed in March 2019.

Marketing and HR

Marketing and HR are two sectors of employment which could be impacted the most, following Brexit – if it becomes a reality. Various public reports that are published in reference with the employment crisis in the UK as a result of Brexit highlighted that approximately one million jobs in marketing and HR will be lost. These numbers are huge and experts fear this will likely disrupt the whole UK economy.

Accounting

Besides speculations about potential wide-ranging implications for the accounting industry in the UK, following Brexit, the job market for accountants is relatively safer compared to other industries.

As accounting is a profession that requires technical work and accountants are almost always high in demand, professional accountants will still be able to find jobs in the UK.

However, a significant 4 per cent drop in the last quarter of 2018, 2 per cent overall since Brexit began to surface on the media is sending strong signals to recruiters, as well as accountants in the UK that their accountancy jobs in the UK can also be threatened once Brexit actually happens.

What does the future hold?

The employment dynamics in the UK are changing as Brexit edges closer. However, the employment costs and consequences will depend on what employment policies the UK adopts after Brexit.

Meanwhile, everyone in the UK, including but not limited to recruiters and employees need to wait and expect for the best to happen in the time to come.

Are you accountant looking for the next step in your career, register with us now. If you are an employer looking to hire an accountant ideally matched to your sector and requirements, contact us.