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Demand for contractor accountants outstrips rest of market

Demand for contractor accountants outstrips rest of market

The latest Job Index from Reed showed an increase in opportunities for newly qualified accountants last month.

Although there was little movement in the rest of the jobs market, there was a 5% increase in new accountancy jobs in August. According to Reed, the past year has seen an increase of 22% in demand for qualified accountants, and an increase of 34% since the Index came into being in December 2009.

Despite the increase in opportunities, salaries for new qualified accountants remained unchanged in August. Compared to the recruitment market as a whole, this is still an improvement as the Salary Index sank to 97, 3% below the benchmark set when the Index started.

The non-qualified Accountancy Index is also outstripping national figures at 28% higher than it was this time last year.

Martin Warnes, Reed.co.uk’s MD, said it was really striking to note the increase in demand for qualified accountants last month when all other areas of the economy remained flat.

The service sector in particular is suffering at the moment. The latest Markit/CIPS services purchasing managers index fell from 54.4 to 51.1 in August. This was the largest drop in ten years as economic uncertainty in the Eurozone continues to harm the FTSE and consumer confidence is eroded by rising inflation and constrained incomes.

Nick Jones from World First currency brokers said that a fall had been expected but the extent of the decline was a real shocker. The services industry is still slightly growing, he continued, but any more shocks to consumer confidence could see the sector contract and threaten the third quarter’s GDP.

© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Relax, Mr. Accountant by Dennis Wong

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