Young Scottish accountants embracing start-ups post-COVID, report reveals

The sixth Annual Salary Guide into Scotland’s financial service sector from Core-Asset Consulting has found that accounting and finance salaries have been static, pegged back because of the ravages of the pandemic, which followed hot on the heels of disruption sown by Brexit and the 2019 general election.

However, according to John Docherty, associate director of accounting and finance at Core-Asset, career-minded accountants and financial professionals have still been quick to find opportunity.

He said interest in start-ups grew in 2020, especially with a burgeoning fintech sector.

“Finance professionals were attracted to the potential growth from the ‘ground up’ and the entrepreneurial culture, along with a more expansive set of responsibilities and greater senior stakeholder exposure,” Mr Docherty said.

“This was reflected in roles where budgeting, forecasting, benchmarking and gauging IPO readiness were the key responsibilities.”

The 2020 report highlighted how there were already headwinds facing accounting and finance professionals even before the pandemic hit – but that simply led to a “broadening of mindset” as they instead looked to roles in less traditional sectors including logistics, food and drink, energy and life sciences.

From March 2020, new accountancy and finance positions decreased rapidly across this sector, with the pandemic impacting on roles particularly in travel, hospitality, retail and leisure.

Mr Docherty said many firms already have lean finance teams, and this, coupled with arguably an even greater requirement for incisive analysis and reporting resulted in increased workloads for many teams and individuals.

“The consolidation of some large finance businesses and the offshoring of transactional finance roles contributed to a general slowing in market opportunities which bled into Q1 of 2020,” Mr Docherty said.

“That downturn impacted the availability of accounting and finance sector vacancies and resulted in a broadening of mindsets by candidates, with the commerce and industry sector being the main beneficiary.

“There is always a perennial demand for accountants at newly qualified to five years PQE and unsurprisingly, this was evident in the roles that did come to market during 2020.

“This demand was not just across financial services but also commerce and industry. Ambitious individuals at this level seemed undeterred by a slower market, recognising when a fresh challenge was required to maintain an upward career trajectory.”