As exciting and glamorous as the profession of accounting appears, unfortunately it’s not always the case. There are in fact, long tedious hours with many numbers involved. So why would accountants want to practice their craft in an exotic location away from the beautiful weather of the UK? Well it now appears that the tides are turning.
According to data from careersinaudit.com, there has been a downward shift in the number of UK accountants that are seeking employment abroad. In fact the percentage of accountants seeking work overseas since 2011 has dropped from 66.3% to 52.2% in 2014. This shift can be associated to a number of factors.
Most likely the primary reason for the decrease is that in the last few years there has been an increase in accounting jobs available here in the UK. This increase in itself is due to a few factors as well, the main one no doubt being the softening of the hiring freeze between 2008 and 2013 which started to open up the market.
The other reason why UK accountants are deciding to stay here is because salary packages are now more attractive than before. Previously salary packages offered in a foreign countries (primarily the Middle East and UAE/Dubai) were much more enticing than what was being offered here. Now with the general deceleration in the global economy, many foreign countries have tightened up their purse strings.
In conclusion, it does appear that the home grown talent is figuring out that home is not only where the heart is but also where the jobs and money are. However, there is a new player that is offering everything we have and a bit more. The Asia Pacific and China region is becoming a major powerhouse that has the resources to cherry pick exactly who and what they want. So there may be a sigh of relief to see a downward shift in UK accountants seeking employment abroad however, let’s not hold our breath.
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My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice.