Why The Accounting Talent Pool Shortage Is Everyone’s Responsibility

The accounting and finance job market is very active right now.

The good news is that many companies are growing their headcount and investing in projects and technology. This means there are many more good opportunities out there for experienced accounting and finance professionals.

The bad news is that – outside from the traditional route of doing the obligatory four years in an accounting firm – there are still very few opportunities in accounting for brand new graduates. For many talented, ambitious and motivated millennials, the accounting firm route just doesn’t appeal. So they go looking for alternative points of entry into the profession, but find nothing. Many end up abandoning the profession right there and then – we lose some of our best to IT, marketing and entrepreneurial start-ups – and it’s all our fault.  

I believe that as competition for accounting and finance talent heats up, and more young graduates prioritise commercial experience over public practice experience, the supply of highly skilled accounting and finance staff into the future is only going to become even more constrained.

WHAT CAN WE DO TO REMEDY THIS PROBLEM?

It’s time we all took responsibility for this problem. Outside of a few large corporates, there are very few employers who are willing to hire and train graduates. Rather than wringing our hands about the lack of talent, we all need to play our part by creating truly entry level roles, and offering training and development.

Sure, it’s a lot easier to hire someone with experience into your team, but the reality is, that’s rapidly going to get even harder (and more expensive) to do than it already is.

Yes, it’s a big change in mindset for most companies, but I really believe the only sustainable approach for the industry is if each of us takes responsibility for growing local talent, rather than all of us going fishing from the same rapidly shrinking pool of people.

How great would it be to be recognised as a company that gives our young accounting graduates opportunities to begin their careers?

Thinking of growing your own accounting pool but not sure where to start? Our dedicated team at Consult are superheroes when it comes to placing the right accounting & finance professional at your company. Get in contact today!