The latest report from Randstad Financial & Professional suggests that the UK will have an increasing demand for accountants by 2050:
- 80,000 more accountants will be needed by 2050 to satisfy rising population levels
- Restrictive immigration policy driving down size of qualified workforce
- The number of skilled migrants arriving in the UK is a third lower than before the financial crisis (2007) while the number of workers leaving is 15% higher
- UK workforce as a whole is currently 268,000 employees short of the number required across key sector to satisfy long-term demand of the country
The UK needs to recruit an additional 80,000 accountants by 2050 in order to satisfy the long-term demand for qualified finance professionals, according to specialist recruiter Randstad Financial & Professional.
Previous research from Randstad Financial & Professional forecast that in order to support the predicted UK population, the accountancy workforce would need to be 101,000 strong by 2013 if it were to meet the long term requirement of employing 156,000 accountants by 2050.
But the accountancy profession is now less likely to meet long-term demand than it was five years ago, following a 19% decrease in the number of qualified accountants. There are now just 76,000 qualified accountancy professionals in the UK compared to 94,000 in 2008. Randstad says the sector will find it increasingly difficult to meet long term demand following historic changes to visa rules which are restricting the sector's available pool of skilled talent.