2023 Finance Recruiting Slows, but Insurance Companies Rise to the Top

Accounting Job Openings Take a Squeeze in 2023

In 2023 the accounting scene has been a bit of a quiet place. Across both Financial Services and Commerce & Industry, the number of fresh vacancies has dropped noticeably, pulling back from the momentum that had been building in 2022.

Financial Services – March Was the Swell‑Manor Period

March was the high‑water mark for the finance branch, boasting 532 vacancies. That’s a whopping 31% drop compared to last year. The only exception was in November, where we saw a modest 12% lift in openings.

Bex Pearce, Customer Director at Morgan McKinley, explains the changes: “With the new regulations bubbling across banking, 2023 has sparked more interest in Regulatory Reporting roles. That demand is matched by a surge in positions for Financial Control and Accounting Policy.”

Commerce & Industry – A Uniform Decline

Every sector under the commerce & industry umbrella saw its share of the slump, steadily down from the boom of 2022. The Technology division carried the heaviest hit, with a staggering 52.2% drop. This mirrors the broader trend of tech firms trimming their workforces.

Quick Takeaway

2023 is a down‑season for accounting jobs.
Financial Services peaked in March; November edged forward.
Technology leads the decline with a >50% cut.
Regulatory reporting and financial control are still hot spots.

So, if you’re hunting an accounting gig, keep your eyes peeled—work may have gone on a diet, but opportunities are still simmering behind the scenes.

Financial Services drops, London’s national share shrinks

London Still Ranks Supreme—But the Numbers Are Getting Slender

£>Even with a 32.1% slump from last year, the Financial Services Accounting scene in London stubbornly stays the biggest hot‑spot, packing in a whopping 2,444 open spots.

Commerce & Industry Sees a Crushing Drop

In the Commercial & Industrial sector, vacancies went down a solid 42.8%. That’s a serious hit for any hopeful accountant looking for the next paycheck.

London’s Market Share Tumbles

With all that shrinkage, London’s slice of the overall accounting pie has dipped to 31.8%—the smallest share it has seen since 2021. So, while the city’s still the king of the accounting jungle, the jungle itself is a bit leaner.

London remains the top financial accounting hub.
Overall vacancies fell by 32.1%.
Commerce & Industry vacancies plummeted 42.8%.
London’s share of all vacancies is now its lowest since 2021, at 31.8%.

Phoenix Group lead the way as big banks contract

Financial Sector Shakedown: Big Names vs the Phoenix Phenomenon

Barclays took a rough tumble, slumping 64.5% year‑on‑year.
JP Morgan wasnt much better, diving 49.6% into the abyss.
NatWest followed suit, shrinking by 45.7%.

Where did the money go?

While these titans struggled, the market kept moving, meaning the vacancies stayed strong for those not watching the headline.

Enter the Phoenix Group – the phoenix of the finance world

In contrast, the Phoenix Group sprinted ahead with a dazzling 47.1% rise in vacancies. Their stellar performance shows they’re not afraid of the heat!