Young accountants in Scotland are flocking to start-ups, and other less traditional sectors, due to the pandemic, according to Core-Asset Consulting.
The consultant’s recent report into the country’s financial services sector revealed that stagnant salaries and flattening career prospects have resulted in young accountants pursuing other lines of work.
John Docherty, associate director of accounting and finance at Core-Asset, 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.
“This was reflected in roles where budgeting, forecasting, benchmarking and gauging IPO readiness were the key responsibilities. “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.”
He added: “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.”