Recently, First Intuition brought together a group of accountancy professionals, industry representatives and business leaders from across the Hull and Humber region to discuss the challenges and opportunities currently shaping the profession.
The conversation highlighted a sector that remains resilient and ambitious, but one that is also navigating significant pressures around recruitment, skills development, technology and rising costs.
Workloads Continue to Rise
A recurring theme throughout the discussion was the sustained pressure on workloads across accountancy firms. Attendees reported that ongoing support for clients following recent Budget changes, an increase in audit work as smaller firms relinquish audit licences, and a growing volume of ad hoc client requests have all contributed to exceptionally busy periods.
As a result, recruitment remains high on the agenda. However, firms are increasingly seeking experienced professionals who can make an immediate impact. At the same time, many organisations acknowledged the challenge of developing trainees when managers are already operating at full capacity.
Interestingly, several firms expressed a preference for investing in and upskilling existing trainees rather than continually recruiting new entrants into the profession.
The Changing Pathway into the Profession
There was widespread recognition that school leavers are becoming an increasingly important source of talent for accountancy firms. However, participants noted that many young people are entering the workplace with limited practical work experience. This challenge is compounded by difficulties schools face in securing meaningful work experience opportunities for students.
Rod Chambers of the Hull and Humber Chamber of Commerce highlighted the importance of employers engaging directly with schools and colleges, helping young people gain a better understanding of career opportunities beyond traditional university routes. Attendees also observed that successful school engagement often relies on individual relationships rather than a consistent, structured approach.
Rising Employment Costs Remain a Concern
The impact of increasing employment costs was another major topic of discussion. Rising National Insurance contributions, wage pressures and wider operating costs are placing additional strain on firms of all sizes. Whilst apprenticeship incentives are welcomed by employers, many felt that they help to offset only a portion of these increased costs.
For some firms, the financial investment required to recruit and develop new talent is becoming increasingly challenging.
Concerns Around Level 7 Funding Changes
Changes to Level 7 apprenticeship funding generated considerable debate. Participants felt that smaller firms may be disproportionately affected due to more limited training budgets and fewer alternative development routes. Representatives from ICAEW noted that some employers are already adapting their recruitment strategies to focus on candidates who are likely to meet future Level 7 eligibility requirements. The long-term impact on talent pipelines remains a key area of concern.
Employability Skills Under the Spotlight
One of the most animated discussions centred on employability skills. Many attendees felt that young people entering the profession often lack some of the fundamental workplace skills needed to thrive in a professional environment. Areas highlighted included communication, confidence using the telephone, reliability, resilience, accountability and proactive behaviour.
The group also discussed the importance of self-reflection, understanding workplace expectations and developing the ability to manage setbacks constructively.
Despite these concerns, there was strong agreement that enthusiasm, curiosity and a willingness to learn remain some of the most powerful indicators of future success.
Leadership Starts with Self-Management
Alongside employability skills, attendees explored the importance of leadership and management development. Interestingly, the discussion focused less on managing others and more on self-management. Skills such as communication, organisation, self-discipline and working effectively to deadlines were seen as increasingly valuable in today’s workplace.
Whilst many firms deliver foundational workplace skills internally, more formal leadership and management training is often reserved for individuals demonstrating strong potential for progression.
AI is Changing the Profession -But Fundamentals Still Matter
Artificial intelligence was another key topic, with attendees recognising both its opportunities and challenges. There was broad agreement that technology will continue to automate routine tasks and reshape the profession. However, firms stressed that trainees must still develop a strong understanding of accounting fundamentals.
Without knowledge of core principles such as double-entry bookkeeping, there are concerns that future professionals may struggle to interpret, challenge and validate outputs generated by AI systems.
As technology evolves, the ability to combine technical expertise with advisory and relationship-building skills is expected to become increasingly important.
Professional Qualifications Continue to Hold Value
Despite rapid technological change, professional qualifications remain highly valued across the profession. Attendees highlighted the role qualifications play in building technical competence, discipline, resilience and professional credibility. However, there was also consensus that qualifications alone are not enough. Practical application of knowledge, commercial awareness and workplace effectiveness were all viewed as equally important contributors to long-term success.
Mixed Experiences of Offshoring
Several firms shared their experiences of offshoring as a way of addressing capacity challenges. Whilst some organisations reported initial success, many described challenges around quality control, increased review requirements and rising costs over time. For some firms, the time required to check and correct outsourced work ultimately reduced the expected efficiency gains.
A Distinct Regional Market
Unlike some areas of the UK, attendees reported that private equity-backed consolidation has not yet become a significant feature of the Hull and Humber accountancy market. Most firms remain independently owned, with many experiencing sufficient organic growth without the need to acquire additional client bases.
Looking Ahead
The discussion reinforced the importance of developing future talent, supporting employability skills, embracing technological change and ensuring professional qualifications remain relevant in an evolving marketplace.
Whilst firms continue to face challenges around recruitment, costs and capacity, there was also a strong sense of optimism about the future of the profession and the opportunities available to those entering it.
Thank you to everyone who contributed to the discussion. We look forward to continuing these important conversations at future roundtables across the region, get in touch with Leeds@FI.co.uk or Newcastle@FI.co.uk or Sheffield@FI.co.uk to find out about upcoming dates.
Images provided by First Intuition
