Finance and accountancy remain key sectors for the UK jobs market. Aside from being a cornerstone of the country’s economy, they’re always in-demand, offer lucrative compensation and plenty of opportunity for upwards progression.
This means at any one time, there’s generally a large pool of candidates for a business to choose from – whether they’re looking for entry-level roles, qualified accountants or even senior roles such as finance directors.
At the same time, the majority of UK businesses require a finance function – it helps them operate safely and sustainably on a day-to-day basis. For both candidates and employers then, the range of choice is broad.
What many employers struggle with however, is finding the right people. Finance recruitment – like any professional service – is often a tough undertaking. You need the right mix of talent and culture fit to make it work. With so many people building a career in finance, where should you be looking for your next superstar employee?
What are the Top UK Cities for Finance Recruitment?
The UK’s financial services sector remains one of the most significant and influential markets on a global scale, despite recent economic fluctuations.
According to the Financial Conduct Authority, the financial and insurance sectors contribute £208.2 billion to the economy whilst employing 1.1 million people directly. If we take into account related services, that number increases to 2.4 million people.
At the same time, these sectors contribute an estimated £110 billion in tax per year, making up nearly 12% of all UK tax receipts.
Yet as technological advancements in corporate finance and an increased demand for specialist roles in sectors such as financial technology increases, it’s becoming more important than ever that businesses hire effectively, especially when a ‘bad hire’ can cost a significant amount.
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For employers, then, where should they focus their resources? Likewise, where will accountancy and finance professionals typically find the best work and the best financial institutions?
Below is a breakdown of the best cities – outside of London – for finance recruitment:
Birmingham
Perhaps unsurprisingly, the UK’s second city is also one of the largest financial hubs in the country. The Birmingham finance sector is currently undergoing an extensive period of growth, backed by exceptional businesses such as HSBC, PwC, Goldman Sachs and Deutsche Bank.
Areas such as Snow Hill, Colmore Row and Brindleyplace are all home to global finance and accountancy institutions whilst also acting as professional services hubs. It’s estimated that around 100,000 professionals are working in and around Birmingham, drawn in by the potential salaries, employers and career progression on offer.
For finance graduates, the International Accounting Bulletin estimates there are around 3.2 finance vacancies for every 100,000 people, meaning it’s the 4th highest ranked city in the country for entry-level opportunities.
As a Birmingham finance recruitment agency, we’re seeing the growth of the sector across the Midlands on a daily basis. With a focus on areas such as accounting, financial planning, data analysis, risk management and credit control, Birmingham is a key player in the finance and accountancy sector.
Manchester
As with most lists involving the top UK cities, Manchester also makes an appearance. The ‘Northern Powerhouse’, like Birmingham, has experienced significant growth over the last two decades and now represents a major destination for finance employers.
Home to businesses such as BNY Mellon, Deloitte, AJ Bell and the Barclays Tech Hub, Manchester is a go-to destination for financial services in the North. As the city’s amenities improve, we’re increasingly seeing major banks, accountancy firms and FinTech companies moving operations to the city.
While the Manchester finance sector covers a broad range of areas, it’s particularly popular with professionals seeking roles in accounting, compliance and financial technology.
Leicester/Nottingham
The East Midlands is one of the top emerging financial sectors on this list, following in the footsteps of cities such as Birmingham and Manchester.
According to a report by TheCityUK, the East Midlands financial sector recorded growth of 18% year-on-year over the last three years, significantly increasing its contribution to the UK economy.
Today, it’s driven by the strength of local employers headquartered in the area – including NEXT, Dunelm, Boots, Sytner Group and Barratt Developments – all of which represent major UK companies with significant finance functions.
At the same time, we’re seeing the East Midlands finance sector growing at a rapid pace thanks to initiatives such as the East Midlands FinTech Hub at the University of Nottingham, which is helping to support the next generation of professionals whilst driving innovation and progression.
With several major universities in the area, alongside arguably the strongest location in the entire country, it’s no surprise that cities such as Leicester and Nottingham are top areas for finance recruitment.
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Edinburgh
Edinburgh represents the UK’s second-largest financial centre for a reason – it has a rich finance heritage and continues to grow everyday, specialising in areas such as investment management, pensions and finance technology.
With global names such as the NatWest Group, Abrdn, Baillie Gifford and Tesco Bank all headquartered here, it’s understandable why so many finance professionals and employers find themselves drawn here.
For entry-level graduates, Edinburgh came ninth in the International Accounting Bulletin report, offering 2.4 finance jobs per 100,000 people. This highlights that while there’s potential for entry-level roles, the market is typically more mature.
Bristol
While the financial conversation in the South is usually dominated by London, it’s important to remember that cities such as Bristol are also quietly building strong financial hubs of their own.
Bristol combines a thriving financial sector, underpinned by strong banking and insurance markets, with a fantastic quality of life. Key employers include Hargreaves Lansdown, Lloyds Banking Group and AXA, whilst the growing strength of Bristol’s tech sector means the fintech market is also growing at a rapid pace.
For professionals moving to Bristol, there’s a particular focus on wealth management, fintech and banking, with 2.9 entry-level finance jobs on offer for every 100,000 people.
As you can see, there’s a broad range of answers to the question, what are the best cities for finance recruitment? While the choice you make depends on the area you’re specialising in, the employer you’re looking for or the type of candidate you want to attract, there’s no denying that having a local recruitment partner on hand can help.