Region’s top accountants call for better skilled graduates

A study of the regional accountancy sector has revealed a shortage of highly skilled candidates could hamper future growth.

pro∙manchester, the financial and professional services organisation, has worked with the NWDA to carry out a skills review of the accountancy and legal sectors in the North West. Focusing on the two main professional contributors to the regional economy, the report identifies emerging trends and recognises areas which need more support.

The report states Greater Manchester alone represents 49 per cent of the region’s employment in the accountancy sector and shows the North West’s increasing stronghold in the Alternative Investment Market (AIM), with 23 regional companies joining AIM in 2006 and raising £254 million.

Similarly, the regional legal scene shows a strong picture, with the North West coming out as the undisputed largest legal centre outside London. With 412 practices and 4014 partners, Manchester is cited as the top regional legal employer.

Despite an incredible 25 per cent growth in the legal sector in Greater Manchester in the past two years, the report claims 50 per cent of law graduates do not enter the profession, many by choice. Although there is no shortage of commercially qualified solicitors in the region, there is a lack of good quality candidates with two to five years of corporate experience and high calibre lawyers with niche expertise.

The report also shows, despite the fact there are more women entering the profession than men, there is still a perceived ceiling for females which stops them achieving partnership.

pro∙manchester found there is concern in the regional accountancy sector about the quality of graduates who need to improve business acumen, entrepreneurial know-how and even basic grammar and numeracy skills.

These issues will be a focus for development and support in both higher education and within the sector to ensure the retention of high skills levels to grow the sectors.

Said chief executive of pro∙manchester, Daniel Mouawad: “Manchester’s economy is growing and it’s crucial we have the right skills among professionals in order to maximise our competitive edge both in the UK and globally.

“pro∙manchester is working with a series of organisations in the education sector to ensure candidates have a strong mix of skills which meet the needs of our businesses.”

Dr Lis Smith, director of skills policy at the NWDA commented: “The regional accountancy and legal sectors form part of a key priority sector for the Northwest.

“The Agency is keen to work with partners to address the findings of the research and ensure a high quality and skilled workforce contribute to the consolidation and future growth of the sector”.