Brexit has created a shortage of talent in the UK. Here is how you can secure an opportunity through LinkedIn

Brexit causing a brain drain in the UK finance sector

The United Kingdom holds a prominent position as a major global financial hub. However, their exit from the European Union (aka Brexit) has resulted in a brain drain.

Large corporations are shifting their headquarters from the UK to other economically advanced European countries.

The Institute of Chartered Accountants in England and Wales (ICAEW) highlighted a shortage of skilled individuals in key areas like audit and accountancy.

To address the talent shortage, both startups and established corporations, including the Big 4 firms, are actively recruiting in the UK.

We reached out to Eric Sibisi, a Chartered Accountant and Audit Professional from South Africa, CA Ayush Laddha, Senior Technical Accounting Manager, and CA Ashish Verma, Director of Finance, IT, and Operations, working in prominent companies in the UK.

What is a common factor between them? They were all able to secure jobs in the UK while applying from their home countries.

Here’s how they made their move by utilizing platforms such as LinkedIn, how good the UK job market is for finance professionals, and if you should really consider relocating.

LinkedIn can be an incredibly useful tool for finding job opportunities in the UK, says Eric Sibisi.

In 2014, he started his career as an Assistant Audit Manager at The Auditor-General of South Africa. Over the years he moved up the ranks.

Suddenly in 2022, a recruiter from the UK contacted him on LinkedIn saying that his client was looking for an Audit Manager, and his profile matched the job role.

“The job was at KPMG. I visited their website and checked out the job description and their clientele base to get a complete idea.

I even asked some of my acquaintances in the UK about the work culture, environment, and what to expect overall. The interview went well afterward offering me a job.

That is why I say, if you are a CA from South Africa or any other country looking to build a career overseas, make sure that your LinkedIn profile is updated.”

Finance job opportunities in the UK  

“The UK has a huge economy with a GDP of over £2.2 trillion. This means that there are plenty of job opportunities, despite the worrying news about the recession,” revealed Ashish Verma.

He continues by saying that Chartered Accountants (CAs) are mostly in demand in the following spaces.

Big 4:

• The Big 4s in the UK, namely EY, PwC, Deloitte, and KPMG, are currently hiring for roles in Business Transformation, Transaction Advisory, and Risk Management.
• Traditional Audit roles may have fewer openings compared to these specialized areas.
• Big 4 firms often provide visa sponsorships, making them attractive options for international applicants.

Startups and Scale-up Companies:

• Startups in sectors like Artificial Intelligence, Fintech, and SaaS are transitioning to the scale-up phase of their business lifecycle.
• These companies have already launched their products and are focused on revenue generation, scaling their organizations, and establishing corporate governance.
• Finance professionals with relevant expertise are in high demand in these companies, as many of these entrepreneurs lack finance knowledge.

Consulting Firms:

• Consulting opportunities can be found outside of the Big 4 firms, with companies like Accenture, Capgemini, BCG, and McKinsey offering consulting roles.
• These firms may have diverse consulting positions available in various sectors, providing opportunities for finance professionals.
• Opportunities exist in areas such as IFRS technical accounting, auditing, consolidation and group reporting, transaction advisory, and international taxation.

Ayush Laddha, from The Ardonagh Group, says,

“I believe it’s not difficult to find an opportunity in the UK while applying from your home country. But you need to identify what role is aligned most to your skillset and experience, instead of just pouncing on every opportunity that you find on LinkedIn or other job portals.”

1. Skillset to Role Matching: Ensure that your skills align with the specific role you are applying for. Tailor your resume and cover letter to highlight relevant qualifications and experiences that make you a strong fit for the position.
2. Head-hunters and LinkedIn: Utilize LinkedIn to connect with head-hunters and recruiters who are active on the platform. Networking with industry professionals can lead to valuable job opportunities and insights.
3. LinkedIn Job Search: Take advantage of LinkedIn’s job search feature, which allows you to filter and search for relevant job openings. Narrow down your search based on location, industry, and specific job titles.
4. Direct Applications: Visit the websites of companies you aspire to work for and apply directly through their portals. Focus on applying for specific roles that match your skills and interests, rather than sending generic applications to every opportunity.
5. Company Portals: Companies evaluate applications received through their own portals, so don’t underestimate this method. Be patient, as the process may take time. Ensure you follow the instructions and provide all the necessary information.
6. Follow up politely: Don’t just sit back and relax after applying for the job. Reach out to the employer with a polite note.
7. Reach out to your connects: Last but not least, speak to a few recruiters in your domain, and friends who are already in the UK and ask for an overview of the work environment. You can also reach out to the people in the company that you want to apply to and ask for guidance.

Recruiters also look for how confident you are and how good your communication skills are.

They also assess your decision of moving from India to the UK. Be prepared with your answers as they can easily figure out whether you actually want to move or are just looking for a short-term position.

Qualifications and skills that are required

The CA qualification is well respected in the UK, especially since India has adopted Ind AS, which is similar to the International Financial Reporting Standards (IFRS).

IFRS is one of the accepted accounting standards in the UK.

Still, if you wish to get a local qualification, you can opt for either membership in ICAEW or the ACCA course. You can get exemptions in both of these, as an Indian CA.

In terms of skill sets, one thing you need to understand is that basic accounting and finance knowledge may not be enough.

Organizations in the UK need individuals who can handle both Information Technology (IT) and Finance functions.

How to get a UK work visa

There are different types of visas in the UK, such as scaleup visas, startup visas, skilled worker visas, and global talent visas.

The Global talent visa does not require sponsorship.

• You must have skills in one of the following sectors, Academia or research, Arts and culture, and Digital technology.
• You have to showcase your contribution to the DigiTech field or another field of your choice. They need to know whether you have the necessary skills and experience of building new products in relevant and important industries or not.
• The next step is to get an organization, or a specific local body assigned by the UK government to endorse you.
• For this step, you have to write a comprehensive application to the local organization, highlighting your skills, projects you have done, and your future career plans to add value to the UK economy.

“They approved my endorsement within four weeks and I was eligible to apply for the visa under the Global Talent category. The entire process of applying for the job to finally getting the visa took around 3-4 months,” says Ashish.

(You can check out the UK government site for more information on visas)

Here are the advantages and disadvantages that will make your decision-making process a bit easier.

Pros: 

• Friendly work culture: The work culture attracts the most foreign talent.
• Quality of life: The quality of work you get and the quality of work-life balance is what entices most of the youth.
• The salary compensation is fair.
• Infrastructure: The transport system is very efficient in the UK. Public transportation networks, such as buses, trains, and tubes (subway), are well-developed and cost-effective in larger cities.
• Location of the country: The UK is located at such an optimum point in the world that it is easier to travel around the world.

The Cons:

• It is one of the most expensive countries. The difference between CTC and in-hand salary is noticeable and inflation is a bit high at the moment. The salary hikes don’t fully compensate for that.
• Finding a place to stay in the UK is both expensive and difficult. The moment you see a property on the listing site, the next minute it will be gone. So you must act quickly and pay some amount in advance to the landlord for faster results.
• Adapting to the new culture, both locally and in the workplace can be a bit difficult for some people.

Closing…

At the end of the day, it’s your personal choice whether you want to move to the UK or not.

You need to evaluate both the pros and cons, and reach out to the people already residing in the UK to understand the foreign environment.

You need to identify what you are looking for in your career and in your life.

Don’t rush this decision just because your friends or colleagues are moving to the UK. It is a big change and you have to figure out what is best for you and your family.