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Mental health, AI readiness and sustainability also rank high among UK finance professionals in ACCA’s latest Global Talent Trends survey

Nearly two-thirds of Gen Z accountants in the UK say they want to become their own boss, according to new research from the Association of Chartered Certified Accountants (ACCA).

The figure — 61% — is nearly double the average across all other UK age groups surveyed (31%) and higher than the global average of 52%, suggesting a generational shift in long-term career ambition among UK-based early-career professionals.

The findings are part of the 2025 edition of ACCA’s Global Talent Trends report, based on responses from over 1,300 UK finance professionals and more than 10,000 globally.

“It’s an exciting time to be a young accountant in the industry, with so many aiming for the goal of being an entrepreneur,” said Jamie Lyon FCCA, Global Head of Skills, Sectors, Technology at ACCA.
“With almost three quarters also keen and confident to learn new AI skills, and more employers looking to prioritise mental health and wellbeing, our survey data shows a profession that is striving to do better for everyone.”

Skills gap in AI training

Despite widespread confidence in learning artificial intelligence tools — with 71% saying they feel ready to upskill — just 23% of respondents said their organisation currently offers AI-related training. Nearly half (46%) of UK accountants believe AI will be the most valuable skill in the future of work.

While 30% reported concerns over AI’s impact on their roles, this figure has dropped significantly — down 12% from the previous year — suggesting growing familiarity with the technology.

Mental health under pressure

Work-related stress remains a major concern in the profession. 50% of UK respondents said their mental health has been negatively affected by work pressures, and 30% have considered resigning as a result. At the same time, 57% believe their employer is now treating mental health as a priority.

“Our survey demonstrates that the UK offers some of the best working conditions for the profession,” said Glenn Collins, Head of Technical and Strategic Engagement at ACCA UK.
“Such as majority hybrid working arrangements, high pay satisfaction, and good learning and development opportunities — all of which are crucial to developing those entrepreneurship skills.”

Broader themes: pay satisfaction and hybrid work

UK accountants also reported relatively high levels of pay satisfaction. 55% said they were happy with their current remuneration — significantly higher than the global average of 41%.

Meanwhile, 64% of respondents said they work in a hybrid model, while 16% are fully remote.

Environmental impact also featured as a career motivator, with 51% saying they want to pursue sustainability-related roles within accountancy and finance. Among those with side jobs, 41% said their secondary work was driven by a desire to “give something back” or pursue work with greater meaning.

Writes Accountancy Age

Accountancy firm MHA is bucking the trend of professional services opting for private equity investment as its £271m initial public offering (IPO) went live this morning.

The UK arm of Baker Tilly International launched onto London’s junior stock market, AIM, at 8 am.

The firm had a successful year in 2024, as MHA reported that its revenue jumped by nearly 30 per cent to £180m. Over the last four years, it doubled its turnover from £90m (2020) to £180m (2024).

MHA stated it has “a medium-term aspiration to become a top 10 UK accounting and professional services business, generating over £500m annualised revenue.”

To hit this target, the firm opted for external investment.

However, its move to list in the UK differs from the strategy being followed at other parts of the global firm.

UK taking a different approach

At the start of this year, private equity firm Inflexion agreed to acquire a minority stake in Baker Tilly Netherlands. The private equity house said at the time that its share would support the firm’s “growth plans in the region.”

In February 2024, Baker Tilly’s US arm announced an investment from private equity firms Hellman & Friedman and Valeas Capital Partners. The vision behind this investment was to fund its certified public accountant business.

So why did the UK arm opt for public investment? Rakesh Shaunak, managing partner and group chairman of MHA, told City AM it was a “unanimous decision” and “endorsed by the partners.”

The IPO was deemed “the most attractive, sustainable route for the long-term benefit of our people and clients.”

He explained that “for the right firm and the right investor, private equity is a valid option, but for MHA, the higher potential short-term gains from private equity were outweighed by the important distinction that the control of our strategic destiny and planning will very much remain in the hands of our Board and our partners.”

“We will pursue strategic mergers and acquisitions at our own pace,” he added.

Shaunak noted that “going down the IPO route [it] will also give our people a real stake in the future of our business via a significant employee benefit trust.”

“And crucially, it would allow us to offer equity participation to future partners and leaders, ensuring they have a direct stake in the firm’s continued growth,” he added.

Private equity surge in the market

Dan Coatsworth, investment analyst at AJ Bell, told City AM, “The alternative routes to an IPO include selling to a private equity company, yet there needs to be a willing buyer.”

“The accountancy and business advisory sector is certainly on private equity’s radar, but it might be that MHA is not the only potential opportunity around, and there are cheaper or more attractive targets to pursue,” he stated.

Maria Ward-Brennan writes for City AM

Ernst & Young (EY) is set to implement one of its most substantial partner redundancy initiatives in decades, aiming to safeguard profitability amid a sustained downturn in professional services demand.

The firm plans to eliminate approximately 30 partner positions, predominantly within its consulting division, according to individuals familiar with the matter.

Anna Anthony, EY’s managing partner for the UK and Ireland, communicated this strategy to partners earlier this month, though specific figures were not disclosed. ​

EY, employing around 20,000 individuals across the UK, offers a spectrum of services, including auditing major corporations, advising on corporate transactions, business restructuring, and tax consultancy.

Similar to its Big Four counterparts—PwC, KPMG, and Deloitte—EY operates under a partnership model. Its 894 equity partners jointly own and manage the firm, sharing annual profits, while 757 non-equity partners do not participate in profit-sharing. ​

The anticipated redundancies are primarily attributed to a decline in demand for consulting services. During the pandemic, companies heavily invested in consultancy to navigate challenges such as remote work transitions and supply chain disruptions, leading to significant sector growth.

However, rising inflation and interest rates have prompted clients to reduce expenditures on corporate advisory services, resulting in decreased workloads and subsequent job cuts across the Big Four firms. ​

In October, EY reported a 5% decline in average partner profits, reducing the figure to £723,000 for the fiscal year ending in June. Consulting revenues experienced a 4% decrease, while overall revenues saw a modest 3% growth.

To maintain profit margins for remaining partners, the firm has been adjusting its partnership structure, including reducing hiring as senior partners retire and, in some cases, transitioning equity partners to non-equity roles.

Notably, EY’s partnership decreased by approximately 50 members last year, and PwC saw 123 partners depart in 2024, partly due to early retirement initiatives. ​

This planned reduction of 30 partners represents one of the most significant single cuts to EY’s senior ranks in recent history. Such measures underscore the challenges faced by major professional services firms as they adapt to evolving market conditions and client needs. ​

An EY spokesperson stated, “We continually assess the needs of our business and make adjustments when required,” reflecting the firm’s ongoing efforts to align its operations with current market realities.

The broader consulting industry is experiencing similar trends, with firms recalibrating their workforce strategies to balance profitability and service delivery in a fluctuating economic environment

Writes Accountancy Age

The group’s clustering strategy already saw the merging of several units in the Middle East and Africa. Last year KPMG UK also voted to merge with KPMG’s Swiss business

KPMG is set to merge dozens of its national affiliates in a bid to boost growth and prevent audit scandals, according to the Financial Times (FT).

The restructuring aims to reduce the number of economic units from over 100 to as few as 32 by next year, and is expected to be completed by the end of global chairman Bill Thomas’s term in September 2026.

The FT stated that the move marks a new milestone in the partnership’s ‘clustering’ strategy, which has been a focus for the past two years.

The group’s clustering strategy already saw the merging of several units in the Middle East and Africa. Last year KPMG UK also voted to merge with KPMG’s Swiss business.

KPMG, like other Big Four firms, operates as a network of locally-owned partnerships to comply with local auditing regulations and protect partners from liability. 

However, the FT has learnt that as consulting firms increasingly rely on technology investments, KPMG has raised concerns that smaller units “cannot balance these costs with the compliance demands required for audit quality”. 

As a result, executives have stated that firms failing to meet a US$300m (£232.03m) threshold will no longer qualify as full network members, and any mergers will result in profit pools being shared across the involved countries.

Gary Wingrove, KPMG International’s chief operating officer, told the FT: “The fewer business units you have, the easier it is to do business globally.” 

Writes Accountancy Today