Accountancy crisis fuelled by oil price hike

Big oil companies such as BP and Shell are offering top dollars for
professional services as the North Sea oil is reaching record prices, pricing
some local accountancy firms out of the market.

The bigger accountancy practices are offering £40,000 to newly qualified
accountants to counter the salaries and packages on offer from the oil companies
who can offer high base salaries together with lucrative benefits packages
including share options, The Scotsman reports.

‘With oil pushing towards $100 a barrel, activity in Aberdeen and its
industrial hinterland is reaching levels not seen since the boom days of the
seventies,’ Nicky MacLeod, PRG head of professional services, said. ‘We are
being instructed to source candidates for particularly well-rewarded positions.

He said all the Big Four accounting firms such as
KPMG, Ernst
& Young and Deloitte, which have offices in the city, were in a position to
offer ‘the right candidates quite remarkable salary and benefits packages’,
often including very lucrative results-driven equity option incentives and being
able to source the required quality of candidate from an ever-shrinking pool of

Further reading:

London businesses look overseas to fill skills gap

the story in The Scotsman

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