ICAEW student numbers have also seen a 6.7% increase from 2022 to 2023. Credit: Drazen Zigic/Shutterstock.

The UK’s Financial Reporting Council (FRC) has highlighted a growth in the number of students pursuing the ACA qualification. 

The figures for the ACA qualification show an 8.5% increase to 24,348 in the UK and Republic of Ireland (ROI).  

This rise contrasts with a cross-institute average decrease of 0.2% and signals an interest in accountancy careers despite a generally sluggish sectoral growth over the past year. 

The FRC’s 22nd edition of its Key Facts and Trends report provides a detailed analysis of the accountancy and audit landscape across seven accountancy bodies. 

These bodies represent more than 405,000 members in the UK and ROI and more than 616,000 globally.  

The overall membership of accountancy bodies is claimed to continue to grow. 

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Meanwhile, the student numbers have stabilised after a recent decline, with the ICAEW’s compound annual growth rate of student members in the UK and ROI at 5.5% between 2019 and 2023. 

Globally, ICAEW student numbers have also seen a 6.7% increase from 2022 to 2023, bringing the worldwide total to 38,490.  

The total number of accountancy students in the UK and ROI now exceeds 155,000, with global figures surpassing 585,000.  

ICAEW Education and Training managing director Will Holt said: “This report from the FRC demonstrates that the accountancy profession continues to be a popular choice for those who are starting their careers. 

“Our membership numbers remain robust and this data shows the recent growth in the number of people choosing to train with ICAEW.” 

The report also notes a continuing trend of consolidation in the audit market, with a decrease in the total number of audit firms registered with Recognised Supervisory Bodies (RSBs) to 4,038 as of 31 December 2023.  

Despite this, the number of FTSE 350 audits conducted by firms outside the Big Four has increased, reaching 41, up from 35 in 2022. 

The Big Four audit firms in the UK saw an 11.1% increase in total fee income in 2023, while firms outside the Big Four experienced a 13.2% rise.  

Audit fee income specifically for the Big Four increased by 19.5%, and for non-Big Four firms, it increased by 23.2%.  

However, fees for non-audit work to audit clients decreased by 8.9% for the Big Four and 4.5% for non-Big Four firms.