Of the 2,100 accounting and finance employers and employees surveyed, over three quarters (76%) claimed to be ambitious with private sector accountants (81%), part qualified accountants (76%) and credit controllers (75%) among the most ambitious.

Nearly a third of these accountants aspire to reach board level (CEO and CFO) which is higher than the 21% UK overall average, with an additional 40% aspiring to reach senior positions. Men are reported to be 7% more ambitious than women.

This ambition is reflected in the fact that 44% of professionals said they wanted recognition for their work and rated a promotion higher than moving up a job level or a change of job title. Moving up a job level held the same value as the training and development options that are available to accountants, whereas other job sectors valued training and development higher than job progression.

Therefore accountants are more likely to choose professional qualifications which push them further along the job ladder, with over half of employees (55%) expecting a promotion within two years of starting a new role despite only 47% of employers stating that this will happen.

Karen Young, director of Hays Accountancy and Finance, said: ‘It’s encouraging to see the majority of accountancy and finance professionals are ambitious, with many desiring to reach board level during their career. However, employers need to ensure they are looking for ways to nurture this and provide the work-life balance and positive career experience that their employees want.’

‘Employees in the sector want to be recognised for the hard work they put into an organisation, and are keen to progress through their career journey. The majority are invested in their progression and learning, with over three-quarters saying they hold or are working towards professional qualifications in accountancy ad finance in a bid to do their job more effectively.’

Remuneration influences 45% of accountants when deciding whether to move jobs however 55% are focused on other aspects such as culture, career progression and benefits.

Age is a factor also as 68% of millennials find bonuses motivating compared to 45% of generation X employees claiming that they have no impact.

Despite this 63% of all generations said that they would consider taking a pay cut if it meant that they could achieve everything else such as career progression and a good work-life balance.

Only half of accountants consider themselves to have a good work-life balance with 66% aspiring to work for a firm that restricts ‘out of hours’ working such as checking emails and taking calls and over a third would take a pay cut if it meant they could receive more annual leave.

Employers need to communicate benefits better in the interview stage so that they are not overlooked further down the line, with 57% of employers reporting they discussed benefits in their last interview however, only 31% of employees could recall this information.

Young said: ‘Employers should clearly communicate promotion plans and remuneration incentives with finance professionals to avoid losing out an ambitious individuals. Ensuring suitable channels are in place to promote individual and team successes to the wider organisation is also an important way to motivate employees to achieve their best.’