Assessing the Freelance Shift in Finance
Are finance professionals transitioning from corporate roles to freelance work, or are headline narratives overstating the trend?
To answer this question, we’ve reviewed recent data and asked for opinions from those in the industry. This review spans 2019 to the present, covering developed markets like the US and UK. It looks across the spectrum of finance roles, leaning on hard data where possible and using sentiment measures only when numbers fall short.
Frank, the founder of Private Equity Bro*, frames the context:
“For many finance professionals, long hours, limited advancement, and rising uncertainty have become standard, contributing to a widespread sense of discontent in the industry”
He adds:
“I understand why some see value in freelancing. Setting your own rate and having real ownership of your work can offer both flexibility and security, especially when traditional career paths look increasingly precarious.”
That friction between credentials and practical skills underpins much of today’s freelance debate.
The reality is mixed. Freelancing is growing, but the corporate model still dominates. What’s shifting is the balance of pressure between the two.
*Private Equity Bro is a media platform that provides M&A content aimed at investment banking and private equity careers. The platform offers a range of resources, including free financial models, investment banking pitch decks, and also private credit case studies. Private Equity Bro has over 100,000 followers on LinkedIn and 50,000 subscribers on its finance newsletter.
Indicators of Disengagement in Finance
Discontent in finance isn’t new. Long hours, unpredictable bonuses, and limited promotion slots have been part of the package. But the mood has sharpened in recent years.
- Layoffs: 2022 and 2023 were heavy years for redundancies in investment banking, fintech, and crypto (PwC Workforce Report, 2024).
- Return-to-office mandates: What began as hybrid tolerance tightened into strict in-office rules by late 2023 (CBRE Workplace Survey, 2024).
- Sentiment: Gallup reported higher disengagement rates among white-collar professionals in 2022–2023 (Gallup Engagement Study, 2023).
Google Trends shows the shift clearly. Searches for “quiet quitting” peaked in mid-2022 at the same time inflation eroded bonuses. Interest in “fractional CFO” and “freelance finance” rose more gradually but has trended upward since 2021.
Quiet quitting = lower discretionary effort, not an exit. It’s a signal of disengagement inside firms, not proof of a shift to freelancing. Search spikes track mood and media cycles; they don’t convert 1:1 into resignations or contractor supply.
The inflection points are consistent: layoffs in mid-2022 and stricter return-to-office rules in late 2023. Perhaps that gave dissatisfied professionals both the push and the pretext to consider going independent?
Shifts in Finance Employment Trends
Trends in Employer Demand
The current reality is concerning. While job postings surged in 2021, they started decreasing in 2022, and continued the trend further in 2023.
To be more concrete, in the UK, the financial-services vacancies peaked around 56,000 in May 2022 before falling nearly 40 percent by the end of 2023 (ONS Labour Market Statistics, 2024). US data from JOLTS shows a similar trend, with finance job openings declining after their 2022 peak (BLS JOLTS, 2024).
Remote and hybrid postings jumped in 2020–2021 but have since fallen back to a lower share.
Shifts in Independent Talent Supply
On the other side, more people are branding themselves as independent:
- LinkedIn profiles using titles such as “fractional,” “consultant,” and “interim” increased steadily from 2020 onward (LinkedIn Workforce Insights, 2024).
- New business registrations in consulting and accounting categories rose both in the UK and the US (Companies House Annual Report, 2024; IRS Small Business Data, 2024).
- Recruiter decks now explicitly include contractor and project-based pools (Korn Ferry Interim Talent Report, 2024).
Some of this lift is “quiet quitting adjacent”: people keep their employer while testing billable side work. Titles change faster than contracts, so the independent pool can look bigger than the actual exit rate.
The divergence between wages and bonuses has become increasingly pronounced, with mid-tier professionals experiencing significant pressure as fixed pay growth fails to offset reductions in variable compensation.
For some, independent or freelance work presents a potential to attain comparable earnings with improved work-life balance, albeit with attendant risks regarding income stability and client continuity. Others potentially venture into freelancing due to a lack of options.
Common Freelance Finance Roles
Freelance finance is not one path but several:
- Fractional or interim CFOs: Retainers of $5,000–15,000 per month per client, often juggling two to four mandates (Odgers Interim Compensation Study, 2024).
- M&A consultants: Project-driven, billing $150–300 per hour, but vulnerable to pipeline droughts (AlixPartners Independent Consultant Survey, 2023).
- FP&A contractors: Embedded in budgeting, forecasting, ERP rollouts, with lower risk of underemployment.
- Expert networks: GLG, AlphaSights. $100–500 per hour, episodic and supplementary (Third Bridge Consultant Earnings Report, 2023).
- Tax and audit freelancers: Seasonal but consistent, often hitting six-figure equivalents.
- Content and fintech projects: More experimental, with equity upside but high variance.
Nevertheless, long-term sustainability in freelance finance careers depends on three core factors:
- Pipeline diversification: Reliance on a single client is not a viable strategy.
- Client portfolio balance: Over-concentration in a single sector heightens risk exposure.
- Resource continuity: Participation in pods, partner networks, or agencies provides necessary stability during periods between engagements.
Success in establishing an independent finance practice is not exclusively correlated with technical expertise. It is most often achieved by those who approach independence with a business-minded perspective.
The Role of Education and Credentials in Career Decisions
Education trends provide additional context:
- MBA application volumes initially declined after the pandemic, though demand rebounded in 2024 with top U.S. programs reporting record oversubscription and double-digit percentage growth (GMAC, 2024).
- Enrollment in professional credentials such as the CFA and ACCA remains below 2019 levels, reflecting exam disruptions and a strong labor market that has reduced the urgency of such qualifications (Investment News, 2024).
This shift presents a question for interpretation. Declining credential uptake may indicate professionals are leaving traditional corporate pathways, or alternatively, deferring long-term qualifications in favor of urgent short-term opportunities.
Credentials remain relevant, but their perceived value is increasingly balanced against factors such as cost, time investment, and market opportunity, often in ways that differ from previous cycles.
Final Assessment
In our view, the proposition that finance professionals are departing corporate roles “en masse” for independent work is not substantively supported by current evidence. Instead, independent arrangements function primarily as a release valve during periods of layoffs or stricter return-to-office mandates, with most professionals maintaining corporate careers for critical elements such as training, brand strength, and scale.
Independent success is typically associated with applying business principles: cultivating a diversified client base, achieving predictable recurring revenue, and leveraging networks for stability. For many, freelancing simply substitutes one employer for several clients, introducing new complexities in business development.
Future shifts remain possible if relative labor costs increase, office attendance requirements become more rigid, or technology enables greater workflow breakdown. At present, flexibility and maintaining viable options across both employment models remain prudent considerations.
