Future prospects for the professional services market
In times of crisis, the accountancy industry tends to thrive. But will the profession still be a stable career choice in the months and years to come post-Covid19? New research would suggest a resounding yes!
The Association of Accounting Technicians (AAT) shows that the accountancy and finance sector is seen as the third most stable profession, behind health and pharmaceuticals and teaching, which is good news indeed. "
A downturn will, at some stage, lead to an upturn in the market. The 2008 recession is testament to that. Accountants found themselves in demand to help companies restructure, identify unnecessary expenditures and navigate complex – and possibly advantageous – tax laws.
With this in mind, what are the prospects of securing a new job in accountancy over the coming year?
Prospects over the next 12 months
“Finance is recession-proof,” says my colleague Karen Chilton who adds her insight on the recruitment landscape for an article in the AAT.
“Accountancy isn’t a luxury for business: it’s important.”
In the immediate future, accountants will be busy, as companies dealing with the financial havoc caused by the coronavirus, and certain sectors will profit. Karen continues: “we have seen an increase in vacancies for insolvency practitioners; something that’ll become increasingly important over the next few years.”
The surge in insolvency/restructuring experts is perhaps no surprise given that the revenue streams of many firms have been decimated by coronavirus, meaning they’ll be looking to cut costs and consolidate resources.
Prospects over two to five years
When the financial crisis triggered by Covid-19 subsides businesses will want to future-proof themselves, if this happens again, to make sure that all staff are upskilled and able to work across multiple sectors. Also, data analysis will be key, and an accountant with this knowledge will be in demand. The skill set will be someone with good accountancy skills, with the ability to interpret data to highlight where opportunities might be within a business, or new markets they can access, or even make businesses more lean.
Accountancy practice prospects going forward
There could well be more openings within the accountancy practices due to clients needing increased help/advice when dealing with the economic chaos unleashed by Covid-19. This presents a good market for young job-seekers.
Coupled with the government’s furloughing scheme complicating payroll runs for many companies, smaller practices will need to take on people to perform these tasks. A payroll assistant, and software packages that they use, may become a sought after commodity.
Audit opportunities in the future
Due to changes in audit regulations, second-tier firms will find audit assignments pushed out to them, rather than the big four, so there could be opportunities within these firms. These second-tier firms will be good places for accountants to find work, because they will be getting busier, and will want to find quality candidates.
Please visit our dedicated professional services page for more content, opportunities, and advice.
Signup to receive the latest discipline specific articles
Related articles
Teaser
Finance & AccountingContent Type
Career Advice
31/01/24
Summary
ACA. ACCA. CIMA. AAT. ICAS. CIPFA. If you’re reading this, you probably know what these qualifications are and understand the importance they hold in a career in accountancy. Having an accountancy q
by
Ali Arslan
Teaser
GeneralContent Type
General
20/01/24
Summary
MSConsulting is an independent management consulting company that prides itself on providing cutting-edge advice and solutions to businesses of all sizes. With a team of experienced professiona
by
Alastair Paterson
Teaser
Professional ServicesContent Type
Market Insight Reports
16/08/22
Summary
Market Insight Report 12th Edition | London | Professional Services contains:Useful knowledge on the employment market Key findings from our research survey of 1,200+ professional
by
Paul Roche
Related jobs
Salary:
Up to £41,000 per annum
Location:
Warrington, Cheshire
Industry
Business Services
Qualification
Part qualified
Market
Professional Services
Salary
£40,000 - £50,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
Management Accountant | Warrington - Hybrid | 9-12 month Contract | £41,000
Reference
BBBH180018
Expiry Date
01/01/01
Author
Evie CoatesAuthor
Evie CoatesSalary:
£280 - £305 per day
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£250 - £350
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
You will be working with the business for a period of 9 months + and will be required to work in the office 2/3 days per week.
Reference
NH - 180090
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£40,000 - £60,000 per annum
Location:
Henley-On-Thames, Oxfordshire
Industry
Professional Services
Qualification
None specified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
External Audit
Contract Type:
Permanent
Description
Audit Senior (part qualified or qualified) - Henley-On-Thames (Hybrid) - £40,000 to £60,000
Reference
BBBH180067
Expiry Date
01/01/01
Author
Neil BurtonAuthor
Neil BurtonSalary:
€2,500 - €3,200 per month
Location:
Amsterdam, North Holland
Industry
Professional Services
Qualification
Finalist / Newly qualified
Market
Professional Services
Salary
£30,000 - £35,000
Job Discipline
Newly Qualified Finance
Contract Type:
Contract
Description
Heb jij een achtergrond in backoffice werkzaamheden of lichte financiële administratieve ervaring en wil je graag de kans krijgen om je verder te specialiseren? Dit is dan je kans!
Reference
BBBH179236
Expiry Date
01/01/01
Author
Elisa BeckschebeAuthor
Elisa BeckschebeSalary:
£40,000 - £50,000 per annum + Strong Bonus & Benefits
Location:
London
Industry
Business Services
Qualification
None specified
Market
Professional Services
Salary
£50,000 - £60,000
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
Role within High-Growth Specialist Consultancy as they build out their Commercial Change & Transformation offering
Reference
BBBH179934
Expiry Date
01/01/01
Author
Henry TownsendAuthor
Henry TownsendSalary:
£250 - £350 per day
Location:
Kingston Upon Hull, East Riding of Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£350 - £450
Job Discipline
Newly Qualified Finance
Contract Type:
Contract
Description
Based in Hull, you will be offered a great deal of flexibility with adjustable start/ finish times.
Reference
NH - 179736
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
Up to £55,500 per annum + Flexible Working
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Based in Leeds, this is a flexible organisation who operate on a hybrid basis with travel into the office 2/3 days per week.
Reference
NH - 179870
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Professional Services
Qualification
Finalist / Newly qualified
Market
Professional Services
Salary
£40,000 - £50,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be partnered with a growing Corporate Finance team, where they are looking to recruit an M&A Executive/Associate based in the Manchester.
Reference
BBBH164540
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be partnered with a leading Advisory boutique, where their Transaction Services team are looking to recruit a Executive and Manager into the team based in Manchester.
Reference
BBBH187465
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
London
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£100,000 - £125,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be recruiting for an opportunity to lead and develop the Lead Advisory - M&A / Corporate Finance team within an established and highly reputable M&A Advisory boutique.
Reference
BBBH164804
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel Horton