You need to enable JavaScript in order to use the AI chatbot tool powered by ChatBot

Future prospects for the professional services market

Paul Roche our consultant managing the role
Author: Paul Roche

What should we expect from our current market, and what is the future for roles in professional services?

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. 

30/09/20
jobs

Related jobs

Financial Reporting Accountant

Salary:

£45,000 - £50,000 per annum

Location:

Rotherham, South Yorkshire

Industry

Business Services

Qualification

Finalist / Newly qualified

Market

Professional Services

Salary

£50,000 - £60,000

Job Discipline

Part Qualified & Transactional Finance

Newly Qualified Finance

Contract Type:

Contract

Description

Financial Reporting Accountant (Immediate Start) - Up to £50k!

Reference

BBBH184416

Expiry Date

01/01/01

Haroon Hussain Find out more
Interim Anaplan Project Specialist

Salary:

£70,000 - £80,000 per annum

Location:

Yorkshire and the Humber

Industry

Business Services

Qualification

None specified

Market

Professional Services

Salary

£80,000 - £100,000

Job Discipline

Qualified Finance

Contract Type:

Contract

Description

6 Month FTC to implement Anaplan - remote

Reference

NH - 184406

Expiry Date

01/01/01

Niamh Hellewell Find out more
Senior Infrastructure Engineer

Salary:

£52,000 - £55,000 per annum + + Excellent Benefits

Location:

London

Industry

Professional Services

Qualification

None specified

Market

Professional Services

Salary

£50,000 - £60,000

Job Discipline

Cloud & Infrastructure

Contract Type:

Permanent

Description

A Senior Infrastructure/Platform Engineer job with a highly regarded membership body.

Reference

BBBH184389

Expiry Date

01/01/01

Alex Dando

Author

Alex Dando
Alex Dando

Author

Alex Dando
Find out more
Specialist FSSC

Salary:

Up to €60,000 per annum

Location:

Rotterdam, South Holland

Industry

Energy, Resources and Industrial

Qualification

None specified

Market

Professional Services

Salary

£50,000 - £60,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

Als Specialist Financiële Processen SSC binnen een toonaangevende organisatie draag je zorg voor een efficiënte en effectieve afhandeling van financiële administratieve processen.

Reference

BBBH184301

Expiry Date

01/01/01

Aram  Outmaijjer Find out more
Head of FSSC

Salary:

Up to €84,000 per annum

Location:

Rotterdam, South Holland

Industry

Manufacturing

Qualification

Fully qualified

Market

Professional Services

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Ben jij een financiële professional met sterke analytische vaardigheden en een strategische visie? Heb je een passie voor procesoptimalisatie en het verbeteren van financiële dienstverlening?

Reference

BBBH184300

Expiry Date

01/01/01

Aram  Outmaijjer Find out more
DMS Developer

Salary:

Up to £36,000 per annum

Location:

City of London, London

Industry

Professional Services

Qualification

None specified

Market

Professional Services

Salary

£35,000 - £40,000

Job Discipline

Software Development

Contract Type:

Permanent

Description

DMS Developer

Reference

BBBH184283

Expiry Date

01/01/01

Shammi  Choudhury Find out more
Transaction Services Associate Director

Salary:

Negotiable

Location:

London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£100,000 - £125,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Marks Sattin are delighted to be supporting our client, a growing Corporate Finance team in recruiting an experienced Transaction Services Associate Director to be based in London.

Reference

BBBH187424

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
Corporate Finance M&A Manager

Salary:

Negotiable

Location:

Manchester, Greater Manchester

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£70,000 - £80,000

Job Discipline

M&A

Contract Type:

Permanent

Description

Marks Sattin are delighted to be recruiting a Manager level opportunity to lead and develop the M&A sector team within an established and highly reputable corporate finance boutique.

Reference

BBBH164804

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
Restructuring Manager / Senior Manager

Salary:

Negotiable

Location:

Manchester, Greater Manchester

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£80,000 - £100,000

Job Discipline

Restructuring

Contract Type:

Permanent

Description

Marks Sattin are delighted to be currently recruiting for one of the UK's market leaders in Restructuring and Business Recovery.

Reference

BBBH161717

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
Finance Consultant (Newly Qualified - 3 Year PQE)

Salary:

Negotiable

Location:

London

Industry

Professional Services

Qualification

Fully qualified

Market

Professional Services

Salary

£60,000 - £70,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Marks Sattin are delighted to be partnered with a growing finance advisory firm based in London for the recruitment of an experienced Accountant to operate as a Finance Consultant within the team.

Reference

BBBH167494

Expiry Date

01/01/01

Daniel Horton

Author

Daniel Horton
Find out more
View all jobs