Senior Product Development Analyst

Summary

2020 has been an unexpected year across the world, and it has been crucial to monitor and deal with all the effects of the Covid pandemic in business and in our personal lives. Amidst this crisis we have also had the uncertainty surrounding Brexit looming over us, which has left many businesses trying to deal with the immediate challenges to society and the economy at large. The effects of both have been felt, and we can see this within the jobs market.   As experts within specialist markets we have been privy to fluctuations within specific industries. Below are some of our observations across the market.Custom and duties tax specialists We have seen an increase in activity and growth across custom and duties tax specialists for large import/export FTSE businesses. Particularly businesses are looking for candidates on an interim basis to make sure effective processes and controls are implemented. This is an evolving space and once we have further clarity we expect demand to increase. In the last 6 months, we’ve seen an increase in recruitment activity from businesses in industries such as food manufacturing and FMCG that have had an increased demand for their products on the back of lockdown. In addition to this, businesses that do a significant amount of importing and exporting see customs and duty as a key area of focus with Brexit looming, and we have advised and recruited for several clients who have required specialist knowledge. This is a niche skill set that can be provided at premium rates by consultancy firms, but there is a recent trend to bring this expertise in house. The cost of doing this would be in the region of £40-50k for a perm hire and c£250 per day for a temp hire - watch this space if you're a candidate within this market.  Audit and riskAudit and risk have also experienced an increase in resource on both the temporary and permanent markets. As organisations seek to learn effectiveness lessons from the crisis they require resource to conduct and undertake Covid specific reviews. In addition, the offering of flexible working arrangements also provides a great opportunity to test network capabilities as well as controls across user access, disaster recovery, business continuity, as well as high level IT controls testing to ensure remote working does not compromise the risk appetite of the business. Start ups Over the past 6-12 months we have also undertaken a number of start up engagements, helping businesses recruit permanent heads of department to develop strategy internally. This is a trend we expect to continue as businesses look to cut spend on consultancy fees and take ownership of these disciplines, ensuring a consistent level of quality and cost efficiency.  To view more of our live roles, visit our job search page.

Summary

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 yearsWhen 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 forwardThere 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 futureDue 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.