How stable is an accountancy career COVID-19 and beyond?

How stable is an accountancy career COVID-19 and beyond?

Across all industries, the employment market has become increasingly competitive due to the impact of the global pandemic; all professions are emerging transformed, as a result of new digital processes, societal demands and enhanced ways of working.

Accountancy has been referred to as one of the most recession-proof careers due to being characterised by security. The outlook for accountants is therefore hopeful, with the shifts in business operations placing accountancy needs at the forefront of the transformed environment.

Uncertainty caused by COVID-19 has led to a greater need for skilled accountancy professionals for industries to rationalise and adapt their recovery strategies. Professional accountants act as trusted advisors and emphasises how more than ever, the industry is an essential service, not a luxury.

Upskilling is essential to be employable

As displayed in preceding recessions, people react by increasing their skills so to be a successful and in-demand accountant upskilling needs to be the priority. Adaptability, critical thinking and collaboration are core skills required in the industry.

Focusing on professional development during these times will increase employability, upskilling through online courses, certifications, software practice and joining a training programme are all useful ways to progress.

Values of accountancy

Professional accountants play a key role in strategic thinking with values of integrity, scrutiny, ethics and accountability. Now more than ever these qualities are required to react to the challenging economy. As COVID-19 has increased the complexity of organisation’s accountability, there is an overall increasing demand for accountancy values to be instilled in organisation’s financial practices.

Demand for Accountancy Profession Continues

Despite a slight decline in the overall number of accountancy roles within the UK, the Accountancy Profession remains extremely buoyant.

Types of accountancy roles which are being demanded include audit specialist, newly and recently qualified “general practice’ accountants, tax experts, advisers with people skills and strong knowledge of digital and cash flow focused expertise. The government loan policies introduced have prompted tax complications, meaning tax experts are in high demand.

Shifts in the business environment also means change consultancy accountants are highly sought after, as firms adapt to new working, systems and practices.

Furlough schemes rolled out by the government have complicated payroll, which means another avenue for accountants who specialise in this area. Also, as redundancies and career changes have occurred, new small businesses have been created – a further potential opportunity of clients for small to medium accountancy firms.

The growing accountancy sectors are an opportunity not a threat for accountants and highlights the importance of being adaptable to the changing needs of clients.

Accountants will remain in high demand

The challenges of the COVID-19 pandemic show how even in times of crisis, accountancy remains extremely stable and attractive profession to work within as new opportunities arise. Upskilling and a focus on digital skills are essential but overall, as a career option, accountancy is strong.

If you’re considering a career change or require our quality expertise to find your next stable accountancy role, contact Justin Barber on 0114 279 2843 or e-mail justin@bmrecruitment.co.uk