Hays Senior Finance looks at resilient finance career roles in any financial climate
Although general outlook for recruitment for qualified accountants remains positive, Hays Senior Finance in Essex highlight that some industry sectors will prove even more steadfast than others, and may even prosper in the current challenge of our economic climate.
FMCG
The fast movable consumer goods sector is proving to be relatively resilient due to our constant demands as UK consumers of food and drink products. In Essex, Suffolk and Norfolk there are is a predominance of companies who operate in this sector and there is a mix of both SME and corporate companies.
‘More and more we are seeing newly qualified accountants competing to get into this sector’ says Karen Young, Regional Director at Hays Senior Finance in Essex. ‘The bad news is that the FMCG industry tends to recruit from their own and it can be an incredibly tough industry to get into - even at a junior level.
‘While people in this industry tend to find it easy to move into other sectors, they usually don’t want to. A newly qualified accountant can expect between £40-£48k in this industry.'
Internal Audit
Internal Audit is another area in which candidates might afford to feel comfortable. As the role of the Auditor requires identifying, analysing and mitigating risk, it has shot up the corporate agenda of late. In times of financial uncertainty the internal auditor has an even more important role and right now this appears to be leading to an increase in demand.
‘Internal Audit is a promising option for newly qualified accountants looking to get their foot in the door across the banking, telecoms, insurance, media, retail and manufacturing sectors’ comments Young.
‘The internal auditor performs a crucial function in a role that is becoming more and more proactive – a fact reflected in the amount of investment and resources companies are putting into this field. Whether you are a qualified accountant that has trained in public practice or an experienced Internal Auditor, there is a strong demand for your skills-set in London and the Home Counties.'
Public sector
The public sector is inevitably going to offer more stability at this time than some parts of the private sector, but there is much broader gain to working in this sector than just this. The NHS on its own has a £90bn turnover and 1.5 m employees.
Young comments: ‘Private sector skills are always in high demand here as they implement a wide range of commercial initiatives - such as service line reporting, world-class commissioning, foundation hospitals etc. Given the number of NHS organisations in the UK - each with their own finance department - there are plenty of career opportunities to consider (and the FD’s in the NHS are some of the youngest in the UK).’
Equally, despite the down turn in the private sector housing market, the social housing sector will remain steady: ‘The social housing sector is vital in ensuring that the UK builds homes and communities for everyone, not just those who can afford to get on the property ladder. Social Housing offers excellent career opportunities for a wide range of finance people, including FP&A specialists, Treasury Managers, Project Accountants, as well as more traditional roles.
‘Local government is undergoing major transition in most parts of the UK, creating opportunities for accountants interested in change management. The education sector is buoyant, we are seeing mergers in the FE sector, enhanced opportunities for accountants within the schools sector and the HE sector (Universities) is always looking for the best talent.
'Common to all the sectors mentioned above is a genuine appreciation of work / life balance, attractive pension arrangements, salaries that are better than you might think and the opportunity to contribute to projects that make a difference. Despite the fact that public sector spend will decrease in years ahead, commercial accountants will still have a massive part to play in ensuring that service levels are maintained and even enhanced against this backdrop.’
Insurance
Insurance is another sector that appears to be benefiting from the credit crunch: ‘people will look to increase their insurance policies and take new ones out in times of financial uncertainty’ says Young. ‘We have seen an increase in top end role registrations and over 20% of the vacancies registered in this sector in the City of London for 2007/08 have been registered in the last month! It's an easy commute for accountants living in Essex’.
‘Insurance clients will tend to want candidates with previous experience due to the nature of the industry; this puts a premium on most positions’ comments Young. ‘A Finance Director of a small to medium sized organisation can now expect to earn anything from £80k to £150k + base. A newly qualified can expect between £45-50k.
Other sectors still proving healthy
Despite the current climate Hays Senior Finance is finding that across the UK demand for qualified accountants is strong in all sectors. ‘The sectors we have highlighted are for the most part unaffected by any financial uncertainty. The good news is, that skilled qualified accountants are still reaping the benefits of a candidate driven market acrossall sectors, and that is something we see being unlikely to change. Qualified accountants will always be in demand and those that ensure they are at the top of their game should never have cause to worry.’
For more information about Hays Senior Finance, go to our senior finance jobs and qualified accountant jobs section.
Notes to Editor
Hays Senior Finance is a subdivision of Hays Plc, providing a specialist recruitment service for qualified accountants and our clients. Hays Senior Finance has a national network of experienced Senior Finance consultants, recruiting qualified accountants across commerce and industry, financial services, practice firms, public services and not-for-profit organisations at all levels, up to finance director and partners in practice.
Hays Plc is the FTSE 250 Company which employs 7,753 staff operating from 376 offices in 27 countries across 17 specialisms. Hays Plc placed circa 68,000 candidates into permanent jobs and paid circa 46,000 temporary workers weekly during the year ending 30 June 07.
For further press information please contact:
Sarah Swailes
PR Executive
Hays Senior Finance
T: 020 7222 8575
E: sarah.swailes@hays.com
