Is accountancy a recession proof job?
Today’s jobs market can be a scary thing. Even higher education can cause some anxiety: will you really be able to turn your qualifications into a career?
Fortunately, when it comes to accountancy, the answer is nearly always a massive ‘yes’!
Now, obviously employment will always come down to individual work ethic, but it’s safe to say that accountancy is one of the most ‘accountancy recession proof’ careers out there.
We’re not just saying that, of course. Indeed, last year alone, Randstad Financial and Professional – one of the UK’s major recruitment firms – carried out a study of total salary bills for full-time staff across the past decade. They made use of both ONS information and industry stats for the study.
In terms of accountancy, the results were impressive
accountancy was found to be the sixth most secure profession around, with only tech, social workers, nurses, transport professionals and teachers above them.
Indeed, in terms of the accountancy recession-proof, it was ranked as the top position in terms of salary and security.
Tara Ricks, managing director for the recruitment firm, stated that the recession had had a relatively minor impact on accountants, simply because demand for the trade was always needed. As long as businesses have to manage their financial information, accountants will be necessary.
Accountancy recession proof is a fairly versatile profession
Skilled accountants can always pick up consultancy work in areas of risk advice – especially relevant during rockier periods such as recessions – and in more healthy economic climates, growing businesses will always be glad of the assistance.
Essentially, accountancy is not – and will almost certainly never – be a ‘luxury’ service. It is essential. What’s more, it is a source of recurring work: an accountant’s job is never ‘done’. As long as businesses continue to operate, they’ll continue to require assistance from financial professionals.
The other ‘recession-proof‘ factor that makes accountancy such a promising career is in the area of salaries. Though average UK real-time salaries actually decreased by 8 percent between 2002 and 2014, two main industries saw salaries improve: the tech sector and, of course, accountancy.
Though no professions can be officially declared ‘recession-proof‘, accountancy remains one of the most stable careers in the UK, and even the most stable in the financial sector as a whole.
If you’re interested in taking a qualification in accountancy, please do take a look through our potential courses, and give us a call if you’d like to find out more. We’d love to hear from you.