Accounting and Finance Sustained Less Damage Than Some Other Industries
ningcontentLike many other career fields, accounting and finance experienced its share of setbacks in 2009.
“Based on market conditions, we have seen a significant decrease in the quantity of hiring in 2009,” said Matt Beck, managing director of the Mergis Group executive recruitment firm in Miami. “The current economic recession has caused companies to ‘do more with less,’ and try to get by with existing staff versus hiring additional staff.”
Some companies chose to cut costs by hiring temporary employees to fill gaps in their workforce on an as-needed basis. “It is important to realize that despite the financial crisis and the recession, the demand for skilled A & F professionals is again showing signs of life, with the unemployment rate for the sector around seven percent, while the U.S. as a whole is pushing ten percent,” explained Beck.
Another way that employers saved money was by not only hiring temps, but by hiring them at “the lower end of the salary grades, as there is a greater candidate base,” said Beck. Candidates, too, adapted and showed a greater willingness to accept lower paying assignments for the privilege of working or to obtain more stable positions than the ones they already had.
The jobs that employers most often need to fill are:
- tax accountants
- internal auditors
- financial analysts
- compliance directors
- credit managers
The best paying entry level jobs in the accounting and finance industry are
- audit associates – normal starting salary = $45,000-$55,000 annually
- tax accountants – normal starting salary = approximately $46,500-$61,500 annually
While there’s no such thing as a recession-proof job or career field, Beck admits that the accounting and finance industry was not as damaged by the recession as some other areas. “Financial positions are necessities for a company,” Beck said. “Although they may not need as many folks, the work must be completed in order to maintain business operations.”
