 |
Financial
Jobs Outlook
By Ron Proul, CEO of Century Group |
Everyone I
talk with, clients and candidates, are interested to find
out the status of the job market. Why not, listening to
the news there is no shortage of layoffs. The media and
companies have given up the euphemisms such as "right
sizing" or "downsizing" and settled on
the plain language of "lay offs". Those in accounting
and finance are faring better than most I talk with in
other disciplines. Without a doubt it is slower today
than even six months ago, the days of landing two job
offers in two weeks are gone. Still there exists a fair
demand for talented accounting and finance professionals.
We see the process taking more time; companies are being
more selective and deliberate in their hiring decisions.
While many Southern California institutions have been
acquired or taken over, there were many that were early
victims and many of the accounting professionals have
settled into roles within other companies. My own experience
through the savings and loan crisis of the early nineties
is that finance and accounting professionals are required
to clean up this mess. As before, the FDIC has set up
shop in our own backyard to handle the failed institutions
of the Western United States. There will be additional
importance placed on accounting professionals in companies
with stricter regulations and oversight, not to mention
restructuring the financial mess. If President Obama intends
to strengthen the US regulatory system, most anticipate
seeing demand at the SOX implementation levels after the
Enron collapse. Combined with the implementation of IFRS
impacting companies over the next couple of years, accounting
firms and public companies alike will continue to have
demand for professionals.
For 2008, Century
Group had 15% growth in its project consulting business
as companies were reluctant to hire not knowing what was
on the economic horizon and wanting to keep head count
consistent. In 2009 we anticipate similar results for
our project professionals. Although it is hard to predict
what 2009 will bring, according to a survey by the Association
of Executive Search Consultants, search consultants nationwide
expect "the greatest scarcity of talent in finance
and accounting". Based on surveys with our clients,
we project a demand for general accounting, SEC reporting,
audit, and tax professionals consistent with levels in
2008 with uptick of 2% coming in the second half of 2009.
We are seeing growth in litigation consulting and restructuring.
M&A, strategic planning and business development positions
are harder to come by. Many client companies are seeing
this as an opportunity to upgrade key positions without
the upward salary pressure of the hot job market.
Since 1989,
Century Group has been helping you make the most of the
current employment market. We look forward to continuing
to work with all our clients, alumni and candidates with
an eye towards better economic times. Be on the look out
for our next issue where we will share some Executive
Recruiter secrets for conducting a job search.
|
