Accountants are “resilient” to recession, says study
The accountancy sector is more resilient to recession than other employment sector in the UK, according to research from recruitment agency Randstad.
Research showed that the aggregate salary bill for the accountancy profession has increased more over the past 12 years than in other sectors, with a growth of 11.5 per cent, whilst the average wage bill for all professions in the private sector has dropped by 36.8 per cent.
The management consultant profession and travel agency industry were found to be amongst the least recession-proof industries, whilst the accountancy profession and tech sector were the most recession-proof.
Randstad Financial & Professional Managing Director, Tara Ricks, commented on the research, stating: “Accountancy is recession resilient. The profession’s comparatively high aggregate salary bill demonstrates accountants are in the enviable position of being in demand whatever the financial weather.”
She added that during “sunny economic periods”, accountants can pick up consulting work and become an “invaluable” source of advice in “choppy fiscal waters” as there will always be a demand for tax advice and audit work.
Ricks commented on how the economic climate affects other private sector professionals, such as retail workers and builders, stating that they are more “vulnerable”.
The research showed that the accountancy sector experienced strong growth between 2002 and 2015, with the number of people registering as accountants in the UK and Ireland increasing from 245,712 to 343,753.
Ricks stated that this growth has contributed to a “talent war” but said that the pay, the opportunity to earn “world-renowned” qualifications and the fact that it is recession-proof means that the profession remains a “hugely attractive career” to graduates.