Attention Accounting and Finance Job Seekers
What to Do in a Flooded Job Market
(SmartPros) Inevitably this slow economy will pick up. In fact, statistics indicate that what the U.S. has experienced in the last two years has been a mild recession and that the economy is already on the upswing.
However, the job market is still flooded with employees laid off from the tech sector and various other industries. Large companies, from Enron to Kmart to Arthur Andersen, have let go of workers. Needless to say, it is not a great time to be looking for a new job.
The good news for accounting and finance professionals is that your expertise is still in demand. The accounting services industry ranks first among the top five employers with job offers for graduating college students, according to a recent salary survey conducted by the National Association of Colleges and Employers.
Additionally, the U.S. Department of Labor estimates employment of accountants and auditors is expected to grow about as fast as the average -- 10 to 20 percent -- for all occupations through the year 2010. Similarly, increased investment by businesses and individuals is expected to result in faster-than-average employment growth -- 21 to 35 percent -- of financial analysts and personal financial advisors through 2010.
This brings us back to the slow economy and flooded job market. What if you are looking for your first job or simply want to switch to another employer or position?
Salary Expectations
David Adams, Pacific Northwest Regional Director of AOC, a financial staffing and recruiting agency, says compared to a few years ago, the hiring process is slow and salaries are less flexible. With more job candidates to choose from, employers aren't so quick to hire and don't feel the need to offer generous salaries or bonus packages. Employers are analyzing their options.
"There hasn't been a significant drop in salaries," explains Adams, "but salaries haven't increased either."
Adams suggests that when seeking a new position during high unemployment, job seekers look beyond salary expectations. Certainly you want to be sure you are paid equitably for the job you are doing -- taking into consideration factors such as geographical location and past experience -- but you should also consider career goals and company atmosphere, for instance, when looking for a new job.
"This is not a time to be greedy," quips Adams.
For detailed salary information in the accounting and finance field, AOC's Salary Guide 2002 and Robert Half International's 2002 Salary Guide are good resources with which to begin your research.
Industry Trends
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Adams predicts "accounting and finance as a field will probably come back stronger than ever, even with the Enron issue." In fact, upcoming changes to the field will "provide a great opportunity if someone wants to help change the industry," says Adams.
Trends such as globalization of the securities markets as well as the increased complexity of many financial products will increase the need for analysts and advisors to help investors make financial choices, according to the U.S. Department of Labor. Accountants will find new opportunities with personal financial planning, consulting and forensic accounting.
For more information regarding trends in the accounting and finance field, as well as detailed job descriptions and outlooks for particular job titles, visit the U.S. Department of Labor's Occupational Handbook.
Making the Most of Your Job Search
In addition to applying the age-old techniques of networking and resume distribution, consider ways to make yourself more marketable. Join a professional assocation -- always great for networking. Enroll in a training course to learn a new -- or develop a weak -- skill. Research some of the job trends and review your career goals.
Most important, don't take "no" as a personal rejection. Remain patient with the job market and persistent in pursuing your goals.
-- By Niquette M. Kelcher
© 2002 SmartPros. All rights reserved.