Although general outlook for qualified accountants remains positive, Hays Senior Finance highlights some industry sectors which will prove more steadfast than others, and may even prosper in the current economic climate.

The fast movable consumer goods sector is proving to be relatively resilient due to the constant demand for food and drink products in the UK. In Essex, Suffolk and Norfolk there is a large number of companies operating in this sector and there is a mix of both SME and corporate companies.
 
More and more we are seeing newly qualified accountants competing to get into this sector’ says Karen Young, Regional Director at Hays Senior Finance in Essex. ‘The bad news is that the FMCG  industry tends to recruit from their own and it can be an incredibly tough industry to get into - even at a junior level.

‘While people in this industry tend to find it easy to move into other sectors, they usually don’t want to. A newly qualified accountant can expect between £40-£48k in this industry.’

Internal Audit

As the role of the Auditor requires identifying, analysing and mitigating risk, it has shot up the corporate agenda of late. In times of financial uncertainty the Internal Auditor has an even more important role to play.

‘Internal Audit is a promising option for newly qualified accountants looking to get their foot in the door across the banking, telecoms, insurance, media, retail and manufacturing sectors’ comments Roland Seddon, Director of Hays Senior Finance in London. ‘The internal auditor performs a crucial function in a role that is becoming more and more proactive – a fact reflected in the amount of investment and resources companies are putting into this field. Whether you are a qualified accountant that has trained in public practice or an experienced Internal Auditor, there is a strong demand for your skills-set across the UK.'
 
Public sector

The NHS on its own has a £90bn turnover and 1.5 m employees.

Jan McQuaker, Director at Hays Public Services comments: ‘Private sector skills are always in high demand here as they implement a wide range of commercial initiatives - such as service line reporting, world-class commissioning, foundation hospitals and so on.  

Given the number of NHS organisations in the UK - each with their own finance department - there are plenty of career opportunities to consider.

The FD’s in the NHS are some of the youngest in the UK.

Equally, despite the downturn in the private-sector housing market, the social housing sector will remain steady.

The social housing sector is vital in ensuring that the UK builds homes and communities for everyone, not just those who can afford to get on the property ladder.  Social Housing offers excellent career opportunities for a wide range of finance people, including FP&A specialists, Treasury Managers, Project Accountants, as well as more traditional roles.

Local government is undergoing major transition in most parts of the UK, creating opportunities for accountants interested in change management.  

The education sector is buoyant; we are seeing mergers in the FE sector and enhanced opportunities for accountants within the schools sector.  

Common to all of the sectors is a genuine appreciation of work/life balance, attractive pension arrangements, salaries that are better than you might think, and the opportunity to contribute to projects that really make a difference.  Despite the fact that public sector spend will decrease in years ahead, commercial accountants will still have a massive part to play in ensuring that service levels are maintained and even enhanced against this backdrop.

Insurance

The Insurance sector appears to be benefiting from the credit crunch’ says Roland Seddon, Regional Director at Hays Senior Finance. ‘Over the last two months we have seen a sharp increase in demand for senior level candidates in the Insurance sector, and over 20% of our role registrations in 2007/08 have been in the last 8 weeks.

Insurance clients will tend to recruit from their own’ Seddon comments, ‘this often means there is a premium on the role.

A Finance Director can now expect to earn anything from £80k base up to and above £150k dependant on the size of the business and whether it’s a Divisional or Head Office role. A newly qualified can expect between £45 – 50k base although this is also on the increase.

Other sectors still proving healthy

Despite the current climate Hays Senior Finance is finding that across the UK demand for qualified accountants is strong in all sectors. ‘The sector’s we have highlighted are for the most part unaffected by any financial uncertainty.

The good news is, that skilled qualified accountants are still reaping the benefits of a candidate driven market across all sectors, and that is something we see being unlikely to change. Qualified accountants will always be in demand and those that ensure they are at the top of their game should never have cause to worry.’