Surviving the Talent Crunch

Who will be the winners and losers as the credit crunch impacts on skills shortages and career planning?

As the global economy goes into meltdown, with governments, economists, and financiers predicting worse to come, the market for accountancy skills is changing. The experience and expertise in huge demand not that long ago is becoming less marketable in certain countries, while some accountants with knowledge of specific industries or disciplines are finding themselves highly prized by employers – but often only if they are prepared to make an international relocation. So what is the ‘talent crunch’ that’s emerging? And how could it affect the career plans of the aspiring finance professionals of tomorrow.

According to specialist recruitment consultants, demand for accountants appears to be holding up. But the difference now is that employers appear to be less keen on importing skills from overseas – despite the fact that global experience is becoming more important. With hiring budgets being cut, more effort is going into attracting people already in the country and who have previously worked internationally.

One of the regions generally regarded as not having been hit by the credit crunch – yet – is China, along with its immediate neighbours. Even financial services markets in places like Hong Kong and Singapore appear to be healthier and more sustainable than UK or European financial centres. However, they’re no longer the magnet for accountants with banking experience from London, Sydney, and New York that they used to be.

Elsewhere in the world, Max Williamson, chief executive of UK-based recruitment website CareersinAudit.com, which specialises in promoting international job opportunities, says that Belgium is still considered ‘as hot as any market in Europe right now’, while in the UK, boutique financial services companies unaffected by the sub-prime market are continuing to recruit, and finding that they are able to hire finance staff they may have not been able to attract 18 months ago.

The Gulf states have also been less affected by falling financial markets. According to Maria Brown, who runs Reed Accountancy in Qatar and recruits for employers there, as well as in Bahrain and the United Arab Emirates, demand for finance skills is increasing within both local and multinational companies: “The majority of candidates we place have strong financial services experience or a Big Four background.”

As companies increasingly conduct cross-border transactions and establish themselves on the ground in emerging markets, recruiters say that accountants who are prepared to travel – whether within their current job or to take up a new post – may ultimately enjoy the best long-term opportunities. And with markets exhibiting so much volatility, that’s giving many accountants food for thought. If employers are going to increasingly value international experience, should they be prepared to spend some time abroad in the future?

Students who have embarked on an accountancy career and are considering about their post-qualification options may be well advised to think about how they can capitalise on the global mobility offered by the ACCA Qualification – and indeed, whether travel is now an imperative in order to insure themselves against a similar economic crisis that may strike in the future. Accountants planning their long-term careers may increasingly see travel as adding value and a global dimension to their CV.