The lowdown

Credit squeeze. Credit crunch. Global financial meltdown. Whatever you want to call it, the world is trying to come to terms with the impact, locally and internationally, of the economic downturn. And on personal and professional levels, even the most optimistic student accountant may struggle to see beyond the doom and gloom. But as with many apparently disastrous scenarios, the current crisis brings both bad news and good news.

Let’s start with the downside – things can only get better. The global financial services industry is going through a period of unprecedented change: it will be some time before it recovers, and by then, it may well have changed beyond all recognition.

Commercial and not-for-profit entities are reeling from the impact: sources of liquidity have evaporated, economic growth is slowing, entire industries are being decimated, and the financial jobs market is shrinking. But perspective is everything, and there is an upside.

Members of the accountancy profession are reassuringly well positioned to survive the downturn, and to thrive when the upturn emerges – as it inevitably will. The landscape of the financial job market may be changing, but while demand for some roles is declining, for others, it is rising, and smart students will position themselves to exploit the career opportunities this presents.

Bend in the wind
Finding a job with a new employer will be more difficult during 2009 than it was in 2008, but it is far from impossible. ‘Many organisations with positions to fill would consider recruiting a candidate who has the required qualifications but lacks practical experience, and then provide them with the necessary training on the job.’ reports Mark Thomas, associate director with the international recruiter WH Marks Sattin ‘Employers get the benefit of strong theoretical knowledge without so much practical experience, which is often more cost effective, and the candidate gets the chance to obtain the relevant experience. So it’s a win win situation.’

But there’s no getting away from the fact that there are fewer jobs on the market than there were a year or even six months ago. ‘Lots of good people who might otherwise be open to opportunities are staying where they are,’ says Thomas.

The economic uncertainty means people are placing a higher value on job security – and this has a knock-on effect. ‘Where people have jobs, they are staying put, so there are fewer openings for others to move into,’ says Abigail Stevens, managing director of the international recruiter Think Global Recruitment (TGR). The power has swung away from jobseekers towards employers. ‘The market now is employer-driven; not candidate-driven,’ she adds. This means finance professionals will have to work a lot harder to find the roles they’re looking for, to increase their chances of being selected, as Richard Park, head of international business with the financial recruiter Martin Ward Anderson, confirms: ‘A year ago, the market was totally candidate-driven, but employers now are being more picky about who they recruit.’

Rise to the challenge
This creates new challenges for students. ‘In a candidate-driven market, employers don’t expect to find someone who ticks all of the boxes on their wish list,’ explains Thomas, who says that until the downturn, organisations were happy to recruit somebody who could deliver on five or six out of 10 criteria. Now they have higher expectations: ‘They may want to see eight, nine, or even 10 out of 10 boxes ticked,’ he adds.

So if you want to appeal to a new employer in the current marketplace, what must you do to stand out against the competition? ‘At the moment, candidates need to be open minded, and present themselves more professionally,’ explains Park. Your CV will need tailoring to each employer’s needs much more closely than previously, and it should demonstrate your strengths and your ability to add value very clearly (see ‘How to sell yourself’, below).

And Park suggests that you focus your efforts on acquiring the sorts of skills and experience that are most transferable. This can be easier said than done, of course, until you know what those skills are. ‘It’s important to get any people management experience you can,’ he advises, ‘so that you can showcase your communications strengths, interpersonal skills and your organisational abilities.’ According to recruiters, employers will also be more impressed by professionals who have augmented their technical expertise with soft skills, in areas such as negotiation, networking and presentation, while language skills can also be a bonus.

‘European employers are still looking for candidates with language skills,’ says Stevens. If you can offer a European language, such as German, Spanish or French, you will dramatically improve your employability. ‘The big multinationals are still moving people between countries internally, but it will be six to 12 months before they need to do more external recruitment,’ she believes.

‘Some industrial sectors are naturally more resilient,’ says Park, citing drink, gambling and tobacco, and although the retail sector overall offers fewer career opportunities than usual, both nationally and internationally, many providers of fast food and low cost goods and services are thriving. Most countries can also expect their domestic tourist industries to improve during a recession, because people visit local tourist destinations rather than flying off to exotic locations, so there are possibilities in this area too.

It seems clear that what’s bad news for one individual, organisation, or industrial sector is often good news for another. So no matter what happens, try to stay positive, maintain a constructive and optimistic outlook, and be flexible.

HOW TO SELL YOURSELF
The ‘war for talent’ is over, and if you want to advance your career, you will need to sell yourself to potential employers. ‘Make sure that your CV lists your achievements, and shows what you have done to really add value,’ advises Claire Cuthbert, a manager at Euro London Appointments.

If you are applying for positions online, tailor your CV to each application and ensure you match the requirements and competencies needed for the role. Then, if the employer is using an automated screening process, you can be sure that your CV will at least get looked at.

Play to your strengths. If you are sociable and empathetic to other people’s views, this can show that you are a good team player who can liaise with people at different levels. If you pride yourself on never being late, this can demonstrate that you will go the extra mile to meet deadlines.

If you tend to be a bit forgetful and can only function if Microsoft Outlook provides a steady stream of reminders, use this to demonstrate that you are an organised worker with plans and deadlines – and show an employer that you are capable of developing a positive strategy to overcome your weaknesses.

‘At interview, focus on achievements in your last role rather than just responsibilities,’ suggests Cuthbert. Did you come up with any problem-solving ideas, save the company money, or streamline a process to make it more efficient? ‘Try to list at least two or three achievements for each position you have held,’ she adds, and always emphasise the positive.