Recession-Proof Careers? The Truth about Accounting and Finance
For a while, during the recession that hit starting in 2007, people were talking about recession-proof jobs. In truth, there is no job that is completely safe from downsizing or other challenges in the workplace, but financial jobs come the closest. Both finance and accounting are high demand jobs that cross boundaries between industries. So if you’re considering a career in finance, here are some things to keep in mind regarding your long term job security.
- Not glamorous, but necessary. While “bean counters” is not entirely descriptive, it does speak to the impression that many have about accounting and finance professionals. Their role isn’t very glitzy, but it does keep the wheel turning in the most important ways. This means that you are able to stay in the trenches and keep that paycheck coming in even when others are worried about the same thing. Other positions may be expendable, or could evolve, but for now finance is critical as is.
- Sorting out financial problems. When a company does have financial trouble there is only one class of employee that can sort everything out. In negative employment climates accountants and others in the financial industry will be relied on to determine the best solutions. In this way, there is significant job security for individuals who are numbers-minded.
- How to recession proof even more. Of course, there are portions and aspects of the financial industry that can be more volatile than others. You may wish to steer clear of jobs that are transactional in nature such as working with mergers and acquisitions or within the mortgage industry. Because these specializations within accounting and finance are dependent on a number of factors that can’t be controlled, they have a higher risk of becoming among the first casualties when trouble becomes apparent.