News that 57% of the UK's top accountancy firms are going to reduce staff numbers could instinctively dash any hopes of imminent career moves.

But don’t always take the statistics at face value. There is still a ream of great opportunities for promotion and movement in the job market during a downswing.

First, the Thomson Reuters survey signals the first significant pause in the dramatic growth of accountancy firms since 2001, but it also states that only 5% of firms actually plan to cut jobs. Staff reductions will often come through natural attrition.

Indeed Andy Eddleston, cvmail commercial manager, the part of media giant Thomson Reuters that conducted the survey, says: ‘Core audit and assurance and tax work should be largely unaffected. It is hoped that the vacuum created by the slowdown in areas like IPOs will be filled with rescue and recovery work.’
So the real news is ‘fear not’. But neither is this a time to sit back and expect your skills to shine through.

‘The market is getting tighter,’ says Mark Freebairn, head of the CFO practice at executive search agency Odgers Ray & Berndtson. ’But you have to look at it sector by sector. If you are in property, retail or banking then you will be feeling the squeeze. Oil and gas, however, is great but the opportunities there are few and far between.’

Nonetheless the jobs market in finance remains suprisingly strong. ‘In finance I haven’t seen any signs that the market is falling away,’ says Freebairn.

Strategic shift

This can be put down to the shift in perception of finance as a strategic partner in business over the past decade. Whereas boards used to get rid of a finance director earning £150,000 or the bulk of a finance team in exchange for a cheaper alternative, directors now baulk at the idea of reducing finance.

On the contrary, management is now aware that in times of economic trouble it is the finance team that needs to be robust enough to provide financial solutions.

Despite a downturn, the incentives that drive employees to change jobs or push for promotion don’t change: the challenges you face, however, do.

‘It’s got a lot to do with your own drive. Just because there’s a downturn, why would you undervalue your own skills and abilities?,’ asks Mark Laine-Toner, finance manager at Sainsburys.

Laine-Toner, ACCA qualified, is just weeks away from moving into a more commercial role as finance manager at Asda in Leeds. ‘You have to be confident and prepared for your next role. When you’re on a high you’re much more employable,’ he adds.

In fact some recruiters argue that it is during economically tougher times that ambitious finance professionals really have the opportunity to demonstrate their abilities.

‘It’s worth concentrating on your commercial skill set. You can do that by being the one who helps a business to make or save money,’ Daniel Jewell, business director at Hays, says.

Whether you’re looking for a new job or an internal promotion the general advice is recognise your strengths and promote them externally or seek ways to highlight them within your working environment.

What has changed with the worsening economic situation is that employers have become more cautious in hiring people.

As for your part, a job seeker should also do more research in scrutinising a potential employer. You don’t want to join a business that offers no security or is about to halve its workforce, leaving the remainder of staff demoralised. Seeking a new job is a two-way street.

‘You should be aware of the risk you are taking and understand how a company is funded. You should establish what the substance behind the company is so you are taking calculated risks,’ adds Jewell.

Recruiters agree that despite the doom and gloom messages in the media about job cuts and insolvencies, it is still a job seekers’ market. Companies are being more selective and cautious, but that only means candidates have to work a little harder to market themselves and showcase their talents. It definitely doesn’t mean you can’t change jobs or get a promotion.

No better time

In terms of promotion, it might well be a better time now. Internal promotions save companies money and are an excellent motivational tool.
‘If you are in finance and ambitious and want to prove yourself, then now is when the genuinely hard commercial decisions need to be taken,’ says Freebairn.
But don’t be too hasty to jump ship if things aren’t going as fast as you anticipated.

Laura Wilson, assistant director at WH Marks Sattin, says: ‘In terms of progressing your career, you need to be prepared to make smaller, incremental steps towards your goal. Candidates that are flexible and proactive will be successful.’

Downturns don’t have to be bad news for finance careers. On the contrary it’s usually a time where you can excel by applying all that knowledge you have built up over time to really helping the company out of a tight spot.

DO...

Do your research about a company before accepting a job offer. Find out how it’s funded. Check out Companies House for a bit of history on its directors if it’s a private company. If it’s a publicly listed company, the internet should have information on it. If not then alarm bells should ring.

Do write a list of your strengths and achievements. Often we forget them or take them for granted. But this is what employers want to know about so that you can differentiate yourself from other candidates.

Do ask for training or development in an area of expertise you feel lacking in. Just because your company might have a recruitment freeze on doesn’t mean management aren’t interested in developing its staff.

Do emphasis your technical skills and experience even if you’re going for a more commercial role. In tough economic times directors want to know they have a safe pair of hands.

Do concentrate on your commercial skills. The difference between promotion and staying put could be in how you can make or save money for your company.

Do accept that the pace of change might be slower than you would like but highlight your maturity and understanding by showing patience, accepting that progress might come in more incremental steps rather than a swift jump.

Do act flexibly and proactively. At times of trouble, management wants to see how agile and adaptable you are to different circumstances.

...AND DON'T

Don’t be put off pursuing a new job because the economy is in a downswing. It’s always a good time to be looking for a new job or opportunities, especially when you have the security of already having a job.

Don’t be worried about leaving your job if the situation becomes untenable for whatever reason, even if you haven’t yet got a new one to go to. The stigma attached to being out of work for a six-month period no longer exists. Just make sure you have a strong CV and know what you’re looking for.

Don’t stop negotiating for a well-balanced package. Just because there’s an economic downturn it doesn’t mean to say that you’re worth less. If a company values your skills and experience they will pay for it whatever the economic circumstances

Don’t stop taking risks. Business and life in general is all about taking risks – albeit calculated ones.