Are accounting jobs an easy option? (UPDATED)

26 May 2009

2 minute read

Are accounting jobs an easy option? (UPDATED)

We would be lying if we didn't say that it's bad out there. And we would be telling a fib if we didn't say that it's a lot harder than it used to be to get a job in investment banking. However, we may not be being untruthful if we say that accounting is still a possibility.

Deloitte is a case in point. Head of graduate recruitment Sarah Shillingford, says it hasn't changed its graduate intake 'significantly' in the last few years, and that it will opening its 2010 application process on July 1st. It's hiring 1,000 students in total.

Accounting firms usually recruit throughout the year on a first come first served basis. PricewaterhouseCoopers is still hiring for 2009, a fact confirmed by its student site.

While opportunities in investment banking are down at least 30%, and quite possibly more, the ACCA (Association of Chartered Certified Accountants), points out that things aren't nearly as bad in the accounting sector. In a press release earlier this month, it said -

According to recent research from High Fliers, the accountancy sector is set to recruit the most graduates in 2009 - 20.9% of the entire market - yet less than 8% of applications so far from finalists have gone to accountancy firms.

Martin Birchall, High Fliers' managing director, tells us that it's not exactly easy to get a job in accounting, but that it's not nearly as bad as investment banking.

"Accounting still involves a three or four stage recruitment process, and the ratio of applicants to jobs is 15:1, but investment banks often receive applications in the ratio of 50-100:1," he says.

AUTHORSarah Butcher

Global Editor

I'
I'm in IBD
15 June 2009
Funso, you, poor grammar? That's unpossible!
Observer, whilst the vast majority of what you say is true, total-compensation earning potential for assocs+ at IBs increases much faster than at accountancy firms - even now and even at a junior level, with poor bonuses and such. For example, at my firm, 2nd years got a 6k raise (36,000 -> 42,000). Secondly, the movement from big4 to IB, even during the boom times, happened very infrequently and only the very cream of the crop were hired.
Mannie B, qualifications are not the ambrosia of finance. Yes, AC(C)A is an advantage, but if you think it'll allow you to move to IB by default, then you are very mistaken. Usually, in big4, the doors open to your sector clients. I've never seen anyone move to IB who specialised in, for example, auditing retail, or utilites companies. The vast majority came from Corp Fin or TAS, and very very few came from FIG audit.
The best reason why Big4 dominate "Best Grad Company Lists" is that they hire thousands graduates every year and so can afford to splash out on fancy recruiting events and such. These tables are marginal at best.
Disclaimer: I'm not a big4 bashed. I'm a realist.
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ja
jay
28 May 2009
Blob your right the numbers maybe better but big four firms are just as elitist!
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Ma
Mannie B
27 May 2009
Iv landed my role with a big 4 firm and i never even looked at the banking sector due to the boom and bust culture it embodies and wht tht means for my continued employment... Observer is correct once I have my qualification doors will open at higher pay structures and I could jump in to IB if i so wanted to alternatively I could even go it alone and create my own firm.... Case in point here guys is that there is a reason why the Big Four Acc Firms dominate the Best Grad Company Lists and that is because of the work/social balance but also and more importantly the grounding it gives grads from these firms to go on achieve bigger and better things....
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Ob
Observer
26 May 2009
Personally I can't see why so many people on this site see accountancy as an easier / lesser option. I can't understand why people are so short sighted that they'd prefer an extra 5-15k pa for the first 3 years over a professional qualification (time it takes to qualify). The earning potential then rises significantly with a move to industry or banking.
How many FTSE 100 CEO's are there without an ACA or CA? Very few. The big 4 pay 30k starting salary in corporate finance and offer extremely interesting programmes such as private equity advisory, You get a better work / social life and the all important qualification. I think it'll leave you in a more advantageous position if you were to be made redundant after 2-3 years - as a couple of friends of mine are finding. They were made redundant from UBS and GS in late 2008 and are both still unemployed as they don't actually have many transferable skills.
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Fu
Funso
19 May 2009
Well, this is no brainer. Accountancy unfortunately, will be seen by arrogant high fliers, has a bus stop. A chance to learn to be extremely competent with numbers and business processes. However, not a career to earn extremely high bonuses.
However, Accountancy firm could benefit, has they will recieve top applicants that would original not applied, also would provide the firm the opportunity to retain a some off them into senior position in the future.....
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