The economic downturn is providing both challenges and opportunities for CIMA students, say recruitment specialists. They need to be flexible. By Camilla Berens, freelance journalist.
The newspapers may be full of economic doom and gloom but for finance professionals, the job market isn't necessarily as bad at it may first appear.
According to recruitment consultants around the world, the downturn could actually be increasing the demand for CIMA students and members.
Tracy Keevans, manager of the commerce and industry division of Premier Group recruitment specialists in Ireland, says the market for finance professionals is still buoyant and the difficult economic climate is providing a good opportunity for management accountants to show their real value.
'The current climate has prompted an increase in demand for strong management accountants to provide detailed analysis of figures and trends,' Trayc explains. 'It has also meant that the role of the management accountant has become more challenging as they are required to provide more complex advice and help to steer businesses in the right direction.'
Potential to stretch
The global slowdown has made the job market for CIMA students more competitive as businesses take more time to review job vacancies. When an opportunity does come up, it's likely to be a quality role.
'Companies are being more considered about recruiting for new positions,' says Neil Owen, a director at Robert Half. 'It's a big cost and they have to be really sure that the position is needed. However this means that if a job comes onto the market, candidates can be confident that it's a really needed job and will have the potential to stretch them.'
Kirsten MacLeod, a director at ECHM, says that if CIMA students are looking for a new role, they should be open to opportunities outside their local market.
Hot spots
According to the experts we spoke to, the top three recruitment hotspots (or at least 'still warm' spots) are currently Dubai, Switzerland and Brazil. In Dubai, the demand for CIMA students will continue to grow, predicts Ian Graves, Robert Half's managing director for the region.
'The Middle East is a major finance hub and an increasing number of multinationals are going to move in,' he says. 'Demand will continue to increase as businesses build up their finance departments.'
Unsurprisingly, the most active sectors in this burgeoning region are financial services, tourism and retail and there are plenty of roles for management accountants to get their teeth into.
'There's a need for added value tasks such as management information systems analysis and financial planning and budgeting,' Ian continues. 'There's also a big focus on cost management, risk management and decision making - all great areas for CIMA candidates.'
Cold spots
The three coldest employment spots are thought to be the US (downturn combined with rigorous immigration requirements), Spain (suffering from high unemployment and a weak economy) and Luxembourg (the country's large financial services sector has been hit hard).
Perhaps controversially, Neil Owen believes that the UK is a better employment prospect that many might think. 'My feeling is that whatever area gets hits first, will bounce back first,' he says. 'On top of this, if analysts are predicting a long and deep recession in the UK, accountants are going to be needed more than ever to hold things together.'
The public sector and the energy and utilities sectors are currently the most attractive options. However he adds: 'There are a lot of opportunities in these sectors outside London. So if you're looking for a better work life balance, now is the time to look around.'
Some agencies say that in the UK there are still talent shortages in certain regional pockets. For example, Karen Young, regional director at Hays Senior Finance reported: 'The talent shortage still seems to be a UK wide problem. Areas outside London like Essex and East Anglia are also suffering from a shortage of CIMA qualifieds.'
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