Economy makes it time for Accountancy courses to widen their appeal

This week, the ONS released the latest unemployment figures in the UK from June to August 2011. The statistics make for gloomy reading with the total number of unemployed now standing at 2.57 million, meaning the unemployment rate is now 8.1%, a seventeen year high. (ONS, 2011).

Even more concerning is the high level of young people, aged between 18-24 who are unemployed. Graduates, school and college leavers are finding it impossible to break into the employment market with 991,000 young people finding they are unemployed, a rate of 21.3% and an increase of 74,000 since May 2011.
 
Politicians from all parties have acknowledged the high figures and were in unanimous agreement that unemployment continues to be a problem; although no party has put forward a realistic policy of how unemployment can be tackled.

With the abolition of the future jobs fund and a mass wave of public sector redundancies on the horizon, it is difficult to know where new job opportunities will come from. The UK economy is at a virtual standstill, with very few areas growing and offering employment opportunities. High street retailers are reducing and rationalising their operations and manufacturing industries are also shrinking and reducing their workforce (NIESR, 2011).
 
However, despite all this negativity, there is some light at the end of the tunnel.  The joint CIPD/KPMG labour report in the summer of 2011 did make some more optimistic conclusions and found that some areas of the private sector were actually creating jobs.

The report found that there was some increase in recruitment activity, with growth being particularly strong in the business services area. However, the CIPD did note that while there were vacancies out there, employers were not always filling these positions or finding the right candidates due to applicants having a lack of skills or specialist knowledge.

The report found that 1 in 10 employers were having difficulty in filling roles and finding it especially tough to recruit to accountancy positions.

Large multi nationals and local firms are still regularly advertising for such accountancy positions. A search on a number of the recruitment websites proves this point, with a quick search bringing back a whole host of results. PWC, one of the so called ‘big four’, grew by 6% in 2011 and as a result has been on a big recruitment drive, recruiting 3,200 new employees.

This may be a real missed opportunity for job seekers and young people looking to start out in a promising career. Accountancy offers a fantastic career route with plenty of opportunities for progression and development. Moreover it is well paid. Prospects, the official graduate careers website reports that accountancy has good average starting salaries with entry level/school leavers looking to earn between £12,000-18,000 per annum, whilst graduate trainees can expect a salary of between £18,000-28,000. Those with managerial responsibilities can expect to earn £40,000 plus.

Unlike other professions such as law or the medical profession, accountancy does not require students to have to study the subject at university. No prior qualifications are required to train to be an accountant; instead, candidates study for professional qualifications such as ACCA, the Association of Chartered Certified Accountants, a globally recognised body. Moreover, ACCA offers a variety of entry routes for school leavers, graduates or for people looking for a career change perhaps as the result of redundancy. School leavers have the opportunity to study for the foundation qualifications in accountancy, whereas graduates may opt for the full ACCA qualification. There are also a whole variety of ways of studying for ACCA courses, including full and part time routes taught nationwide and through online/distance learning. This provides students with plenty of flexibility in how they study for their course and balance other commitments.
 
Once qualified in one of the ACCA levels, students can look for a range of jobs such as accounts assistant roles (foundation/entry level), moving up to qualified/part qualified accountants. These positions are found in all different types of organisations and businesses. Every company needs the skills of an accountant, just like every student requires a teacher.