The Covid-19 Impact on Prospective Accounting Professionals

May 29th 2020 | Posted by Dave Cross

The Covid-19 Impact on Prospective Accounting Professionals

The Covid-19 Impact on Prospective Accounting Professionals

There is no doubt that the Covid-19 crisis is having a serious impact on students and those attempting to take their first step on the career ladder.

It’s certainly making it difficult for prospective accounting professionals to get the qualifications and experience they need right now.

There are several reasons why this is the case including the fact that exams have been cancelled and internships have been withdrawn. It’s also unclear how big an impact the financial fall-out of the pandemic will have on accounting career opportunities going forward.

Potential accounting recruitment downturn

It’s certainly true that recruitment is on hold for many right now. The Chartered Institute of Management Accountants (CIMA) has hinted that this could be an ongoing issue in accounting recruitment for a while yet. The truth is that no-one is certain just how hard the pandemic will hit the world of recruitment, even after the virus itself is controlled.

This means that while students will eventually get their qualifications, establishing a career could be more problematic than usual. This issue could be made worse by a lack of opportunity to get useful experience.

Lack of experience due to decrease in internship opportunities

Internship opportunities are hugely important to people who are looking to forge a career. They provide a valuable opportunity to build experience that looks good on a CV. This means that they can provide the foundations for a satisfying career.

In this current time of uncertainty, internships are being withdrawn. This removes opportunities for people who are just starting out in accounting.

Budding finance professionals are being advised to beef up their CVs in other ways. For instance, there is an opportunity to improve their use of technology at this time, through online study. This type of skill could be advantageous in a world where remote working is likely to play a bigger role in many sectors.

Not all bad news

It may seem as though there are many hurdles for prospective accounting professionals to negotiate right now. However, there is some good news.

Many companies understand that there is a lack of opportunity for developing experience levels right now and are likely to take this into account during the recruitment process. When it comes to recruitment, it’s also worth mentioning that it has not ceased altogether.

Companies are turning to the virtual world to find the talent that they need. They know that they are likely to have to rely on technology more when recruiting, for the foreseeable future.

It remains to be seen how great an impact the Covid-19 crisis will have on prospective accounting professionals in the long-term. It’s likely that the difficulties that many will encounter will be more of a short-term issue when considered as part of an entire career.

It’s also worth mentioning that companies still need talented professionals. It may be a difficult time right now but there are still opportunities available. So, it’s not all bad news for individuals who are starting out in the accounting industry.

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