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How Has COVID-19 Impacted the London Tax Job Market?

Posted by Maisie Horrell

The coronavirus pandemic is affecting the lives of people right around the world in a way that has most probably never been seen before. Most people are uncertain of what lies ahead in the next few months, and job security is undoubtedly one that is at the forefront.

While no jobs are completely sheltered from an economic fallout, there are certain industries which will be impacted less when a recession hits, one of which is accounting, according to many economists.

Accountancy is considered to be the sixth most secure profession around. Indeed, in terms of accountancy as a recession-proof industry, it has ranked as the top position for salary and security. Skilled accountants can always pick up consultancy work in areas of risk advice – especially relevant during rockier periods such as recessions – and in more healthy economic climates, growing businesses will always be glad of the assistance.

Essentially, accountancy is not – and will almost certainly never – be a ‘luxury’ service. It is essential. As long as businesses continue to operate, they’ll continue to require assistance from financial professionals.

After various recessions, economic turbulence, and Brexit, the tax market has remained solid. Of course, there always needs to be adjustments, but the tax market has remained buoyant enough compared to others.

Despite the uncertainty of the past few weeks whilst people adjust to the remote way of working, I am seeing more and more of my clients returning to ‘business as usual’. This includes pushing forwards with recruitment and continuing interview processes through video conference or Skype.

Once we are through the worst of COVID-19, the tax consultancy industry should see an increase in demand, as well as a need for further tax professionals. Accountancy practices will need to keep recruiting in order to continue growing and meet this demand. The good news is that there's a clear pattern of markets overreacting to events like this, usually recovering before the worst is over, and recovery tends to be quick.

If you are open to considering your next step in your career, I am working on a number of different roles, including:

So, the message is one of positivity. If you are worried about your job or business, need career advice, or are simply looking for market intel, please feel free to contact Maisie Horrell on 020 7269 6337 or maisie.horrell@pro-tax.co.uk.

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