Finance/Accounting Careers

Why Project Work is Especially Appealing Now

Many accounting and finance professionals are facing a changed labor market, one that has been rapidly shedding jobs as employers react to the business downturn. As a result, a number of them have unfortunately found themselves without full-time employment.

With the job market becoming much more competitive, professionals who are seeking a new position may want to consider project work. This is an attractive option in the current environment for several reasons:

• Good opportunities exist. With many companies reducing headcount to improve their financial position and competitiveness, more opportunities are opening up for project professionals. Businesses that have curtailed staff – including a number of firms that are finding they have cut too deeply but have not been given the green light to restart hiring – are turning to interim professionals to help them meet workload demands. Some firms have an especially strong need for accounting and finance professionals because they still must compile financial statements and file compliance-related reports in a timely manner.

In addition, some companies have made a deliberate decision to change their staffing mix by increasing their reliance on variable workers. In many cases, these firms are unwilling to add employees – even if they are struggling to keep pace with work demands – until they can better predict their long-term needs. By using project professionals for high-priority initiatives, companies can maintain productivity without committing to full-time hires until they’re certain those positions are sustainable. This means that professionals with sought-after skills who are open to considering interim arrangements should be able to find challenging and steady work.

• Some employers prefer to ‘audition’ prospective hires. Many firms realize that this can be a good time to upgrade the expertise of their accounting and finance teams. They want to be certain, however, that they’re making the right hire from among the many outstanding candidates who are in the market right now because of layoffs. Hiring mistakes are always costly in terms of budgets and productivity, but especially so in the current environment when staffing levels are already lean. Those who are looking to add full-time employees often prefer to first try candidates out on a project basis.

Strong candidates who work as project professionals have an opportunity to demonstrate their value to a prospective employer, and both parties can evaluate whether the arrangement is a good fit. Interim professionals with the right skill sets can likely stay busy now while having an inside track when companies begin hiring anew.

• Financial skills remain essential to businesses. Accounting and finance professionals may have an advantage in finding project work because companies rely heavily on the accounting and finance functions, even in a down economy. Businesses continue to need staff and senior accountants who can perform core accounting tasks, such as maintaining the general ledger system and analyzing and preparing financial statements. Professionals who have earned the certified public accountant (CPA) designation and have at least three years of experience are especially sought after. In addition, tax season has increased the need for skilled tax practitioners.

Another trend we’re seeing is increased demand for multidimensional or “crossover” candidates – that is, professionals with broad expertise who can wear multiple hats. In the past, companies would often seek a candidate with specific experience in accounts receivable or accounts payable, for instance. Now, more are seeking financial professionals who can handle both roles. The rationale for this trend? If businesses can only afford to bring in one project professional or make one hire, they want to select the person with the most varied skill set.

When looking for opportunities for project work, financial professionals are best served by working with a staffing firm that specializes in their field. Specialist firms have expansive networks in their industries that give them greater access to challenging projects with leading organizations.

• Government policies could create additional opportunities. Some industry observers predict that the new administration’s economic stimulus policies, coupled with the prospect of increased regulation of the financial markets, could lead to an uptick in hiring for project and full-time accounting and finance professionals. Initiatives that could result from the stimulus plan, such as infrastructure projects, would likely require additional accountants and auditors. Any new regulations that are implemented would also increase the need for professionals in compliance or regulatory roles who can help businesses adhere to new mandates.

Although project work is a timely option for accounting and finance professionals, there are other features of the consulting lifestyle that are attractive in any economic environment. Project professionals always have the option to accept or decline assignments. They can also exercise greater flexibility over their schedules, allowing them more time for leisure or for conducting a focused job search, while still having the opportunity to earn income, make new contacts and enhance their marketability while waiting for the economy to regain its footing.

Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half International Inc., is first and largest specialized financial recruiting service. The company has more than 360 offices worldwide. Search for jobs now or learn more at www.roberthalf.com.