Accountants Set To Survive Credit Crunch

Fri, 14 Dec 2007

UK accountancy firms are still hiring despite the financial markets being hit by the credit crunch.

The profession is well-placed to avoid the setbacks and losses suffered elsewhere in the City, thanks to growth in tax departments and emerging markets .

A spokeswoman for Big Four accountancy firm KPMG said: "The outlook is healthy …we are not planning any job losses and are continuing to recruit ."

A survey of 2,000 employers conducted by recruitment consultants Manpower found that the number of companies expecting to hire staff in the first quarter of 2008 was still higher than companies expecting to cut jobs .

However, the margin between the two was the smallest it had been for six years.

The Big Four firms are planning to match the graduate recruitment levels of previous years, taking in approximately 1,000 students each.

While accountancy firms have managed to avoid staff losses, other businesses are expected to slash headcounts for the first time since 2001, with investment banks set to suffer the heaviest losses.

The major accountancy firms also said this week they were expecting a growth in insolvency work as the credit crunch hit and businesses suffered.
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