Public Sector Accountants Face Worrying Future

Thu, 24 Jun 2010

Thousands of accountants and finance staff could be forced into unemployment by this year’s public sector spending cuts, according to research recruitment firm Ambition.

The international finance recruiter predicts that over 16,500 public sector accounting and finance employees will lose their jobs, and that many will be unable to find jobs in the private sector.

The figure is based on research which shows that accountants and finance staff make up 2.3 per cent of the public sector workforce, and that 725,000 public sector jobs are likely to go over the next five years, according to Chartered Institute of Personnel and Development.

Tim Gilbert, UK managing director at Ambition, said the prospects for those who lose their jobs is bleak.

"The government has had to make cuts to start controlling the deficit but there’s a real danger that many of the professionals forced out of the public sector will have nowhere to go to."

"Banks and City institutions don’t want candidates with public sector backgrounds. They think they lack the cut and thrust attitude demanded by many of today’s businesses. Whether this perception is true or not, it’s an unfortunate reality."

He continued: "There will be candidates who have the commercial acumen and hunger to break into the private sector, and these individuals will be snapped up."

"But there shouldn’t be an expectation from the public that the nascent recovery in private businesses will accommodate the public sector fall-out."
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