Q3 2019 Accounting & Finance Recruitment Trends
Your quarterly update on the Accounting & Finance market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
The finance & accounting market for quarter 3 this year had been seen to slow down due to the sluggish economic outlook. The employers have been more prudent in terms of hiring. Some of the headcounts which are less operational had been put on hold.
One of the sectors which remains strong would be the non-profit making and governmental organisations. Thanks for the stable funding and the non-commercial nature, they continue to hire talents for the finance and internal audit departments.
Another sector which is more stable would be the FMCG industry as the lower-cost products are less affected by the economy.
What are the major skills in demand?
IT audit is in demand as most of the large corporations are undergoing robotic process automation, change management, transformation and digitization. The candidates who possess both strong technical skills coupled with relevant IT audit and risk exposure are highly sought after.
Another skill which is in demand is change management and transformation. The organisations are looking to streamline the processes to achieve cost saving and operational excellence to pave the way for the strategic growth moving forward. Candidates who are qualified accounts with the holistic experience in such areas would also expect more suitable opportunities.
What are the skill gap shortages?
The two skill sets mentioned are actually the skill gap shortages. Some of the IT audit candidates who are coming from an accounting or a more general IT background might experience a higher difficulty in terms of the technicality requirements due to the advanced technologies. I would advise candidates from such backgrounds to pursue a master degree in computer science or engineering to fill the gap.
Change management and transformation are still relatively new to the market that the majority of the candidates do not have had the opportunities to be exposed to such areas. I would suggest the candidates, especially the ones who are working for large corporations, strive to grasp the opportunities to take up the relevant internal assignments to gain such exposure.
What is the outlook for the next quarter?
Quarter 4 uses to be a quieter season for job hunters as the candidates are waiting for the bonus which will be paid out in early 2020. I would foresee the sectors which would remain more active would still be government, non-profit making organisations, statutory bodies and consumer goods. Some of the companies which operate from 1 July to 30 June as a fiscal year would be expected to have more openings in this would mean Q2 for them. It is advised the companies to offer sign-on bonus a higher salary increment to attract the talents to move in Q4.