It's not all bad news, but how do we get past the all the negativity and focus on the positive?
Credit crunch, global downturn, recession, economic ruin, financial crisis, repossession, bad debt... These are all terms that we have become familiar with hearing increasingly frequent, especially in the past few months. With the government introducing numerous emergency budgets and many conflicting views on whether the foundation of the National Asset Management Agency is the right way for the government to proceed, there is a lot of negative feeling among the general population. According to reports, many businesses are downsizing or closing down altogether, while consumers appear to be purchasing less, afraid to spend the money they have and wondering when, if ever, the economy will return to the widespread credit availability and spending patterns experienced during the era of the Celtic Tiger. However dwelling on all the things that are wrong with our economy is not going to change anything, or help to improve the situation that we are currently in. Now is the time to be positive and proactive, to strive for solutions instead of focusing on problems. After all, it is not all 'doom and gloom', as some people would have you believe. There are plenty of reasons to be both hopeful and optimistic when it comes to thinking about the economy and there are many opportunities to be availed of.
While jobs are scarce and competition is continuing to grow for the positions that are available, education and qualifications are extremely important. Chartered Accountancy is still a well known and prestigious qualification that will make you a very attractive candidate to potential employers. The Leinster Society of Chartered Accountants recently published their 2009 Salary Survey, conducted in association with The Accountants Panel. The survey found that Chartered Accountants working in the financial services sector continue to be paid more than their counterparts in professional practice (excluding practice partners). David Connolly, Chairman of the Leinster Society, stated that "...the accountancy profession remains a highly prized qualification that offers rewarding career opportunities. In recessionary times, the need for prudent financial management and business acumen is ever greater and the role of the Chartered Accountant is as valued as ever." Even though the number of businesses that continue to face extreme financial difficulties and those that are going into liquidation is a worrying trend, it means increasingly busy workloads for accountants who work in the area of insolvency. Brendan Burgess of The Accountants Panel spoke to Accountancy Ireland recently, where he acknowledged that many accountants, similar to other professions, have had to accept pay cuts in the last year. However, he stressed that unemployment levels in the accounting profession remain very low. He also maintained that only 4% of accountants who took part in the Leinster Society's 2009 Salary Survey were unemployed.
Chartered Accountants Ireland is providing help in a variety of ways to those members facing difficulties, offering numerous discounts and benefits to help those who may be experiencing hardships at the moment. There are currently a number of special offers on CPD courses, among which are free course books and discounted course prices. Members are also entitled to avail of a €100 credit against a CPD course of their choice in 2009. Four new eCPD courses are also being offered absolutely free of charge to members, while purchasing training tickets can also lead to savings of up to 44% on course fees.
Chartered Accountancy is a global qualification, recognised and respected internationally. In fact over 2,000 Irish Chartered Accountants work in more than ninety countries, with the United Kingdom, Australia, the United States of America, Canada and the Caribbean being among the most popular destinations. If you would like to diversify your career prospects and gain some valuable experience living and working abroad, now may be a good time to look at the options that are available to you. The Chartered Accountant qualification is an excellent entry point in to business in countries all over the world. Chartered Accountants Ireland has mutual recognition agreements with the Chartered Institutes in England and Wales, Scotland, Australia, New Zealand, South Africa, Canada and Zimbabwe. Although such countries are also being affected by the economic challenges that we currently face, there are still opportunities to be availed of abroad. Australia is a very popular destination for Irish people who choose to live and work in a foreign country, and this includes many Chartered Accountants. Accountancy Ireland recently spoke to Elaine MacFadzean, Deputy Chief Executive of the Institute of Chartered Accountants in Australia, who advised accountants that although positions for Chartered Accountants have contracted in Australia, as they have elsewhere, if you are well qualified and hold the Chartered Accountant qualification, it is well worth looking at the opportunities to live and work in Australia.
Chartered Accountants Ireland is also leading the way for an era of new development and progression, looking towards the future with the upcoming move to the new state of the art premises on Pearse Street and with the launch of a range of new courses such as the Chartered Tax Qualification. With the economy the way it is there has never been a better time to up-skill and many people will be turning to further education, so take advantage of such courses and avail of the opportunities presented by the current situation.
So instead of focusing on the challenges that we are faced with because of the current recession in the economy, focus on the benefits and opportunities it presents you with. Whether it is up-skilling through one of the discounted CPD courses, availing of new qualifications such as Chartered Tax or taking a chance to seek experience abroad, change your situation for the better.
Emma Gunnery
Accountancy Ireland Executive