Top 10 Recession Proof Financial Jobs

Accounting and finance jobs may not be recession proof, but certain financial positions are safer during tough times and corporate downsizing. The U.S. Bureau of Labor Statistics listed accountants and auditors rank in the top 20 occupations with the most demand for 2006-2016. And Diane Borhani, head of campus reporting for Deloitte told Forbes recently:

“Tax work, auditing, preparing company’s quarterly reports and all of that still goes on, tough economy or not. These things happen no matter what.”

With that in mind, here in no particular order are Bizzia’s Top 10 recession Proof financial jobs:

1. Financial Accountant
Even down to entry level positions, financial accounting is a good place to be during a recession. While not the most engaging of employment, good accounting help is hard to find. A head for numbers and a good work ethic can translate to steady, decent paying employment. Part time work as an accounting clerk can also be a temporary fix if you’ve lost your ‘real’ job to the downturn.

2. Internal Auditor
No corporation wants to star in the next scandalous headlines. Increased external regulations lead to ever more stringent internal policies and someone’s got to monitor them. Again, it’s not a glamorous job, but it’s steady and pays the bills.

3. Tax Accountant
When I was a tax accounting I used to laugh every time some said flat tax rate with a straight face. It’s just not going to happen. Taxes are complex and political. The most stable positions are in planning and higher level preparation. There may be a tax preparer on every block during spring, but these positions are seasonal. They’re also easy to outsource overseas. (Don’t be surprised if soon your local H&R Block is staffed with nothing more than video conference stations so that you can interface with your tax professional half a world away.) 

4. Certified Public Accountants (CPA)
CPA ranks in the top 10 on most lists of recession proof jobs. Forbes ranked both accounting management and accounting staff on a recent top 10 recession-proof careers list. It might not be sexy, but it’s stable

5. Government Auditor
Increased government spending is aimed at stimulating the economy, but someone needs to make sure the money is spent as intended. According to Monster.com the March 2009 $800 billion American Recovery and Reinvestment Act opened up about 1,000 audit-related positions in the US government.

6. Cost Accountant
Companies always want to understand and cut costs, but during a recession this becomes even more important. Just make sure you do a good job so your salary not one of the costs that get cut.

7. Credit and Collections
In bad times demand increases for collections specialists. It might be an awful job but it has to be done. These positions have an immediate impact on a company’s cash flow and therefore will be safe as long as customers don’t pay their bills.

8. Asset Manager
We’ve got a whole lot of ‘toxic assets’ that are going to be managed by the government or an appointed asset-management company. Someone has to manage these funds.

9. Forensic Accountant
When internal auditing fails, forensic accountants step in. Finding fraud requires advanced accounting skills. So brush up on your detective skills and keep watching CSI.

10. Compliance Expert
The current economic crisis has place greater scrutiny and new regulations on all industries. Companies need experienced and intelligent compliance experts to interpret the new rules and apply them to their particular business situations.

Image Credit: jekert gwapo, Flickr