Working in Finance with the credit crunch

Jobs in Financial Services in 2008 and 2009
With today's economy it might seem that jobs in financial services will be harder to find in 2008 and 2009. But employment opportunities for finance professionals will likely be good, and the current business problems are part of the reason why. While banks and investment firms will be laying off employees during the remainder of 2008 and into 2009, others firms and government agencies are in need of skilled finance people to help them deal with today's complex problems. Finance professionals with specific technical skills are already in demand.Every organization that handles cash, extends credit, or prepares a budget needs finance professionals, and some employers are struggling to find people with the necessary skills. Employers need finance professionals knowledgeable in tax accounting and Sarbanes-Oxley to handle their rapidly evolving business needs. Cost accountants are sought after simply because the labor market has not produced enough experienced cost accountants to replace those leaving the field. Business changes are also creating job opportunities for those with general finance experience and for new graduates.Employers are looking for finance professionals with degrees and certifications. A bachelor's degree is the minimum educational requirement for most finance positions, but jobs are easier to get for those with advanced degrees. All things being equal, employers favor a job candidate with an MBA over one holding a bachelor's degree. For managerial positions a graduate degree is sometimes required.Employers also want Certified Public Accountants, or CPAs, which are in short supply. The number of people applying for CPA licenses has dropped sharply since most states instituted a 150 hour education rule, and now many areas are experiencing a shortage of CPAs. Certified Management Accountants, or CMAs, are becoming increasingly popular with employers. Unlike a CPA, a CMA focuses on management accounting, cost accounting, and decision support. Both certifications adhere to a strict code of ethics, which is attractive to employers. Relevant experience is important for those seeking jobs in financial services. Employers are looking for candidates who have demonstrated the ability to analyze financial information, answer management's questions, and make recommendations about the future value of alternate choices. They seek people who can show how they have cut costs, raised productivity, and improved the bottom line. Employment opportunities always exist for those who can demonstrate how they have made a significant positive impact on a firm.Employment opportunities in finance should remain favorable in these tough economic times. The current unemployment rate reflects a poor job market for unskilled and semi-skilled workers, but not so for professional workers. Finance professionals in particular enjoy an unemployment rate that is about half of the official average, and those with the right skills and experience are currently in demand.