From a practice perspective the demand for fee earning talent is in steady decline, with recruitment in the Big 4 at a fraction of previous levels. There has, however, been growth in other areas, especially consultancy, business recovery and insolvency.
The restructuring of the business services food chain has resulted in businesses transferring their loyalty from the Big 4 to mid tier practices and mid tier practices losing some business to smaller independents. Accounting professionals will need to develop a different set of skills to adapt to these changes.
Management accountants are in demand as they're well placed to offer support to businesses during a tough economic climate. Also, as the market recovers, experienced management accounants will be vital to expansion plans. CIMA reported earlier this year that, with regard to part qualifieds, the majority of demand is for credit controllers and managers.