Is Accounting A Recession-Proof Job?

Updated on : December 6, 2021 by Zion Adkins



Is Accounting A Recession-Proof Job?

According to unemployment statistics released by BLS.GOV, accountants enjoy a constant unemployment rate that is significantly lower than the overall unemployment rate, whether the economy is in recession or not.

Hollywood depictions of accountants as ridiculously socially inept and overly in love with minutiae are outdated. Accounting and bookkeeping are often confused by the public, which are closely related, but are not the same. Automation for the past 60 years has removed much of the tedious part of the profession, making the daily life of accountants much less boring than it used to be. The young wa

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According to unemployment statistics released by BLS.GOV, accountants enjoy a constant unemployment rate that is significantly lower than the overall unemployment rate, whether the economy is in recession or not.

Hollywood depictions of accountants as ridiculously socially inept and overly in love with minutiae are outdated. Accounting and bookkeeping are often confused by the public, which are closely related, but are not the same. Automation for the past 60 years has removed much of the tedious part of the profession, making the daily life of accountants much less boring than it used to be. Young people who want to look cool are still swayed by the outdated reputation accounting has when they decide that accounting is not for them.

The days of working alone without human contact are long gone. Yes, there is still a lot of desk work, but nothing like before. Most of my time is spent communicating with clients and colleagues, either orally or in writing.

Something, insofar as something really is.

Accounting is an essential function for every business, and it is generally the type of administrative function that remains optimized even in the best of times. For these reasons, the ax tends to fall elsewhere as struggling companies begin to tighten their belts, and there is rarely a shortage of alternative employers.

Even so, junior positions and some consulting are considerably less secure.

Not how I look at it. With a recession, you start to have tons of people lose their jobs. An accountant will continue to have regular clients who are not affected by the job market, but those who lose their jobs will not go to an accountant. You have to save money. Even those who keep their jobs will try to save money whenever possible. They will do their taxes if possible

Nothing is, but most companies require accountants. The covid pandemic affected all types of businesses that caused the global economic recession. Tens of thousands of companies closed permanently. Most, if not all, will not return. Many national brand companies went bankrupt.

No… the supply and demand of accountants in our economy is not different from that of any other profession… .but we as professionals…. maintain our credentials and perform honorably in accordance with our industry code of conduct and we are flexible enough to adjust our lifestyle to the opportunities that may present themselves ... we will survive and meet our basic needs

Accounting is an enduring profession. Remember that at the height of America's recession in late 2008 and early 2009, 800,000 new jobs lost monthly. If you are a well-trained and especially honest accountant, you will survive a recession.

Since I graduated from Northwestern University in 1972 with an MBA in finance and accounting, I have never been without a source of income. I am now 72 years old and I don't see that changing in the near future! If you are cunning and smart, there are many opportunities available!

In order:

Probably / very likely.

Economies move not only glacially, but cannot be easily changed. The 1929 collapse was not due to “one thing alone”, it was the culmination of a number of contributing factors, but it was almost inevitable after 1928. The same goes for the “2008 collapse” actually had its genesis in 2006 , when the price of gasoline had risen so much that house prices in the suburbs of some of the larger cities saw house prices fall by 25% as people rushed to sell houses in a market with few buyers. All because the cost of driving to work had risen so dramatically that ho

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In order:

Probably / very likely.

Economies move not only glacially, but cannot be easily changed. The 1929 collapse was not due to “one thing alone”, it was the culmination of a number of contributing factors, but it was almost inevitable after 1928. The same goes for the “2008 collapse” actually had its genesis in 2006 , when the price of gasoline had risen so much that house prices in the suburbs of some of the larger cities saw house prices fall by 25% as people rushed to sell houses in a market with few buyers. All because the cost of driving to work had risen so dramatically that household budgets could not absorb it. In January 2007, the number of "delinquent loans", Also known as defaulted mortgages, it rose to the level that bank stocks began to plunge. House prices fell another 25% in 2007, and by the drop, the stock market had started to notice the decline in bank stocks. and began to fall in sympathy. The stock market bottom was not reached until March 9, 2009, three years later.

The signs were all there if you knew where to look in 2006. In June 2006, a real estate agent friend pointed me out what was happening in DC; I sold my previous house in September of that year, right at the top; It was sold four years ago for more than $ 100,000 less than what I sold it for. True story.

I see similar signs right now. The stock market peaked in January 2018; The "new highs" since then have been so small that they have had no consequences. And we have trade wars and a $ 22 trillion debt load and a president intent on increasing deficit spending, which already exceeds $ 1 trillion a year. The economy has changed, and everything else now is as if it is predetermined and unstoppable; Human nature being what it is, Trump will continue to do things that will only compound the problem. Like a driver heading for a wall he can't avoid, he thinks that by pressing the gas pedal a little harder, tightening the bolts in China, and turning the wheel a little harder, he can avoid the inevitable. No way. How is it different from Bush 43, Who cut taxes and then started two costly wars? Did you always think you were heading in the right direction when in reality you were always making the wrong turns? Bush's 45% devaluation of the dollar resulted in a quadruple in gas prices at the pump. Trump will sooner or later begin to instigate to devalue the dollar "to make American products more attractive abroad" and to put the last nail in the coffin. With another 45% devaluation of the dollar, you would end up paying $ 10 / gal for gas, probably more. And that won't bring the economy out of the nosedive, will it?

No, and I can speak from experience. I graduated from trade school and entered the workforce as a commercial construction electrician in 2011, at the height of the most recent depression (call it what it was). Things I noticed:

  • One company I interviewed, the person I spoke to, mentioned that there was basically no private work at the moment - all they were doing was for the state and federal governments (I worked with them on a couple of renovation jobs at universities state).
  • I spent a lot of time working in employment agencies. I always had a different feeling when I worked for an ac
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No, and I can speak from experience. I graduated from trade school and entered the workforce as a commercial construction electrician in 2011, at the height of the most recent depression (call it what it was). Things I noticed:

  • One company I interviewed, the person I spoke to, mentioned that there was basically no private work at the moment - all they were doing was for the state and federal governments (I worked with them on a couple of renovation jobs at universities state).
  • I spent a lot of time working in employment agencies. When I was working for a real power company, I always had the feeling that they were cashing in on the depression, trying to get someone with officer skills in exchange for a helper's salary. Much of the rest of the time, what was really available was general labor, which meant broom and trash duties, or in one case, working as a fire watchman on a welding crew (which, if you're doing it right , it's a bar. None is the most boring job in the entire construction industry).
  • I passed the 2015 and 2016 union labor contracts (IBEW LU 553 Raleigh-Durham and 238 Asheville). North Carolina even now has not fully overcome the depression. The work was good for a while and I made a fair amount of change (plus the union health plan, wow!), But it dried up pretty quickly.
  • It finally took me another stint at an employment agency (I became much better handling them than I ever wanted) before I was hired permanently at my current employer. In late summer 2017, six full years after completing my associate's degree.

In the Chinese language, the word "crisis" is made up of two characters,
one representing danger and the other representing opportunity.

Likewise, in a recession or any crisis, you can always find a business to build on.

Think of two great companies that emerged during the recession. Microsoft. Fedex. Both started in recession.

Microsoft began its journey in 1975, when the United States was caught in a stagflation due to the 1973 oil crisis. During that time, it started a personal computer software business and was successful.

Fedex started during the 1973 oil crisis. It began to satisfy the need for important documents.

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In the Chinese language, the word "crisis" is made up of two characters,
one representing danger and the other representing opportunity.

Likewise, in a recession or any crisis, you can always find a business to build on.

Think of two great companies that emerged during the recession. Microsoft. Fedex. Both started in recession.

Microsoft began its journey in 1975, when the United States was caught in a stagflation due to the 1973 oil crisis. During that time, it started a personal computer software business and was successful.

Fedex started during the 1973 oil crisis. It began to satisfy the need for important documents to get to your destination in a day or two. Added to that, several Arab nations embargoed oil exports to the United States. That would have been a knockout for a company that relied on gasoline-powered transportation. It came out successfully.

Moving on to your question,

Debt Collection Agency - In recession, many people will try to stay positive with their cash flow. It presents an opportunity to provide those services to businesses and others. Most attorneys will charge by the hour, while debt collection offers an excellent window of opportunity at a lower cost to clients.

Bulk Food and Grocery Trade or Bulk Delivery Online Business - In recession, people would like to buy food and grocery in bulk.

Executive Search and HR Consulting Agency: Since most people will lose their jobs during the recession, it would make sense to start a talent management and resume services company, as many will huddle together to upgrade skills. It also means that you can offer skill enhancement, educational consulting, and career advice all in one. The objective should be to find work in the world market and not in the country where the recession is being endured.

Equipment rental: More people will try to do things themselves in order to save money. Larger equipment will be easier to rent due to perceived cost savings and usage.

Thrift Stores: During the recession, many items will be available for purchase, and many people will also be looking to save money at thrift stores. Dollar stores always make more money in recession.

Auto Shops and Repair Shops: As many will delay buying new cars, there will be a demand for increased maintenance and repair for vehicles owned by the population.

Wealth Advisors: People who have assets want optimal care when recession hits. You will get more people looking for these services.

Real Estate Agents - People would be trying to sell their expensive homes and houses and would be looking to stay in smaller houses. So you have a chance to profit from the situation.

Exports: During the recession, the country's products become cheaper, so you can look to export the same to others.

Mergers and Mergers Consultants: Many companies will be for sale and seek synergistic cooperation by merging and taking over. Certainly, there will be upcoming opportunities in mergers and mergers.

Officials. Your wages are protected by law. Anything short of the complete bankruptcy of his government and social collapse would keep him employed and paid. Your only risk is that your government suffers hyperinflation and pays you in paper money with many zeros that will not buy anything.

Criminals They are armed and organized. High tide or low tide, they would carry what they needed.

Police officers. Their wages are protected by law, they are armed and organized. Some other Quorans mentioned prostitutes. But who would make sure the prostitutes were paid? Okay, pimps, criminals. And who w

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Officials. Your wages are protected by law. Anything short of the complete bankruptcy of his government and social collapse would keep him employed and paid. Your only risk is that your government suffers hyperinflation and pays you in paper money with many zeros that will not buy anything.

Criminals They are armed and organized. High tide or low tide, they would carry what they needed.

Police officers. Their wages are protected by law, they are armed and organized. Some other Quorans mentioned prostitutes. But who would make sure the prostitutes were paid? Okay, pimps, criminals. And who would protect criminals from being detained by the police? Policeman. Or, if the going got really tough, they would just eliminate (shoot) the middle man and go procuring, extortion, and the rest themselves.

Good doctors and dentists. No matter how bad things are, someone would have a not as bad time as others, and that someone would rather live in good health and without toothache. Let's say you have a gold coin, a terrible toothache, and you haven't had sex for a couple of weeks. Would you give it to a prostitute for sex or to a dentist?

An organic / biodynamic farmer. As such, you must produce various types of crops and livestock, and even if no one buys your food, you have something to eat yourself. You can practically survive the collapse of the entire system. On the downside, if things go bad but not too bad overall, it's just as bad as a total meltdown for you - the first expense people make is buying organic produce.

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