Recession-Proof Finance Jobs

The phrase “go where the money is” rings particularly true for workers seeking refuge from the recession of 2008-2009. The finance profession has managed to carve out several areas of opportunity to earn some money with a relatively low risk of layoff.

The recession of 2008-2009 has revealed how vulnerable jobs can be. Many workers not only experienced the loss of their job, but in some cases the loss of the entire industry from which they acquired all of their skills and expertise.

This past recession has also taught many employees the importance of acquiring transferable skills and looking for jobs that are close to being, but not guaranteed, recession proof.

For financial and accounting professionals, some positions are less likely to be cut during downsizings and economic recessions. Furthermore, industries such as health care, education and government remained strong during this most recent recession and still need professionals with expertise in finance and accounting. So it is important to understand which industries will remain strong despite any economic situation.

Jobs that are readily available during down economic times include positions such as internal auditors, financial reporting and tax accounting — positions that are necessary during good and bad economic times. For financial professionals with advanced experience, it is important to keep your basic skills sharp so that you can transfer your expertise into one of these positions, if necessary.

As economic downturns grow, some companies will reveal bad assets that require management and supervision to emerge from poor investments. For finance and accounting professionals with advanced expertise, asset-management positions are in high demand, particularly with investment, commercial and mortgage banks suffering at the hands of this recession.

Financial difficulties also breed the need for credit and collections specialists as more companies fall behind on their balance sheets. Professionals with skills sets in these areas are in high demand during tough times because they will have an immediate impact on companies’ cash flow.
Tough economies are typically accompanied by corporate fraud, so another key financial and accounting position during a recession is forensic accounting. Equally as important during a good economy, forensic accountants can find and prevent corporate fraud before a company loses any money as a result of the fraud, or if the fraud exacerbates financial hardships due to the current economic situation.

With a poor economy, the government has increased its spending in an attempt to stimulate the economy. As a result, the government needs to hire more auditors to help manage how those funds are spent and supervise where cuts can be made and spending makes the most sense.
Economic reports are more encouraging from one month to the next, possibly signaling that the end of the recession is near. What’s important to remember is that working hard, keeping a positive attitude and working well with management will always help you keep your job, regardless of profession or economic situation.