Neither the launch of Facebook’s Libra cryptocurrency nor the rapid appreciation of Bitcoin - which has more than quadrupled in value in 2019 - has so far reversed the trend.
Just two years ago, jobseekers’ interest in Blockchain - the technology which underpins cryptocurrencies like Bitcoin and Libra - surged. In 2017 Indeed recorded a tenfold increase in the number of candidates searching for Blockchain jobs, coinciding with a 2,100% spike in the value of Bitcoin, which peaked at $20,000 in December that year.
Candidates’ interest in jobs mentioning ‘Blockchain’, ‘Bitcoin’ and ‘Cryptocurrencies’ surged in the first half of 2018, before tailing off sharply in the latter part of the year. Searches for these jobs have fallen further in 2019, with the monthly average this year sliding by 44% on its 2018 level.
The number of cryptocurrency job postings has also collapsed in 2019, with the June figure down 72% on the record high recorded in March 2018.
Interest in Blockchain, Bitcoin and cryptocurrencies plummets.
The falling interest coincides with extreme volatility in the value of cryptocurrencies. Bitcoin prices fell by nearly 80% in 2018, and though the best known cryptocurrency has rebounded in 2019 - surging past $13,000 at the end of last month - jobseeker interest in the crypto sector has not yet matched that resurgence.
However, Facebook’s entry into the cryptocurrency market could inject new credibility and mainstream acceptance of the technology, and Indeed’s data reveals that a string of well-known tech and financial services firms continue to advertise Blockchain jobs.
The global banking giant JPMorgan Chase, one of the top 10 companies posting cryptocurrency jobs on Indeed, created the first US bank-backed cryptocurrency last year when it launched JPM Coin. Meanwhile, earlier this year, tech firm IBM created a global payments network to support transactions involving foreign currencies and cryptocurrencies.
Bill Richards, UK Managing Director at global job site Indeed, commented: “The mercurial rise - and then fall - in the value of Bitcoin sparked headlines and jobseeker responses in roughly equal measure.
“But while the rapid rise in value of Bitcoin so far this year has attracted investors, jobseekers have been more wary.
“Behind the froth of Bitcoin, the true potential of Blockchain is still being revealed, and it’s striking how many companies, including tech and banking heavyweights, are building teams of people with skills in this area.
“Facebook’s launch of Libra is set to extend the reach and acceptance of cryptocurrencies and could power a second boom in Blockchain jobs, but so far this is anything but a foregone conclusion.”
(Source: Indeed)
Choosing a career path within Finance & Accountancy can be a daunting experience for new graduates. The sector is vast and there are various options depending on one’s ambition and career aspirations. From my experience, there is no ‘best’ career route, but there are a number of options that can help give Finance & Accountancy candidates the springboard and experience needed to be hugely successful within the sector. Whatever career path graduates decide to take, they will be required to study towards a professional qualification (ACCA, CIMA, ACA) so it is beneficial to know what route is most useful and why.
A good grounding will open up doors throughout a candidate’s career
It is very hard to say what job roles are best within Finance & Accountancy because this would be based on the individual aspirations of each graduate in question. Each path will suit a different skill set and type of candidate, and it takes experience and basic training for candidates to decide what niche they want to specialise in. In my opinion, graduates need to fully understand the finance sector before they can decide what their dream job may be. For example, some people may wish to become the future CFO of an FTSE listed business, and others may be driven by a certain charity, each of which is very different, and it is hard to determine what career choice is best without a good understanding of the basics.
For that reason, we generally do not discuss achieving specific roles with students or recent graduates, but instead, steer them towards gaining a good Finance & Accountancy qualification within Practice or Industry. People that have gained a solid understanding of the finance sector early on, and have a background in either Practice or Industry will be in a very strong position throughout their career. Candidates will be able to transition into their dream job/sector once they have learnt what the role of a finance professional involves.
The first and best career choice, in my opinion, is securing a graduate position or entry-level role within one of the Big 4 Accountancy Practice firms - Deloitte, PwC, EY and KPMG - or a well-recognised firm within the top 10.
The best career option for graduates within the Finance & Accountancy sector
Finance & Accountancy graduates we work with at Sellick Partnership are always ambitious individuals looking for a role that can offer them fast progression. They generally also strive for a long and varied career, and there are two routes that I believe offer what all of them should consider, regardless of what sector or area of finance they want to end up working within in the future.
The first and best career choice, in my opinion, is securing a graduate position or entry-level role within one of the Big 4 Accountancy Practice firms - Deloitte, PwC, EY and KPMG - or a well-recognised firm within the top 10. Training through a respected Practice firm means that candidates will automatically go down the ACA route which is widely recognised as the most prestigious qualification within the sector.
From my experience, candidates that are ACA qualified and have experience within a top 10 firm will have much better career opportunities and can command the highest salaries on the market. It only takes a bit of research to realise that the majority of Finance Directors within FTSE-listed businesses have all gone down the technical ACA Practice route. For that reason, this is most certainly the route for any ambitious candidates that have their sights set on a leading finance role within a large and highly respected business.
It will be no surprise that these roles are incredibly competitive. For example, PwC usually have around 2,000 graduate and internship roles in the UK and often receive more than 40,000 applications, while KPMG receive up to 20,000 applications for its 1,000 vacancies. It is therefore vital that candidates are switched on and perform exceptionally well throughout the application process. It is also important to remember that the Big 4 look at the whole person and are often impressed by candidates who do extraordinary things outside of their academic life, such as volunteering or sector relevant internships.
PwC usually have around 2,000 graduate and internship roles in the UK and often receive more than 40,000 applications, while KPMG receive up to 20,000 applications for its 1,000 vacancies.
An alternative route for highly ambitious graduates
Big 4 roles are hugely competitive, and rejection should not be taken personally. Instead, I would urge candidates to use the application experience to their advantage and think of alternative options. A lot of the graduates I work with set their sights on a Big 4 role when instead they should be casting the net a little bit wider. A good second option is a similar graduate position within Industry. We are witnessing an increasing number of Industry organisations – such as AJ Bell, Manchester Airport Group, Marks & Spencer and The Cooperative Group – promoting their graduate schemes, so this is fast becoming a great career choice for ambitious graduates looking for a fast-paced and rewarding career within the sector.
Candidates entering the profession this way will generally study CIMA or ACCA qualifications and will learn the trade from within Industry from day one. This route is a good choice for graduates that like variation as it gives candidates exposure across multiple areas of finance. It also gives them a more rounded knowledge of accountancy and allows them to develop commercial skills early on. Graduates starting out within Industry will learn how businesses operate and learn first-hand how important a finance function is to the success and profitability of a company.
A successful career within Finance & Accountancy takes drive and determination to build
Regardless of the route into the Finance & Accountancy sector, the journey to qualifying and success will be down to a person’s own determination to succeed. The prospects for driven young people are excellent, with structured career progression and management opportunities often arising within two years after qualifying, however, the journey will be challenging and will require a huge amount of commitment. Any candidate that is considering a career within Finance & Accountancy needs to be aware of this, and ensure it is the right career choice for them. Graduates that are prepared and succeed can expect to enjoy high earning potential, flexibility, room for growth and job security for years to come.
If you are graduating soon and would like more advice on the right career choice for you we would be delighted to help. Feel free to get in touch with Martin or a member of the team at Sellick Partnership directly by calling 0161 834 1642.
One of the most popular American sitcoms, Friends, is enjoying a revival thanks to being made available on Netflix in January. Now a new generation of fans is laughing at the exploits of Joey, Chandler, Ross, Rachel, Monica and Phoebe as they live in downtown New York, grow into adulthood and drink a lot of coffee.
Over the course of the show, each character has their highs and lows when it comes to their careers. Monica is a great chef, though is reduced to working at a ‘50s diner. Joey falls on tough times after being killed off from Days of Our Lives, and Chandler quits his job at (wait, where does he work, again?) and joins the competitive world of unpaid internships.
This got us thinking, which of the characters did best by the time the show ends? Who had the most impressive career and who is still struggling to get by? We combed through all 236 episodes of the show and teamed up with James Calder from Distinct Recruitment to estimate the wages for each character and see who came out on top:
Looks like Joey, despite his unstable career through many of the earlier seasons, was the highest earner. After being hired back to Days of Our Lives and sharing a film with legendary actor Richard Crosby (Gary Oldman), Joey is riding high when the show comes to an end. He had quite the journey getting there, too, as he racked up 17 different jobs in total. No doubt he had more than a couple of loans from Chandler while slumming it as a cologne sampler, Christmas tree salesman and even, briefly, a gladiator model at Caesar’s Palace in Las Vegas.
While Joey earns the most, we can’t overlook Rachel’s transformation through the show – starting as a coffee house waitress and ending up as a merchandising manager at Ralph Lauren. Chandler had the biggest fall from grace, leaving his job in data analysis and data configuration to become a junior advertising copywriter.
We’re all guilty of it – we’re trying to stay frugal and save every penny, but something comes along that tempts us a little too much. During our research, we found more than a few examples of the Friends gang splashing out and buying something outrageous. Who can forget Rachel’s cat, Mrs. Whiskerson, the boat Joey accidentally buys at a charity auction, or the leather pants that left Ross in a tight spot during a date? Being the lowest earner of the group, Phoebe was also the most sensible with her money, only spending $240 in her attempts to get Rachel to move back in with her.
(Source: giffgaff)
