Finance and Accounting is a core function so to a certain degree it is not as susceptible to fluctuations in the overall economy as some other functions.
No matter how good or bad sales are finance professionals are still necessary. That being said the general trend of cutting costs that we have seen over the last few years has had an impact on the finance area.
More and more companies are moving the general accounting operations off shore or are starting to explore the idea. The thought being is too centralize a region’s general accounting responsibilities to one location where costs can be more tightly controlled.
I expect that this off shoring of financial accounting departments will continue as companies try to streamline their finance departments and make them as cost efficient as possible.

With a focus on cost control companies are trying to get away with smaller finance departments that have the ability to cover the same responsibilities. In order to achieve this they need finance professionals that are capable of covering broader areas. There are becoming fewer and fewer“specialized” roles and companies are looking for more of an accounting “generalist” that is capable of effectively covering a wider variety of tasks.　

With a growing trend of offshoring general accounting teams and General Managers who want to see quantitative ways that the finance department is affecting revenues, companies are requiring business minded financial professionals. Companies need their finance departments to play a bigger role in driving the business whether through forecasting, planning, budgeting, cost control.
No longer are companies looking for “bean counters” that have very little interaction with the rest of the business instead they require strategic thinking finance people that have a clear understanding of the business and the communication skill required to relay that understating. In these more unsettled economic times the finance department is taking a bigger role in driving the business.

As I touched on above, today’s leaders in finance and accounting not only have the necessary qualifications and technical accounting skills but in addition they are combining that knowledge with an astute understanding of business and high level of communication skill.

For those looking to change their jobs I think there are a few things to keep in mind.

First and foremost, finding the right job often comes down to timing. A job search is something that shouldn’t be rushed. Building a strong career takes planning, discipline, and sometimes patience. As has always been the case in finance and accounting qualifications are important so any chance that you have to increase your qualifications take advantage of it.
Also in your current position be open to take on new finance responsibilities that may be outside your comfort zone. These new skills that you acquire could pay off down the road and will broaden your experiences making you more attracted to future hiring managers.

The current market situation is not bad but it is a very competitive so any way that you can separate yourself from your peers will be beneficial when you are applying for that next great job opportunity.

Good luck with your job search!