Retrained and Ready to Work

Times are changing, and rarely now is a job ‘a job for life’. Gone are the days when one would leave school or university and be expected to stay in the same industry until retirement. Recent events and shifts in employee expectations have seen workers re-assessing what it is that they want from a job.

Today, nearly one in six (15%) employees working in the UK have already retrained for a new role or profession, according to a survey by software provider CIPHR. Of those, nearly one in three (30%) have either already retrained and changed the industry they work in, or have paved the way to do so by upskilling and retraining.

The pandemic has been a huge factor in this change for many employees, as we found in last year’s CMA Market Analysis, which found that even in June 2020, 58% of employees in the South felt an increased desire to find a new job due to the pandemic.

Here at CMA we have noticed a sizeable uptick in recent months of what candidates are looking for, with many moving to different sectors as they look even more for job security, stability and career development.

Which roles are employees retraining to fill?

Within the CMA Finance and Accounting division, our consultants have noticed an increase of interest in transactional finance and other entry-level finance roles.

Senior Consultant Lynsey Walsh says: “I’ve seen a high interest in entry-level finance roles, particularly for those candidates who are at the early stages of self-funding their AAT qualification. They are motivated by wanting a career rather than just a job. These candidates can see the longer-term development and therefore earning potential from these types of roles.”

Consultant Declan Hartigan has noticed an increase in candidates with an administrative background applying for Accounts Assistant and Purchase Ledger positions. He says: “Candidates have recognised synergies in terms of the attention to detail needed within both sectors; the need to communicate well with other areas of the business, as well as with external stakeholders; and generally being organised and having high standards.”

Declan suggests that candidates have recognised that the pathway to progression is often easier to see in finance than in administration-type roles.

Tips for changing careers

If you’re looking to change careers and considering retraining, what do you need to know and what’s the best way to go about it?

Gaining additional exposure within the sector is also a good way to move forward. Declan advises: “This might mean volunteering for a local charity or asking to get involved with more of the finance-related duties in your current role.”

Companies will always need finance support and the biggest draw for clients is candidates who come across as determined, conscientious and willing to impress. Declan says: “Volunteering or taking on extra responsibility are both great ways to enhance your CV and really help demonstrate this to future employers.”

If you have limited exposure in a finance environment, then temping can be the ideal solution, giving you the opportunity to experience different companies and industries without the commitment of a permanent contract. Consultant Richard Cooling suggests: “If your situation allows you to be flexible with what role you take then a temp role would be ideal to get some experience under your belt.”

Some finance roles require qualifications such as the AAT. This is possible to do through the self-funding method that Lynsey has already mentioned; studying around your existing job. If you don’t have the funds or time to gain the required qualifications, then on-the-job training is often an option. Many employers are open to supporting new employees with this, Lynsey says: “In a challenging candidate market, it’s refreshing to see clients flex their requirements to engage talent in their team. They can see the benefit of fully training someone and moulding them to fit the role and company.”

If you’re interested in exploring a job in finance, then you can find out more about it in our article ‘Everything you need to know about jobs in Accountancy and Finance’. Or speak to one of our consultants today to discuss your prospects and our current opportunities.