Covid-19 recession leads to spike in workers seeking a career change

• One in five employees are currently considering a new career as economic impact of coronavirus (Covid-19) pandemic bites.
• Finance, healthcare and education seen as “most secure” sectors.
• Research issued ahead of latest ONS unemployment statistics. 

The ONS (Office for National Statistics) figures today are likely to reveal a sharp rise in unemployment, new research has shown that 19% of workers believe their job is at risk due to the coronavirus (Covid-19) pandemic; while 22% have thought about a change of career this year. 

The research, conducted by AAT, surveyed over 1,000 current workers across the UK to ascertain their views on how the events of 2020 have made them consider their career. It also found:

• the health and pharmaceutical sector is seen as the most secure by current workers (29%), followed by education (24%) and accountancy, banking and finance (19%)
• 32% said that job security will be a greater priority for them, once the pandemic comes to an end
• 23% believe that they will leave their current job within the next year.

In addition, a second survey conducted by AAT of 500 UK adults who are currently looking for a new job found:

• 51% said that the Covid-19 pandemic was the reason that they are looking for a new job
• 58% say they are considering moving into a more secure sector than their previous role
• 85% say they would be willing to retrain in order to make a career change.

With sectors including travel, hospitality and the arts hit especially hard by the pandemic, retraining opportunities, largely provided by vocational qualifications including apprenticeships, are rising in popularity.

Rob Alder, Head of Business Development at AAT, said: 

“The impact of Covid-19 has acted as an accelerator for important career decisions, with many people across a vast spectrum of industries facing the prospect of losing their jobs, and in some cases seeking employment in more secure sectors. 

“This backs up what we’ve seen recently, with nearly one in three people who’ve contacted AAT about our accounting and bookkeeping qualifications telling us that they were looking for a career change into the finance industry.

“And while a significant chunk of this is due to people losing their job, with many using their redundancy money to fund their studies, others are viewing accountancy either as a more secure career path, or are hoping to gain new finance skills to improving their chances of employability.” 

 

Case study: “I had a feeling I was going to be made redundant – and now I’ve found a new role in accountancy”

 

Having been furloughed from his recruitment consultant role due to the Covid-19 pandemic, Dan Purnell, 28 from Fareham, Hampshire, felt that he needed to act quickly to improve his skillset.

“I had a feeling that I was going to be made redundant – which was confirmed in July,” Dan explains. “My role was specialising in recruitment for engineering and aviation, two sectors which have been hit especially hard by Covid-19.”

Dan put his furlough time to good use, starting the foundation level of AAT’s accounting qualifications back in June, in the hope of finding a role in the finance sector.

And he has made quick progress.

“I thought it would be beneficial to use the furlough period to study for a new qualification. I’ve gone on to pass the first two units already and have secured a new job at a small accountancy practice which I’m due to start later this month,” Dan says.

“I’ve really enjoyed studying, often getting up early whilst my 8-month-old son Phoenix is still asleep. Meaning once I’ve done my studying, I get to spend the day with him.”

“While studying during lockdown was a struggle, the flexibility of being able to study AAT at home while looking after a young family was a huge benefit to me.”

And Dan’s new employer, Inn to Profit Limited, has been supportive of his studies before he has even taken up his role as an assistant accountant, helping him fund his next qualification.

 Dan has not only managed to find a new role in a new sector during the Covid-19 pandemic, he has also been training hard to support a charity close to his heart.

“I recently raised £640 by completing a sponsored 10k run around my local area for the charity Bliss, which supports premature babies. My son was born on Boxing Day 2019, ten weeks early, and weighing just 2lbs 12ozs.”  

 

Case study: “I switched from the theatre to the accounting world”

 

Verity Bartesch, 30 from Newcastle, took quite a dramatic change in direction to find herself working in finance.

 

“I had been working as a Theatre Producer at Northern Stage,” Verity explains. “My degree is in Arts Management and Drama, and I initially worked at Curve Theatre in Leicester, also running a 70-seat theatre above a pub in the city, before moving to Newcastle.”

Two years ago, Verity decided it was time for a change. She initially started studying for her AAT accounting qualifications from home, around her full-time job at Northern Stage. 

“I decided to study because I’d always had an interest in finance,” Verity says. 

“I felt like theatre wasn’t for me anymore, and so I took the plunge. A lot of people were confused when I told them I was leaving, because theatre seemed like a ‘dream job’.

“And initially, studying accountancy felt a bit risky to spend time and money when I wasn’t working in an accounting role, and so I didn’t know if it was going to be worth it.”

But thanks to her studies, Verity was able to secure a job in April 2019 as a team member in the accounts payable department at infrastructure and engineering company Balfour Beatty. She was promoted to assistant accountant in December.

“I’ve loved learning a new, very tangible skill,” Verity adds. “I feel like what I’m learning is genuinely useful, and something that I can apply to many different industries and settings. Plus, when I started working for Balfour Beatty, I realised I could instantly put what I had learned to use.”

Verity accessed AAT’s qualifications through an accounting apprenticeship with Kaplan. She is given days off work to have classroom-based tuition, which is currently being delivered online due to the ongoing Covid-19 pandemic. 

“It can be difficult to find the time to study and revise, and there’s always a bit of pressure because there’s often an exam not far in the future,” she adds. “Luckily, at Balfour Beatty, a lot of people are in the same boat, and so it’s the norm to be working towards a qualification.”

As well as her work and studies, Verity is a board member of  Curious Arts, which develops projects and events in the North East to celebrate LGBTQ culture; and Gosforth Civic Theatre, an arts venue that is run by Liberdade Community Development Trust, a charity working with people with learning difficulties and autism.

“My unique set of skills from the theatre and accounting worlds mean that I’m in a good place to support these organisations,” says Verity. “I still have a passion for theatre, and I’m pleased I can be involved in it in a different way.”

“I’m really pleased I had the experience in theatre, but I’m also happy I made the decision to take my career in a different direction. AAT has given me a professional qualification as well as the knowledge I need to do my job.” 

Case study: “I feel like accountancy has given me a second chance”

 

Gareth Jones, 53 from Bristol, has worked on a production line for Ford Motor Company for nearly 20 years, assisting in the manufacturing of car engines.

But the Bridgend plant where Gareth works is being closed at the end of September. As a result, Gareth is losing his job.

“After being told I was to be made redundant, I decided on a whole new change of career,” Gareth says. “I could have taken an easy route and trudged around looking for the same, uninspiring factory work. Instead, I chose accountancy.”  
Gareth started studying at home for AAT accounting qualifications in March, with Ford paying for his accountancy training as part of Gareth’s redundancy package.   

He has averaged about 95% in the assessments he has sat so far, with further assessments taking place this month.
“I’m taking six months out when my redundancy kicks in, in order to study full-time to gain the full professional accounting qualification,” Gareth adds.

“Hopefully, despite my age, I’ll be able to secure a job and start a brand new career in accountancy. It’s quite rare to have such a sharp turn in your career path at 53, but circumstances have intervened, and I’m really looking forward to it.”

“I feel like accountancy has given me a second chance.”

Regardless of age, employment history or background, AAT welcomes anyone thinking about starting a career in accountancy or bookkeeping. Over half of the people who get in touch about AAT’s accounting qualifications have never previously worked in the finance profession.

For more information please see AAT’s changing your career page.