Regulatory change vs Recession – what will have the biggest impact on your audit career?

A recent poll we conducted on LinkedIn shows that the majority of Audit professionals believe that regulatory change within the audit market will have a greater impact on their career than a recession.

A recession is a short period of time in comparison to your long-term career when it is compared with changes to how the audit industry is regulated which will shape the future of the market, in turn, influencing an audit professional's career.

Despite this, some audit professionals we have spoken to over the past 2 months are reluctant to consider their long-term career plans as the murmur of recession has become a distraction.

Yet, many haven't mentioned regulatory change, contrary to the result of our poll. 

How will regulatory change impact careers?

In line with 71% of respondents, we are firm of the opinion that regulatory change within the audit market will have a greater impact on long-term careers - in a positive way.

Changes to audit rotation and appointed advisers will present a greater need for high-quality accountants across all tiers of the firms. 

Without stating the obvious too much, an audit is a legal requirement for businesses therefore there will be a consistent and growing need for auditors throughout the market.

This should provide candidates with confidence to look at and review the current job market in 2023, as we are already seeing the impact of the changes in the number and nature of roles currently available. 

What are the risks of delaying a move?

By ignoring the market, there is a high risk of missing out on opportunities to progress your career.

There are an unprecedented number of jobs in the market but firms who are currently recruiting may have filled their requirement when you come to look at the market.

Potentially, this could potentially have a severe impact on your long-term career ambitions, putting you behind your peers and colleagues who are seizing the opportunities. 

It is easy to become distracted with your current firm when promotions and salary uplifts are being handed out in an attempt to retain you, yet the reasons you are unhappy still remain. 

Can you afford to delay even looking at the market?

3 pieces of advice for Audit professionals

• Always keep tabs on the market - pay attention to the firms who are recruiting and the nature of their roles.
• Don't be afraid of considering the current market, regulatory change is here and going to happen.
• Take the time to think hard about what you want to achieve in your career, work backward from your ultimate career goal to plot a route to this destination.

Don’t wait until it is too late