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The UK is in its most politically uncertain period it’s been in for a long time and one of the markets it’s likely going to affect the most is the accounting and financial sector. The accounting and financial franchise market will also be affected by this but for franchisees, its not all bad news.
It will come as no surprise that most of the political uncertainty is dominated by the issues cause from Brexit. Brexit negotiations are ongoing and depending on who you speak to, there isn’t a set deadline for which it is guaranteed to be completed. This uncertainty creates many issues such as those stated here How Will Brexit Affect UK Franchising, and these will affect the majority of markets in the business and franchising world.
London is one of the world’s largest accounting and financial sectors and this is where the market will be hit the worst. 123 companies working in the international finance market were involved in a Reuters survey to discuss the potential repercussions that could hit the accounting and financial sector in the UK. The worrying result of this survey showed a potential of 10,000 financial jobs that could be lost in the UK as the companies involved would likely move these positions and offices overseas. This is still only a potential outcome as it does depend on the result of the Brexit negotiations but considering the current sentiment coming from the countries involved in the negotiations it is a very realistic result.
According to Reed the accounting and finance sector has seen a rather large decline in positions available in February this year compared to February 2016. The number of job postings for positions in these sectors are around 15% less than the previous year. The surprising aspect of this report was that the number of people searching and clicking on these job postings has actually increased. Compared to the previous year the amount of people interested in an accounting or financial job is up by 12%, this is seen through the amount of clicks the job ad gets.
These statistics demonstrate a clear indication of the decreasing roles available for the UK public in the accounting and financial sector, even though more of the public want a role in the sector. This increase in demand but decrease in supply is going to mean more Britons are going to have to look elsewhere to find a job, but have they considered an Accounting or Finance Franchise?
Those who have studied either an accounting or a financial course and have their hearts set on working in this sector might have trouble acquiring a position they are seeking. The statistics above demonstrate a clear issue in terms of the amount of people that current want a job in this sector compared to how many jobs are available. If you also consider the fact that in a couple of years we might see a loss of 10,000 jobs in the accounting and finance sector, the margin between supply and demand of roles available will see a dramatic shift negatively for the UK public.
Unfortunately, a lot of people will not be able to find an ideal position for themselves and it might be that they should look into an accounting or finance franchise instead. Franchises in this sector can work internationally, however a large percent or their work will be for UK businesses, so the impact of Brexit may still affect them negatively, but it is unlikely to be at the same scale as those large London based businesses.
If you want a more secure future in this currently uncertain politically and economically affected market, then we suggest you take a look into franchising and see if you have what it takes to find your career there.