{ "media_type": "text", "post_content": "This has been my experience but do y’all think recession/layoff don’t usually affect accounting professionals much as compared to other fileds? I mean we all should have at least one positive thing to be accountant haha.", "post_id": "62825f2710b50d0038c027e4", "reply_count": 13, "vote_count": 3, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
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This has been my experience but do y’all think recession/layoff don’t usually affect accounting professionals much as compared to other fileds? I mean we all should have at least one positive thing to be accountant haha.

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Recession has no impact on our industry. However, recession does seem to make a quite a number of people sad and their performance all of a sudden dives and so the firms have to let them go.

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CPA firms yes but not so much in industry

It depends. Audit and tax compliance are generally not hit too hard. Many consulting services take a beating because projects dry up.

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Yeah in public accounting i could see that. I was referring to industry

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I work in federal public sector (GPS) consulting so I haven’t noticed layoffs from downturns affecting that area too much.

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Federal Government spends like a drunken sailor all the time. If the budget doesn’t increase by CPI they scream their budget was “cut”.

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Ok, I worked in industry and lived through the first part of Covid layoffs and furloughs. Accounting was pretty safe overall but I was working in fund accounting for a Family Office. We had no issues and bonuses were even better. But, I know for a fact that companies related to tourism let lots of accountants go and I believe they are slowly hiring people back.

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Yeah i mean it happens but it seems like lesser impact for sure. I hardly know anyone who got laid off as an accounting professional in industry during covid but just my experience

Accounting will get layoffs like everyone else. It just happens that some accountants hold critical knowledge on the system and the department has terrible documentation so it's hard to retrieve lost knowledge.

If you're not one of those critical people, you're vulnerable just like everyone else.

That’s exactly my point. Yes it happens but to a lesser degree.

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