The area I am currently studying in is accounting, but more specifically, I am working my way towards a Chartered Accountant title. 2.
Economic Factors and Trends
A couple of years back, as the economy was weakening, the unemployment rate was increasing. In 2009, in Canada, the unemployment rate hit above 8.5%.Since then, the unemployment rate has slowly decreased, and today it is at 7.6%. A high unemployment rate triggers consumers not to spend money, therefore, leading companies to lay off employees. The accounting industry has an unemployment rate of 2% [http://www.jobwings.com/en/job-advice/accounting-jobs/key-numbers/unemployment-rate-finance-and-accounting-sector , May 12th 2011]. If unemployment rate remains constant or continues to decrease, future accountants will not have the fear of being laid off. Unemployment was the effect of the recession. Recession is “a period of economic activity during which income, production, and employment fall. This shrinks buying power, which in turn reduces demand for goods and services” (Marketing Yourself, 2011, Chapter 3). We are currently recovering from the recession, offering us job opportunities. If the economy improves, consumers’ buying power will recover and the accounting industry will have many new job offerings. “The GDP is the total value of goods and services produced in a country annually” (Marketing Yourself, 2011, Chapter 3). When the GDP per capita is high, the consumer’s buying power is higher. The greater the buying power, the greater the demand for goods and services. Higher demand for goods and services reduces the risk of unemployment. Since 2010, the GDP has been growing. If it continues to grow or remains constant, there will be many job offerings. 3.
Social and Demographic Trends
With the baby boomers retiring, there will be many new opportunities for accountants. New companies will enter the market and as they are growing, they will need someone to take care of their accounts. And as the older companies close down, chartered accountants will take care of those accounts. The new companies entering the market and the older ones exiting it, current CA firms will benefit from the increase of the demand and new CA firms might arise as well. ”This process is already evident with the number of small businesses in accounting and other financial services rising by more than 80% over the past decade. That is three times faster than the average pace of growth witnessed in all other professions. This trend could accelerate in the next five to 10 years.”[http://www.camagazine.com/archives/print-edition/2004/sept/upfront/news-and-trends/camagazine21691.aspx , May 11th 2011] Multiculturalism and diversity are good assets for firms. Deloitte & Touche LLP was named “one of Canada's Best Diversity Employers in 2011”.[http://www.eluta.ca/diversity-at-deloitte-%26-touche , May 15th 2011] According to Macfarlane, besides race and gender, diversity “encompasses factors including age, culture, personality, skill, training, educational background and life experience”. [http://www.cica.ca/news/media-centre/media-releases-and-backgrounders/2010/item40380.aspx , May 13th 2011] This allows employees to bring different viewpoints to the table. The diversity of the team allows them to come up with creative ways to solve problems as well as separate tasks. The Conference Board of Canada writes that “hiring immigrants, new Canadians, or temporary foreign workers can provide Canadian businesses with such benefits as: expanded access to talent, knowledge, and skills base; potential links to new global and domestic markets and business opportunities; and fresh perspectives and diverse points of view leading to enhanced innovation and creativity.” (Immigrant-Friendly Businesses: Effective Practices for Attracting, Integrating, and Retaining Immigrants in Canadian Workplaces, The Conference Board of Canada, November 2009, page 4.) Briefly, multiculturalism and...
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