Happy New Year - 2011 Looks Like It Will Be a Good Year for the Tax Professional

2011 fills me with confidence. Anyone who has read  the articles that have appeared in the  careers section  over 2009/2010 may be a little surprised by this note of  optimism, as most of my comments over the last couple of years have followed a more cautious beat.  I believe 2011 looks a lot better for the tax professional. I base this on the diversity  of roles that have been coming up over the last quarter of 2010 and the continued recruitment drives undertaken by the Big 4 (always a good indicator on what business is up to) I am also going to say  that a part of this is based on instinct and my ‘feel’ for the market. Whilst I appreciate that this might not be the most scientific way of commenting on the market, it is no worse an approach than that taken by  the so called specialists, who have spent much of 2009/2010 getting it wrong.  I think it is time for us all to trust our instincts and go into 2011 with a more optimistic frame of mind.

Our View 

2010 has offered greater prospects for the tax professional then 2009. The Big 4 and Top 10 firms have led the way in tax recruitment and the financial services market has also seen a pick up.  Areas of greatest demand have included: VAT Jobs, Employment Tax Jobs, Expatriate Tax Jobs (Dual Handlers in particular) and M&A in the larger corporate tax(link) teams.  The larger FTSE has also seen a growth, although  demand has been greater in professional services. Geographically the SE/SW and the Midlands have led the way in the recovery, although there are signs that Scotland and the NE/NW will show an improvement in 2011. An increasing amount of Tax Jobs (across the UK) have  been released by niche practices and quality independent  firms in the last quarter of 2010. Most of these positions have been based in the SE and London in particular. The positions have mainly been driven by actual growth or confidence in the next year. Whilst  I would not suggest we have yet returned to a candidate driven market in the SE, as opposed to an employer led market, a number of entrepreneurial minded firms and tax consultancies have been taking a long-term view with their recruitment strategy and have hired accordingly.