[By: Stephanie Ng]
Unless you’ve been avoiding the news for the last few months, you already know the economic impact of the COVID-19 pandemic. Many experts think that the current unemployment rate is temporary. That’s good news if you’re a furloughed or unemployed accountant. But until the economy goes back up, don’t think that you don’t have anything to do while you’re underemployed. In fact, the opposite is true. Now could be the perfect time to start planning for advancements in your career.
Historically, the unemployment rates for accountants are lower than rates for other white-collar and blue-collar workers. But 2020 hasn’t been “normal” by any means, and some accountants now find themselves out of work. By April 2020, U.S. unemployment rates soared to 14.7%, the highest since the Great Depression of the 1930s. And it’s the highest since the U.S. Bureau of Labor Statistics started to keep records in 1948.
In April 2020, the US economy lost 67,000 accounting and bookkeeping jobs. The numbers rebounded a little in May 2020, with 13,200 accountants back to work. But still, many remain furloughed or unemployed. In the list below, you’ll see some ideas to rejuvenate your career despite the down economy.
Stephanie Ng is the Executive Committee member responsible for Finance at New Sight Eye Care, a charity registered in the United Kingdom and Hong Kong. She oversees the financial aspect of New Sight in Hong Kong, including accounting, taxation, financial management, and compliance.
She began her career as an investment banker at Lehman Brothers in New York and Morgan Stanley in Hong Kong. She later joined her client to work in the Group Finance Department, where she spent five years specializing in corporate finance, mergers and acquisitions, and debt refinancing. She also extended her role to management accounting and financial accounting and obtained her U.S. CPA qualification.
Stephanie also is a published author of the book How to Pass the CPA Exam. Additionally, she created I Pass the CMA Exam, the first CMA help site. Her guidance and mentorship have helped hundreds of thousands of candidates pass their exams.
Stephanie graduated with Phi Beta Kappa from the University of Chicago, majoring in economics with a second concentration in public policy studies.