The accountancy and finance profession has traditionally been seen as an employment safe haven during recessions. Whatever the state of the economy, regulation means that companies of a certain size have to be audited, and businesses and individuals have to compile accounts and file tax returns. So jobs in both practice and industry enjoy a fair amount of protection.

While this truism remains, the downturn of the past five years has tested the profession's endurance. Firms have had to restructure while finance teams in commerce and industry have borne their share of corporate downsizing.