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The economy is looking up and when it comes to securing a new job, things haven’t looked so good in over three years, writes Steve Carter, managing director for specialist financial recruitment consultancy Robert Half Finance & Accounting.

There is no question that financial professionals looking for new career opportunities have found it tough in the last couple of years, and this has been predominantly due to many organisations cutting recruitment spend as result of economic uncertainty.

But the cut in spend has been compounded by the fact that many employees have chosen to sit tight rather than changing to a new firm where they will face a degree of job insecurity.

However, times are definitely changing and prospective job hunters should not let recent history deter them from finding a new position.

A study carried out in March this year by Robert Half Finance & Accounting found that the future of the economy was looking bright, with 71% of finance professionals believing the economy will experience growth in the coming six months.

These figures are particularly significant when put into the context of the 2003 figures, when just 23% of respondents predicted that the economy would grow, compared to 47% who predicted a decline.

The turnaround in expectations for the future of the economy has meant that finance professionals are beginning to feel confident enough to risk change and move jobs - thus creating opportunities in the job market.

In fact with the lure of better working conditions and benefits on the horizon, Robert Half Finance & Accounting’s spring 2005 salary survey uncovers more financial professionals are likely to be making a move in the coming months.

Over half of those surveyed (51%) say they are actively or passively looking for a new job.

One of the primary motivators for considering another role is the increase in workload, which has inevitably had an effect on working hours and also an increase in stress levels.

While, alarmingly, almost a quarter (24%) state they work a 50 hour week, the average working week for a finance professional is 42 hours - almost four hours more than the average UK working week.

A worrying 44% of employees think their organisation is understaffed. Regionally, these figures are higher than average in Scotland (48%), the Thames Valley (47%) and the Home Counties (47%). Of those who think their organisation is understaffed, almost 60% say it has affected them because they have an increase in workload and 39% say that they suffer from more stress. However, the younger generation do appear to have achieved a better work-life balance with 46% of the under-25’s working 38 hours or less per week.

In recovery clients are more focused on hiring experience than potential, which can lead to a dip in trainee hiring. This oversight has lead to companies creating their own candidate shortage. As a result, they will notice a lack of internal expertise and will have to look outside to fill the gap once expansion begins. As the candidate shortage bites we can expect that companies will once again look to hiring potential.

Part-qualified accountants are integral to the future of the finance industry. Studying their responses can therefore offer important insight into where the industry is heading. The average salary of a part-qualified accountant is £31,000, an increase of £600 and two percent compared to autumn 2004. In spring 2004, the average salary of a PQ accountant was £27,700.

As a result of the skills shortage, 56% of part-qualified staff are either actively looking or passively looking for a new role.

The new optimism surrounding the financial recruitment market is accentuated by the increase in salaries over the last 12 months. However whilst there is clearly reason to be positive, prospective job seekers should be aware that firms are still treading a little carefully.

Whilst skilled candidates are undoubtedly becoming more marketable, you should not let this cloud your judgement about the reality of the job market and the extent to which you can afford to be choosy and negotiate offers.

Yes, there are more roles available today than there were six months ago, but the boom has been a little over-hyped. And employers will not negotiate with prospective employees who make unreasonable demands. That said, even the most cautious amongst us will tell you that there’s always a job for a good candidate. Finance professionals looking for new career challenges should feel confident enough to make a change.