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Chartered accountants facing redundancy

Information sheet offering guidance for Chartered Accountants facing redundancy.

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Issued: August 2017
Last reviewed: April 2020

Introduction

Professionals, including chartered accountants, are not immune from redundancy. If you are in this position it is important to get specialist advice and support. The Support Members Scheme has produced this information sheet to help you find the advice and support you might need.

Your employment rights

Redundancy issues are complex and specialist advice is essential. CABA offers ICAEW members free legal advice. You can contact this service by calling +44 (0)1788 556 366 or by visiting the Legal helpline page of the website.

Alternatively you can obtain advice from your local Citizens Advice, from ACAS or from a specialist solicitor. The Law Society’s website allows you to search for a solicitor specialising in employment law and you can also search by geographical location.

Finding work

Probably the first thing on your mind will be to find a new job. ICAEW’s on-line career resource ICAEWjobs.com allows you to browse and apply for jobs, sign up to job alerts and upload your CV to make it searchable by recruiters.

A range of other career resources is also available to members and they are detailed on the website.

Careers community

Ask career advisors questions and share experiences with other chartered accountants using ICAEW’s Careers Community.

More general information, guidance and advice for those facing redundancy can be found on the Government’s National Careers Service website.

ICAEW events

Use the events page of the website to find out about forthcoming events, conferences and training that might be of benefit to you.

Coaching and mentoring programmes

Enhance your career in finance with a bespoke coaching and mentoring programme from ICAEW Academy. Our industry experts can empower you and further your finance career with tailor-made professional development.

CABA also provide an extensive range of free career services including careers coaching. Members can get assistance preparing a CV, advice on interviews through to help facing redundancy or returning to work after a break.

Career breakers

Support and career progression advice if you are planning a career break or returning to the workplace after a break is available at career breakers. There is also access to peer support via the career breakers community.

Recently qualified accountants

Information available for recently qualified ACAs including articles on managing your career and working overseas.

The eLibrary

The award winning library is an ideal resource for researching potential employers and finding out the latest accounting procedures by sector prior to interviews.

Networking

Building and maintaining a good network of contacts can pay dividends to your career. Online social networking via tools such as LinkedIn now plays a major role, and makes it easier than ever to stay in touch with people. Guidance on networks and networking is available on the Networks and networking page of the website.

Financial support

As a Chartered Accountant you and your family can apply to the Chartered Accountants’ Benevolent Association (CABA) for financial support in times of need. If you are worried about keeping up with loan or mortgage repayments or meeting other financial commitments then you may benefit from calling CABA’s debt management and support service. You can contact CABA in complete confidence on +44 (0)1788 556 366 for independent, impartial and confidential advice or visit the website at caba.org.uk.

Someone to talk to

Redundancy is a stressful time for you and those around you. We all know that it is good to talk and you may find it helpful to speak to someone about your situation and your own particular concerns. CABA provides a free, confidential counselling service for members and their families on +44 (0)800 107 6163, whilst information and fact sheets can be downloaded from the website caba.org.uk. A webchat service is also available.

Alternatively you may want to talk through your situation with a support member.

Terms and conditions

© ICAEW 2020  All rights reserved.

ICAEW cannot accept responsibility for any person acting or refraining to act as a result of any material contained in this helpsheet. This helpsheet is designed to alert members to an important issue of general application. It is not intended to be a definitive statement covering all aspects but is a brief comment on a specific point.

ICAEW members have permission to use and reproduce this helpsheet on the following conditions:

  • This permission is strictly limited to ICAEW members only who are using the helpsheet for guidance only.
  • The helpsheet is to be reproduced for personal, non-commercial use only and is not for re-distribution.

For further details members are invited to telephone the Technical Advisory Service T +44 (0)1908 248250. The Technical Advisory Service comprises the technical enquiries, ethics advice and anti-money laundering helplines. For further details visit icaew.com/tas.