There has always been a market driven choice of careers which normally ends up flooding the market with certain groups of people hence impacting on their supply and eventually their pay.
I happened to attend a networking event last weekend in which there was a group of about 124 young professionals from diverse backgrounds around the country and each had an opportunity to say what they do and here is what the talent pie chart looked like.
Almost a third of the attendants were accountants and quite a good number of them had no jobs, meaning there is an increased supply of accountants either because it is cheaper to get accounting qualifications or because there has been a rush for accounting qualifications on perceived high demand from the market.
The other largest group was software developers and web developers; the number of web developers was also very high meaning they had to compete for the available opportunities in the market. It is not bad to compete but excess competition erodes margins and reduces your chances of success in any business.
The rest of the team was comprised of public relations personnel and health workers including two doctors and a number of nurses.
Others were logistics workers, insurance personnel and researchers, biomedical scientists and one hair stylist. The hair stylist is likely to get a call from the numerous attendants compared to the rest.
So what for accountants
However accountants despite their high numbers have a chance to make a killing from the rising number of startups, the accountants need to team up and form consulting companies to offer tax and reporting services to this startups and even bigger companies helping to reduce the cost of such services while making money from a range of companies.
Software developers and other crowded fields can also harness synergies by coming together if they do not want to suffer the forces of demand and supply. Many companies are outsourcing their services to cut costs and stay in a competitive environment in which startups can tap into by creating a pool of competencies which they can exploit.
One may however argue that the sample size is too small to qualify as a representative sample, but that tells you something about the talent market.