Professional work and professional careers in Manchester's business and financial sector

This paper examines professional work and professional careers and the exte nt to which professionals face change, uncertainty and risk in their career s. The key issue is whether the power and privilege of the professions is b eing undermined. It draws on research from Manchester's business and financ ial sector including accountancy, law, actuarial work and corporate finance . Interviews with senior partners and managers in a range of organisations indicate that important changes in the professions are taking place includi ng diversification, inter-professional competition; organisational change a nd specialisation. There has also been a change in relationships with clien ts and an intensification of work. Interviews with junior professionals sho w that job mobility is high in the early career although most envisaged sta ying with one organisation for the majority of their careers. Hours of work were long but not necessarily seen as onerous. They were well remunerated in commanding high salaries at a relatively young age with the prospect of greatly enhanced rewards in the future. Few had experiences of redundancy a nd none of unemployment although the consensus of opinion was that the prof essions are no longer a job for life. Perceptions of insecurity were greate r than experiences of it. It is argued that the privilege and power of the professions can only be understood in the context of the organisations in w hich they are employed and the political economy in which those organisatio ns operate. Increased economic competitiveness has led to changes in profes sional work but professionals continue to enjoy advantaged careers in the l abour market.