eFinancialCareers

Demand for accountants with the skill to scrupulously apply accounting standards has stepped up in the wake of recent loophole dodges.

SocGen took advantage of an opt-out provision under ‘true and fair’ accounting principles to record its Kerviel-led losses as having occurred in 2007, while Bear Stearns’ auditors had previously warned about similar accounting treatment of its client’s hedge fund assets.

Sarah Williams of FSS City says strong demand for technical financial accountants is sustained: “The market for those with a strong grounding in IFRS and IAS 39 is highly competitive, as banks – and, increasingly, hedge funds – are keen to consistently ensure their reporting systems are up-to-date and compliant.”

One Big 4 financial services partner says, “The job of technical people has been to relate theoretical issues with their knowledge of market practice – but with more uncertainty in the market, they must also be increasingly prepared to challenge those who prepare the initial figures.”

That spells more lucrative times for IAS gurus. “Technical accountants are enjoying offers of about 10% more than usual,” says Amy Butler of Joslin Rowe. “Vacancies were previously few and far between, but I suspect we’ll start seeing further growth.”

And who’d take on such a role? “Technical accountants tend to be passionate about numbers, with extraordinary attention to detail and perhaps a more studious approach than other accountants,” says Butler. “That said, as their roles have been pushed further forwards – increasingly advising revenue-generating parts of the business – they now need to combine their expertise with strong client-facing skills.”