eFinancialCareers

With budgets and headcounts reined in, banks are heaping additional burdens onto newly qualified accountants.

At first sight this might sound like a bad plan – given the valuation problems plaguing banks like Credit Suisse, it would seem a better bet to employ experienced accountants who are better able to challenge the valuations assigned by traders.

However, Laura Kirk of WH Marks Sattin, says the banks that are hiring inexperienced (AKA cheap) staff are also making the effort to train them up: “If they hire someone who’s qualified and talented but doesn’t have the relevant technical experience, they recognise it’s their responsibility to provide training, and even mentoring.”

Extra reassurance may be required, though. “Banks need to be extremely careful – as well as ensuring that their accountants are up to speed with any additional responsibilities, they need to be seen to be doing so,” says Zachary Meade of FSS. “And investment in training is already something that’s being talked up by employers at interview stage.”

With the FSA reportedly planning to step up its monitoring activities and banks implementing more stringent procedures across product control, accountants at every level are said by recruiters to be enjoying upgraded training.

“Everyone’s operating in a world where compliance, control and risk management are absolutely paramount,” says Kirk. “This is only going to intensify, and training will continue to be a critical factor.”