UK
Cradle-snatching banks
4 May 2007
Anonymous
The shortage of accountants has got so bad that banks are resorting to snatching ACA trainees before they've even qualified.
A report by financial recruiters ECHM shows the number of available accountants in London fell by 5.4% in the first quarter of this year – and job numbers rose 13%.
Recruiters say banks have been resorting to desperate tactics. "Investment banks are bringing their recruitment drives forward to secure signatures now – even though newly qualified candidates can't start until September," comments Steve Leeson of banking recruitment consultancy Morgan McKinley.
According to ECHM's findings, the Big Four are also stepping in early – they've already begun attempting to poach ACA trainees from small and mid-ranking firms, instead of in July as usual.
Leeson says it's never too early to start applying if employers are ready to start interviewing, even if you haven't yet qualified. "It's a good time to look, although most banks taking people on out of contract will make post-dated offers conditional on first-time passes," he says.
The situation is unlikely to change any time soon. "Whilst actual numbers of qualifying accountants have been rising steadily, it's still doubtful that supply will catch up with demand in the near future – we are likely to see organisations continue to battle it out," says Kirsten Macleod, operations director at ECHM.
"It always comes down to the individual," says Leeson. "Banks will do what they can to get the right people on board."
Funny how I keep reading that there is a worldwide shortage of accountants and some of us with ACCA qualifications and an MBA from the USA can't get a second look!
Muzi 10 May 2007
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