eFinancialCareers

Hotshot technical types with IAS39 skills may find themselves in big demand as anxious banks tighten controls.

“There hasn’t been a huge uplift yet – but it could still come, as there’s an increasing emphasis on control systems,” says Zachary Meade, manager of the banking division at FSS.

He adds that events at Société Générale may fuel demand: “What happened last week is going to highlight risk management even more.”

An HR manager at Dresdner Kleinwort confirms the appeal of technical accounting knowledge: “As transactions invariably involve complex financial instruments or simple financial instruments in complex structures, they require a sound knowledge of IAS39, or its US equivalent.”

Not everyone wants to be a technical specialist, however. According to Meade, roles can be tricky to fill: “They tend to drill right down into how the accounting standards manifest themselves. Even if you find that dual skill set – product knowledge and technical expertise – you might have to convince someone of the merits of the role, as it’s unlikely to be perceived as commercially focused.”

Hand in hand with the traders

While the Kerviel case may dissuade banks from promoting accountants into front-office roles, one hiring manager challenges the notion that technical accountants don’t get good commercial exposure: “They work with the trading desk to help structure trades that are attractive to clients – it gives them an exclusive view of high-level and low-level aspects of the business.”