UK
No qualifications? You’re hired!
2 March 2007
Anonymous
The trend for employers to hire accountants who are qualified by experience – known as QBEs – has finally spread to the investment banking world.
Those without professional qualifications can make a killing in the current market – without fear of employers trying to acquire highly prized skills on the cheap. "As many as 40% of unqualified accountants in banking in London are taking home more than £45k – that’s more than most newly qualifieds," says Steve Carter, managing director of recruiters Nigel Lynn, who conducted the survey. "And 5% are earning in excess of £85k. This demonstrates the flexible, open-minded approach employers in the City must take today."
Carter says his figures reflect the specialist nature of skill sets in demand in financial services. "Dire skill shortages mean employers cannot ignore the substantial pool of people who may not have shining academic credentials but can nevertheless make a contribution from day one," he says. "Many middle-office analysis, risk and product control roles are filled by competent and enthusiastic QBEs."
However, employers still value hard-won professional qualifications. Paul Bibby of financial recruitment specialist, Elements, counsels caution for those already studying for accountancy exams: "This is certainly not a signal that part-qualified accountants should feel free to give up their studies," he says. "A qualification from one of the main chartered institutes is a long-term insurance policy that may become essential if the financial services world hits one of its regular downturns in the future."
The quality of service an accountant can provide, depends on the quality and experience of that accountant. In turn, the quality of that accountant is ensured by the qualification he has - regardless of his or her country of origin. The world's professional accounting bodies provide ethics to the industry.
Anonymous 03 Mar 2007
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