eFinancialCareers

Given that taxes and death are ineluctable certainties in any economic climate, jobs related to medicine and tax ‘massaging’ should be well placed to withstand any downturn. But while most bankers will struggle to quickly reinvent themselves as GPs, the secretive and lucrative world of tax structuring ought to be more accessible. Banks like Barclays Capital, Deutsche, and Morgan Stanley have some of the biggest tax teams in the... Read more

IT contractors may be feeling the pinch thanks to reductions in rates and the arbitrary termination of contracts, but accounting contractors are still said to be relatively desirable. Recruitment firm Joslin Rowe says rates for accountants working in temporary product control positions are robust at up to £500 a day, and that demand for them has been given a boost by the growing emphasis on risk and trade valuation. “The... Read more

It’s that time of year when newly qualified ACAs dump Big Four accountancy firms for the bigger phwoar of investment banks. This year’s batch will find their services considerably less desired than those of their predecessors. According to two recruitment firms specialising in moving ACAs into financial services (both of which wish to remain anonymous), the appetite for newly quals is down 50% or more on last year. “Last... Read more

Lehman CVs are trickling down into the Big Four accountancy firms and beyond. An ACA at a top 10 audit organisation says his team has been hit with various Lehman applications, not all of which have been viewed particularly favourably. “You have to wonder how they’d cope with the cultural differences,” he says. Deloitte seems more receptive to Lehman talent. “We’ve picked up a number of really good people from... Read more

Given the events of the past weeks and months, any self-respecting risk professional, trader or banking cleaner can now expect to be assailed by the same nasty question at interview: “What went wrong?” At least, this is what recruitment firm Robert Walters says in its latest market update. Paula Maidens, a director of financial services at the company, elaborates: “Banks want to know what controls candidates would put in... Read more

Dresdner Kleinwort bankers may be quaking in their Church's, but some people can still count on a relatively secure future. And they are... Finance and risk professionals While everyone was on the beach last month, Financial Services Authority chief exec Hector Sants called for banks not to slash too many middle and back office staff because “Firms' valuation processes and controls have become increasingly stretched and in some cases... Read more

As anyone with a passing relationship with reality knows, investment banks are in the process of unloading many of the staff they acquired over the past five years. Accountancy firms, however, are still a) hiring, and b) making money. Last week, Deloitte said revenues will be up 11% this year, thanks to all the ‘downturn work’ (Financial Times). And analysis by Accountancy Age suggests that while investment banks’ corporate finance... Read more

The impending transfer of securitisations held off-balance sheet back onto the books could generate windfalls for technical accountants. FAS140 (Statement of Financial Accounting Standards No.140) revises reporting procedures for securitisations and calls for greater disclosure, requiring re-classification of assets worth billions. Steve Leeson of Morgan McKinley says, “Technical accounting skill sets have been in demand by banks reporting in the US for the last few years. But while we’re less likely to... Read more

ACAs working in investment banking earn on average £93.8k, with typical bonuses coming in at £64.6k, according to the latest salary survey from recruitment firm Robert Half. By comparison, ACAs in commerce earn on average £76.2k, with £21.7k in bonuses. Accountants in banking earn more, but not massively more, which might be why banks are trying to improve their image in the accounting community. The days of a cut-throat, aggressive City... Read more

Qualified accountants looking for a change from the norm could do worse than pitch their talents to Target Chartered Accountants. The star of this year’s Accountancy Age Top 50 is trying to hire 50 additional staff to deal with increased business. Keith Seeley, group MD, says 22% of the firm’s turnover is currently related to financial services, but that it accounts for 49.5% of its revenue growth. London isn’t “fully... Read more

Just when investment banks are feeling the pinch, it seems asset managers are increasingly keen on poaching their accountancy staff. Recruiters say it helps that asset managers have several things in their favour – including salaries that are now more on a par with banking and a ‘fun’ environment. “Over the last year, basic salaries have risen for finance roles within asset management to bring them more in line with those... Read more

IT temps may be earning less than they used to but accounting temps are still raking in the cash – according to recruiters. Matthew Wilcox of WH Marks Sattin says competition for accounting contractors is now such that the best candidates in hot areas are being encouraged to stay put with counter-offers woth 10% more than they’re currently earning. A regulatory accountant with five years’ experience can now earn... Read more

With big investment banks taking longer to hire people, smaller institutions are now better placed to snap up good finance professionals. Recruiters say they’re making the most of the situation. Laura Kirk of recruiter WH Marks Sattin says, “We’ve seen an increased hiring appetite from smaller firms, which are taking advantage of market uncertainty to go hunting for top-tier finance talent. Increased caution in larger banks means they occasionally lose... Read more

A new survey says accountants are working even longer hours. But only a few dare complain in the City. The survey, by recruiters Andrew Farr Associates, found that two thirds of accountants work the equivalent of nearly 50 days of unpaid overtime each year. In investment banking, headcount budget cutbacks mean everyone’s being squeezed just a little bit more. One recruiter recently met an accountant who’d been hospitalised for exhaustion due... Read more

Contrary to what we wrote a few months ago, one recruitment firm now says banks do want part-qualified CIMA and ACCA accountants after all. Although recruiters told us banks were getting cold feet about part-qualifieds back in March, recruitment firm Morgan McKinley swears part-qualified accountants from industry and commerce are still all the rage. Ian Hughes, manager at Morgan McKinley, says it’s all down to calibre: “Banks want the best talent available... Read more

Will SocGen’s rogue trader with ‘deep knowledge’ of its risk control procedures make it harder for middle-office staff to move to the front? The Financial Times reports that the rogue individual, who made losses of €7bn on European stock futures and mortgage write-downs, was able to get away with it thanks to an awareness of risk control gained from his time in the middle office. Nic Leeson was similarly endowed... Read more

Which banks and bankers are suffering the most? No prizes for guessing… ACUTE PAIN 1. Merrill Lynch Share price: down 44% since January 2007. Bonus per head*: $181.3k, down 25% on 2006. Net profit for the first nine months of 2007: $1.9bn, down 61%. Redundancies: none announced so far, but exit of chief exec Stan O’Neal is imminent. 2. Bear Stearns Share price: down 38% since January 2007. Bonus per head*: $407.6k, down 20% on 2006. Net... Read more