eFinancialCareers

As structured investment vehicles (SIVs) tumble by the barrowload, opportunities are arising for accountants within Big Four recovery teams.

Ed Colt of Hays Senior Finance says, “Over the last couple of months, we’ve seen offers exceed the mid-£90k mark – sometimes over £100k. That indicates a real appetite.”

Henry Nicholson, a partner in Deloitte’s restructuring team, predicts financial services recovery work will only increase, although that doesn’t necessarily mean scores more jobs: “SIVs have huge assets but their receivership teams are much smaller than classic recovery work involving trading companies,” he says. “We’re nevertheless looking for good people; even if the wave of SIV work comes to an end, other financial vehicles – such as CDO funds and leveraged investments – may well hit difficulty. We’re expecting an upturn in workload towards the end of the year when Q3 covenants bite.”

Colt says candidates are keen to move out of financial due diligence roles into financial restructuring, which is now seen as the more secure option of the two.

A mixed skill set is sought after – Nicholson says some of Deloitte’s people have formal insolvency experience and Joint Insolvency Examination Board qualifications; others act as financial investigators, conducting pre-insolvency work.

Transaction services accountants are especially keen. Alastair Paterson, senior consultant at WH Marks Sattin, observes, “They understand the intricacies of receiverships and can provide rigid financial restructuring advice. Whilst transaction services was a popular choice in the past, more accountants are now steering towards insolvency and other recovery services.”