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Banks do want part-qualifieds after all

9 May 2008

Calum Robson

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 – and by recruiting from major commercial players, quality is not compromised.”

Hughes says part-qualifieds from industry and commerce can earn £42k-£52k at associate level in financial control, while financial accountants and business analysts have been crossing over for £40k-£48k.

“Well-trained part-qualifieds from blue chips appeal because of their hands-on commercial experience,” says Laura Kirk of WH Marks Sattin, who adds that retail banks have also shown interest. “The exposure they get – including elements of analysis and financial control – is highly transferable into today’s banking arena.”

But commercial experience won’t guarantee your path into financial services, says Nefino Joannides of Joslin Rowe: “It’s vital to demonstrate a genuine understanding of the banking sector,” she explains.

Andy Dallas of Robert Half says banks would regard candidates from insurers as having a more natural affinity – but that training in any FTSE 250 company may smooth the path to the City.

Comments (6)

I believe banking recruiters are not aware of the skill set that professional accountants bring whether it is CIMA , ACA or ACCA . They look at applicants from narrow angle that you need banking experience without thinking out of box.

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Comments (6)

  • Interesting!!!

    miyake 10 Jun 2008

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  • It isn't the recruiters lack of vision holding you back we respond to what our clients demand. If I am pushing a local authority candidate and another recruiter pushes someone with blue chip or banking experience I will lose irrelevant of my relationship with that client or qualifications. Brands sell in any market if you associate your CV with quality (academics, companies and achievements) you will have the chance to get into a bank if not you will struggle

    Anonymous 15 May 2008

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  • In all honesty, You need a lucky break to get into the banking industry and it's also who you know. I know people who have jobs in banks and do not even have qulifications and I on the other hand cannot get in with the qualifications. Makes you think

    Sudhir 13 May 2008

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  • I believe banking recruiters are not aware of the skill set that professional accountants bring whether it is CIMA , ACA or ACCA . They look at applicants from narrow angle that you need banking experience without thinking out of box .Some candidates like me have changed industries from Local authority to Financial Services and the only way I have been able to do that is by being determined and constantly applying for roles . I did not get any support from recruitment consultants because they want to sell easy stuff.
    If employers become a little enterpreneurial and give chance to applicants that show ambition , willingness to learn and prove they are good they can be of immense benefit to companies .
    Question is are there an enterpreneurial recruiters ?

    Sarvesh 12 May 2008

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  • Banks will always want ACA's but, they are moving more and more towards analytical (or CFO) type work.  Thats where CIMA holds a advantage over ACA.  CIMA part quals and quals who demonstate good banking (and product) knowledge are getting in areas such as Business and analysis and even product control.

    Anon 11 May 2008

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  • this report above paints a picture that is false. Banks only want qualifieds with relevant experience. And forget and ACCA and CIMA, in the banking world only ACA will get you a job

    part qualified 10 May 2008

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