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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."

Comments (5)

Where is the quality, plus intellectual capacity in a complex industry? QBE doesn't cut it for me.

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Comments (5)

  • I agree with anonymous accountant - the qulifications makes you aware and teaches you the rules as well as the skills. How do QBE now what you can and cannot do? Especially in accounting it is more important then anywhere else - company can go down if you don't know certain rule and go illegaly or can go down if you don't advise them correctly on relief..

    A Beswick 06 Apr 2008

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  • Agreeably, quals and QBE's are not 100% interchangable at all levels.

    However, the fact that an assignment is carried out by a 'qualified' professional as opposed to a QBE is not in itself guarantee that the quality of the deliverable will be superior.

    With respect to the level of personal ethics and intellectual capacity,  qualification of an individual by a professional body is, in my opinion, irrelevant. Either you got it or you don't, with or without certification.

    The Enron disaster and similar scandals provide ample evidence of the dubious  'ethics' and the superior 'intellectual capacity' of certain 'quals'.

    Anonymous 08 Mar 2007

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  • Not really convinced about using non quals to do a quals job. Where is the quality, plus intellectual capacity in a complex industry? QBE doesn't cut it for me.

    Anonymous 06 Mar 2007

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  • Experience is good for the company but an individual should note that you need to avoid stagnating. There are a lot of updates required when you're an accountant. I believe that continuous professional development (CPD) is the key. And where do you update yourself if not qualified?

    Vuyi 06 Mar 2007

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  • 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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