2018 salaries and contract rates for accounting and finance professionals investment management in London.
Q3 was an encouraging quarter within the financial services accounting function at Morgan McKinley. In a quarter where the business actually had its best ever performance, we saw a variety of new hiring trends, increased focus on diversity and continuing Brexit plans being put in place by the investment banks and asset managers alike.Within the fund management arm of our financial services division, positions that focus on alternative asset classes such as real estate, private equity and private debt took centre stage yet again. From an investment banking perspective, there has been a huge drive on diversity in the workplace; more specifically at VP to director level where the majority of banks are looking for strong female talent.
Towards the end of Q3, the senior / executive level hires increased in activity. With bonuses being paid in Q1/Q2, those looking to secure new positions have chosen to do so without the concern of pending bonus allocations factoring into the decision process. Whilst positions for newly qualified accountants from practice have still been commonplace, numbers have dropped slightly due to the part-qualified trend and the increase of active candidates who have industry experience at finalist level.
Part-qualified roles have been particularly popular amongst our clients who wish to provide candidates with the opportunity to have a set out career path, rather than moving jobs after two years when they hit a glass ceiling with their progression. Many of our clients from the top tier investment banks, right through to the challenger banks, have been actively seeking individuals from both treasury and product control backgrounds at both AVP and VP level. These product control positions have been specific, so candidates with a wide variety of asset class experience have had a number of opportunities presented and offered to them.
Job seekers can add extra qualifications to their CV such as Masters, specific Excel courses or complete a CFA depending on the level and specific area of finance they are in. This in turn can help them achieve a higher salary, especially when moving to a new role. Companies should be promoting internal movement, especially for junior members of staff who want to quickly develop their careers. 6 and 12 month career plans have been popular place with a lot of clients, so employees are setting both short and longer term goals which are both measurable and achievable.
Towards the end of Q3, newly qualified hiring really ramped up but with competition from higher bonus paying asset managers and hedge funds. Combined with the relatively new but expanding FinTech space, it is becoming very challenging for investment banks to have their first choice candidate. However, some clients have been battling to move processes quicker than their rivals to secure their chosen hire.