At Morgan McKinley, we endeavor to provide up-to-date market insight and expert knowledge on your sector. Here we offer key recruiter information within the Advisory sector, covering permanent salaries across London and the Home Counties.
Insolvency & Restructuring
A growth in niche roles
Restructuring and business rescue is an area several businesses focused on building out in 2015 and we anticipate to rise within the next year. This has led to an increased demand for professionals who either have experience already in turnaround or alternatively, in corporate finance and transaction services, so are able to utilise their analysis and due diligence skills in turnaround situations. Overall, there has been an increased requirement for qualified accountants with insolvency experience. Salaries tend to be higher in the area of restructuring to take into consideration the additional skills required.
Salary ranges will vary and in most cases be dependent on whether a CPI and/or ACCA qualification is held, and the amount of experience someone has. Firm structure should be taken into consideration too; unlike accountancy and other areas where there is often a definitive career path and title given once a qualification is obtained. For example, insolvency does not always follow suit, and title, progression and salary will be firm dependent.
The areas of insolvency in which someone has experience will be reflective of their current market worth. If this lies mostly with CVLs and bankruptcies for example, where there are fewer roles being recruited (often due to a decline in work), this can result in a candidate heavy pool of generalist insolvency professionals.
In summary, recruitment levels in the insolvency profession in the last year have picked up slightly, and there is likely to be a further rise in 2016, namely in the areas of restructuring and turnaround.
|Basic Salary (£ Per Annum)|
High levels of recruitment across all levels
Throughout 2015, firms showed a constant need for experienced candidates, proving that the mergers and acquisitions market throughout the UK was buoyant. This was demonstrated by the need for candidates in Gatwick, Southampton, Birmingham, Leeds and many other regions throughout the UK.
We saw a huge influx of Transaction Services roles hit the market and are still seeing this at the start of 2016. Practices are looking to fill roles at all levels across both financial services and corporate teams with a particular focus at executive level where a minimum of 6 months due diligence experience is essential. Top level positions are high on the agenda at many leading practices. The last 12 months have shown constant demand for Associate Directors within financial services; the need for experienced team leaders and senior staff highlights the volume of deals the market is experiencing.
Due to the candidate short market and high volumes of recruitment activity, some firms looked to the overseas market for candidates. There was an increase in interviews and offers to overseas candidates across all levels, not just senior positions.
Merger and Acquisitions and Lead Advisory roles had a strong start to the year but we saw the market plateau towards the end of 2015 with roles often being filled internally, especially at the junior levels. This area of Advisory, along with Transaction Services, has historically been a strong area of interest, with it being a popular move for newly qualified audit professionals who seek a new challenge internally.
Outside the Big 4, steady recruitment policies were implemented throughout 2015, with most firms seeking professionals at manager level in both London and regionally.
The transactions market shows no sign of slowing down. 2015 saw a record breaking year with mergers and acquisition value reaching £3.066tn and market research is indicating a steady 2016. This is good news for recruitment and we are expecting similar levels of hiring throughout 2016.
|Basic Salary (£ Per Annum)|
|Big 4||Top 10 (Non Big 4)||Big 4||Top 10 (Non Big 4)|
|Senior Manager/Assistant Director||75,000-95,000||65,000-77,000||50,000-80,000||50.000-80,000|