As banks face new legislations, there has been a significant rise in technical and specialist Accounting & Finance roles in financial services throughout Q3.
We have seen a large increase in the number of technical and specialist roles in areas such as IFRS 9 and 15, valuations and regulatory reporting. This has come from banks facing new legislations concerning how they will continue to operate within the UK. Many are preparing for the outcome of Brexit which means there has been vast hiring for project and business analysis focused roles.
In the past quarter, some of the SME focused clients in financial services have been hiring significantly within regulatory reporting. These roles have been more at the junior end, getting involved with the daily, monthly and quarterly processing responsibilities - many banks have been offshoring this process, and therefore we have started to notice a skills shortage in the particular area. This has also been the case within the product control space, as many candidates with the right P&L experience are looking to move into a risk or projects role.
Numerous organisations have been involved with the implementation of general ledger and back office functions to help with both costs and efficiency. This has created the requirement for candidates with end-to-end experience in establishing controls through the project, ensuring all has been correctly reconciled.
As a result of Brexit, there have been a number of projects focused on setting up new European entities. The three main locations where this has been happening are Frankfurt, Belfast and Dublin. Finance departments have been responsible for the creation of contingency plans, forecasts and controls for these new business entities.
A lot more banks are looking for accounting and finance professionals who possess a strong business acumen, enabling them to provide more analytical and business partner support. It is important that candidates are dedicated and hard working, and that they display an understanding of ‘the bigger picture’ in the particular role in order to add value within the projects. As always, candidates with good communication skills, both written and verbal, and those who work well within a team, will be crucial to ensuring a strong end to the year.
Contributors to the Q3 Accounting & Finance into Financial Services recruitment update: