Finance 2015 Overview - Temporary & Contract

James Polley 19.01.2016

From a finance perspective contract hiring remained relatively steady in 2015 and followed the predicted pattern that we expected to see throughout the year.

Finance Temporary & Contract - Recruitment Overview 2015

Contractor volume

From a finance perspective contract hiring remained relatively steady in 2015 and followed the predicted pattern that we expected to see throughout the year.  The need for contractors in Quarter 2 was high after bonuses were paid out and new budgets were set as employees began to move and change roles. We had a much quieter Summer for a longer period of time than expected, with the market picking up again in October/November which is quite normal.

We have definitely seen a decline in the need for contractors at the larger Banks, as many of the big players are on hiring freezes and have been for most of the year, therefore contracts in these organisations are largely due to absolute necessity rather than extra support/headcount and are subject to a very thorough approval processes.

As a result, we have seen many more of our candidates taking contract roles in the small-medium Financial Services organisations with an increase in volume in Asset Management and Insurance
As a result, we have seen many more of our candidates taking contract roles in the small-medium Financial Services organisations with an increase in volume in Asset Management and Insurance.  These contracts are generally to assist in projects to tighten up around new regulation processes, improve controls or as a result of mergers taking place rather than simple BAU support roles. 

Overview of roles in 2015

Technical roles remained pretty consistent throughout the year.  Quarters 1 and 2 were very busy for technical finance roles particularly in the Treasury area as a majority of organisations were growing their Treasury teams.  Strong Controllers were required in order to help optimize liquidity and funding activities across business areas.  The market was a lot quieter in this area for the 2nd half of the year however good candidates do not go unnoticed, so we do expect demand to increase again at the start of 2016.

With the continual evolution in the regulatory space, including the implementation of IFRS9, we expect to see this picking up again with demand for strong candidates with reporting, capital management, liquidity and policy experience.  A number of top and mid tier organizations have been bulking up their functions at all levels and as a result and due to the demand for strong candidates in this area, organizations are implementing longer notice periods and offering higher rates to retain their Regulatory professionals.

Other typical technical roles that remained fairly steady over 2015 were Financial Controllers, Hedge Accountants and Financial Reporting under IFRS across all levels.  Big 4 Chartered Accountants have been most in demand. We started to see an increase in these roles in Quarter 4 and predict a rise in these roles at the start of 2016 which is typical for this time of year as organisations approach their year end.  

We witnessed an increase in Product Control positions with a larger interest at the senior level from AVP – mid VP and have been across numerous asset classes (Equities, Rates and Credit). The day to day nature of these roles are now centered on managing senior stakeholders, providing strategic advice to Front Office around new trades and regulatory/capital implications and extra support on projects. This is due to the fact that the majority of Banks have offshored their production staff and need more of a relationship management presence in London.

The IPV space was busy at the start of 2015 and picked up again in Quarter 4 with the majority of volume within the non-linear Rates space. PhD’s and quantitative finance qualifications have been strong requirements.

We saw an increase in roles on the Business Finance side in the 2nd half of 2015 compared to Quarter 1 and 2.  Typical roles have been FP&A, Finance Business Partners, MI Analysts and Management Reporting mainly around costs.  The areas in which we have seen most demand for these roles have been Front Office, Fixed Income, IT and Group.  With a high volume of strong candidates in this area, roles are competitive and have been filled quickly.

Predictions for 2016

Overall we would imagine 2016 to look relatively similar to 2015, with the main growth being in the finance change space as companies introduce process improvement and tighter controls.There will likely be more high level SME roles throughout the year; particularly Q1 and Q2 as new budgets are introduced. There will likely be more high level SME roles throughout the year; particularly Q1 and Q2 as new budgets are introduced. There will always be a demand for junior, newly qualified accountants to support the BAU finance function of any company, but I imagine due to competition the rates on these roles will remain pretty stagnant.

We would like to wish you all a Happy New Year, and we look forward to working with you this year.

The Finance Contract &Temporary Team

James Polley's picture
Senior Consultant | Accounting and Finance Recruitment
jpolley@morganmckinley.com

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