Since the turn of the year, demand from top executives for Internal Audit services has notably increased.
2015 looks like being a good time to be in the Internal Audit profession. Not only will Boards look to evolve the risk-and-control mindset within their audit functions, but across their organisation as a whole. For the Internal Auditor, this increased internal visibility translates quite simply into heightened job security, greater opportunity for continued career progression, and broader scope for internal mobility.
Commerce & Industry
This month has seen a small change in market conditions with a slight shift in the market becoming “candidate” driven rather than “client” dominated. There has been an increase in permanent opportunities across the board which affords candidates more choice.
Clients are still being very choosy within the market place and are demanding specific skill sets that can be hard to find but they are willing to wait for the ideal match. That said, the need for secondary languages has been less this month.
In terms of industry sectors, we are seeing growth within Media, FMCG, Telecoms and Bio-tech/pharmaceuticals companies.
There has not really been any movement in the Energy sector and things seem to still be on hold. Recent news of Shell taking over BG Group and the Oil price which is still low has been the major factors.
Profit warnings from UK-listed companies rose in the first three months of the year despite the improved economic outlook. There were 77 profit warnings in the period, three more than a year earlier. The news and industry feedback said the rise was in part due to the low oil price, which contributed to 16 warnings, eight of which were Oil/Gas companies.
Manufacturing and engineering sectors have started to open some vacancies and looking for newly qualified candidates. Roles tend to be based outside of London and require high amounts of travel.
Banking & Financial Services
April has been a sluggish month in recruitment with several banks readjusting their IB businesses. Or maybe people have been holding out pending the results on the General Election. Either way, a number of senior IB roles have been kept “on hold”.
There remains continued growth within SME spaces for the audit of Model / Market Risk, Financial Crime and Conduct Risk. A majority of the hiring has been going on at newly to 4 years PQE around AVP up to junior VP level.
Banking Newly Qualified Market
Not much changed in April in terms of AVP (or equivalent) hires. There were relatively few new Investment Banking roles. The busiest area was in the Retail and Corporate space with banks looking for bright junior candidates, ideally with relevant audit experience in those specific areas.
Towards the end of April, the Wealth Management space appeared to open up and there are several AVP roles in this area, with banks looking for candidates with a varied portfolio of FS clients, not necessarily wealth-related.
As highlighted previously, 2104 ACA qualifiers are in relatively short supply, with the 2015 qualifiers still to sit their exams. As a result, when a good, recently qualified candidate does come to market, banks need to act extremely quickly in order to stave off competition.