The secrets to success for Accounting & Finance jobseekers and employers in Banking

Morgan McKinley 15.04.2019

Recruitment for Accounting & Finance jobs in Banking has been steady so far this year, but roles in London are becoming increasingly specialist.

Employer trends seen across Accounting & Finance in Banking at the start of 2019

As a whole, permanent hiring in the banking sector has been steady in finance, with a small proportion of roles continuing to be offshored. Across the contract and interim market, large multinational investment banks have had a fair volume of vacancies, whilst the UK banks have been quieter. Payments has been a growing area for our Financial Services teams, as have the smaller trading firms and challenger banks.

In order for companies to successfully retain their employees, they have had to become much more flexible around working from home initiatives and driving diversity within their organisation - this is what professionals value nowadays. There has also been a drive to offer more involved roles within the business, such as business partnering and project based roles, as professionals seek to broaden their experience.

Accounting & Finance jobs tempt top level candidates by offering:

  • Heightened flexible working
  • 4 day weeks
  • Higher salaries for mid-level staff

What have professionals done to succeed in their roles?

Permanent finance roles in London are becoming increasingly specialist as production is now primarily done offshore. Therefore, being a qualified accountant and exploring additional qualifications such as the CFA have been integral to success. The number of technical and regulatory contract roles has been abnormally high so far in 2019, covering IFRS implementations, regulatory reporting jobs and group consolidations. In contrast, the same period last year saw a much higher frequency of finance business partners from lines of business and IT programmes; there has been decreased spend on IT programmes and others have been winding down.

With Brexit and political unpredictability in the UK, a number of professionals are being more responsive to moving for roles based in Europe; the London market is perceived as too uncertain by some. Work-life balance remains a key motivation, and as previously mentioned, organisations must offer flexibility when making key hires.

What has influenced recruitment for Accounting & Finance in Banking?

Despite the confusion generated in almost every industry by Brexit, permanent hiring into banking has been steady at the start of 2019. This said, all the uncertainty has meant plans have been put on hold so once a decision is made for the UK, whatever it is, we anticipate hires will increase.

For contract roles, Brexit didn’t have much of an impact until March when we felt the uncertainty creep up a notch. That being said, some of the uncertainty around the merger of two large German banks has proved to be a reason for hiring interim roles. PRA regulations have driven a number of hires, particularly PRA 110 pertaining to liquidity. Some banks have struggled with their capital adequacy and this has led to an increase in regulatory reporting jobs on an interim basis.

Contributors to this update were:

  • Scott Grundy - Manager, Investment Banking and Investment Management Finance
  • Helen Firth - Manager, Accounting and Finance Banking and Financial Services
  • Nick Williamson - Senior Consultant, Accounting and Finance
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