What qualifications and skills do candidates need to get into regulatory reporting jobs and how do firms go about attracting the right people to fill their positions?
Having worked in accounting policy, audit, financial reporting, experience in handling large volumes of data or possessing strong policy knowledge are generally the best routes into regulatory reporting.
Scrupulous attention to detail, being thorough, highly analytical, critical and process driven are all important skills. Further to these, being an effective communicator and having the confidence to challenge the numbers and push back against stakeholders are both essential traits.
This depends on the level of the role, whether it is temporary or permanent and the type of bank. Typically, hiring managers will look for ACA or ACCA qualified individuals when the roles are junior, whilst at senior level they put more of a focus on past experiences. Candidates from wide roles are desirable as they can be specialised as well as contribute to other areas.
The most logical way to analyse what hiring managers look for is by contrasting temporary and permanent roles. Temporary candidates are brought in for an explicit purpose and they therefore need to have experience within that particular area so that they can hit the ground running. On the other hand, permanent roles are longer term and offer the opportunity for the firm to shape an individual.
Depending on your specific role, you will be accountable for either preparing the set of returns, producing the reports themselves or monitoring the process to ensure nothing is missed. In some instances, specifically in smaller firms, an individual will work across all of these responsibilities.
Whatever your role, it is imperative to keep up with the market to ensure compliance. Knowledge of the most current processes and changes will deliver maximum efficiency to your organisation.
How do you ensure that you are a truly valuable asset to your employer?
The regulatory reporting space is always changing, with banks taking on new entities all the time. In this sense, it is hard to pin down exactly the best way to attract candidates as each role and firm differ greatly. A couple of consistencies are seen though; offering flexible working, the opportunity to upskill and having a sound reputation are all important.
Banks that can offer regulatory reporting jobs that have scope to change or can create opportunities to allow individuals to move across the regulatory reporting space are generally the preference. Employees look for the chance to expand their experience and improve their career prospects.
There is no rule of thumb here. It is completely a matter of opinion, varying from each and every candidate. This said, the ability to work across a range of areas is generally what candidates look for, and as a result we have seen clients create roles that allow for collaboration with the projects teams.
If you want further insight, read through our other posts that delve into different areas of regulatory reporting. Click on the links below.
If you would like to speak directly to a member of our team about any regulatory reporting jobs, do not hesitate to get in touch.