Part-Qualified CIMA and ACCA Accountants with Blue-Chip Experience are Increasingly Valued by London's Investment Banks
Morgan McKinley is the leading recruitment consultancy specialising in the banking and financial services sector and operates from offices in London, Edinburgh, Hong Kong, Singapore and Tokyo.
30th April 2008 - Despite some investment banks' more guarded approach to hiring this year, there is still demand for high calibre individuals across a number of sectors. CIMA and ACCA part-qualified accountants with blue-chip experience are one such talent pool. A more diverse banking landscape has prompted London's investment banks to seek out trainee accountants from a broader spread of industry sectors, says financial services recruiter Morgan McKinley.
It has often been perceived by student accountants that working in an investment bank is a career option mostly available to those with an ACA qualification or banking experience under their belts, as they possess strong finance accounting knowledge. However, rapid development of the banking landscape over the past few years has prompted an appetite for more diverse skills sets and currently, associate-level equivalent CIMA and ACCA part-qualified accountants with top 20 blue-chip experience are in demand.
CIMA and ACCA candidates have strong analytical, forecasting and control experience, skills sought after by banks for permanent analyst and control related roles. Additionally, banks see the level of commercial acumen and business knowledge these candidates develop at a blue-chip firm as invaluable to any business, including banking.
Part-qualified CIMA and ACCAs with strong controlling experience who are willing to develop their product knowledge are sought after for associate level permanent product control roles and can expect a basic salary of £42k - £52k if they make the move from commerce into banking. Likewise, there's demand for individuals with financial accounting or management accounting experience for financial control roles, earning basic salaries of £40k - £48k and for business and financial analyst roles, earning between £40k - £48k basic.
Ian Hughes, Manager, Part-Qualified Accountancy Division, Morgan McKinley comments: "It used to be the case that forging a career within an investment bank was only really seen as an option for those part-qualified accountants already in the industry or newly qualified ACAs who moved across from the Big Four practice firms. However, as the banking arena has developed, areas such as compensation and cost analytics have grown and this is where CIMAs' and ACCAs' management accounting and forecasting skills are highly desirable. Likewise, banks value the business perspective an individual with a commercial background can offer."
Investment banks are looking for high achieving part-qualified CIMA and ACCAs who can demonstrate they are driven to succeed and have a strong academic background. Whilst they don't expect candidates to have in-depth product knowledge, they do require individuals to have good market knowledge and a genuine interest in the sector.
Ian Hughes, Manager, Part-Qualified Accountancy Division, Morgan McKinley comments: "If a CIMA or ACCA candidate is interviewing for a product control role, for example, part of their preparation should be to focus on the relevant product area and learn the definitions of the products as well as an example from within the market that is related to the control of risk. This will show the interviewer that they are willing to learn and have a genuine interest in the role and banking.
In spite of the current volatility within the financial services industry, individuals who do take up the challenge of moving across to the banking sector will be entering a fast-paced environment where there is still strong earnings potential and career progression opportunities in the UK and abroad."
CIMA and ACCA candidates have strong analytical, forecasting and control experience, skills sought after by banks for permanent analyst and control related roles. Additionally, banks see the level of commercial acumen and business knowledge these candidates develop at a blue-chip firm as invaluable to any business, including banking.
Part-qualified CIMA and ACCAs with strong controlling experience who are willing to develop their product knowledge are sought after for associate level permanent product control roles and can expect a basic salary of £42k - £52k if they make the move from commerce into banking. Likewise, there's demand for individuals with financial accounting or management accounting experience for financial control roles, earning basic salaries of £40k - £48k and for business and financial analyst roles, earning between £40k - £48k basic.
Ian Hughes, Manager, Part-Qualified Accountancy Division, Morgan McKinley comments: "It used to be the case that forging a career within an investment bank was only really seen as an option for those part-qualified accountants already in the industry or newly qualified ACAs who moved across from the Big Four practice firms. However, as the banking arena has developed, areas such as compensation and cost analytics have grown and this is where CIMAs' and ACCAs' management accounting and forecasting skills are highly desirable. Likewise, banks value the business perspective an individual with a commercial background can offer."
Investment banks are looking for high achieving part-qualified CIMA and ACCAs who can demonstrate they are driven to succeed and have a strong academic background. Whilst they don't expect candidates to have in-depth product knowledge, they do require individuals to have good market knowledge and a genuine interest in the sector.
Ian Hughes, Manager, Part-Qualified Accountancy Division, Morgan McKinley comments: "If a CIMA or ACCA candidate is interviewing for a product control role, for example, part of their preparation should be to focus on the relevant product area and learn the definitions of the products as well as an example from within the market that is related to the control of risk. This will show the interviewer that they are willing to learn and have a genuine interest in the role and banking.
In spite of the current volatility within the financial services industry, individuals who do take up the challenge of moving across to the banking sector will be entering a fast-paced environment where there is still strong earnings potential and career progression opportunities in the UK and abroad."
