Asset managers paying up for accountants
Just when investment banks are feeling the pinch, it seems asset managers are increasingly keen on poaching their accountancy staff. Recruiters say it helps that asset managers have several things in their favour - including salaries that are now more on a par with banking and a 'fun' environment.
"Over the last year, basic salaries have risen for finance roles within asset management to bring them more in line with those offered by the investment banks," says Tim Rust, manager of the asset management finance division at Morgan McKinley.
According to Rust, a newly qualified product controller working for an asset manager can expect a base salary of 45k-50k, up from 40k-45k last year, while a part-qualified financial controller working for an asset manager can typically expect up to 35k, compared with 32k in 2007.
Zachary Meade of FSS City says asset management accountants get to do interesting things such as FX hedging and NAV pricing, both of which are (allegedly) seen as "attractive and fun".
He adds, however, that asset managers still pay less than the bulge-bracket investment banks for their accounting staff. "The upside, though, is that for some, the work is not just more interesting but they have the advantage of better job security and a healthier work-life balance - which is especially tempting at the moment."
