It's tough for corporate sector accountants to break into banking
Banks have increased their recruitment of Big Four accountants this year, but accountants from the corporate sector are finding themselves only welcome in certain job functions, according to a number of leading recruiters.
"My experience is that banks tend to recruit from each other or the big accounting firms for product accounting roles in funds management, capital markets or stock broking," says Bob Olivier, director, Advantage Professional.
However, Olivier concedes that the banks often prefer recruits from commerce for centralised financial functions such as management accounting.
"Management accountants are likely to be CIMA or CPA qualified, with strengths in budgeting, cost analysis and planning, skills that are transferable from any commercial environment," he adds.
By contrast, financial accounting, tax and internal audit specialists are usually hired from chartered accounting.
Another recruiter agrees there isn't significant demand for corporate accountants. "That said, it's often hard to dig people out of the Big Four accounting firms as they get handcuffed with partnerships and higher bonuses," says Kym Woolf, banking and finance specialist, Porterallen.
However, poaching accountants from listed companies could create significant savings. "Financial services companies tend to pay the most for accounting professionals, so a corporate accountant might prove a cheaper option," says Woolf.
John Coles, CEO, Executive Group International, says it is the new boys on the block who are in the market for accounting recruits.
"We're talking about the institutions that have come late to the party, like Nomura -
who still has spots to fill - Daiwa Securities, Bar Cap and Moelis. I expect a flurry of activity from these players, not the big Australian banks," he says.
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