The two accounting roles in investment banks which have recently become very prestigious
Finding accountants to work on regulatory reporting issues in investment banks has traditionally been something of an uphill struggle for recruiters. Similarly, management accountants have never been among the most well-regarded individuals within the organisation.
Times are changing.
In recent months demand for regulatory accountants has spiralled, while the role of management accountants working on ever more prevalent cost-efficiency programmes has become increasingly prestigious.
"Organisations are hiring management accountants specialising in business partnering to work with the business heads in identifying the cost structure and areas for savings," says Andy Dallas, associate director at Robert Half Financial Services.
Management accountants are, quite simply, more "high profile" than before the crisis hit says Matthew Wilcox, director of the banking and finance division at Marks Sattin.
"Most companies are paying close attention to the advice of management accountants to streamline their operations, reduce costs and develop stronger business plans," he says. "As employers have become increasingly aware of the value of management accountants, demand for them has grown and grown."
But if management accountants have grown in stature within banks, it's regulatory accountants who have really seen their stock rise. According to one recruiter, who declined to be named, historically it's been a headache to convince qualified accountants to take this vocation, which was deemed by many as "boring".
More onerous regulatory reporting requirements from the FSA, combined with stricter rules around capital adequacy have changed this perception, however.
"While it was previously a difficult role to recruit for, it has now gained in prominence and has attracted interest from newly qualified accountants looking to play a respected role within the industry," says Dallas. "Individuals with specific regulatory expertise in liquidity and capital adequacy are being sought to manage critical initiatives."
The role of a regulatory reporting accountant has not only become more challenging as the departments has "grown in size and complexity", but it's also become a more lucrative career path, suggests Wilcox.
A newly qualified accountant in this area can expect 55-70k, according to the latest Robert Walters salary survey, rising to 80-110k after 5-8 years' PQE, it suggests. These figures are increasing.
"Companies now have larger teams of specialists in areas like liquidity and capital reporting in response to demand from the regulators," says Wilcox. "This is placing strong upward pressure on salaries and day rates, which have risen in some cases up to 15% in the last year."
