‘The financial services industry has received a lot of flack in the media and, unfortunately, accountancy and finance professionals have been swept along with the tide, even if they were not directly involved,’ says Andy Dallas, director, Robert Half Financial Services. ‘While lingering opinions exist, those aware of the role that accountancy plays will know that accountants are adding a lot of value in the present climate.’ That present climate is demonstrated perfectly by a recent Ipsos Mori poll, which found the banking sector as the industry global consumers feel is most in need of greater regulation. The 24-country study found that 37% of people globally think there still needs to be more regulation in the banking sector. This continuing pressure, then, as well as the regulatory changes already seen within financial services has brought regulatory, risk and compliance professionals to the fore, as has the role that finance is playing as driving corporate strategy and growth initiatives throughout the business.’ Highly skilled accountancy professionals are highly sought-after within the sector, particularly if they have specific product experience. ‘Most of the accounting roles that exist in industry, such as financial or management accounting, internal audit and accounting operations, are also present within financial services, although there are some specialist streams specific to the sector, such as product control and fund accounting,’ says Dallas. ‘Regulatory accountants are highly in demand within the sector, with demand outweighing supply, particularly as the regulatory climate continues to gain momentum.’ As the financial markets continue to evolve, financial institutions
are working to grow and maintain profits while adjusting to ever‑changing regulations and the downturn’s effects on profitability and performance. So how could you help successful institutions reassess their operating models and address the effects of regulatory reform, competitive dynamics, evolving markets and increased expectations from stakeholders? ‘Accountants have assumed greater responsibility throughout the downturn and now firmly occupy a seat at the decision-making table,’ says Dallas. ‘They are being called upon to optimise performance throughout the business, providing financial information, tools, analysis and insight to executives, challenging
activities with compliance will continue to pose a conundrum for finance leaders.’ Dallas adds that companies are looking for accountants with specific product knowledge plus a solid understanding of the industry as a whole, in addition to strong accounting skills. Business-savvy professionals who can provide a commercial outlook are in demand, as are those with an exposure to technical accounting standards, particularly within the regulatory arena. Furthermore, strong systems knowledge, particularly SAP, Oracle, Hyperion Financial Management, SUN and TM1 are a necessity within the sector. Finally, financial business partners who can work
Business-savvy professionals who can provide a commercial outlook are in demand, as are those with an exposure to technical accounting standards, particularly within the regulatory arena their thinking, helping them make more informed decisions and driving business strategy. As such, financial business partners are being called upon within the industry to deliver growth and return for stakeholders. At the same time, finance leaders need to balance these functions that drive revenue with the requirement to remain compliant with regulatory change. ‘During a time when the industry is focused on growth, the cost for businesses to remain compliant has increased. According to a survey of finance services executives, 53% have increased their regulatory spend compared to four years ago, and financial directors are spending as much as one day a week managing regulatory change. Balancing revenue generating
with various departments to deliver efficiencies and growth will be highly sought‑after in 2013. The global nature of the ACCA Qualification is a major plus because it makes the qualification very portable. Alongside this, the emphasis on commercial awareness that runs through the ACCA Qualification is increasingly important in banking and financial services. While salaries vary by role, years of experience and product, overall they are higher than the average salaries on offer for accountants in other industries. What sector would you want us to focus on next? Email us at studentaccountant@ accaglobal.com ▶
25