Congratulations on your newly qualified status! Now’s the time to assess your career options.

This guide offers information on how salary rates vary and where the opportunities are for career progression across a number of sectors, to help you decide which career path you may want to pursue.

Average salary rates by sector:

Property/real estate

Among signs of stronger economic growth for both the US and global economy, investors are anticipating a possible decreasing of the US Fed quantitative easing policy, which is predicted to result in an increase in interest rates. The consequence for global real estate is that demand for higher yielding strategies will continue to strengthen, with investor confidence starting to return to pre 2008 levels.

In the UK, economic growth forecasts are also increasingly optimistic with predictions for 2014 ranging between 2.2% - 2.4%. The governments "help to buy" scheme is pushing recovery within the residential property sector, while the commercial property sector is benefiting from opportunities utilising yield compression strategies.

The above environment presents attractive career opportunities for newly qualified CIMA candidates, and as such remains highly competitive.

Average starting salaries are around the £45 - £50k mark. The bonus potential is increasing in line with company performance, making overall prospective packages very attractive.

Due to the growth environment, there is particularly strong demand for commercially minded accountants with strong business acumen and communication skills who are able to transform data in a way to identify trends and opportunities to support the business strategy.
 

Energy    

The Department of Energy and Climate Change (DECC) recently announced a record package of investments designed to ensure the UK meets its 30% renewable energy target by 2020 and provide certainty to investors, particularly enhancing financial support to offshore wind farms. The continued developments to the UK Energy Bill also aim to attract investment to transform the UK electricity market.

The evolution of the shale gas industry is also expected to have an economic impact on gas markets across Europe, where exploration is under way in a number of countries including the UK.

Though the mining sector has been relatively flat in 2013 and is predicted to remain at similar levels in 2014, recent changes of ownership at three of the four largest miners as well as continued weakening within emerging market currencies are expected to bring positive changes. China and Europe are also showing some promising signals for the demand-side of mining, though commodity prices remain an uncertainty.

Newly qualified CIMA candidates wishing to enter the energy industry can expect an interesting career path, which will equip them with a variety of valuable and unique technical experience.

Salary levels vary significantly depending on company size as well as relative position and maturity within the particular market, though tend to average out at the £45k mark. Bonuses and benefits for this industry are generally above average, though individual company performances can differ significantly.
 

Technology and telecoms    

In the technology and telecoms industry employer demand is generally greater for candidates with specific industry experience, rather then there being direct demand for newly qualified CIMA candidates.

Salaries vary in this sector - typically ranging between £40k to £50k, depending on the size and turnover of the company.

Generally speaking salaries tend to be right on the average level in terms of basic salary, with other incentives on offer as part of the compensation package. With an increasing population of start-ups in tech-city, and London generally, the IT market looks set for increased opportunity over the next few years.
 

Media

Media is a very attractive industry for CIMA qualified candidates owing to the creative working environment and other perks on offer.

Many candidates are enticed to work for high profile brands or clients with a tangible product.

Salaries are generally lower than average – ranging between £36k to £45k – due to the high demand for jobs in this sector.
 

Retail

Retail is also an attractive, in-demand sector for newly qualified CIMA candidates with many opting to work for the high profile luxury brands. As brands and companies move to do more business online, experience in e-commerce, direct marketing, mail-order and campaign marketing analysis has become sought after.

With retail being such a competitive market, gaining industry experience can take precedence over the actual role, with candidates typically being more flexible to get their ‘foot in the door’.

For those candidates moving into the retail industry marketing and retail analyst roles are usually the preferred jobs.
 

Legal and consultancy

Within legal and consultancy a lot of the Magic and Silver Circle firms generally favour experience over qualifications. Although there is still demand for newly qualified CIMA candidates in this industry.

Opportunities are more likely to be found at the bigger law firms and consultancy businesses. Candidates can expect base salaries to be around £45k.
 

FMCG

This is another in-demand market for newly qualified CIMA candidates, attracted by the high profile consumer goods brands. With the high level of competition clients expect exceptional candidates within the FMCG sector.

Opportunities within this sector tend to be more commercially biased roles, offering candidates the opportunity to partner with key stakeholders to support commercial decision-making and gain exposure across the business.

Salaries are typically higher than average in the FMCG sector.
 

Charities & not for profit

Although salary levels tend to be lower in the not for profit sector, candidates are attracted by the work-life balance and generous non-monetary benefits on offer by many organisations.

There are numerous opportunities for CIMA newly qualified accountants in the following public sector markets: charities, arts & heritage, membership bodies, education, housing and the NHS.

Such benefits often include flexible working hours, extended annual leave allowance and a more relaxed working environment.

Those candidates looking to move into the charity sector will also benefit from the opportunity for a more rewarding and fulfilling career which is often a big draw.
 

What’s next?

To further assist you with your career decision we’ve also created a ‘next steps’ career guide.

At Morgan Hunt, our finance team has years of specialist expertise in recruiting newly qualified CIMA candidates. We work on a personal, consultative basis to help you develop and progress your career within your industry of choice.

Contact us today for more information – call Sam Vorley on 0207 419 8909 or email us. 

Morgan Hunt explores the issues for skills with Procurement for Housing (PfH) 

Procurement for Housing (PfH) is a national procurement organisation dedicated to the needs of the social housing sector. It is a member organisation that collectively manages over 75% of the UK’s social housing stock. 
 
Morgan Hunt works with housing associations to help them recruit social housing talent. Part of this collaboration involves working in partnership with them to plan and resource their skills requirements. 
 
Welfare reform has been one of the biggest social shakeups in Britain since the war and deserves some time analysing the impact this will have on the workforce. Follow for thefull article in PfH.
 
Whichever side of the welfare reform fence you’re on, one thing that most will agree with is that it’s going to get hotter, tougher and messier and looks set to consume a lot more airtime and media coverage.
 
Iain Duncan Smith took on a big challenge, without any strong background in social welfare. To his credit he has stuck with it even if at times he appears to be carrying an increasingly furrowed brow of late. 
 
Few could argue with the logic; one payment which combines six working-age benefits and credits for many different life needs that was expected to make efficiencies across a whole spectrum of separate departments and functions. The reform has been batted around parliament, incessantly debated, and while the top level logic makes sense, the devil is in the detail. 
 
Housing is an integral element in the welfare mix. For a start there is a housing shortage and the rent is the most expensive component of the welfare payment, messing with the payment system, messes with the family budget too. Most people in tight situations will struggle with competing priorities, and PfH members will be juggling with a range of challenges, including rent payment, that they will need to support tenants in.
 
The job of housing association just doesn’t stop there. They provide a whole range of services for vulnerable people who live in their homes. These are often people who have a range of social issues, who need direction and support from their housing association that includes not just the rent payment, but for other budget areas too. 
 
Empowering people in the management of their own household budget lies at the heart of Government reform. This is a thread that runs through all reform programmes. Under the new system the general rule implies that payment goes directly to the tenant and no longer the landlord. 
 
Other complications in housing reform include ‘under occupancy’ and ‘personal independence’ and when the overall payment is squeezed to the barest minimum there is likely to be a consequence. 

How does this impact skills

The change is radical. Some say that it has to be in order to make a difference. But as with all change programmes the detail is not certain. Certainty only comes with experience; having done it before, practical contact with observation and fact, knowledge and skills acquired in the process. In light of the whole welfare system changing, technically speaking no one is an expert. New skills are required to deal with the fallout.
 
Worth noting is the independent review of the Universal Credit that is due in April. A rubber stamp on this will be the final calling card for housing associations to re-assess their strategies, services, workforce requirements, and associated skill base. 

Find out more information on the new skills requirements.

Morgan Hunt offer a consultative service to help you and your organisation find the kind of social housing skills that will ensure the continuity of your mission. For more information contact the housing team or call 0207 419 8900.

The real point about diversity

Why quota and targets will consistently fail organisations

Many companies place diversity statements on their websites, issue statements in their HR packs, in annual reports and have processes and procedures in place to help them achieve their pledges. But a large number fail to meet diversity targets despite their well-meaning efforts. The numbers simply don’t stack up in many organisations.

There are many brands of diversity

Regardless of scale or dominant ethnic group in organisations the challenge on the diversity mix is the same. Even our own public sector has been accused of favouring those with previous public sector experience, reminiscent of ‘closed-shops’ and private sector the same.

Public services need representation across all diversity groups and the Metropolitan Police has just announced that they missed their targets with the proportion of new ethnic minority recruits failing to achieve quotas despite a concerted drive to improve on the percentages.

So what is the point about Diversity and why do targets fail?

There was a chart topping song released in the 60’s, Melting Pot by Blue Mink -   the Lyrics of which had a vision of a beautiful dream but although well intended for its time missed the diversity point and that point continues to be missed today.

Diversity has nothing to do with quota, or blending people but everything to do with embracing all perspectives and Myers Briggs’s description of ‘celebrating differences’ is an excellent way of articulating all difference into the work place. Difference in cognitive functions creates misunderstandings in perceptions, attitude, behaviour, preference and decisions, and hairline cracks in any of these can result in huge chasms if people don’t understand each other.

In the commercial setting, logically, why would enterprise not want to create services or products that appeal to all types, and in public service, why would they not want to deliver with unfettered communication and ease.

Diversity has to be seen as a positive thing, that helps the business and not just seen as a target. It’s a core value that says ‘we need the opinions and inputs every type of person before we can make any progress’.  As a recruiter Morgan Hunt is often restricted by tight job briefs where a requirement for specific industry experience can override aptitude and diversity.

The problem with targets is that they are numeric without attachment or accountability for the products or services delivered and this is why they will always fail. Diversity should be sponsored by HR but owned by innovators, investors, front line workers and executive teams, the very people who are accountable for converting raw resources into deliverables and wealth, which is not often the case.

HR cannot manage diversity; it’s not something that you manage, it’s a living, breathing, thinking, feeling part of what wealth creation is all about.

The point about diversity is for positive outcomes taking into account a full and rounded dimension of all perspective and companies will not be able to thrive without it.

Morgan Hunt works with public sector organisations and understands the diversity issue. For more information on Morgan Hunt jobs and our diversity workshops email.

Surge in demand for digital marketers leads to skills shortage across marketing sector

Where are all the digital marketing professionals? With 71% of businesses planning to increase their investment in digital marketing, the demand for specialist digital marketers with strong content creation, social media, SEM and online community management expertise has significantly increased.

Brands are increasingly taking advantage of digital channels for the delivery of their marketing campaigns in response to the shift in the way companies communicate with their audiences. Today there is a real focus on building communities and using content and social media to facilitate brand engagement directly with audiences to develop an awareness, as well as an affinity, with that brand. It’s not just about increasing brand exposure but establishing a position in the digital market as a thought-leader, driving quality traffic to the site, lead generation and improved search rankings.

The result? A shift in mindset to prioritise investment in digital marketing, resulting in new roles being created by employers to move their digital marketing in-house where it may have been previously outsourced.

Talent shortage within digital marketing sector

The Econsultancy/Responsys Marketing Budgets 2013 Report revealed that 71% of businesses plan to increase their investment in digital marketing compared with 20% looking to increase their offline marketing spend. In addition, a 2013 report looking into content marketing in the UK by the Content Marketing Institute revealed that 94% of respondents use the tactic in their campaigns.

This surge in demand for digital marketing professionals from companies looking to quickly step up their game in this space has inevitably led to a skills shortage across the marketing sector. Unsurprisingly, the limited number of experienced and skilled candidates seeking a new job don’t stay on the market for long.

Latest employment data from The Association of Professional Staffing Companies (APSCo) - the APSCo monthly hiring trends report - reveals that the marketing and media recruitment sector continues to suffer from a talent shortage. Permanent placements have collapsed by 21% year on year, but actual job openings have risen by 2% - indicative of an ongoing shortage of experienced and available digital marketing candidates.

Offline marketing still key

Despite this change in emphasis there is still a demand for marketing professionals with an offline marketing background – particularly evident within the charity and not for profit sectors where there is still a strong focus on print and offline marketing as key strategies.

There is also increasing uncertainty from businesses regarding digital marketing's ROI, with 18% of respondents to the Econsultancy/Responsys report rating their understanding of it as 'poor' or 'very poor' – an increase from 10% in 2010.

With many digital marketing strategies still in their infancy, it’s time to up-skill and gain experience within these sought-after sectors; evolving your career to meet the changing demands of the market.

At Morgan Hunt our dedicated marketing and communications team maintains in-depth knowledge of the sector. We understand how industry and market developments affect hiring trends and we’re able to advise clients on effective recruitment strategies and advise our candidates on how to adapt career plans to the changing requirements of the market. To find out more contact us or email marketing@morganhunt.com.