Finance Recruitment Team

Challenging was the word for central and local government finance professionals. In contrast the NHS, education and charity sectors held up well with finance managers, controllers and head of finance roles the most popular in the more buoyant areas within the public sector. Despite a backdrop of more cuts to public sector funding, the outlook for opportunities for finance professionals looks improved.

How does this influence what type of financial leaders charities and public sector bodies are looking for in 2014 and what are the potential challenges facing them?

Charities & Membership Bodies

Charities that relied on local council funding and those that provide disability assistance were squeezed, with some charities merging and 1600 organisations closing down altogether. 

Large charities which relied heavily on donations have struggled over previous years. However, more recently, they have seen an increase in charitable donations in the past 12 months reflecting a more positive mood in the private sector. The result is a more commercial sector increasing headcount in all areas of support staff, in particular, an increase in demand for financial professionals.

Education and training providers

The education sector continues to become more commercial.  As a result, more organisations were dedicating time to finding finance business partners, management accountants and commercial VP’s of finance.  However, attracting candidates from the commercial sector to education remains a challenge from a salary perspective.

We expect the sector will see continued budgetary changes as public sector funding is reduced and replaced by private tuition fees. The rise in student tuition fees and increased competition with international institutions means next year we will see more higher education institutions having to cut cost and merge roles.

Government

Finance professionals in local and central government faced a tough year as the demand for senior part-qualified and newly-qualified accountants decreased substantially. This trend looks set to continue, with only a few areas recruiting finance staff.

Increased public scrutiny in large corporate affairs after the GFC has resulted in regulatory bodies increasing hiring of finance professionals.

Housing

We anticipate a drive in the housing sector to get more value for money. Finance candidates will need to clearly demonstrate this to potential employers. Management accountants will continue to be in constant demand as housing associations aim to keep tight control on budgets and forecasts. Seasonal fluctuations will predictably occur around half and full year-end.

With many housing associations not having extra staffing capacity, this will probably lead to high interim demand.  The G15 and other larger national associations will continue to recruit finance staff at transactional and middle-management level.

NHS

We saw an increase in interim and temporary recruitment within the NHS.  We found that the primary reason for the increase was due to the cuts at management level – an unsurprising development in light of ‘an aim for £15 billion in efficiency savings’.

The subsequent knowledge gaps across NHS Trusts and hospitals have in turn increased demand for interim cover to bridge these gaps. Financial skill sets that were particularly sought after during the last year include financial planning and analysis and financial modelling to accurately monitor long-term costing and expenditure of a ‘moving feast’ in many situations. Candidates with these skills were able to command significant increases in their rates as they were in constant demand and still are today.

Management accountants with pricing and costing experience were also highly sought after as budget management was of particular importance within the NHS. Technical financial accountants were also very much in demand. Furthermore, as the NHS sought to improve efficiencies through improving financial systems, finance professionals with ERP systems experience were also sought after – Oracle the most frequently requested by hiring managers.

As the Clinical Commissioning Groups (CCG’s) and Commissioning Support Units (CSU’s) continue to evolve, finance professionals with specific experience in these areas will be in demand.

2014 looks set to be a busy year for interim and contract recruitment in the NHS.  Cuts to permanent staffing budgets set to continue until at least 2015, will increase the competition for specialist temporary staff with NHS Trust, CSU or CCG experience.

Finally...

Public sector saw some tough times in 2013, with further cuts and a further decline in jobs.  In contrast to this, the NHS, education and the charity sectors have held up better and have seen a demand for finance professionals. however, with these cuts we can expect to see a demand in finance professionals with the capabilities to ensure organisations see ‘bang for buck’ across the board.

Morgan Hunt explores what this means to employers and candidates

After five years of deep recession it’s official - the UK economy is growing. No matter how small the economic growth is at present, firms will need to take a closer look at how they are hiring because without planning for talent when employment conditions change they risk being left behind in the skills chase. 

One of the problems in relying on economic growth numbers to come out is that they are always after the event has happened. Delayed reaction could see the company’s growth plans stifled simply because the skills are not in place. 

So how will this play out in recruitment supply and demand for finance jobs. 

An Office of National Statistics report reveals that real wages have been dropping consistently since 2010. In general the economics of this means that the supply side of finance candidates has been stronger than the demand side from employers.  

However there currently appears to be an exception to the economics rule because despite the optimism of employers, accountancy candidate confidence and their attitude to risk is stalling the flow of finance talent coming onto the market. In other words candidates are staying put. 

With stagnant salaries (real wages have been dropping consistently since 2010) and the “last in, first out, myth”, there continues to be little incentive for candidates to dip their collective toes into the market unless a burning platform forces them to jump. Candidates are being risk adverse with their primary need, of the time, being security. 

Employers are now facing a skills shortage across many accountancy divisions. They are also retaining their exacting standards when hiring - unfortunately this bottle neck will grow until good old fashion supply and demand moves towards equilibrium.

A return to a candidate led market will mean rising pressure on salaries, golden hellos, generous share options and improved benefits to attract the best finance candidates.

What does this mean for recruitment?

Contractor rates are rising and permanent salary ranges are edging up which is the first indication of a tightening skills market. Accountancy candidates will not move from current positions unless there is a firm career benefit to do so. Salary packages will need to rise to attract new talent and employers would benefit from keeping a more holistic outlook on their selection criteria. 

Often the right person is not necessarily the one who has the best ‘on paper’ match in terms of industry and job experience. The recent appointment of Sir Stuart Rose, former Marks & Spencer’s boss to advise the NHS on how to improve management is a case in point. 

What does Sir Stuart have in common with reviving a ‘failing’ NHS. The answer is probably quite a lot. Stuart’s skills have been proven to be able to spot the issues in large complex organisations – a precise match for the problem at hand.

The art of recruiting often lies in identifying the underlying skills of a finance candidate. Being too focused on trying to find an exact match in keywords, phrases and sound bites does not necessarily yield the best person.

A change in recruitment methods will be required when finance candidates are in short supply. 

London in particular is an improving market and any recessionary loyalty will be firmly tested when competitors realise that improved benefits and packages tempt staff away.  

For more than five years employers have called the shots with the most exacting criteria and often with the added recruitment ‘cherry’ of industry sector relevance. It is now just a matter of time, but the move to a candidate led market is returning.  

Excellence needs to be rewarded and employers need to plan and factor in; that the recruitment boot is moving to the other foot and ultimately if employers persist with continuing to work as if the UK is still in recession, then it may come as a shock when highly skilled accountancy candidates pass them by. 

Morgan Hunt offer a consultative service to help you and your organisation find the kind of finance skills that will ensure the continuity of your mission. For more information email [email protected].

Why finance has gone from being the number crunchers to partners in strategy

A number of key events over the last 5 years have led financial professionals to re-examine their roles. What is different now?

Since the global financial crisis the importance of the CFO has risen dramatically, but it’s not just this event that has propelled them and their functional department into the limelight – finance professionals have gone from being the principle number crunchers to partners in strategy.

The finance function makes two essential contributions to the business; understanding costs and how these translate into outputs that turn profits. This isn’t just about doing the maths, the soul of the challenge lies along a continuum of thinking from; quantifying the value of using alternative delivery models and understanding the dynamics of the business through to ensuring that the organisation has the right structure and skills in place, and that the truth on how to report value is balanced and rigorously upheld in one place. The finance function not only plays a critical role in supporting the business but asks the right questions armed with the right information in order to create it.

In recent months we’ve seen a major retailer wipe billions off their share price following the discovery that its profits had been artificially inflated by some £250m due to a discrepancy between when profits were accounted for from deals with suppliers and when costs were paid. Yet it wasn’t just the accounting errors that raised eyebrows but the sheer way in which eventually the story unfolded. It’s hard to understand why a whistle blower accountant should have to go through a protracted route and through many actors that eventually involved in-house counsel to report concerns; a true indication that all was not well with the culture and structure of the business.

This event, although being a high profile is just one of a number of other types of events that have changed the face of finance for good, not necessarily as a result of misdemeanours, but global incidents, structural change, tax and regulation that conspire together to make the finance function a strategic pin that not only holds everything in place but takes decisions from having better information in a wider context. Commercial deals may not be that commercial if they are not structured in the right way, operational success only comes from efficient and effective delivery of service and products and leadership rewarded from having the right contextual information…the banks may learn a lesson or two from here.

In many businesses today finance has a leading role in innovation that can be financed from tax credits with business strategy that uses finance to create additional and increased value from new business models and playing a critical part in the structures that will deliver this. All this and more finance managers are embracing a more strategic role. They are no longer the number crunchers but delivering the right balance of stability for a sustainable future.  This new dawn has an impact on skills where the qualification is just the foundation. Finance professionals are destined for a very creative and commercial career where nurturing the right attributes can lead to one of the most important roles in the organisation.

Morgan Hunt is a specialist recruiter in the finance sector and offer a consultative service to help you and your organisation find the kind of finance skills that will ensure the continuity of your mission. For more information call 020 7419 8900 or email us.

Never has Corporal Jones catchphrase been more relevant.

In the past 12 months, the ramifications of both domestic and international politics have created a tsunami of uncertainty, anger, fear and division.

Is there any wonder why? We have been hit with a barrage of headlines about the dire predictions for the UK economy including;


“Pretty grim reading” 
“Two decades of lost earnings growth”
“Declining living standards”
“The endless living squeeze”

Throwing in the mix about Brexit threatening to move your jobs to mainland Europe, the rise of Artificial Intelligence, plastic pollution and the all the other horror stories. The idea of hiding under the bed with Moz, the John Lewis monster seems most appealing.
 
However, there are grounds for optimism especially if you are fledgling accounts trainee, newly qualified or an established and seasoned accountant.

Singularly the biggest issue facing Professional Service clients who are recruiting is not the competition.  It is not unrealistic salary demands but it is the ongoing skills shortage amongst candidates particularly around Audit / Assurance / Tax / Advisory / Risk and Insolvency.

Demand for accounting staff has remained consistent throughout the year and will continue into 2018. We do not hear from our clients about the imminent collapse of the UK economy.  Far from it.  The expectation is a push on hiring next year.

The question to ask job seekers should be, what are you doing to make your profile stand out? what skills do you need to develop? where can you focus your efforts to secure your next role?  How are you approaching your job search?

For those employers out there, the message from the UK working population is very clear.  The drip feed for improved flexibility and work life balance driven by the millennials is now matched by all generation types.

It is by far the biggest motivator for job change.  Money, reward and career development is following closely behind. The thinking is; if purchasing a house is a distant dream and materialism and the requirement for “things” less important, life experiences and time to enjoy them is the compensation.

A business with innovative ideas, working flexibly with clear objectives whilst operating as an achievement focused meritocracy is an easy and compelling sell.

So, accepting change, embracing it and leading change for candidates and clients alike is the optimistic message as Christmas and a New Year approaches.  Time for calm and hold of nerves, panic is no use to anyone.

Real time online accounting may not be the sweetie of choice for small businesses but overall for accountants its good news.

Under the plans for online self-assessment and payment accountants are likely to be busier than ever.

Although the detail has yet to be worked out, effectively people who work for themselves and small business owners are likely to be filing income returns and paying their income tax throughout the year. This will inevitably mean more work for accountants as they keep their clients’ compliant.

The chancellor’s announcement was wrapped in candy floss yet for many this may not be the sweetie of choice. Submitting accounts via desktop, smartphone or tablet may seem highly edible but sceptics doubt that dates will be random or that there will be a choice over when tax should be paid.

The upside of course is that instalments can be spread throughout the year, easing the burden of the year end lump sum but small businesses will need to keep their books balanced real time too and this may take up more accountant time adding to costs for the small business owner.

Of course the real treat will be consumed by the Chancellor of the Exchequer who will get tax money into the coffers much earlier. Tax collections could feasibly be as prompt as PAYE, but this class of taxpayer does not have the administration to do themselves.

In digesting the news there’s been a mixed reaction which has fuelled discussions around HMRC’s track record of large scale IT projects, which real time online assessment will need; historical performance on over-runs and over budget projects, HMRC’s ability to gear up for year round support, particularly when all incomes will need to be declared in a timely way; the sceptics are out front viewing the introduction as overly ambitious.

The current online assessment has not been without its faults. Certain types of income still need to be filed in hard copy or use companies that have invested in expensive software to submit the return. In theory the concept should make tax reporting simpler but at the moment the devil is in the detail and this may not be the ribbon wrapped chocolate box that the chancellor promises to tax payers.

Is this good news for accountants? Yes of course. They will be in more demand as the small business accountant will need to be retained throughout the year. And for the economy? Having tax collected earlier is always good for the treasury. Less wiggle room for tax avoidance? Probably as most accountants are keen to see these gaps closed with the damned if you do and damned if you don’t approach of the past few years.

For more information on finance jobs email

Congrats. You’re CIMA qualified! Now what?

Sit back and watch the offers roll in? No. Step it up a gear to differentiate yourself from other newly qualified's (NQs) because you’re not alone. This is the time to think about your future and getting ahead of the competition.
 

Choose your career path now

CIMA prepares you for a career in business. As a newly qualified CIMA, typically your career path will follow either:
 

• Commercial and strategic-biased roles

Utilising your analytical, planning (FP&A) and strategic skills, cross-function communication and providing key support to drive business performance.
 

• Financial planning and managing risk

Utilising the technical elements of your studies and practical experience to develop into a finance manager, financial controller and ultimately finance director.

Decide your route first. How? What is your experience to date and do you need to expand your skill set?

Experience checklist

• Who are your day to day interactions with?
• Who are your key stakeholders?
• What day to day engagement do you have in the business?
• Is your experience practical or theoretical? Hint: Bulk up your practical – theory is not enough.

Do I stay or do I go?

Do you stay with your existing employer or take this opportunity to move? Ask yourself:

• Have you had an internal review with regards to your career path?
• Are your career ambitions in line with your company’s expectations of your potential progression?
• Are you recognised for your success?
• Do you want more?

So, what’s out there?

If you decide to move, it’s important to know what’s out there. Do you see yourself developing in the finance sector within a corporate company or an SME?  In the current climate, as a newly qualified CIMA these are your routes to market:
 

Corporate

The corporate tends to offer marginally higher salaries and more comprehensive benefit packages.

Commercial finance & strategy

Typical roles: Commercial Analyst | Business Analyst | Financial Analyst

Operate cross-functionally with other key stakeholders teams and departments.
Provide the link between finance and operations. 

Financial management

Typical roles: Finance Manager | Financial Controller

These positions are the more traditional management accounting roles.

This path is about career development through position and provides excellent direction up to Finance Director.
 

SME

Remuneration and benefits tend to be a marginally lower compared to the corporate companies.

Commercial finance and strategy

The larger SMEs offer commercial business partner roles but to a lesser extent than a corporate. The advantage of the SME is the potential for more varied and broader based roles that provide more in-depth experience that will add strong value to your new qualification and CV.

Financial management

The opportunity to secure a finance manager or financial controller role is greater in an SME.

Contrary to public opinion, the public sector and charity sector still offers excellent opportunities for the newly qualified CIMA. It is in fact the revamp and commercialisation of these sectors that has generated the demand to attract newly qualified CIMA talent. The analytical and financial business partner positions are there for the taking whether you have qualified from a commercial business or with existing skills in these areas.  
 

Salary expectations

Read our salary guide to see what you're worth.

This guide provides market insight into how salary levels vary across different sectors and which sectors offer the most opportunities for newly qualified CIMA candidates.
 

How do I stand out from the NQ masses?

First impressions count. Get your ducks in a row. Consistency across all the mediums through which you portray your skills is key. And yes, this includes your online brand. Pay as much attention to building your online brand as you do to writing your CV.

Here are some highlights:

• Promote your achievements and how your role has developed.
• Include details of your company, the turnover, costs, any direct reports and your systems skills.
• Include details of any key stakeholders and the level of that engagement (don't forget to include your boss).

Think you’re done? What about the interview preparation. Your skills get you through the door but it’s down to you to sell yourself.

You’re in demand. You have the tools. It’s down to you to utilise them in the right way to develop your career. At Morgan Hunt, we can help you navigate your journey to success. Get in touch – call Rob Anderson on 0207 419 8909 or email [email protected].

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. 

Women in accounting - top exam results, but still on the trial balance

From what was a male dominated profession there is no doubt, females are making quite a bit of a stir entering accountancy. This year women have scored the highest exam results in the latest ACA Professional Level exams that has resulted in an all women prize list of top scorers.

So not only are women proving themselves academically fit for purpose they are also not afraid to enter a profession once regarded as boys’ school territory.

But this is the start of the story and not the end so there has to be a big ‘but’ somewhere and here it comes:

Although women can prove themselves in the exam room they are yet to be given equal opportunity in the boardroom; even more surprising is that in some parts of the world women now represent the clear majority of accountants. Regions such as Asia Pacific; Singapore and the Philippines have some of the highest female accountant populations in the world estimated to be up to 75%, with the American labour bureau reporting female numerical dominance in accounting and tax positions.
 
There’s more of the ‘but’; in the UK a recent survey by ICAEW and Stott & May shows women earning on average 37% less than men explaining the gender pay gap partly due to seniority of role, sector bias and job type where pay is typically less.

So here’s the rub in the ‘but’; there are now more women entering into the profession, they represent majorities in some regions of the world, they excel in exams, yet they hold more junior positions, working in sectors that are not so highly paid that offer part time working, and they make slow progress when it comes to the boardroom, a natural path for accountants to take; women are struggling to reach 25% in the ftse 100 companies and only 18% in the top 250. 

On the worst interpretation; the data conspires a theory of discriminatory practice in accounting, the science has little form of testable explanations and the maths simply doesn’t make sense. On the best, it is a decision that women make to be more flexible to their life’s needs, with their choices favouring more worthy and satisfying sectors to work in.

Whatever the cause and we must remind ourselves that equal opportunity and diversity isn’t just about women; it follows along the dimensions of race, ethnicity, gender, sexual orientation, socio-economic status, age, physical abilities, religious beliefs, political beliefs, or any other ideologies. It celebrates differences and balances opinion and decision. Global companies thrive on it.

However the effect of the appalling statistics on women in accounting is not, in the long term, good for commerce and business, and organisations must consider the consequences of continued male dominance at the top in accounting; lest we forget how far women have come in the last century.

For more information on accountancy jobs email

Many congratulations. Your hard-work has been rewarded. You’re ACA qualified! What’s next?

Now’s the time to think about your future and getting ahead of the curve.

Know your worth

• ACA is an internationally recognised, highly regarded qualification
• You now have the edge that puts you ahead of the competition
• ACA prepares finance candidates for a wide range of careers

The skills that you have gained through your training will be highly sought after by some of the global market-leaders in:

• Commerce and industry
• Financial services
• Public practice
• Not for profit

You know your skill-set is desirable. Now it's time to make yourself marketable so you can turn every opportunity into a career prospect.
 

Choose your career path now

As a newly qualified ACA you can follow a number of routes depending on your training and specialist practical experience, including:
 

Commercial, reporting and strategic finance roles:

• Utilizing your analytical, planning and strategic skills.
• Typical roles range from management accounting and group accounting through to Finance Manager and Financial Controller positions in smaller companies. 
• More commercial focused positions are available, particularly if you have skills in modeling, M&A/corporate finance or financial analysis. These roles are key to supporting and driving business performance.

Specialist accounting roles:

• Drawing upon the technical elements of your qualification and experience, some entry positions into commercial firms are either as a Financial Accountant or Group Accountant. 
• These roles provide excellent grounding for a move into an FD role later in your career.

Roles within practice:

• You may be lucky enough to secure a new contract with your current employer and contemplating the next step to managerial level.
• If not consider whether you want to specialise, or if you would rather have a wider remit.
• Decide whether you are looking for the challenge of working for a higher-ranking practice, or a smaller, more intimate environment.

What salary can I expect?

Salary levels will vary by sector and the type of experience you have, whether you want to move into a corporate or SME. Corporate finance experience does have a premium.

Read our salary guide for average salary rates by sector and market insight into which sectors offer the most opportunity for career progression.
 

How do I choose what’s best for me?

With many options open to you it can be difficult to decide on the next best step for your career path. Ask yourself:

• Are there long-term opportunities with my current employer?
• What experience will help me develop the skills I need to continue to develop?
• What sectors have I been exposed to during my training, and are any of those of interest to me?
• Is there a specific part of my current role that I would be interested to do more in?
• Have I looked at job adverts to find out more about what opportunities are out there?

What motivates you?

• It may be that the higher remuneration packages of the corporate and financial services sector appeal to you, or maybe you’re looking to play an integral role in a not for profit organisation.
• You may prefer the size and scale of a FTSE corporate, or the challenge of working in a growing SME.
• You may enjoy diving into detailed numbers, being recognised as a specialist or having a broader role that spans the whole business.

What do I do next?

Ensuring your CV is up to date, effectively demonstrates your skills and experience and is tailored to the role and industry for which you are applying is key.

Then, once your skills get you through the door make sure you’re thoroughly prepared for that all important interview.

Speak to someone who knows the market. At Morgan Hunt, we understand what clients look for in newly qualified candidates, and have helped hundreds of candidates at your level with their career.

We offer you unbiased advice on what the current market conditions are across your sectors of interest, as well as provide some insight into the day-to-day roles you may be interested in pursuing.

Your skills are in demand – now is the time to make the most of them and further develop your career. Get in touch today – call Rob Anderson on 0207 419 8909 or email [email protected].

Congratulations – you’re ACA qualified! Now it’s time to understand your options.

We’ve created this guide to provide you with insight into how salary rates vary and which sectors provide the most opportunity to progress your career, to help you make an informed decision as to what career path to choose.

Average salary rates by sector:

Property/real estate

Property investment is a very buoyant market for newly qualified ACA candidates entering this sector, with the high expectation of clients raising salary requirements to the upper levels.

£55k is an achievable salary for exceptional ACA candidates. Candidates with property/corporate finance experience can expect this to increase to around £60k.

Bonus potential within this industry is usually based on company and individual performance.  

Energy    

Newly qualified ACA candidates in this sector can expect above average salaries, typically around £45k, or more for those candidates with specific industry experience.

Start-up renewable energy companies have varied budgets however, depending on their size, level of funding and their life-cycle position, so this will vary.

Bonuses and benefits are generally better than average in the energy sector.

Technology & telecoms    

In this industry there is more of a focus on experience and sector background rather than a specific demand for newly qualified ACA candidates.

Typical salaries range from £40k to £50k depending on the turnover of the business. With a high proportion of technology clients start-up/entrepreneurial in nature, salaries tend to be a little lower with other incentives on offer as part of the compensation package.  
  

Media    

This is an industry of choice for many ACA candidates with the opportunity to work in a creative environment. Working for a brand business or for a client with a tangible product is often a very attractive incentive.

Because of the high demand from candidates to enter this market base salaries tend to be slightly lower than average. Typical salaries range between £36k and £45k.  

Retail    

As with the media industry retail is very popular with newly qualified ACA candidates, particularly the luxury brands. Candidates tend to be a lot more flexible with the type of role to get into the market and gain experience in the industry.

Retail and marketing analyst roles are the most popular jobs for candidates looking to move into retail.

Retail client experience can also give candidates the edge over qualified accountants without experience in this market. A large number of analysts and finance managers gain experience within the role.

Financial Services

    
The financial services market continues to be turbulent for both clients and candidates.

Clients recruiting consistently through 2012 include asset and investment managers and insurance companies. However other financial services clients have a degree of unease in this market.

Limited recruitment by tier 1 investment banks has reduced the number of opportunities for ACA candidates to move directly into banking. A number of ACA candidates with 0-2 years part-qualified experience continue to work for banks but are looking to move on given the current climate.

Legal & consultancy

    
Many of the Magic and Silver Circle firms tend to look for experience over qualification, however there is still real interest in recruiting newly qualified ACA candidates.

Experience of auditing law firms and having SAR experience is an advantage.

For smaller law firms and consultancy businesses the average entry level salary is around £45k.
 

FMCG 

   
The FMCG sector is a competitive market with high expectations placed on candidates. Candidates are attracted to this market by high profile consumer goods clients, leading to strong competition and demand for job opportunities.

Salary levels tend to be slightly lower than other top paying markets due to the career opportunities on offer, however candidates can generally expect a better work-life balance within this industry.
 

Not for profit

For candidates looking for an improved work-life balance the not for profit sector would be a good career move.

Although salaries are generally lower in this sector candidates are usually attracted by the benefits on offer. These tend to include flexible working hours, longer annual leave allowance and a more relaxed working environment.

For those moving into the charity sector the prospect of a more fulfilling and rewarding career is also a big factor.

What’s next?

Still unsure as to how to choose the best career path for you? Read our ‘next steps’ guide to help you make an informed decision.

At Morgan Hunt, we understand what clients look for in newly qualified candidates. We work closely with you to provide advice and guidance, ensuring you make the best career move.

Get in touch today – call Rob Anderson on 0207 419 8909 or [email protected].

Is the repeal of the 2017 and 2021 reforms to the off-payroll working rules as part of last month’s ’Mini Budget’ statement the good news our contractors, employers and agencies wanted? What do you think? Are you ready for a change and do we actually know what the new legislation will mean?

Dave Hedges is a tax partner at Azets and says there is “an absence of fine detail” around how HMRC will manage the transition over the coming months. “While the changes are welcome and have been lobbied for, we are advising clients throughout the engagement chain to tread carefully pending clarification,” he said.

Some questions remain following the chancellor’s announcement that the Off-Payroll Working (OPW) rules are to be repealed from April 6th 2023. There are three main reasons for this:

1. Is it really going to happen? Nothing has changed yet and we have a Budget coming up in November, preceded by a government already doing a U-turn on its 45p tax rate plan. The possibility of further U-turns therefore seems significant. Fingers crossed that this promised repeal of the OPW rules goes ahead. But it’s not certain.

2. End-clients (both public and private sectors), agencies, umbrella companies, accountants and IR35/OPW advisers are all taking stock and wondering how this could affect their business. And yes, that goes for me too!

3. Contractors are realising that unless they have always been outside IR35 and working for ‘small’ companies (not affected by the OPW rules), that their own circumstances are complicated.  Notably where the contractor is:

   1. currently with an umbrella, or

   2. holding an SDS where the client has stated ‘inside IR35’, or;

   3. regularly jumping between their PSC and an umbrella company depending on the IR35/OPW assessment.

At this stage (Q4 2022), nobody knows how the repeal of the OPW rules will work. That’s the unpopular, hard truth.  Many commentators are reaching for their crystal balls, with some suggesting that there will be new rules for contractors added onto the IR35 rules of old (2000), such as requiring contractors to complete Status Determination Statements. There’s even the odd whisper that end-clients will continue to determine IR35 status; that blanket bans on using PSCs will continue indefinitely, and that HMRC will declare some sort of ‘amnesty’ on prior SDSs with ‘inside’ results. As interesting as they are, these really are only opinions at this stage and should be taken as nothing more.

So what can we do now? Every part of the contracting chain needs to use this time to analyse the effects on their own businesses and it is vital that all get up to speed with IR35 version one (2000). 

• Keep watching the contractor press for developments (the contractor ‘press’ that doesn’t just stick a press release up!).

• Decide what you want to do -- if you could.

• Collect and keep all evidence including SDS outcomes, online IR35 status tool outputs, end-client correspondence, contract review results, and working practices changes/opinions.

• Find out about your personal situation now, to see what the options and (above all else) the risks are, and if a change in your status is feasible.

• Speak to your client and find out what their position may be come April 6th 2023, especially if you are contracting with an organisation that has banned PSCs.

• Take advice from only those that, as impartial as possible, understand all the rules (from 2000 onwards), and ideally those with hands-on experience of successfully defending IR35 HMRC investigations.

This could be great news for professional interim and self employed workers, it could be great news for large private companies and the public sector to attract and retain key skills to help them deliver growth and it could be great news for those involved in the supply of these people. For now, keep up to date, get planning and be ready, April will soon be here…

Today’s job market is fast-paced and competitive. At the start of the year, labour markets in the UK were at a turning point. Vacancies reached the highest number since records began. We saw a 50% increase in roles, and we expect this to grow. The Great Resignation also created a new cohort of workers, putting their career needs first, and hybrid working became the mainstay.

So it seems like the right time to rebrand and reintroduce a professional services recruitment firm specialising in legal and accounting practices. One where every candidate and client receives a tailored service and where a dedicated team keeps all stakeholders in the loop at every step in the process.
 

Introducing Pentagon Talent 

“The demand for talent has grown exponentially over the past 5 years and as a result our clients and candidates expect and demand a recruitment partner with true expertise in their sector. Pentagon talent has built this expertise over the past 8 years, and it is right we launch a brand that reflects the knowledge and expertise we are proud to possess.”

Rob Fry, Board Director
 

“The way I see it, recruitment is like shopping. You wouldn’t go to a garden centre for your weekly groceries, and that’s exactly why we have created Pentagon Talent. It is a way for both our clients and candidates to feel more comfortable with the brand that is representing them.”

Sam Vorley, Team Manager
 

With a distinguished professional services brand, the Pentagon Talent team are able to establish themselves as the market leader in the legal and accountancy practice market. This is away from us, Morgan Hunt, a well-known public-sector specialist agency. Which is who Pentagon Talent inherit their values and our experience from.

We are re-engineering recruitment

Pentagon Talent isn’t your average recruitment agency. They originated from a Public Sector focused organisation where providing an ethical , cost effective and transparent recruitment service is paramount. With a strong connection to the public sector, where moral and ethical values are high, they adopt these in private sector recruitment. They care about the success of their clients and candidates and understand that every candidate is unique, and every client is different. Find out more about their mission and values on their webpage here: www.pentagontalent.com/mission-vision-and-values

Benefits for our clients

Pentagon Talent is able to attract and retain new and existing sought-after talent in the market. Not only do they have access to talented passive and active candidates in the sectors, with Pentagon Talent:

• You will receive optimum service no matter the complexity or challenge of filling a vacancy.
• You’ll benefit from a "one-stop-shop" which enables a seamless recruitment process when hiring.
• They are only working across two sectors. This ensures our knowledge and relationships within the market are established and we focus on delivery. 

Benefits for our candidates

Similar to the benefits of clients, you’ll receive a personalised and understanding approach to finding your next role.

• Pentagon Talent is associated with many of the top legal and accountancy practice clients. 
• You’ll have exclusive access to some of the most desirable and career-changing opportunities within the market.
• The team understand this isn’t your ‘next job’ unlike many agencies but a career which also impacts on your home life. They’ll help you find an employer aligned to both your career aspirations and values. 

A safe-pair of hands

Specialising in legal and accounting practices, they have a reliable team who are experienced in modern recruitment challenges. They will guide and support organisations and individuals through the recruitment process.

Where to find us 

Pentagon Talent is in London, and we also have offices in Manchester, Birmingham, Milton Keynes, and Glasgow. To find out more about recruiting or finding a role, contact our team today at [email protected]