Pro-Finance Market Commentary and Salary Guide 2015/16

Welcome to the Pro-Finance Salary Guide & Market Commentary 2015. Pro-Finance is proud to be part of the Pro-Recruitment Group alongside Pro-Tax and Pro-Legal. Each year, we use our extensive market knowledge, client and candidate surveys and vast database information to provide you with a detailed and accurate guide to the market’s salaries for accountancy and finance professionals.

As you will see from the commentary, the majority of our clients are feeling optimistic - not just for the coming year but projecting well into next year and beyond, with many of them implementing 3 and 5 year plans with strong revenue and correlating head count growth.

As a consequence, we are not surprised that the market has swung back squarely in the candidate’s favour. This commentary will support the argument that clients need to be more innovative when it comes to structuring salary packages to attract the right talent.

In addition to our regular salary and market commentary guides we have also written ‘How to recruit the best talent’ and ‘5 Ways to retain your best staff’ – we would be delighted to provide you with copies of these should you so wish.

If you have worked with Pro-Finance in the past, you will know that we always strive to go the extra mile in order to make your recruitment as painless and productive as possible. That said, we never sit back on our laurels and as a consequence we always welcome any feedback on this or any other publication, or any other aspect of our service.

Pat Keogh

Managing DirectorPro-Recruitment Group

Foreword

2 Pro-Finance Recruitment Specialists | 2015/16

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Contents4 Introduction5 Meet the team6 Public Practice Market Overview7 Audit9 Risk & Regulatory10 Corporate Finance Outsourcing12 Advisory13 UK GAAP Public Sector14 Corporate Recovery, Insolvency & Valuations Internal Audit Regulatory changes affecting the market15 Regional Variations16 Commerce & Industry Overview17 Energy & Utilities Retail & FMCG Property, Construction & Engineering18 Media & Entertainment Hospitality & Leisure Telecoms, Technology & Software Professional Services19 Banking & Financial Services Overview20 Investment Banking Hedge Funds Insurance Retail banks21 Public Sector & Not for Profit Overview22 Charities & Voluntary Sector Government23 Housing Education NHS24 Testimonials25 Am I being paid market rate?


IntroductionAs we leave behind 2014, we are pleased to report that the ever improving market conditions are positively affecting the accounting and finance recruitment market across both the private and public sectors. The last six months of 2014 has seen an increase in recruitment activity across temporary, interim and, more significantly, permanent placements.

There has been a healthy trend that has seen an increase in the demand for financial professionals as businesses and organisations look to improve their capabilities as they continue to recover from the recent economic problems. Assessing current needs whilst also planning for the future is clearly a key component of any recruitment strategy. As a consequence, candidates are often required to demonstrate that, as well as being able to work within the current aspects of the role, they have the capabilities to develop in line with the business’ anticipated growth.

The trend of qualified candidates contributing to commercial decision making has continued for the most part, and the days of finance being seen as a service or cost centre are long gone. Finance specialists are continually being asked to do more, often being required to provide support, advice and analysis to aid senior decision makers. In the part-qualified arena, candidates with varied all-round skills are highly sought after.

Across all sectors we have witnessed increased demand for non-qualified and part-qualified accounting professionals as businesses see the benefit in recruiting more junior staff for transactional accounting roles. In order to attract these candidates, businesses routinely need to offer good levels of training and study support as they seek to ‘grow their own talent’. Cutbacks in these areas over recent years have resulted in significant candidate shortages at more junior levels.

The retention of key staff has become an increasing priority for many organisations with enhanced pay rises and accelerated promotions becoming fairly common place. Flexible working arrangements are also becoming more prevalent. ‘Counter offers’ and ‘buybacks’ also occur frequently as employers appreciate how difficult it can often be replacing key members of staff.

As the market has continued to improve throughout the second half of 2014, it has become apparent that the most highly sought after candidates are likely to be able to choose from numerous options and, as a consequence, organisations have looked to speed up their recruitment processes by involving key decision makers earlier in order to ‘steal a march’ on other potential employers.

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Senior Recruitment Team

PAT KEOGHManaging DirectorPat Keogh is the founding Director of the Pro-Recruitment Group which was set up in 2007 to cover the tax, legal and finance markets. Pat is still instrumental in the operational day to day running of several of the teams, but he also has a wider group role that sees him focus on the direction and strategy of the business.020 7269 [email protected]

ANDREW CLARKAssociate DirectorAndrew currently heads up the Pro-Finance accounting & finance team that recruits across the private, public and financial services markets. He has in excess of 15 years’ recruitment experience and in recent years has specialised in recruiting senior finance professionals into the charity and commercial sectors.020 7269 [email protected]

HELEN STEVENSManager – Finance Practice Helen runs the accountancy practice team and is a long standing member of Pro-Finance. Helen and her team specialise in recruitment across audit, advisory, accounting and corporate finance. Helen has a wealth of experience in recruitment and has spent nearly 10 years’ networking and building relationships in order to help grow her business. 020 7269 [email protected]

ESTHA HEIDENManager – Temporary/InterimEstha manages the temporary/interim finance division and is responsible for the recruitment of accountants from part-qualified through to director level across commercial and not for profit sectors. She has in excess of 14 years’ experience within recruitment and has formed some incredibly strong and long-established relationships with both clients and candidates.020 7269 [email protected]

click hereTo view the full Pro-Finance team

http://www.pro-finance.co.uk/meet-the-team.asp

Pro-Finance Recruitment Specialists | 20156

Public Practicecandidates, recognising that they needed to move away from the mind set of ‘why do you want to work here?’ Some have offered signing on bonuses, flexible working hours/work from home and enhanced benefits packages.

In 2014 we saw the Big 4 return to the market with volume recruitment which meant that the mid-tier and smaller firms were under increased threat from attrition as well as having to cope with gearing up for growth themselves. This has created a market where demand far outways supply and, as a consequence, salaries have risen significantly.

In such a candidate driven market employers will inevitably try to do more to hold on to their best talent. We have already witnessed some fairly substantial ‘buybacks’ where clients have realised it’s more cost effective to offer an existing employee a 25% pay rise rather than pay an agency fee and perhaps not get someone for 2-3 months and, even then, the person may or may not work out.

We have also seen a number of organisations take the opportunity to consolidate over recent years, streamlining their infrastructure and processes where possible meaning that when they do recruit, they now have a far clearer view of exactly what they want. Getting it may prove slightly more problematic however.

Clients that win the battle for talent are likely to be those that move quickly, present strongly and offer candidates the best packages – and by this we do not necessarily mean the highest salary, as other considerations such as flexible working arrangements and defined career prospects are proving far more important.

Market Overview

It seems to be a fairly widely held view that not only has the economy recovered strongly from the recent downturn, but also that solid growth should continue for several years to come. One of the many effects of the 2008 recession (or as some have labelled it, ‘The Second Great Recession’) was that most businesses became ‘leaner and meaner’ in all areas including staffing. The improving fortunes appear to have caught some firms, who were perhaps expecting more obvious signs, by surprise and resulted in some ‘panic’ recruitment to cope with a surge of new work.

Recruitment has several litmus tests and one of those is the Big 4 and their levels of recruitment. 2014 saw an overall 16% rise in finance jobs across the UK and this is expected to rise well above 25% moving forward. Such large scale recruitment from the four market leaders inevitability impacts on availability across the market as a whole.

The battle for talent has pushed the average finance salary up by c8% over the last 12 months and our expectation is that 2015 will see a further increase of between 10% and 15% across the board. As a barometer newly qualified Big 4 ACA candidates have seen their average salary rise from £42,000 (Q4 2013) to £45,500 (Q4 2014). At the senior end Big 4 Partners’ salaries have stretched well beyond this and have seen their average salaries rise by 24%, so the mean is £710,000.

The recruitment market is now as strong, if not stronger, than pre-2008 levels. Clients have had to adjust from having the last few years in their favour, to it swinging strongly back into the candidates’ hands, as they are often able to choose from multiple job offers. The clients that have adapted quickest have out manoeuvred many of their competitors and hired much of the limited talent in the market. What was the secret of their success? Well, firstly they moved quickly on CVs and, appreciating that candidates now have a wide choice of vacancies, called interviews quickly. The more savvy clients also ‘sold’ themselves strongly to suitable

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Audit Overview

This year will prove to be a very challenging one for accountancy firms when it comes to recruiting mainstream audit staff. We are already suffering from the lower intake of graduates by accountancy firms during 2009 – 2012 and the inevitable shortage of newly qualified and junior managers. Increased demand will inevitably exacerbate the problem.

Has the rise on the audit threshold effected audit teams? In short the answer is no; the demand has not tailed off and client demand for audit staff has remained high. Market talk is that many firms have managed to either pick up new clients or win new work from existing clients to counter any audits that they did lose.

The inevitable churn of some FTSE 100 & 250 audits amongst the Big 4 has meant a necessary shift of talent amongst these accountancy firms, so the real issue for the Big 4 is to predict which bids they will win. In several instances in 2014, whole new audit teams were required by some Big 4 teams to meet the demands of new client wins.

Salaries for Big 4 auditors have advanced by an average of 5%, so a newly qualified ACA can expect a salary of £44,000 - £49,000 (London/SE), with the Top 20 firms paying £41,000 - £46,000.

Due to the shortage of pure audit professionals in the market, clients are being more flexible by considering those with GP or accounts and audit experience with a view to moving them onto a portfolio once they are up to speed. There is still a decent flow of audit candidates coming from Europe who fill a need, particularly from France, Germany and the Channel Islands.

London Home Counties

Midlands North East

North West

South West

Wales East Anglia

Scotland

Director £95-120k £90-112k £82-107k £78-105k £75-105k £78-100k £65-100k £75-100k £80-100kSenior Manager £75-90k £72-79k £59-79k £60-78k £58-76k £56-76k £55-70k £58-75k £55-75kManager £52-65k £48-59k £45-53k £44-54k £44-54k £45-55k £38-52k £40-55k £38-53kSupervisor £46-58k £42-55k £38-48k £36-45k £34-45k £34-44k £30-40k £32-43k £31-43kNewly Qualified £40-46k £34-42k £28-38k £29-36k £29-36k £30-38k £28-35k £26-35k £27-34k

Audit: Mid Tier & Strong Independent Public Practices

...Newly qualified Auditors are in huge demand, driving up the average salary considerably

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Public Practice

Public Practice


Position ScotlandDirector £85-110kSenior Manager £60-78kManager £42-58kSupervisor £35-45kNewly Qualified £29-40k

Position North West

Director £85-115kSenior Manager £60-80k

Manager £50-59kSupervisor £38-49kNewly Qualified £30-38k

Position Wales


Manager £38-55kSupervisor £35-42.5kNewly Qualified £32-39k

Position South West



Position North East



Position Midlands



Position East Anglia



Position London



Position Home Counties



Audit: Big 4 Public Practice


Public PracticeRisk & Regulatory

2015 is looking to be yet another very strong year for risk and regulatory markets. Organisations have never been under such close scrutiny and this has created untold projects and continued work for the professional services provider. We have seen the financial services organisations set up or add to existing risk and regulatory teams, but there seems to be a growing sense that a professional services view and interaction is still needed, in a big way.

Inevitably the Big 4 have continued to lead in these areas, with one of these firms intending to set up the largest Risk Team seen in the market to date. There was a mad scramble for talent throughout 2014 and whilst the demand has tapered off in Q1 2015 to a more normal level, it still means that salaries have spiked by an average of 16% in risk and reg. On average newly qualified candidates are seeing salaries of £44,000 - £52,000 from Top Tier firms.

The risk and regulatory space is booming and 2015 looks set to be a very strong year for recruitment

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The market saw a need for risk and regulatory teams to become slightly more holistic and we witnessed hires not only coming from technical finance background but HMRC, IT, economist and even PR!

A strong demand is predicted for Manager and Senior Manager levels throughout 2015 and indications from the professional service providers show that there is plenty of work to cope with higher salary demands, and the tightening of legislation will only push this further. Buybacks from offers being made to candidates are rife and we have seen some firms offer 30-40% pay rises to keep their best talent. Watch this space for a war on talent in the risk and reg space for 2015.


Public PracticeCorporate Finance

Corporate Finance activity increased markedly throughout 2014 and all the indications are that this trend will continue for some time. Whilst there have been a number of very large transactions, the market has been at its most buoyant in the £10m - £100m range. Recruitment activity has occurred at all levels from newly qualified senior level to Partner across Top 20 firms and boutique CF practices. These types of transactions require a holistic corporate financier who is capable of dealing with all aspects of the deal. Corporate Finance salaries have continued to be a very competitive area in practice and will continue to be so due to sector specialism. As confidence has grown we have found the number of Corporate Finance requirements has also increased substantially and we are sure this will be a significant growth area for 2015.

It’s pleasing to see demand for CF specialists at all levels reflecting the high level of market confidence. Salaries have gradually increased in the last 12-24 months but we expect to see more significant increases and the return of sizeable bonuses moving forward.

Outsourcing

The recent trend looks set to continue with increasing numbers of smaller and medium sized organisations looking to outsource accounting and payroll functions. In many cases it would appear that the challenge for the accounting practices is in demonstrating their ability to provide proactive support and advice in addition to the more routine functions. This growth has been accelerated by the efforts that many firms have made to broaden the scope of their outsourcing services to counteract work lost due to the changes in the audit threshold. We have seen many firms restructure in order to prioritise this aspect of their businesses; as a consequence we have also seen a consistent flow of opportunities for candidates with either expertise in or an affinity for, this type of work.


Public Practice

Position ScotlandDirector £85-110kSenior Manager £60-78kManager £42-58kSupervisor £35-45kNewly Qualified £29-40k

Position North West



Position Wales



Position South West



Position North East



Position Midlands



Position East Anglia



Position London



General Accounting – Business Services & Outsourcing, All Practices

Position Home Counties




Public PracticeAdvisory

Recruitment activity in the advisory space increased throughout 2014 and the trend looks set to continue in 2015. Having suffered so heavily through the economic downturn, the advisory sector has not only lost significant numbers at mid and senior management level, but it has also been starved of new blood. Unsurprisingly there is now a significant shortage of available candidates with relevant experience and as a consequence, the market is becoming ever more competitive when it comes to attracting and retaining the best talent. Premium salaries will inevitably remain a feature for some time to come.


Midlands North East

North West

South West

Wales East Anglia

Scotland


Advisory: Big 4 Public Practice


Midlands North East

North West

South West

Wales East Anglia

Scotland


Advisory: Mid Tier Public Practice


Public PracticeUK GAAP

2015 sees the arrival of the new UK GAAP (Generally Accepted Accounting Practice), in the form of FRS 102, with many hailing this as the biggest change in UK reporting since the 1985 Companies Act.

The introduction of FRS 102 will have a major impact on the financial statements of any entity currently preparing accounts under UK GAAP, and with many organisations lacking some of the skills and resources needed to manage this transition, this is a further opportunity for accountancy firms to provide technical expertise and strengthen existing relationships.

Many accountancy firms were quick to pre-empt the legislative changes, providing support and advice to the market, but with the overall impact of the change still unclear, 2015 will afford practices the opportunity to reinforce further their position as business partners for their clients.

Public Sector

2015 looks set to be a progressive year in the public sector audit market after the 2013/14 selection of firms, confirmed by tenders to the National Audit Commission. All public sector organisations are required to select their own auditors from April 2017 and we will see firms start their tender processes at the end of 2015 and throughout 2016. We are already seeing firms prepare for this by favouring candidates with commercial acumen and business development skills. With firms winning and losing clients over the next 2 years in this market, we see this as an area that will see high levels of activity.

The Public Sector teams within the accountancy firms have been buoyed by 18 months of strong training and demand is high for auditors with specific public sector experience, especially in education, charities and NHS ”

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Public PracticeInternal Audit

Internal audit has seen increased recruitment activity, with average salaries throughout the industry rising slightly from the previous year. Many of the mid-tier and Top 10 firms have been particularly active, the majority recruiting at near qualified level through to Manager. This trend is likely to continue throughout 2015 and beyond with internal audit viewed as a growth opportunity by most firms.

Big 4 and Top 10 firms are becoming increasingly creative in their efforts to recruit the best candidates with bonuses and enhanced benefits packages becoming increasingly common. With the market likely to be even more competitive this year, we expect firms to move even more swiftly and stealthily.

Corporate Recovery, Insolvency, Restructuring & Valuations

After a flat 2014 the corporate recovery and insolvency markets are preparing themselves for an even tougher time in 2015. Continued improvement in economic conditions across the UK means that activity in this market has been low. Firms with a strong presence in the oil & gas sector look set to buck this trend with the recent oil price crash generating a certain amount of activity. Overall, salaries within recovery and insolvency have remained fairly flat.

The restructuring market is continuing to grow with the increase in corporate finance activity having a knock on effect with clients seeking advice on how to streamline, reduce costs and obtain higher levels of efficiency. The same can be said of the valuations market which, according to some commentators, is braced for its busiest year since 2006 as a result of increased levels in M&A and MBO activity. Unsurprisingly, we have seen salaries increase in line with the increase in demand.

Regulatory changes affecting the market: Mandatory Audit Tenders

In October 2014 the EU audit reform came into effect, meaning FTSE 350 companies will have to put the external audit out to tender at least every 10 years “with the aim of ensuring a high-quality and effective audit”. This has been put in place for many reasons but should encourage investor and shareholder confidence due to more regular assessments of their auditors, while also allowing other firms to compete fairly for business. It is estimated

Mandatory Audit tenders have meant the Big 4 need to be even more on point with future staffing requirements – some of the clients swapping hands need huge teams to manage their financial affairs”

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that audit tenders are likely to increase by as much as 50% over the next few years. Overall, if practices are performing effectively and at the right price this will not necessarily affect a firm’s portfolio, but will ensure competitiveness and accuracy across the market. We have seen, and expect to see, more of teams moving from one Big 4 to another Big 4, in response to client moves.


Public PracticeRegional Variations

As expected, salaries have increased in all areas of the UK, however certain locations have been particularly buoyant.

Activity in and around London has remained strong throughout 2014, particularly in Reading, Southampton and all major Kent hubs, where there is competition with London for staff. There has been a 15% increase in the number roles available in the Home Counties which, in turn, have lead to increased demand in areas such as East Anglia and Cambridgeshire where requirements have increased almost 30% on the previous year.

The major hubs throughout the Midlands and North of England have seen a stepped demand in recruitment as all firms look to deal with an improving client base, and the larger firms look to expand their regional footprint. The larger firms’ recruitment

drives have a knock-on effect for the regional and independent firms that are competing for staff in the same areas. This increased demand for qualified staff has had a marked effect on salary levels in certain key locations such as Manchester, Leeds and Birmingham.

The South West and Wales have also seen an increase in demand for recently qualified and post qualified staff, with Bristol leading demand across all disciplines. ‘As necessity is the mother of invention’, a number of firms have been considering different and original ways to bring the right candidates to the area.

In 2015 we expect to see demand remaining high throughout mostly as a consequence of a shortage of candidate supply, allied to most firms anticipating an increase in work-load over the course of the year.

London has caused a vacuum effect with the high volumes of recruitment meaning there has been a definite shift in regional candidates moving or travelling to London for bigger salaries ”

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Commerce & IndustryOverview

The last twelve months have witnessed confidence returning across most of this market and, as a consequence, the appetite of finance professionals seeking the next career move has sharpened.

As we observed in 2014, there has been a continuation of the trend to recruit accountants that can contribute more widely than in traditional core financial roles. Candidates in demand are ACA/CIMA/ACCA capable of providing business and commercial support and input into key business decisions.

The need for candidates within financial control and reporting remains strong, partly as a result of the increased regulatory requirements within the private sector. Employers continue to look to recruit qualified accountants capable of becoming the finance leaders of the future. As this trend is likely to continue, the ‘war for talent’ will intensify.

Part Qualified

Newly Qualified

Qualified (PQE 2-5 years)

Qualified (PQE 6 years+)

Interim/Temporary

Pay rate (£k per annum) Pay rate (£ per day)CFO n/a n/a n/a £140k+ £600+Finance Director n/a n/a n/a £120k+ £550+Finance Controller n/a n/a £60-90k £80-140k £400-600FP&A Manager n/a n/a £55-75k £65-90k £350-500Finance Manager £35-48k £44-52k £48-65k £55-75k £285-450Group Accountant n/a £42-52k £45-60k £48-64k £275-425Project/Systems Accountant £35-48k £40-50k £45-58k £50-60k £250-400Commercial Analyst £38-50k £42-52k £45-58k £48-64k £275-425Financial/Business Analyst £38-50k £40-50k £45-58k £52-62k £275-400Financial/Management Accountant £35-48k £38-48k £45-55k £50-60k £250-400INTERNAL AUDITHead of Audit n/a n/a n/a £65-110k £425-550Audit Manager n/a n/a £55-75k £60-85k £350-485Auditor £25-44k £40-52k £45-65k £50-65k £200-375

Commerce & Industry:

Permanent TemporaryPay rate (£k per annum) Pay rate (£ per day)

Finalist £34-44k £180-275Intermediate Studier £28-38k £140-210Transactional Manager (includes: AP/AR/CC/Payroll) £35-55k £150-280Transactional Supervisor (includes: AP/AR/CC/Payroll) £26-45k £130-215Assistant Accountant £26-38k £115-180Transactional Officer (includes: AP/AR/CC/Payroll) £22-35k £90-140Graduate £20-25k £60-125

Part Qualified & Transactional:


Commerce & IndustryEnergy and Utilities

As in recent years the Energy and Utilities sector continues to appear regularly in the news. Even though there has been an increase in regulation, consumer prices remain high and the companies continue to generate significant profits and growth.

Across the sector skills shortages and hence the ‘war for talent’ is evident, and therefore retention of key staff at all levels is vital. We have seen businesses investing heavily in training their own from graduate and newly qualified level.

At times sector experience is considered essential and in these instances, salary and benefits packages are often significantly enhanced in order to ensure that they attract the skillset required.

Property, Construction and Engineering

These areas are often considered to be a good barometer of the economic health across the UK. Numerous projects are progressing and there is definitely more confidence and commitment throughout the sector.

The property market has improved considerably during 2014 and, with developers moving full steam ahead with regards to new projects, house prices across the UK have raised for the first time since 2007.

We have witnessed increased recruitment activity at the newly/recently qualified level, with employers keen to secure the first movers out of public practice and into financial control, risk and internal audit type roles. At the more senior level, recruitment within these sectors is still biased towards candidates with similar niche sector skills and experience.

The property and construction sector has shown tremendous recovery and growth throughout 2014, this is expected to continue throughout 2015 ”

“Retail and FMCG

These sectors continue to be challenging, and, in some circumstances, have become extremely unpredictable. Although confidence has begun to return, the changes in consumer preferences and the way that they make purchases have continued to shift; online purchasing and convenience shopping continues to increase, activity in the High Street and at out of town centres has remained problematic.

Recruitment activity has remained fairly stagnant, employers have been looking for people with relevant sector experience and specialisms. They need to be candidates who can bring a strategic and analytical (costing and pricing) mindset to ensure the business remain innovative and competitive.


Commerce & IndustryTelecoms, Technology and Software

Over the last twelve months we have seen the Telecoms, Technology and Software market moving from strength to strength. There has been a sharp increase in business activity that in turn has seen a continuation of growth performance and profitability.

Recruitment across these sectors has remained buoyant as organisations have sought to increase headcount to support the business opportunities.

New technological developments are abundant within the media & entertainment sector; this is making for some key commercial opportunities in this fast-moving environment

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Media and Entertainment

The Media and Entertainment sector is constantly evolving in order to keep pace with technological innovation and development. Recruitment activity in this arena is highly competitive, requiring commercially attuned accountants capable of adapting with speed of change and innovation. There has been strong demand for operationally ‘savvy’ analysts with niche skills, incorporating pricing and costing.

Professional Services

As outlined earlier in this document, 2014 has seen a re-emergence of the public practice market with firms of all sizes increasing recruitment at all levels, from graduate intakes to Manager through to Partner level. In conjunction with this, we have seen an increase in demand for in-house accounting and finance staff across the board, with a significant need for finance professionals who can provide financial control, management accounting, costing and business partnering support.

The legal market has continued to grow and the signs are that this trend is set to continue. There are obviously many factors driving this growth including improved business confidence and increased activity in the property market.

We have seen consistent demand within this sector, albeit often very specific, with firms looking for candidates with specialised and niche skill sets.

The public practice and legal markets are going to find attracting candidates for their in-house roles difficult as the private and public sectors continue to recover in 2015

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Hospitality and Leisure

Over the last 12 months we have witnessed a solid year for the hospitality sector; restaurants enjoyed a steady rise in people spending on eating out following the return of consumer confidence. The hotel industry is in good health and we have witnessed some key foreign investment as tourism has continued on the upward curve.

Recruitment activity has similarly improved through a combination of new roles and permanent appointments for roles that have in recent times been covered by temporary, interim and contract staff.


Banking & Financial ServicesOverview

After many challenging years, the Banking & Financial Services market recovery has continued to strengthen and there has been a significant increase in recruitment activity.

Following the reduction in headcount during the downturn, banks and financial institutions have recruited accountants with core financial skills in financial control, financial reporting, systems implementation and, not surprisingly, regulatory, compliance and risk.

Financial services institutions continue to be cost conscious; looking for ways to save and reduce expenditure, whilst planning and looking to the future, is key to most business recruitment strategies.

It has remained imperative that candidates have strong core financial skills coupled with a knowledge or speciality in areas such as risk & compliance, regulatory requirements, commercial analysis and business partnering.

With organisations looking to build headcount we have seen a focus on permanent recruitment campaigns. We have witnessed recruitment activities at all levels but there has been a high demand for strong ACA qualified accountants with good education profiles. Alongside recruiting the finance leaders of the future from practice, there has been a high demand for experienced individuals with relevant banking & financial services experience, so this sector remains a difficult environment to break into.

Part Qualified

Newly Qualified



Interim/Temporary

Pay rate (£k per annum) Pay rate (£ per day)CFO n/a n/a n/a £140k+ £600+Finance Director n/a n/a n/a £110k+ £500+Group Accountant n/a n/a n/a £100k+ £500+Senior Vice President n/a n/a n/a £80-100k+ £500+Vice President n/a n/a £60-80k £70-90k £400+Financial Controller n/a n/a £60-75k £80-90k+ £400-500Financial Accountant £35-45k £45-55k £60-70k £65-75k £350-400Treasury Accountant £40-50k £50-55k £55-65k £65-75k £400+Assistant Treasury Manager £30-40k £45-50k £50-60k £65-85k £350+Regulatory Accountant £55-60k £60-75k £65-80k £75-90k £400-650Credit Risk Manager £45-55k £55-60k £60-75k £75-85k £350-450Management Accountant £35-45k £45-55k £55-60k £65-70k £250-300Product Control £35-45k £48-60k £63-80k £70-80k £350-450Fund Accounting £28-35k £45-60k £45-58k £61-75k £300-450Internal Audit £45-60k £60-75k £45-55k £75-90k £300-450Project Manager n/a n/a £60-75k £80-100k £600+Business Analyst n/a n/a £70-85k £85-95k £500+PMO n/a n/a £50-60k £65-70k £250+Compliance Manager n/a n/a £45-55k £60-75k £400+MLRO n/a n/a £60-80k £80-100k £400+AML Officer n/a n/a £45-55k £55-60k £250+

Banking & Financial Services:

Hedge Funds

Interest and foreign exchange rates manipulation and commodities price fixing has continued to damage the rotation across all financial institutions. The resulting and continuation of past discrepancies will continue and become financially imploding for the institutions concerned.

Confidence has definitely increased and trading is returning to the levels of pre 2007-2008, but clearly activity is at a more considered and controlled rate than that prior to the financial crisis. The adherence to tighter FCA regulations and controls is essential.


Banking & Financial ServicesInvestment Banking

Even though the financial recovery is well under way, and the whole of the banking sector remains upbeat with a positive outlook of continued growth, they continue to be under huge pressure to ensure they do not return to the dark days since 2007-2008, where regulation and the reduction of risk is paramount.

FCA regulation and investigations will continue to make an impact; therefore the misdemeanors of the past years may still have a significant impact. It is clear that any uncovered past misconduct will be penalised and there could be a price to pay; in the last three years the FCA and FSA have imposed fines of in access on £1 billion.

There is a significant need for risk, compliance and audit professionals with niche skills from the finance services and banking institutions to ensure that they stay above the line with regards to regulatory requirements ”

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Insurance

In 2014 we finally saw the insurance sector emerge from the sustained period of the financial crisis and the global economic uncertainty. The sector is still burdened with complex challeneges that lay ahead, which will result in slim and reduced profit margins.

The sector has been buoyed over the last 12 months; there are still some key challenges and opportunities within the sector. Candidates need to possess niche skills whilst being commercially and operationally astute”The insurance sector have some new and complex legislation changes in the near future that will be time consuming and potentially costly to implement. These will ensure that the buoyancy witnessed in this market will be set for the long term.

Retail Banks

The UK recovery may be well under way, but the impacts and shortfalls of the sector since the 2007-2008 crisis are still being felt. New and tighter financial legislation is continuing to put pressure on the banks compliance and change functions, ensuring that the industry continues along path of growth.

Where customers of banks have been disadvantaged in the past, the investigations and resulting increased regulations continue to rebalance the industry outputs in favour of the consumer and business.


Public Sector & Not for ProfitOverview

Throughout 2014 recruitment activity across the sector has remained buoyant, although there were areas that showed more strength than others. We have witnessed more activity across social housing, education and charities rather than government funded organisations.

Whilst the gap in salaries with the private sectors remains, wage increases have been low, but the sector continues to increase its appeal by offering stronger benefit packages, e.g. excellent holidays, good pension provisions and the opportunity to offer flexible working structures.

Organisations continue to try to attract candidates from the private sector who possess business partnering, budgeting and costing skills, as they will be able to provide essential skills and advice as competition for funding and improved efficiencies continues.

Part Qualified

Newly Qualified



Interim/Temporary

Pay rate (£k per annum) Pay rate (£ per day)Finance Director/CFO n/a n/a £60-85k £80k+ £450+Head ofFinance/Finance Controller n/a n/a £45-70k £65-85k £350-500Chief Accountant n/a n/a £40-58k £50-75k £325-475FP&A Manager n/a £37-45k £42-55k £45-70k £250-450Finance Manager £30-45k £35-52k £40-58k £42-68k £200-400Project/Systems Accountant £30-37k £35-45k £36-54k £48-65k £180-350Financial/Business Analyst £30-37k £35-47k £36-52k £40-60k £180-325Financial/Management Accountant £28-38k £34-47k £38-50k £40-55k £170-315INTERNAL AUDIT/REGULATORY/COMPLIANCEAudit (Head of Manager) n/a £38-46k £40-50k £42-60k £140-350Auditor £26-36k £30-48k £38-50k £40-55k £140-325

Commerce & Industry:

Permanent TemporaryPay rate (£k per annum) Pay rate (£ per day)

Finalist £34-42k £180-215Intermediate Studier £26-36k £115-180Transactional Manager £30-42k £140-215(includes: AP/AR/CC/Payroll)Transactional Supervisor £26-45k £130-215(includes: AP/AR/CC/Payroll)Assistant Accountant £26-38k £115-180Transactional Officer £22-35k £90-140(includes: AP/AR/CC/Payroll)Graduate £20-25k £60-125

Part Qualified & Transactional:


Charities and Voluntary Sector

Organisations in the charity and voluntary sector have continued to improve efficiencies and cost effectiveness, so they continue to generate more income then ever before, as a result of targeted fundraising and ensuring streamlined and improved commercial processes.

As confidence continues to return we have witnessed organisations begin to invest in new projects and programs they have previously put on hold; for example restructures and new systems upgrades and implementations.

They appreciate the need to plan for the future and use the economic revival to catch up were they have stalled throughout the downturn. There are already instances where organisations are working closely

Public Sector & Not for Profit

There is a significant need for commercially focused accountants that want the challenge of working within the charity sector

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together on specific specialised projects and programs, therefore pooling resources may be the way forward to achieve the most effective outcome.

Charities continue to look to attract candidates with commercial expertise that will support core values, and strategic vision of the organisation.

Government (Local and Central)

Within the last few years these sectors continue to be under financial pressures, cost control whilst controlling budgets and expenditure are paramount. We have witnessed an increase in some permanent recruitment, primarily where they are looking at direct like-for-like replacements or where they have been previously using interims to perform key activities whilst keeping the permanent headcount stable.

The need for experienced financial interims remains high as they are being utilised to support increased workload in core activities and specific high demand change projects.

NHS

There continues to be some major challenges across the sector. The NHS is consistently in parliamentary debates and therefore the improvement of operational performance is essential. Cost control and reduction is still the key challenge, whilst continuing to deliver an improved service.

Recent years have been very difficult for the NHS as there continues to be huge changes and reforms. It is therefore proving imperative that they attract the experience and financial expertise that will enable them to implement the required changes within the difficult budget constraints.

They have continued to utilise experienced interim and contract financial professionals to support and implement these key future-defining projects, resulting in fewer long-term costs of full-time employees.


Public Sector & Not for ProfitHousing

The last twelve months has remained positive across the sector. Recruitment activity has maintained and, in fact, substantially increased. There is a continued desire to attract commercially focused individuals from the private sector that will support the increased profitable activities within this sector.

We envisage that the activities within this sector will continue with the same buoyancy of the last twelve months, continuing to build their commercial activities, outlook and abilities, therefore the opportunities and challenges for candidates will increase.

The outlook for the sector remains challenging, it is imperative that they control their costs and make the most of revenue and funds available

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”Education

Generally recruitment in the education sector has stagnated over the last 12 month period; there is a continued pressure to provide value for money and therefore this is often being achieved by effective cost control and reduction.

The sector continues to dramatically change and is therefore undertaking new and fresh challenges. They have less reliance on funds from government and are therefore significantly changing the way they report, spend and control their finance activities. There continues to be a requirement to attract commercially astute and effective financial professionals that will support these continual changes and challenges.

The changing face of the education sector is providing challenges, with the need for finance professionals with strong change management experience

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Testimonials Our need for finance skills has shot up in line with the overall number of commercial transactions and Pro-Finance helped us to recruit in a very competitive market. They are experts at finding and selecting the best candidates and work very hard to achieve the best outcomes for both their candidate and their client.

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” Dan Wood, Manager, RICOH

Helen helped us build our team by sourcing the best people available. I have noticed that she is selective in the candidates she promotes, and listens to our wishes. The speed and efficiency of her response was also very pleasing. I would recommend Helen for your recruitment needs, whether you are a candidate or an employer.

Matthew Burge, Partner, Beavis Morgan”

I made contact with Andrew Clark at Pro-Finance in September 2014 after seeing an advertisement on GAAPweb for what looked like my ideal next role. During my initial meeting with Andrew I was impressed by his honesty about the role and his ability to determine my suitability for the role.

Soon after our initial meeting I was selected for first interview. Andrew ensured that I was fully briefed about the role, the key requirements for the role and who I was meeting. After the first interview I was given constructive feedback from Andrew both positive and negative. I then had to wait two weeks before knowing whether I was selected for second interview. Fortunately I was selected for second interview and I was offered the position at the interview. With Andrew’s help I then finalised the terms for the offer of employment.

Throughout the whole recruitment process I always found Andrew to be honest, objective and professional. I have worked with a number of recruitment consultancy firms both as a candidate and client and based my experience I would have no hesitation in recommending Pro-Finance.

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”Christopher Spires, previous candidate

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I really appreciate your efforts, am very impressed with your work and look forward to working with you in the New Year“

” Kasia Tomczyk, Director, UBS

candidatesclients

View all of our testimonials by using the following links:

http://www.pro-finance.co.uk/news/client-testimonials/articles

http://www.pro-finance.co.uk/news/candidate-testimonials/articles

Am I being paid Market Rate?


Unsurprisingly, this is one of our most commonly asked questions. The market has shifted significantly in the last 18 months, far more than clients and candidates often appreciate. The most accurate way to assess market rate is via our Bespoke Salary Assessment which is free, completely confidential and without obligation.

Pat Keogh | Managing Director020 7269 6311 [email protected]

Helen Stevens | Manager - Finance Practice020 7269 [email protected]

Andrew Clark | Associate Director020 7269 [email protected]

Estha Heiden | Manager - Temporary/Interim020 7269 [email protected]

20-23 Greville Street London EC1N 8SS020 7269 [email protected]

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Documents

Pro-Finance Market Commentary and Salary Guide 2015/16