The following are some features of the market and tips to consider when you are looking at your options in the area of industry in the current environment.
Recently Qualified Accountants
As activity within the multi national sector improves, there has been an increase in demand for high calibre recently qualified Chartered Accountants. Companies are seeking candidates with a strong academic record and a proven ability to deal with audit assignments of similar organisations. Often candidates with strong technical knowledge in the areas of US GAAP and IFRS are gaining the advantage.
SMEs when recruiting prefer the profile of candidates coming from a small to medium sized practice where typically they have spent more time in the area of accounts preparation as opposed to audit.
When companies are recruiting recently qualified accountants they are increasingly conscious of what candidate’s long term career goals are. Ideally they want to recruit for the long term and are seeking candidates who are focussed and career driven. They want to see candidates whose overall career aspirations are in line with those on offer. Your ability to articulate your thought processes, motivations and ambitions in this regard are crucial.
An interview question that is increasingly being used is ‘How have you prepared for this interview?’ In other words how much time have you spent in preparation for this interview. This will provide prospective employers with a good perception of just how serious you are about their role and company.
Financial Analysis
Recruitment activity in this area has been particularly slow in the last 2 years. However roles are slowly starting to emerge in the guise of finance business partner and decision support positions.
Candidates with solid skills in the area of information analysis and interpretation are of interest, particularly financial modelling skills where the candidate has the ability to design models that are specifically relevant to an organisation and sector. Your ability to really drill down into the business and understand the KPIs will be paramount. Skills and experience in the area of projections and forecasting are in demand. These skills can add real value in a company where the focus is on strategy and future planning. Sound commercial awareness and vision are in demand.
The ability to go to the management team with solutions rather than problems will make you an even more attractive proposition. Positive mental attitude is the name of the game.
Case Studies
To help differentiate really strong candidates from the not so strong companies are increasingly using case studies and work scenario exercises to help them to discern who will be the best candidate on the job. This gives the person with the strongest and most relevant skills a real opportunity to shine.
Financial Controller/Finance Manager
There is significant competition at Financial Controller level and upwards in the Irish market. There is an imbalance between the level of positions and the candidates available. Those companies recruiting are being extremely rigorous in their selection process, requiring candidates to tick 10 out of 10 boxes. Previously recruiters would have been content if you were able to tick 7 out of 10. They would then allow you the scope to develop and grow into the other areas.
There are a number of factors feeding into the mismatch of talent and available opportunities. One of the overriding elements is the lack of natural attrition as employees have demonstrated a very low level of appetite for a move and this has contributed to market stagnation. There has been downward pressure on salary levels at the upper end of the market which has compounded the problem further as in many instances there is no financial incentive for candidates to move. However this downward pressure on salaries has eased in recent months and this will, over time, help in terms of increasing natural attrition levels and in turn recruitment activity.
The Management Challenge
When companies are recruiting at the financial controller level and above they are seeking a very specific set of skills and experience. They are not just seeking a traditional number cruncher. They want a more rounded business and management professional with high levels of people management capability combined with commercial nous, vision and the ability to formulate and drive business strategy. As a business manager you need to be able to get the very best from your team in an environment where financial reward cannot be used as an incentive. This is the real management challenge. During a recent interview process candidates were asked to give a presentation titled ‘How I would increase productivity and the provision of meaningful financial information by at least 10% without any additional resources’. This is indicative of how companies are thinking in the current environment. Candidates need to be prepared to deal with such challenges at this level. Employers recognise that it is so much easier to manage a team in good times and when the company is doing well but the real skills are required when there is a need for change management, cut backs and when morale is low.
Internal Audit
In a world where the spotlight is increasingly on the area of corporate governance and compliance this has certainly been reflected in the levels of recruitment we are witnessing in the area of internal audit. Many organisations are now either ramping up their teams of professionals in this area or indeed for the first time introducing a robust internal audit and compliance function. This can be seen across a broad cross section of industry sectors. Candidates with experience within a Big 4 environment and exposure to robust audit methodologies are most in demand. A number of PLCs have recently been recruiting in this space. They recognise the value of recruiting a chartered accountant for these roles. In many instances these positions can open up opportunities to advance into more mainstream and core finance roles at a later date as you will have gained broad exposure to the business from both a financial and operational perspective. You will also be well versed in terms of robust financial controls.
Many roles within Internal Audit in PLCs and multi nationals will require you to travel for up to 50% of your time. Prospective employers particularly like to see where a candidate may have packed up their bags in the past and travelled of their own accord. This demonstrates your ability to deal with change and that you are not phased by new environments and cultures. The international experience gained in these roles will also stand to you in terms of your overall career development and marketability.
Ethical Approach
During the recruitment process it is important to demonstrate your focus on ethics and to show that your values in this area are translated into how you conduct your role. The ability to remain independent at all times is also imperative. Your passion should also be reflected in your track record of keeping up to date in terms of legislative and best practice updates and developments.
New Focus
Currently when recruiting for roles in the area of internal audit employers want evidence of your ability to see beyond the current processes and figures. You are more likely to be successful during the process if you can show vision and the talent to be able to not just to audit but also to make meaningful recommendations in terms of how processes and systems may be improved. Recruiting organisations will definitely be more favourably inclined towards a candidate who has the confidence and ability to challenge the status quo and add value in terms of making recommendations which can then be adopted by management.
The area of risk assessment and evaluation are of crucial importance. Your ability to see beyond the current processes and systems and to identify where the company may be exposed to risk at a later stage will also be of extreme interest to a prospective employer.
Your capacity to liaise and communicate cross functionally will also be under scrutiny as will your ability to project manage and juggle the demands of various stakeholders in a confident and professional manner.
Competency Based Interviews
In all cases employers will be seeking for you to provide solid examples of how and where you have demonstrated your core skills and competencies. This will provide them with reassurance in terms of your abilities and they will then work on the basis that you can deliver again.
Overview
As I mentioned, the job market has certainly improved with more opportunities available. However to ensure that you are successful in your job search and to enhance your overall career prospects you need to be aware of the key drivers for employers when it comes to recruiting talent. It is hugely important to be strategic and focused in terms of your career planning and development. You must endeavour to keep up to date in terms of what skills, knowledge and experience are most sought after in the market. The Careers Advisory and Recruitment Service at Chartered Accountants Ireland can provide you with support and advice in this area.