City employers widen net as demand soars

Financial services employers widen entry criteria in response to skills shortage. By Amy Butler, manager, at recruitment consultancy, Joslin Rowe.

Amy Butler

There was no summer lull in the City jobs market this year. Demand for new recruits across the UK’s financial services industry rose a massive 16.4% between June and July. This is according to the latest research from Joslin Rowe.

The need for accountants in the City has never been stronger. But with the number of jobs at an all-time high, there are not enough candidates to fill the positions on offer. This is good news for part qualified and newly qualified accountants, and also for post qualifieds who are thinking about moving jobs. As firms battle to find staff, they are becoming more flexible in their demands.

Signs of this new flexibility on job specifications have been around for some time. The traditional City focus on ACAs has started to crumble. Strong CIMA candidates with a blue chip background are in demand and are now being interviewed for financial analyst positions.

Demand for CIMAs rises

The shortage of newly qualified ACAs has focused attention on CIMA qualifieds. Demand for CIMA qualifieds has increased, as the number of ACAs available in the market has decreased. Firms can use CIMA’s enormous industry knowledge and strong business and commercial acumen. CIMA students who achieve passed finalist status this year will enjoy the pick of the jobs available.

It’s not just the type of qualification that clients are rethinking but also the class. Five years ago, it was all about first time passes. If there was even one resit, banks wouldn’t look at that cv. Candidates also had to demonstrate academic perfection at degree and A level. Now many more candidates are securing top jobs despite a shaky exam record and a 2:2, or mixed A level results.

Overseas accountancy candidates are also benefiting. We have found that smaller investment banks are hiring a high proportion of newly qualified candidates from overseas and are sponsoring their visas and work permits. Much of the sponsorship is for ACA qualified candidates and is more pronounced in smaller boutiques than in the larger investment banks. However, there is still a gradual increase in the number of international CIMA qualifieds benefiting from this approach. All in all it’s a very good time to try for a career move.

September 2006