Click to view the Accounting, Finance & Support Salary Survey | UK 2012

To gain insight into hiring and salary trends for 2012, we surveyed 350 senior-level operational and HR managers working in accounting, finance and support. We targeted three areas: commerce & industry, professional services and the public sector.

These are clearly diverse markets but overall, the outlook is that there will be modest growth in 2012, at a rate similar to 2011. Positively, more than half of the firms we surveyed (including multinational corporations and SMEs) have hiring plans for Q1 2012.

On the whole, salaries are expected to remain relatively stable in 2012. Increasingly professionals are considering ‘holistic’ packages rather than focusing on basic salary offers. Elements such as flexible benefits, work/life balance and professional development are becoming more important to job seekers.

We hope you find this salary survey informative. If you have any questions or feedback, please feel free to contact me directly on +44 (0) 207 092 0078 or email cleeson@morganmckinley.co.uk.

Accounting, accounting salaries, business support salaries, Finance & Support Salary Survey 2012, finance salaries, office support, salary survey 2012, secretarial salaries, UK salaries 2012

During an interview, it’s often questions unrelated to your ability to do the job that take candidates by surprise. While you’ll never be able to anticipate every question you might be asked in an interview, you can get a head start by developing strong, concise answers to commonly used questions.

Q: Tell me a bit about yourself
What they’re really saying: I’m trying to figure out if you’re a good fit for my team.

They’re not asking for an autobiography. This question calls for a one-minute advert that summarises your years of experience and skills and your personality in the context of the job. Get to the point and sell your professional self. A few brief sentences that demonstrate experience, proven results and desire to contribute is all that’s needed.

Q: What are your weaknesses?
What they’re really saying: No one is perfect, how do you perceive yourself?

This question is one many job seekers dread so it’s important to prepare a good answer. The secret to answering this question is using your weaknesses to your advantage.

Q: Why should we recruit you?
What they’re really saying: What skills and experience can you offer us over the other candidates?

The key to answering any question about you versus your competition is using specifics. Give real examples that show them why you are the candidate best suited to the job. Point out your achievements and accomplishments throughout your career that are relevant to the open position. Pinpoint the qualities you have that are truly valuable to the company.

Q: Where do you see yourself in 5 (or 10) years time?
What they’re really saying: Do you know where you’re going in life, and are we part of it?

This question is really testing your stability and reliability; you need to talk about goals you have that relate to the job. This will demonstrate that you understand the industry and the company and are motivated to succeed there.

Employers are simply trying to gain an insight into those they are interviewing. Remember they’re not purposely trying to trick or embarrass you. Good luck!

Careers, Curriculum Vitae, cv, Employment, interview, interview practice, interview processes, Interview question, jobs, London

Last Thursday our secretarial and office support team hosted an evening of glamour for secretarial and office support professionals in association with women’s charity Dress for Success.

charity, cupcakes, Dress for Success, Hairdresser, Hobbs, Mary Kay makeup, nails, office support, secretarial and office support, secretarial jobs, secretaries, Spray tan

Ensure your LinkedIn page optimises the right key words as part of your job search, the most obvious place is under skills and experience as consultants will use Boolean LinkedIn searches. Use the correct key words wherever possible.

I wanted to share with you a few simple but effective ways to improve your visibility online. These days good consultants employ excellent boolean search strategies and are always determined to find good candidates.  We are less reliant on advertising responses and particularly for specialist roles rely upon proactive searching of candidates via LinkedIn or key recruitment websites.  So if you don’t want to go to the effort of applying for roles, simply optimise yourself and you will be certain someone like me will find you!

These days most of us know about SEO (search engine optimisation). For years companies have been working out the search engine algorithms employed by Google.  I read a fascinating book which I would recommend named after the Goolge button, ‘I’m Feeling Lucky’ . This book gives you an insight into the early inner circles of the Google sanctum.

How does this relate to your job search?

There is a more passive way of finding a new job by ensuring your web presence is optimised! Firstly start with your CV.  If you place your CV on websites like Monster you are prompted to select your key words to maximise your visibility.

Make your CV SEO friendly

Consultants like me will attempt to hunt you down with boolean search strategies to identify the closest fitting candidate to our jobs. If you want to be found, just like your company website, you will need to be SEO friendly.

For example, if I am recruiting for Head of eCommerce, I will search under the key words ‘Head of eCommerce’ or ‘Head of online’ and so on.  If your job title is senior online and content Manager, I may not find you.

If you are looking for a particular job title, repeat these key words on your CV to ensure you come appear high in searches.

Optimise your LinkedIn profile

Ensure your LinkedIn page optimises the right key words as part of your job search, the most obvious place is under skills and experience as consultants will use Boolean LinkedIn searches. Use the correct key words wherever possible.

boolean, Curriculum Vitae, cv, Linkedin, online cv, Search Engine optimisation, SEO

Are you thinking about resigning from your job?

If you are, there’s a chance you’re focused on getting from your current role to your next. But I urge you to take a longer-term view; the way that you conduct yourself during the resignation process can affect your reputation and your contacts, two of the most important building blocks of your career. You wouldn’t want to ‘burn your bridges’ with a manager and then face them at an interview panel several years later!

Here are some tips to keep in mind:

• Prepare: As with most things, it helps to be prepared. Set up a meeting with your manager at a mutually convenient time, in a place where you won’t be disturbed. Expect your manager to take an interest in why you want to resign – be confident in your reasons and willing to answer a few conversational questions.
• Resignation letter: Take your printed resignation letter with you. Keep your letter brief and formal, and be sure to express appreciation for the opportunities you received from the company (even if you’re not feeling particularly grateful!).
• DON’T: lose your composure, be defensive, bad mouth the company or colleagues, gloat about your new position or slacken off during your notice period. Leave the meeting on a positive note – agree on a wind-down plan, which may include a hand-over.
• Social media: Save any constructive criticism for your exit interview, not Facebook, and don’t update your LinkedIn status until at least your first week at your new job.
• Buy back: Your employer may try to entice you to stay (also known as a ‘buy back’). Consider the offer but weigh it against the ‘push factors’ that led you to tender your resignation. It might help to bear in mind that 80% of buy backs leave within six months.

Overall, remaining courteous and professional will leave good communication channels open, even after you’ve left. You never know when your paths may cross again.

career path, Careers, exit interview, jobs, reptation, resignation, resigning

I read a very interesting article on the Accountancy Age website recently about the lack of female progress onto boards. The author, former PwC director Francois Moscovici, discussed whether the chronic under-representation of women on boards is a talent pool or company issue, and suggested ways forward. She believes more companies need to refine their recruitment practices, systematically include women on board short lists and better manage their executive pipelines – steps I very much agree with.

View the full article here

The facts and figures around this issue continue to be disheartening. According to Corporate Women Directors International, almost a quarter of the world’s 200 largest companies still do not have a single woman on their boards of directors. And the picture in the UK definitely needs improving. The representation of UK female board directors (14.3%) lags well behind Norway (39%), Latvia (23%), Sweden (21.9%), France (20.5%) and other nations.

I believe that increasing these percentages can only be a good thing. Surely greater diversity in boards will lead to more informed, sounder decision making? In her article, Moscovici argues that women lack the confidence and attitude to push themselves through the glass ceiling and that they will only apply for a job if they are 100% confident about their competence. In my experience as a recruiter I haven’t noticed a significant difference between the genders in this respect but in this current economic climate, perhaps a few more risk averse board members is just what we need!

Source: Accountancy Age, 12/09/11

Accountancy Age, diversity on boards, women on boards

As the economy hovers perilously above recession, the role of the chief financial officer (CFO) has once again been pulled into focus. Pressure is mounting on finance professionals to manage growth in line with controlling costs; to maintain a lean operation but also an agile one that can capitalise quickly on improved conditions. History has shown us that upturns can gain momentum very quickly and companies don’t want to find themselves on the back foot.

I would argue that the global economic downturn has affected the job descriptions of CFOs more than any other C-level position. The ‘to do’ list of a CFO in 2011 is very different to that of a CFO in 2008. The scope of responsibilities has widened considerably: today’s CFO is not only expected to be technically strong and an expert on matters financial and regulatory, but a strategic-thinker, a visionary, a leader. More a navigator of a ship rather than a chief mate, if you’ll allow the metaphor.

In turbulent times, boards tend to put proven, practical and shrewd performers at the helm. This is certainly something I have witnessed over the past few years. I wasn’t surprised to read in Accountancy Magazine that 54% of FTSE 100 companies have a chairman with a background in finance.

So, are CFO salaries rising in line with these added expectations? Well, it is hard to comment in the overall as there is such a range but there has been a noticeable trend towards incentivising CFOs within commerce and industry with bonus schemes. This is in contrast to the financial services sector, where intense public scrutiny resulted in the scaling back of bonuses this year and last.

CFOs are definitely becoming more prominent within companies and have ‘louder voices’ when it comes to top line strategy. We are seeing this trend – this shift in role requirements – trickle down to finance professionals at all levels. Companies are increasingly seeking commercial accountants with sharp business acumen who can add value and affect their bottom lines, rather than just operating as a back office or support functions. Accountants are now expected to interact with a wider circle of stakeholders, adopt more strategic mindsets and translate financial data coherently and accurately.

For these reasons (among others), finance professionals with good interpersonal or ‘soft skills’ in addition to technical expertise are now in high demand. The feedback I’m receiving from employers is that these value-adding skills will become even more important over the next 12 months.

But back to CFOs and a final word of caution. With all this increased strategic and operational importance, the weight on their shoulders will be heavier than ever. A number of CFOs have notoriously tried to achieve too much on their own and have become withdrawn from their teams, too reactive, overworked and consequently, ineffective. As the role of the CFO evolves, so will a greater reliance on the collective. CFOs will need to adopt more of an ‘open door’ approach than in the past. They’ll need to delegate more and foster their teams. No man is an island!

This blog appeared on The Huffington Post on 13/09/11

CFOs, economic downturn, Huffington Post

ICB Chairman, Sir John Vickers this week published a report which he feels will ultimately safeguard the UK banking system and separate the ’casino’ style risks the City has been perceived to be taking with domestic savings. Two of the main highlights of the report are: 1) ring-fencing domestic deposits and leading banking away from ’trading-book’ activity; and 2) increasing the capacity to absorb losses.

Ring-fencing

Separating retail banks and wholesale/investment banking divisions is a move seen to be protecting the taxpayer. The implications of this though are flexible and, somewhat murky at this stage as banks will be lobbying to understand exactly what levels of flexibility there will be. The fact that ’universal’ banks will no longer be able to cross-sell products to one anothers customers and in effect work in a ’third-party’ style of relationship will have a number of potential outcomes. This will also affect organisational structures as retail banks must now have boards of directors independent to investment banking divisions – in theory creating different company cultures.

This is one step removed from the separation of the universal banks, but in itself does also create opportunity. As organisations restructure, there will be opportunity for new talent to come in approaching things with fresh eyes and the potential to guide the implementation of the report’s recommendations and ensure the future rigour of the firm. We may see, new departments and role functions created to be the interface between the parts of the business either-side of the ring-fencing.

Increasing the capacity to absorb losses

Enhanced regulatory control over the sector is nothing new and it is important to remember that there are already measures in place such as Basel II and the subsequent implementation of Basel III.

The Vickers Report is suggesting that UK banks will need to exceed internationally agreed Basel III recommendations against risk weighted assets (RWA) to somewhere closer to 17-20%. This will have huge implications for the sector, particularly as banks are already struggling to raise capital in the current economic climate.

The impact of all this on the recruitment market may at first sight appear bleak, however there are absolutely opportunities for certain areas of the recruitment market to flourish through this transition period.

The demand for individuals with regulatory (Basel III), Capital allocation and RWA experience is already high and will now will go through the roof; creating more opportunities for people to enter this specialised area. As the importance of these functions is instilled throughout the industry, we expect to see more candidates seeing regulatory risk management as an area they can enter and continue to grow and develop their careers as the perception is they will always be in demand.

Summary

It is important to remember that this legislation will affect only the UK banks. There is a feeling that the Vickers Report could create a two-tier banking system. Banks that are affected by the ring-fencing will need to safeguard their staff from overseas banks operating in the UK as they will not be affected by the reforms. These firms may be seen as more attractive options to staff due to the comparatively lower amount of red-tape.

The next few months will be telling as banks will be lobbying hard to minimise the impact and cost of this legislation. There is still a large grey area in the policies outlined which will need to be clarified to ensure transparency throughout the industry.

The Chancellor George Osborne has vowed to give clarity on how this legislation will be put into place by the end of the year. Until then, we will all wait and follow with interest…

Banking, banks, Financial Services, legislation, profits, retail banking, Tax, Vickers, Vickers system

On the whole, the Australian property market is currently experiencing a ‘correction phase’. Housing prices – particularly in Brisbane, Melbourne and Perth – are trending downwards.

Why is this happening? Well, the property market is adjusting to general market nervousness from ‘would be’ domestic home buyers. Many Australians are being financially cautious, and as home values fall, vendor discounting is becoming more common.

Many expatriates returning home are finding themselves in positions to negotiate deals in the swing to more of a buyers’ market. Right now is a good time to buy – if you do your homework and can comfortably hold your investment for the long term, you can take advantage of motivated sellers and secure a great investment during a time of high rental demand and rental income, as well as stable tenancy.

With regard to the jobs market, professionals with international experience continue to be in high demand, particularly in ‘candidate short’ sectors such as accounting, risk, compliance, capital markets, operations, project/change management and strategy. Companies are competing for top talent and this is driving up salaries in these areas.

So, if you’ve been considering a move back to Australia and have always dreamt of owning your own home (or adding to your existing portfolio!), now might be an ideal time.

Here is a property market snapshot of four of the capital cities:

Melbourne’s housing market recorded an annual fall in home values across the greater Melbourne market place, making vendor discounting more common.
Link to article >>> “Melbourne house prices to dawdle”

Brisbane’s property market is among the weakest of all Australian capitals, with housing continuing to slide in its 6^th consecutive month.
Link to article >>> “Brisbane house prices slide”

Perth’s staggering drop in property prices show the cities median price is now lagging almost $50,000 behind Sydney.
Link to article >>> “Perth home prices slide even as Western Australia sees record mining boom”

Chief Economist of St George Bank, who commissioned the recent RP Data report said, “Average Sydney house prices are expected to stay relatively stable in the short term, so affordability remains the key factor for property prices in Sydney”.
Link to article >>> “Perth property on the slide as Sydney steams ahead”

If you are keen to go home during the ‘correction phase’ in the property cycle and need some assistance with your job search, please contact our International Candidate Manager, Nicole Buendia for a confidential discussion on 0207 092 0199.

Australian jobs market, Australian property market, Moving back to Australia

Our latest report provides insight into current salary and hiring trends for accounting, finance and support professionals working in commerce and industry (C&I), professional services and the public sector.

Click to view the Accounting, Finance & Support Salary Guide, UK 2011

These are clearly diverse markets but overall, the recruitment outlook is much more positive than at the same time last year. Our market knowledge, and anecdotal evidence from our clients, points to 10-20% growth in hiring activity across the board in 2011. Although this is a pleasing forecast, hiring levels are still relatively suppressed when compared to pre-recession data.

The C&I, professional services and public sector recruitment markets felt the effects of the global financial crisis in H2 2009, around 12 months after the financial services sector. It is a similar scenario with market recovery; while last year saw a rebound for financial services, it is predicted that 2011 will be the year of measured growth for C&I, professional services and the public sector.

We hope you find this salary guide informative. If you have any questions or feedback, please feel free to contact me or any of my colleagues here at Morgan McKinley.

Chris Leeson

T: +44 (0)20 7092 0078
E: cleeson@morganmckinley.co.uk
Chief Operations Officer Accounting, Finance & Support, United Kingdom

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