Finance & Accountancy

Finance & Accountancy Market Commentary, Q4 2014

• Article by BRUIN Financial

Finance & Accountancy Market Commentary, Q4 2014

Market Overview

We welcome 2015 and think the key for the short term at least for both our clients and candidates is ‘optimism’. On the back of a reasonably busy last quarter of 2014 we feel that the momentum is not only going to roll over but also potentially pick up a little pace, especially as now is typically the time of year when most clients and candidates look to enter the human capital market.

For the majority of our investment banking clients, the good news is that there remains a reasonably steady flow of hiring requirements. However, while there are a decent variety of roles on offer, the majority of these remain to be at the junior end of the market. As with last year, it seems that most of the investment banks are far keener to hire talent for tomorrow appose to the more experienced individuals. It seems that there remain too many senior managers working within the same small pools of experience within Finance causing the ever increasing frustration of what to do next.

Off or near shoring still remains high on the agenda for most organisations as cost is still very much ‘king’, which is in itself driving the change for the type of individual that needs to be hired going forward. As we see more and more ‘process and administration’ work leave London the need to have better quality, more robust and more versatile personnel who are able to add more value increases. It is fair to say that all hiring today is strategic and the emphasis in hiring the ‘right’ person is essential.

As with the investment banking market, we are seeing many of the same trends with our Asset Management and Hedge fund clients. There is a nice variety of roles on offer from fund Accounting / Control, Financial & Management Accounting as well as roles within Audit. While this sector is foreseen as a ‘different or alternative’ place to work to the banks, the individual personal requirements are forever increasing.

Within the Asset Management space there has been an increase in demand for Management Accountants and more junior type roles i.e. assistant accountant etc. The majority of our Asset Management clients have said that they will most certainly be increasing head count in 2015 and that will be across the board.

It remains safe to say that the financial services ‘Finance and Accounting’ market remains candidate driven but is definitely balancing out as our clients are very reluctant to hire unless they find someone they truly believe is the right person.

Role Profiles

Across the Investment Banks Regulatory Reporting and Treasury (especially Liquidity) remain a focus within Finance with some key senior hires being made. Strong Product Controllers are still a very sought after profile but predominantly at the Associate and AVP level, with banks promoting within for VP’s and above saving on agency cost but also looking after talent internally.

Several Investment Banks are increasing their presents in Dublin, making critical senior hires and moving entire functions, including everything from Front Office backwards. Dublin is becoming a destination of choice for large firms due to Ireland’s low corporation tax and well educated work force.

We expect the market to maintain momentum across both Investment Banking and Asset Management for Q1 and predict this will continue into Q2. Sentiment is strong and people remain mostly positive.