Insights

Market Overviews

REGIONAL- NORTH WEST MARKET COMMENTARY, Q2 2018

• Article by BRUIN Financial

REGIONAL- NORTH WEST MARKET COMMENTARY, Q2 2018

MARKET OVERVIEW

Overall, Q2 has been extremely busy, with a significant increase in the hiring practices throughout the North West region. Following on from our predictions in Q1, demand for newly qualified accountants has continued to grow at a steady rate over the last three months. We have seen an increasing number of Banks and Financial Services organisations in the North West looking to grow their finance departments by recruiting newly qualified accountants. They tend to be in the initial stages of their accounting careers, keen to develop their existing skillset or begin to specialise in certain areas such as Audit, Tax or Consultancy.

 

Role Profiles

The Accountancy and Finance desk has noticed an increase in demand for well rounded Management Accountants; with good technical and stakeholder management skills.  Similarly to Q1 the demand for strong Product Controllers with excellent product knowledge and technical skills has continued, however the candidate market has become unsaturated as many companies are now offering better incentives and benefits to keep good employees in their current roles; to prevent them looking for new opportunities in the marketplace. The Big 4 accountancy firms are also notably on the look-out for both Audit and Tax sub-service lines.

Q2 has seen an increase in opportunities for operations candidates as a whole in the North West. Major client banking clients are seeing a number of roles relocating up from London now that there is a higher number of people with existing financial services experience than there has ever been in the North West. This has led to more specialised searches for hiring managers and with expectations rising from employers we have noticed salaries on offer are lagging slightly behind, but expect this to be offset by the end of the year. This trend is not only been across banking clients but IFAs and other Financial Services institutions with the rise in compliance roles taking on a hybrid form in some operations roles.

Our Wealth and Asset Management desk has noticed minimal changes in their recruitment practices over the last quarter. However, there has been a 30% increase in the number of vacancies throughout the North West. There is still a shortage of candidates in the Financial Planning area thus makes it very difficult to find many candidates with this specific skillset. Many firms have opened up their requirements to accommodate the extra business they have won.

Within the Risk and Compliance space, the most significant trend in Q2 has been related to the recent changes in GDPR legislation that came into play on the 28th May this year. We have noticed a huge influx in demand for fully qualified, Compliance and Risk professionals who are being brought in to ensure many banks and financial services organisations are compliant. We expect this demand to continue to increase over the next year.

Manchester is becoming increasingly renowned as the City of choice for the major companies headquartered in London; including the likes of Worldpay, RBS and BNY Mellon. This re-location of companies from the South up to the North West in attempts to reduce costs has created 70,000 new roles over the last ten years.

With the continued investment, we expect this trend to continue to grow over the next few years. Manchester has also experienced a huge rise in their Fin-tech sector and has become the ‘E-commerce center of Europe’. This has coupled with a steady flow of graduates seeking employment as software engineers.

 

BRUIN  NEWS

BRUIN were recently awarded the ‘Recruiter of the Year’ category at the 2018 Women in Finance Awards, which recognises the firm that has championed equal pay and diversity in financial recruitment. BRUIN was particularly commended for leading  change in the industry and providing insightful counsel to help their clients achieve fair gender representation at every level.

From a recruitment perspective, BRUIN has recently opened an office in Dublin in partnership with local firm Barden, to provide high quality specialist recruitment services into the Irish financial services sector. For more information on our Irish capability, please contact Kirsty Pineger, who heads up our Investment & Middle Office desk, as well as our team in Ireland.

We are also delighted to have been recognised by the  Sunday Times as a Best 100 Small Company to Work For in the UK, and additionally ranked in the list for London.

Last but not least, Regional North would like to introduce two new starters to the office. Hannah Beatham, our new intern has joined the IT, Risk and Compliance desk as a Researcher, Analyst. She will be working with us for the next 12 months over her placement year, before returning to Manchester Metropolitan University to complete her Business Management degree. Stephanie Uyar has also joined as a Researcher, covering the Risk and Compliance desk.

Prior to joining BRUIN, Stephanie worked for Deloitte and EY, where she was responsible for internal resourcing. This is an extremely exciting time for the Manchester office, as we have now more than doubled in size since opening in August 2017.