Finance Salary Survey and Market Commentary

Transcription

1 Finance Salary Survey and Market Commentary

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3 Foreword 2 Meet the team 3 Public Practice 4 Audit Overview 5 Business Services and Outsourcing Overview 6 Advisory Overview 7 Forensics, Risk and Fraud 7 Corporate Finance 7 Corporate Recovery, Insolvency, Restructuring and Valuations 8 Internal Audit 8 IAS 39/IFRS 9 8 Commerce & Industry 9 Energy and Utilities 10 Property, Construction and Engineering 10 Telecoms, Technology and Software 10 Retail and FMCG 11 Media and Entertainment 11 UK Hospitality and Leisure 11 Professional Services 11 Banking & Financial Services 12 Investment Banking 13 Hedge Funds 13 Insurance 14 Retail Banks 14 Middle East Banks 14 Public Sector & Not for Profit 15 Charities and Voluntary Sector 16 Government (Local and Central) 16 Housing 16 Education 16 NHS 16 Interim & Contract 17 Outlook for Pro-Finance Recruitment Specialists Contents

4 Foreword Welcome to The Pro-Recruitment Group is proud to be market leaders in the tax, legal and finance world and once again the Finance Salary Survey and Market Commentary is regarded as one of the most comprehensive and accurate pieces of information available to the accountancy and finance sector. What a difference 3 months makes! We said goodbye to 2013 with an exceptionally strong Q4 where we saw record numbers of new vacancies, with numbers nearing the levels we saw pre The first half of 2013 saw a very slow upturn in the number of new hires across accountancy, finance and tax so it was so pleasing to see most of the Big 4 and Top 10 firms coming to us with volume recruitment needs in tax, audit and advisory in the latter part of the year. The recovery has gathered pace in Commerce & Industry too with record number of roles for newly qualified candidates, meaning the attrition within practice has spiked at a time when the same firms seek to embark on recruitment drives. The market is still lacking recently qualified ACA and CTA candidates due to the reduction of intakes in 2010 and 2011 by many of the Top 20 accountancy firms. The signals from both Partners and Head of Tax & Finance are that 2014 will be a record year in terms of growth for their businesses and the economy as a whole. The advice for accountancy firms looking to recruit is to identify the need as early as possible (easier done if this is for growth rather than attrition!) as the market swings back in the favour of the candidate, who is now able to command higher salaries with multiple offers on the table. The senior end of the market has been reasonably steady over the past 12 months and The Recruitment Group was instrumental in some significant senior tax and finance hires across most sectors but most notably Oil & Gas, Insurance and Consumer Goods. Again, the number of requirements for senior hires spiked towards the end of 2013 and this upward trend has continued strongly in It is pleasing to see that so many commercial organisations are looking once again to staff up their tax and finance teams and look at saving third party costs. Temporary and contract tax roles have flatlined in the last two quarters, a sign that companies are more prepared to take on permanent hires, again showing the strength of the economy. So, overall the signals are exceptionally positive. Where so many reports and reviews sit on the fence, I am more than prepared to wear my heart on my sleeve and say, from a recruitment perspective, the market is back! Pat Keogh Managing, Pro-Recruitment Group 2

5 Meet the team PAT KEOGH Managing HELEN STEVENS Senior Consultant GRAEME DAVIDSON Associate Consultant BEN BESWICK Associate Consultant Pat Keogh is the founding of the Pro-Recruitment Group which was set up in 2007 to cover the tax, legal and finance markets. Pat is still instrumental in the operational day to day running of several of the teams but he also has a wider group role that sees him focus on the direction and strategy of the business pat.keogh@pro-finance.co.uk Helen is a Senior Consultant within the Finance Practice Team and is responsible for the recruitment of qualified accountants from newly qualified through to Partner level across the UK s top accountancy firms. Helen has over a decade s experience within recruitment and has forged some incredibly strong and long-standing relationships with both clients and candidates helen.stevens@pro-finance.co.uk Graeme has moved from practicing accountancy & finance to recruiting into this sector for a portfolio of Big 4, Top 10 and national accountancy firms. Graeme s specialisms include: audit, corporate finance, risk and regulatory and advisory for which he recruits at all levels from newly qualified to Partner level graeme.davidson@pro-finance.co.uk Ben is an Associate Consultant who recruits qualified accountants for the UK s leading accountancy firms. Ben works closely with his clients to offer a seamless and personal recruitment service which is why his successful fill rate of vacancies is over 80%. Anyone who works with Ben will confirm his personality is engaging and he will always go the extra mile for his client or candidate ben.beswick@pro-finance.co.uk ANDREW CLARK Associate Andrew currently heads up the Pro-Finance accounting & finance team that recruits across the private, public and financial services markets. He has in excess of 15 years recruitment experience and in recent years has specialised in recruiting senior finance professionals into the charity and commercial sectors andrew.clark@pro-finance.co.uk CHIMA KANU Senior Consultant Chima has over a decade of finance and accountancy recruitment experience, with the last 5 years specialising in temporary and interim solutions. He prides himself in developing long-term relationships and delivering tailored solutions with clients and candidates alike chima.kanu@pro-finance.co.uk JOANNE THOMAS Senior Consultant Joanne is a long-standing member of our Finance & Accounting team. Jo has specialised in accounting & finance recruitment across the commercial industries for in excess of ten years. She can provide pro-active recruitment solutions for part-qualified through to director level joanne.thomas@pro-finance.co.uk GLENIS PAINTSIL Consultant Glenis is a key member of our Pro-Finance team. She is recruiting across the public sector with specialities across the voluntary and not for profit sector with over 5 years recruitment experience delivering solutions for clients and candidates alike glenis.paintsil@pro-finance.co.uk Pro-Finance Recruitment Specialists

6 Public Practice Market overview 2013 has been a year where we had always hoped there would be light at the end of the tunnel and finally there is. Since 2008/09 we have been looking for signals each year that things are getting better, although interestingly, a client once remarked that this could, quite simply, be the market norm so we must adjust accordingly we are glad though that this is not the case! So we have motored through 2013 with some ease, a slight upward trend with regard to new jobs and Q4 is showing multiple green lights for a real upturn in the economy. Some of the green lights, for example, are signals from the banks that conditions are improving: they are coming into profit, more transactions are being undertaken, the property market is rising, but what does this mean for recruitment in finance? Our barometer has always been the Big 4. Over the summer, the Big 4 have indicated that they were gearing up for a recruitment drive and this was witnessed in September when several of the Big 4 released high volumes of recruitment across all service streams. There is of course an upward vacuum when the Big 4 come to the market with such volume recruitment meaning the Top 10, 20 and smaller mid tier firms fighting to hold on to talent. This rise in practice recruitment has also been compounded by rising levels of recruitment in Commerce & Industry for accountancy and finance professionals. There has been a strong demand for newly qualified and Finance level in Oil & Gas, FMCG and Financial Services. 4

7 Audit Overview Audit and assurance recruitment and salary levels have been very flat over the past year but as mentioned previously the last quarter of 2013 has buoyed this dramatically. Largely due to new opportunities within Commerce & Industry, especially at the newly qualified level, this has meant that the accountancy practices are now seeing the normal attrition that was absent for most 2012 and the start of This has, and will, prove slightly problematic as many of the accountancy practices had scaled back their ACA intakes in prior years meaning there is now a serious dearth of candidates at this level. Salaries have not yet adjusted to this surge in recruitment but it will not be long before candidates are back with multiple offers and clients offering higher salaries as a consequence. Big 4 Auditors still remain at the 43,000 with the mid tier firms hovering around 41,000. We expect in 2014 to see a 5% to 10% increase on these salaries. Audit Big 4 Public Practice Scotland North East k k Senior 60-75k Senior 58-75k 42-55k 51-58k 35-45k 38-48k 29-38k 28-35k Midlands Senior North West k 60-80k 50-58k 38-48k Senior k 60-80k 48-60k 39-48k 30-35k 28-35k East Anglia k Senior Wales k 55-70k 38-55k Senior 55-75k 40-55k 35-48k 28-35k k London 28-34k k Senior 68-90k 55-68k South West k 48-55k 39-48k Senior 56-80k Home Counties 50-58k k k Senior 62-85k 30-40k 50-65k 45-52k 38-44k Audit Mid Tier & Strong Independent Public Practices London Home Counties Midlands North East North West South West Wales East Anglia Scotland k k k k k k k k k Senior 75-88k 72-79k 59-79k 60-78k 58-76k 56-76k 55-70k 58-75k 55-75k 50-63k 48-59k 45-53k 44-54k 44-54k 45-55k 38-52k 40-55k 38-53k 45-58k 42-55k 38-48k 36-45k 34-45k 34-44k 30-40k 32-43k 31-43k 38-46k 34-42k 28-36k 29-35k 29-36k 30-38k 28-31k 26-33k 27-34k Pro-Finance Recruitment Specialists

8 Business Services and Outsourcing Overview Medium sized practices are increasingly offering business services to develop their revenue. The introduction of real time information has led many companies to outsource their payroll and accountancy functions, meaning more work for practices. These types of roles have also been attractive to candidates who are keen to later move into Commerce & Industry, giving them a broad exposure to accounting. At the more senior level this is a great opportunity for individuals with proven experience in the specialism to manage a compliance team, while providing strategic advisory services to clients. We have seen a consistent flow of opportunities from newly qualified to senior management in this area for individuals with a proven track record. The increase in US in-bound investment (and hence new subsidiaries and branches) has also increased the need for accountancy firms to staff up or start new outsourcing services. General Accounting Business Services & Outsourcing All Practices Scotland North East 60-95k 65-95k Senior 53K -70K Senior 48K -68K 38-53k 45-53k 34-45k 37-45k 30-38k 28-35k North West Midlands 65-95k k Senior 48K -67K Senior 55K -73K 44-53k 45-54k 37-46k 37-45k 28-35k 28-35k Wales East Anglia 60-95k 70-98k Senior 44K -66K Senior 52K -70K 36-50k 40-55k 33-44k 36-48k 28-35k 30-38k South West London 66-95k k Senior 49K -69K Senior 65-85k 40-51k 53-65k 39-48k 44-55k 30-38k 35-48k Senior Home Counties k 62-79k 48-60k 39-50k 35-45k 6 Pro-Finance Recruitment Specialists 2014

9 Advisory Overview The back-end of 2013 saw a strong upturn in the recruitment market for corporate finance professionals with the Top 10 firms leading the charge at Senior and level. Smaller boutique practices have come to the market with hires at Assistant and level. Typically CF salaries attract a premium (especially noted in origination/lead advisory) over more traditional accountancy and finance roles. Bonuses are still muted with the average being 20% of base salary (compared with up to 60% in commerce). The signals from banks and private equity houses is that not only is the market more active with small to medium sized deals but several (as covered in the media) high profile larger deals have occurred and are more common place. Other topical issues that have increased the need for advisory services have been pension auto enrolment and IFRS conversion. Many practices have increased head count and have found the need to offer premiums to attract the high calibre end candidates. Advisory (includes Corporate Finance, Valuations, Restructuring and Forensics) Big 4 Public Practice London Home Counties Midlands North East North West South West Wales East Anglia Scotland k k k k k k k 85, k k Senior 75-85k 65-77k 60-74k 60-73k 61-74k 62-75k 55-72k 57-73k 55-73k 58-69k 48-60k 45-58k 43-56k 42-57k 44-58k 36-50k 40-53k 38-53k 48-57k 38-52k 35-49k 37-49k 37-49k 36-48k 33-44k 35-47k 34-45k 38-49k 36-46k 32-41k 29-42k 30-42k 29-44k 28-38k 29-40k 28-40k Advisory (includes Corporate Finance, Valuations, Restructuring and Forensics) Mid Tier Public Practice London Home Counties Midlands North East North West South West Wales East Anglia Scotland k k k 65-95k 60-95k 61-95k 60-93k 70-98k 60-95k Senior 65-85k 60-79k 54-73k 45-68k 43-67k 45-69k 41-66k 52-70k 53-70k 55K -65K 46-60k 42-54k 40-53k 39-51k 38-51k 36-50k 40-55k 38-53k 45K -55K 37-50k 33-45k 34-45k 35-46k 36-48k 31-43k 34-46k 32-43k 32K -44K 30-42k 28-38k 26-38k 26-38k 26-38k 26-48k 28-40k 26-38k Forensics, Risk and Fraud This is the biggest growth area across accountancy and finance. The banks are being severely regulated post recession, and their risk is being monitored wholesale. It is not only the banks that are faced with regulation, commerce is generally too. As a consequence the accountancy firms have had to build up their risk & regulatory departments and some firms have doubled their numbers to cope with demand. Fraud and forensics has been really busy with the Big 4 continuing to grow their teams off the back of more aggressive HMRC checks and the desire for corporates to chase lost revenue themselves. Assessing anti-fraud programmes are key elements of an effective internal control structure. Many commercial organisations have a long way to go to address the challenges of fraud and corruption and this has meant some significant work for the Big 4. Fraud remains a real risk in the current economy and companies still need to address this risk in a timely and efficient manner. International regulatory requirements have also driven the demand for a robust antifraud programme, again encouraging commercial organisations to turn to their professional advisers for assistance. The knock-on effect is that volume recruitment in the fraud, risk and regulatory space has caused a small spike in the overall remuneration. Corporate Finance The corporate finance mid cap deals market has been quite consistent across 2013 with some notable larger deals (as covered in the media) being completed over the summer months. Recruitment for this sector has reflected this with the Top 20 and boutique CF and accountancy firms being active throughout the year. Hot spots have tended to be at the CF and CF Senior grades in the Top 10 practices and at Consultant and Assistant grades in the boutique firms. Market indicators continue to be driven very positively by a combination of ultra-low interest rates, continued fiscal support and generally improving economic conditions. Corporate cash balances are also at record levels and there is the real potential over the next 12 months for substantially increased M&A activity. Pro-Finance Recruitment Specialists

10 Corporate Recovery, Insolvency, Restructuring and Valuations The insolvency market has remained flat over the last 12 months. The rise of zombie companies, managing to stay alive due to low interest rates, has meant less work for the insolvency market. Much commentary on this topic suggests that this has slowed the revival of the UK economy. Consequently salaries have been flat to reflect this market. Restructuring remains strong with companies actively seeking advice from the accountancy profession as to how to streamline the business especially where they are looking at cost reductions. Internal Audit Internal audit has been surprisingly solid in that the average salary increase has hovered around 9% in practice. The mid-tier firms still have seen the majority of the recruitment as they seek to grow their public and private service offerings. IT Audit has been the strongest of all internal audit specialism. It is anticipated that 2014 will see double digit salary increases and we are already seeing the Big 4 and Top 10 firms competing strongly for the dearth of candidates available. Candidate registration of internal auditors is still relatively flat but as the news of the market recovering at a record rate spreads, the numbers will return. IAS 39/IFRS 9 Amendments to IAS 39 over the years and its replacement by IFRS 9 have kept financial services teams within the profession busy over the past two to three years. With increased complexity developing over hedge accounting, financial organisations are forced to outsource this type of work to the profession. Salaries have attracted a premium and the roles in demand tend to be at the, Senior and levels. Several well know US practices (mid tier) have come to the market very strongly in this area and offer above market rates to attract candidates with this specialism. 8 Pro-Finance Recruitment Specialists 2014

11 Commerce & Industry Market overview During 2013 we have been seeing clear signs of improvement in the commerce & industry market place. Although as a sector it continues to be candidate rich and job short, there appears to be a definite sign of a rebalancing of market opportunities. However, clients are continuing to take an extremely risk-averse attitude towards recruitment with the result that they are very particular as to whom they decide to employ. As we said in our 2013 salary survey, a candidate must display excellent interpersonal skills, as well as technical expertise. The ability to convey expert knowledge to colleagues and clients in a way that is easily understood will help give them the optimum chance of success when searching for a new position. 9

12 Energy and Utilities The energy and utilities sector continues to make the news as consumer prices rise and the companies generate substantial profits. With the onset of the winter months, there is huge pressure from the government on the main energy suppliers to reduce prices to the consumer. The opposition s stance has been to freeze prices, but the government and regulators would prefer the companies to offer greater transparency in relation to their cost structures and controls. Given the important part that the energy sector plays in the UK economy, there is likely to be increased interest on North Sea revenues as the build up to the Scotland independence reference gathers pace next year. We continue to see active recruitment levels in this sector with vacancies at all levels from newly qualified up to director level although they generally require very niche skill sets that are unique to the market. Property, Construction and Engineering There are clear signs this market is improving, with major building projects underway. The Markit/CIPS UK Construction Purchasing Managing Index for September showed that optimism in this sector is at its highest since November 2010, with housing construction activity increasing faster than it has for almost a decade. It found that the three main areas of the construction sector posted higher levels of business activity in September. Residential construction was the strongest performing, with the latest rise in output the fastest since November Commercial construction activity increased at the most marked pace since May 2012, while growth of civil engineering activity eased from August s recent high. Recruitment activity remains at the newly/recently qualified level with businesses looking for the first movers out of public practice into financial control and often internal audit type roles. Commerce & Industry Part-Qualified Qualified (PQE 2-5 years) Qualified (PQE 6 years+) Interim/Temporary Pay rate ( K per annum) Pay rate ( per day) CFO n/a n/a n/a 140k Finance n/a n/a n/a 120k Finance Controller n/a n/a 60-90k k FP&A n/a n/a 55-75k 65-90k Finance 35-45k 44-52k 48-60k 55-70k Group Accountant n/a 42-52k 45-58k 48-64k Project/Systems Accountant 35-45k 40-50k 45-55k 50-60k Commercial Analyst 38-48k 42-52k 45-58k 48-64k Financial/Business Analyst 38-48k 40-50k 45-58k 52-62k Financial/Management Accountant 35-42k 38-48k 45-55k 50-60k INTERNAL AUDIT Head of Audit n/a n/a n/a k Audit n/a n/a 55-70k 60-80k Auditor 25-40k 40-48k 45-55k 50-60k Telecoms, Technology and Software Increasingly in the news in the latter half of 2013 with the concerns about the US National Security Agency surveillance activities, if there is one area that has seen, and continues to see massive development it is telecoms, technology and software. This sector will have an important role in the UK s economic recovery. The UK technology sector has outperformed the rest of the UK private sector in terms of employment growth over the past ten years, with UK tech companies more confident about the business outlook than firms in other industry sectors, and growth expectations well above the UK private sector average. Despite this, the recruitment process in this sector remains slow. Clients are looking for very specific skill sets and they will not show flexibility to their requirements. As confidence continues to grow, it appears this market will improve. 10 Pro-Finance Recruitment Specialists 2014

13 Retail and FMCG As in the past few years the retail and fast-moving consumer goods market remains extremely challenging, particularly as consumers find the cost of living rising faster than their income. Although the UK s economy has shown signs of improvement during 2013, the high street continues to struggle. A recent BRC/Springboard Footfall Monitor showed that footfall in September was 2.4% lower than a year ago, down on the 0.9% fall in August. This compares with particularly strong figures a year ago when footfall rose 0.5% in September On the other hand, online business is booming: the BRC/KPMG online retail sales monitor found that online sales of non-food products in the UK grew 13.4% in September compared with the previous year. Recruitment activity continues to be slow, although there is probably greater scope within online markets. Businesses need to attract high quality strategic thinking finance professionals who can think beyond the figures and add value to the strategic direction of the brands. Part-Qualified & Transactional Perm Pay rate ( K per annum) Temporary Pay rate ( per day) Media and Entertainment Finalist 34-44k Intermediate Studier 28-38k Transactional 30-45k (includes: AP/AR/CC/Payroll) Transactional 26-40k (includes: AP/AR/CC/Payroll) Assistant Accountant 26-35k Transactional Officer 22-30k (includes: AP/AR/CC/Payroll) Graduate 18-25k Media and entertainment businesses continue to take advantage of constant digital innovation to improve operations and customer experience. Consumers worldwide increasingly use the internet and smart devices to access content and, while most commentators expect traditional, non-digital media to continue to dominate overall, future media and entertainment spending globally will be in digital. Within this market we have seen a requirement for strong commercial accountants with excellent knowledge of financial and business analysis that would include pricing and costing. The demand for high quality finance talent will continue due to the fast-moving and competitive nature of the sector. UK Hospitality and Leisure After a poor start in the first half of 2013, the hospitality and leisure sector has seen some improvement in the summer and autumn months. Occupancies in London have been above 80%, with the city in effect full five and half nights a week. Rates may no longer be as high as they were during the summer of 2012, but look set to rise again in Similarly, in the regions, occupancies been climbing since July, and this growth is expected to continue throughout Recruitment has generally been slow across the market, although there has been a requirement for interim and contract accountants to support the seasonal requirements. Professional Services 2013 has been a year of change for the professional services sector with strategy and regulatory changes creating a need to adapt and drive new revenue streams. Following a positive year within the accountancy firms, the Big 4 have seen a continued requirement to expand staff level across the business. The major firms within the Top 20 have seen their finance function adapt leading them to develop an increased appetite for candidates with commercial finance skills to support the business strategy. Within the legal market, many of the firms have been through a series of structural changes that has resulted in business model changes and an increase in merger and acquisition activity to increase scale and global activity. Pro-Finance Recruitment Specialists

14 Banking & Financial Services Market overview The Financial Services sector as a whole has benefited from the increase in bank lending to the private sector. This has in turn not only created more transaction work for Commerce & Industry but also for the banks themselves. The renewed confidence in the Financial Services market has been buoyed by the positive results posted by such banks as RBS and Lloyds. Small indicators such as the rise in need of newly qualified ACAs into the banking market suggests that the wheels are once again beginning to turn in the Financial Services market. While the market generally has rallied very strongly in the last quarter of 2013, the Financial Services market has been somewhat slower but the overall indications from Heads of Finance is that 2014 has all the signs of being the strongest since 2009 and we are expecting record levels of recruitment. 12

15 Investment Banking This has been a strange 12 months for investment banking with a flat Sell-Side and Buy-Side. As you will have read above, corporate finance has seen a stronger resurgence than was initially anticipated in Q4 of We have seen a fairly regular flow of Analyst roles but more so at the 2-5 year level has been earmarked by Senior Investment Bankers as the year that sees the return of high profile deals and the return to normal trading. Q4 of 2013 was exceptionally positive and it has left a very pleasurable taste in the mouth going into Hedge Funds Hiring has been constant across finance for the majority of the year with internal promotions. We have seen an increase in entry level roles to train people. Top calibre graduates were typically recruited for the roles. With tight regulations in place for hedge funds we have seen a change in the infrastructures across employees. With the demand to improve internal controls and management we have seen an increase in taking on interim staff to work on projects. With an increased number of candidates wanting to move to hedge funds from investment banking, employers are seeking candidates with very specific skill set and experience. Banking & Financial Services Part-Qualified Qualified (PQE 2-5 years) Qualified (PQE 6 years+) Interim/Temporary Pay rate ( K per annum) Pay rate ( per day) CFO n/a n/a n/a 140k Finance n/a n/a n/a 110k Group Accountant n/a n/a n/a 100k Senior Vice President n/a n/a n/a k Vice President n/a n/a 60-80k 70-90k 400+ Financial Controller n/a n/a 60-75k 80-90k Financial Accountant 35-45k 45-55k 60-70k 65-75k Treasury Accountant 40-50k 50-55k 55-65k 65-75k 400+ Assistant Treasury 30-40k 45-50k 50-60k 65-85k 350+ Regulatory Accountant 55-60k 60-75k 65-80k 75-90k Credit Risk 45-55k 55-60k 60-75k 75-85k Management Accountant 35-45k 45-55k 55-60k 65-70k Product Control 35-45k 48-60k 63-80k 70-80k Fund Accounting 28-35k 45-60k 45-58k 61-75k Internal Audit 45-60k 60-75k 45-55k 75-90k Project n/a n/a 60-75k k 600+ Business Analyst n/a n/a 70-85k 85-95k 500+ PMO n/a n/a 50-60k 65-70k 250+ Compliance n/a n/a 45-55k 60-75k 400+ MLRO n/a n/a 60-80k k 400+ AML Officer n/a n/a 45-55k 55-60k 250+ Pro-Finance Recruitment Specialists

16 Insurance There are some unique environmental trends at play that will affect insurance hiring trends due to decentralising from London into the regions. However the insurance industry is looking more positive about hiring than it was six months ago. When speaking to a number of our clients we have seen an appetite to add staff during the next year due to business expansion and regulatory issues. We have seen an increased number of actuarial jobs, clients wanting experienced actuarial professionals who have exposure to solvency work. Retail Banks Focusing on the mergers and acquisitions in the market, we have seen an increase in retail banks pushing profitable products forward to deliver growth and many banks have tried to improve customer service at the branch level to restore confidence and increase loyalty has created more compliance and risk jobs in the retail banking sector with the transition from the Financial Conduct Authority to its replacements. Middle East Banks The Middle East is one of the world s preferred destinations for investments for global organisations and even small to medium sized businesses are taking advantage. Employment opportunities in the Middle East have grown at a fast pace, with companies adding to their headcount in We are seeing more dynamic job opportunities growing in Qatar and Saudi Arabia. Candidates have shown great interest in working for Arab banks in London and the Middle East, because they offer more competitive packages and salaries compared with London banks, overall there has been a change in people international outlook and mobility more than 60% would consider a move abroad to take advantage of these opportunities and in turn increase their potential earnings. 14 Pro-Finance Recruitment Specialists 2014

17 Public Sector & Not for Profit Market overview This sector is beginning to show clear signs of improvement but continues to be very cost conscious as spending cuts remain the order of the day. Recruitment into the sector is flat; salaries are expected to remain stable, with finance leaders and organisations recruiting for specific projects or like-forlike replacements. The sign off process for recruitment remains a challenge, clients will only commit when a robust process is complete. From the recruitment perspective, there has been a continued requirement to attract highly commercial individuals who will add value to the strategic direction, risk reduction and process improvements of the organisation. Fundamentally, the market is showing signs of improvement but despite this salary levels are not improving. The market is candidate led with some accepting lower level salaries than they would otherwise be worth. 15

18 Charities and Voluntary Sector Organisations in the charities and voluntary sector continue to be wary about spending money, preferring to control revenue. This is despite some of them generating more income than they have done before, albeit that this is often due to more efficient and targeted fundraising. When an organisation does decide to introduce new people, the requirement is for commercially focused and operational finance professionals. As well as finding new ways of raising finance, these professionals have also to support the organisation s core strategy and vision. Government (Local and Central) This sector continues to be under a lot of pressure to reduce its costs while reducing budgets and spending. Recruitment for permanent staff in this market is slow, although there has been a continued need for experienced interims to support organisations during periods of high workload and to support the introduction of change and project management solutions. Public Sector & Not for Profit Part-Qualified Qualified (PQE 2-5 years) Qualified (PQE 6 years+) Interim/Temporary Pay rate ( K per annum) Pay rate ( per day) Finance /CFO n/a n/a 60-85k 80k Head offinance/finance Controller n/a n/a 45-70k 65-85k Chief Accountant n/a n/a 40-58k 50-75k FP&A n/a 37-45k 42-55k 45-70k Finance 30-37k 35-45k 40-55k 42-65k Project/Systems Accountant 30-37k 35-45k 36-50k 48-60k Financial/Business Analyst 30-37k 35-45k 36-52k 40-55k Financial/Management Accountant 28-35k 34-42k 38-48k 40-53k INTERNAL AUDIT/REGULATORY/COMPLIANCE Audit (Head of ) n/a 38-46k 40-50k 42-60k Auditor 26-33k 30-44k 38-50kk 40-55k Housing This area is becoming more positive. Registered social landlords have moved from having a public sector mind-set to becoming very commercial in their outlook, running limited company businesses and being very much in control of their own destiny. As a result, recruitment in this sector has remained consistently buoyant, with the desire to attract commercially focused individuals who can provide first class management information to the senior management teams to increase growth opportunities. Part-Qualified & Transactional Perm Temporary Pay rate ( K per annum) Pay rate ( per day) Finalist 34-42k Intermediate Studier 26-36k Transactional 30-42k (includes: AP/AR/CC/Payroll) Transactional 26-35k (includes: AP/AR/CC/Payroll) Finance Officer/ Assistant Accountant 25-34k Transactional Officer 22-28k (includes: AP/AR/CC/Payroll) Graduate 18-25k Education The education sector continues to be under pressure to provide value for money. With seemingly constant change such as the introduction of academies and free schools allowing schools more autonomy over how they spend their budgets, we have begun to witness a pattern that finance professionals working in this sector will need experience in change and project management to support the challenging and rapidly changing environment. NHS Although the NHS was excluded from the worst of the austerity measures, it is still subject to cost-saving measures. The government is requiring the NHS to make changes to improve operational effectiveness and streamline services, which has resulted, for example, in often highly publicised closures of specialist wards and centres of excellence being created covering larger areas. It is expected that demand for new talent will increase, although it is interim and contract professionals who are likely to be taken on to undertake specific project because this results in fewer long-term costs than that of full-time employees. 16 Pro-Finance Recruitment Specialists 2014

19 Interim & Contract Market overview We are seeing businesses continue to use interims as they continue to remain resistant to permanent recruitment. There are two main reasons for using interims. First, it is a way of making sure that an individual fits a particular role before committing to that individual. Second, interims are not classed as full-time employees and are therefore a less costly resource. Now the economy is showing signs of recovery, businesses are starting to become more confident about the future and identify clear areas for growth. Finance teams are needed to support the new business, but they are likely to be under-resourced where staff have not been replaced or made redundant during the economic downturn. Rather than immediately recruiting new permanent people, we expect to see an increase in recruiting on an interim contract basis while the full assessment of the requirement is established. Professional interims can do very well financially and the best ones with solid CVs and proven experience and expertise are in high demand. That said, our experience is that clients are extremely particular about whom they take on, and it often, like permanent recruitment campaigns, takes time to place interims. Candidates often have to go through lengthy recruitment processes, possibly undergoing at least two interviews before the client makes a final decision. Outlook for 2014 While the UK economy continues to improve and growth develops throughout the market, as we move into 2014 we expect to see an improvement in recruitment activity across all sectors. It is unlikely to explode, but as businesses that have downsized and managed over the past few years begin to see improved production and profitability, they will need more finance professionals to deal with the increased workload and new business activities. 17

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