Search for finance stars

Accounting, banking and finance candidates must show they have people skills and can provide creative solutions. Photo / Getty Images

Unsurprisingly, the accounting, banking and finance sectors were some of the first to go down when the global financial crisis (GFC) struck in 2007. But the upside of being one of the first to go down is that you are one of the first to come out.

So while the champagne is certainly not flowing in our banks and accounting firms, they are once again helping their healthy clients do deals and build their businesses.

And so the merry-go-round of the financial job market starts turning again as the brightest and the best look to move on.

For employees anxious to change roles, they will have to be good at selling their abilities as employers are anxious not to take risks.

Accountants will have to be ready to show that they have creative solutions for companies.

Hannah McQueen is director of enableMe, a firm that describes itself as a financial personal trainer.

She has also been hiring more staff for a new business accounting division and is buying small accounting firms to expand further.

McQueen's recruitment criteria is demanding. "In a lot of ways, I'm even more determined not to settle - I want people who understand business.

"Accountants can tell you the numbers, they can tell you what you have done last year, but they need to be able to offer strategy. They need to be able to look at the picture and understand the risks that companies face. It's not helpful to say you must increase your sales - tell them how. People want partners who will help them grow the business."

She adds: "It's quite scary for people in business at the moment - they want to know that someone on their team can help them."

Companies are looking to their financial advisers to help improve cash flow, says McQueen. It is also crucial that accountants have good people skills. "They have to be really good at communicating to different people in different instances."

McQueen's fast-growing small business is not the only one recruiting. There is also good news from one of the country's largest accounting firms, PriceWaterhouseCoopers, which currently has 74 positions open across New Zealand, up from 40 in June, according to CEO Bruce Hassall.

"And these are right across the board, from the areas of corporate finance, consulting to the assurance practice," he says.

Client work is definitely up, he says. "We are seeing a definite upward momentum in the mergers and acquisition sector." New Zealand Search begins for top finance stars corporates that survived the last 12 months and are in good shape, plus some private equity players and overseas players, are all looking to move, he says.

Meanwhile, the firm's graduate recruitment programme is going strong. Although 110 young people were recruited earlier in the year, Hassall wants more and is looking for a wide range of skills.

While business graduates are typically qualified in accounting, business, assurance and taxation, there is an increasing demand for graduates with an IT background, economics, consulting strategy, corporate finance and treasury qualifications.

Hassall believes hiring will become increasingly competitive. "I think that early 2011, the talent war will be back in full swing and it will be across the board."

According to Robert Walters managing director Richard Manthel, finance sectors internationally have been improving since the end of last year. The New Zealand financial services sector went through a dip, but not wild swings, he says.

"In finance and accountancy, as companies are looking to have new people or replace people leaving, the activity in the last three months has been very, very good," says Manthel.

But "the market is patchy. Some companies are confident, some are sitting on their hands."

At senior levels, the market is likely to free up less quickly, says Liz Nixon, manager of finance permanent at Robert Walters.

She says if you are a mover and shaker at senior levels, this is not the market for you. She will take this message to London in a few weeks when she interviews 80 finance candidates who are keen to return to New Zealand.

For those at mid-level who earn between $80,000-$120,000, there are opportunities.

But she cautions that the really "sexy" finance jobs are few and far between at the moment. The roles being advertised are on the technical side - tax positions and ones in finance accounting, rather than senior analyst or commercial roles.

The contractor market has always been an important part of the recruitment market in financial services as contractors help bear the load at busy times of the financial year.

Robert Walters found the contracting business for the first half of this year was at low levels but the transactional side was busy.

And now there are more opportunities at senior levels. There has also been an increase in maternity cover roles. As the finance recruitment market becomes more active, staff retention will be a challenge again.

Retention concerns are growing, agrees Megan Alexander, general manager of recruitment firm Robert Half. For many finance executives, they remain under a lot of pressure to work long hours because of lean staff levels. And they will not put up with these conditions forever.

She says more people are moving for better opportunities with similar salaries. There have been minimal salary increases throughout the market, with raises just following inflation.

Some employers - anxious not to exhaust their top talent - are boosting the contracting market by bringing contractors in to help permanent staff through busy periods.

ON THE MOVE

*In 2009, 53 per cent of accounting, banking and financial-service companies in the Asia-Pacific region retrenched staff.

*In 2010, the mood is positive with 41 per cent intending to hire.

*Attracting staff seen as biggest challenge.

*Roles in high demand cover a wide spectrum from accountants through to customer-service staff.

*64 per cent of employees expect a pay rise above 5 per cent, 74 per cent expect a bonus.

*26 per cent say better pay key driver to change jobs.