Roles in demand across Specialist Markets
Roles in demand across Specialist Markets

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Professional Services

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General

06/10/20

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2020 has been an unexpected year across the world, and it has been crucial to monitor and deal with all the effects of the Covid pandemic in business and in our personal lives. Amidst this crisis we have also had the uncertainty surrounding Brexit looming over us, which has left many businesses trying to deal with the immediate challenges to society and the economy at large. The effects of both have been felt, and we can see this within the jobs market.   As experts within specialist markets we have been privy to fluctuations within specific industries. Below are some of our observations across the market.Custom and duties tax specialists We have seen an increase in activity and growth across custom and duties tax specialists for large import/export FTSE businesses. Particularly businesses are looking for candidates on an interim basis to make sure effective processes and controls are implemented. This is an evolving space and once we have further clarity we expect demand to increase. In the last 6 months, we’ve seen an increase in recruitment activity from businesses in industries such as food manufacturing and FMCG that have had an increased demand for their products on the back of lockdown. In addition to this, businesses that do a significant amount of importing and exporting see customs and duty as a key area of focus with Brexit looming, and we have advised and recruited for several clients who have required specialist knowledge. This is a niche skill set that can be provided at premium rates by consultancy firms, but there is a recent trend to bring this expertise in house. The cost of doing this would be in the region of £40-50k for a perm hire and c£250 per day for a temp hire - watch this space if you're a candidate within this market.  Audit and riskAudit and risk have also experienced an increase in resource on both the temporary and permanent markets. As organisations seek to learn effectiveness lessons from the crisis they require resource to conduct and undertake Covid specific reviews. In addition, the offering of flexible working arrangements also provides a great opportunity to test network capabilities as well as controls across user access, disaster recovery, business continuity, as well as high level IT controls testing to ensure remote working does not compromise the risk appetite of the business. Start ups Over the past 6-12 months we have also undertaken a number of start up engagements, helping businesses recruit permanent heads of department to develop strategy internally. This is a trend we expect to continue as businesses look to cut spend on consultancy fees and take ownership of these disciplines, ensuring a consistent level of quality and cost efficiency.  To view more of our live roles, visit our job search page.

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Amidst this crisis we have also had the uncertainty surrounding Brexit looming over us, which has left many businesses trying to deal with the immediate challenges to society and the economy at large.

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David Clamp

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David Clamp

David Clamp

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David Clamp

Future prospects for the professional services market
Future prospects for the professional services market

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Professional Services

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General

30/09/20

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What should we expect from our current market, and what is the future for roles in professional services? In times of crisis, the accountancy industry tends to thrive. But will the profession still be a stable career choice in the months and years to come post-Covid19? New research would suggest a resounding yes! The Association of Accounting Technicians (AAT) shows that the accountancy and finance sector is seen as the third most stable profession, behind health and pharmaceuticals and teaching, which is good news indeed. " A downturn will, at some stage, lead to an upturn in the market. The 2008 recession is testament to that. Accountants found themselves in demand to help companies restructure, identify unnecessary expenditures and navigate complex – and possibly advantageous – tax laws. With this in mind, what are the prospects of securing a new job in accountancy over the coming year?Prospects over the next 12 months“Finance is recession-proof,” says my colleague Karen Chilton who adds her insight on the recruitment landscape for an article in the AAT.“Accountancy isn’t a luxury for business: it’s important.”In the immediate future, accountants will be busy, as companies dealing with the financial havoc caused by the coronavirus, and certain sectors will profit. Karen continues: “we have seen an increase in vacancies for insolvency practitioners; something that’ll become increasingly important over the next few years.”The surge in insolvency/restructuring experts is perhaps no surprise given that the revenue streams of many firms have been decimated by coronavirus, meaning they’ll be looking to cut costs and consolidate resources.Prospects over two to five yearsWhen the financial crisis triggered by Covid-19 subsides businesses will want to future-proof themselves, if this happens again, to make sure that all staff are upskilled and able to work across multiple sectors. Also, data analysis will be key, and an accountant with this knowledge will be in demand. The skill set will be someone with good accountancy skills, with the ability to interpret data to highlight where opportunities might be within a business, or new markets they can access, or even make businesses more lean.Accountancy practice prospects going forwardThere could well be more openings within the accountancy practices due to clients needing increased help/advice when dealing with the economic chaos unleashed by Covid-19. This presents a good market for young job-seekers.Coupled with the government’s furloughing scheme complicating payroll runs for many companies, smaller practices will need to take on people to perform these tasks. A payroll assistant, and software packages that they use, may become a sought after commodity.Audit opportunities in the futureDue to changes in audit regulations, second-tier firms will find audit assignments pushed out to them, rather than the big four, so there could be opportunities within these firms. These second-tier firms will be good places for accountants to find work, because they will be getting busier, and will want to find quality candidates.Please visit our dedicated professional services page for more content, opportunities, and advice. 

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What should we expect from our current market, and what is the future for roles in professional services?

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus

The changing role of the audit professional, is the dynasty and monopoly on large listed audit over?
The changing role of the audit professional, is the dynasty and monopoly on large listed audit over?

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Professional Services

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General

13/11/19

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As a manager in the audit, accounts and tax team at Marks Sattin, I take an interest in anything audit related. In fact, my favourite time of the year is the end of October, when the yearly top 100 Accountancy Age list is published! Having worked in this industry since 2012, I have seen the trends, and the changes, particularly in what is needed by the modern day auditor, and how this is constantly changing in line with market trends and general turbulent times. With fierce competition, and the increase in the number of service lines that firms offer, the modern day auditor needs to have it all! Auditors need to feel comfortable in many different areas such as accounts, tax and outsourcing, when servicing customers. There is also a huge focus on the softer skills like communication, influencing and negotiation. This is now a bonus to being able to technically complete the job, with an exam qualification tied in. This is one of the major changes that I have noticed in the professional services industry over the past five years. The other change we’ve noticed is within the Big 4, where there have been a number of high profile audits at firms such as KPMG with Carillion, PWC with BHS, Deloitte with Serco, EY with Thomas Cook, which have not portrayed the firms in a favourable light for a number of reasons. We have seen these audits result in fairly significant fines, as well as uncalculated damages to credibility. This has been affirmed by suggestions made within the professional services related press. It would seem as if the industry in general has had enough, and is looking to a higher power to rectify this situation. This may well be about to happen with the UK Government weighing up a proposal from the competition watchdog that would force all large listed businesses to appoint one Big 4, and one non Big 4 firm, to conduct joint audits. David Herbinet, global head of Mazars, echoed the change or shift towards non Big 4 firms having a seemingly unbreakable monopoly by saying, “We’ve had more invitations to tender for audits in the FTSE 350 market in the last six months than we have in the last ten years”. Scott Knight, BDO’s head of audit, supported this trend by saying that he had seen an “unprecedented” rise in demand. It has also been reported that FTSE 100 insurer, Prudential, and house builder, Taylor Wimpey, which are audited by KPMG and Deloitte respectively, have held early-stage conversations with “challenger” firms, including BDO and Mazars about switching their auditor. Fiona Baldwin, Head of Audit at GT, said that although it was “too early to tell” if attitudes amongst FTSE 350 audit committees were changing, she noted “we’re still being invited to tender, which is a positive sign”. Over the next couple of years, we expect the role of the auditor to continue changing, and the rise of challenger firms to steady. The insistence on Big 4 firms to complete an audit to a high standard represents a change for the better, which is good news for everyone. Non Big 4 or challenger firms will take a bigger slice of the “audit pie”, resulting in Big 4 firms not being so stretched for time and being able to complete a higher standard audit. It will be interesting to see these shifts happen, and be part of the process, as a recruitment partner to both Big 4 firms and non Big 4 firms. If you’re interested in learning more about our live roles, or would like to learn more about how we can help you with your recruitment strategy, please contact us for a confidential discussion.

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As a manager in the audit, accounts and tax team at Marks Sattin, I take an interest in anything audit related. In fact, my favourite time of the year is the end of October, when the yearly top 100 Accountancy Age list is published!

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus

Market Insights 2019 | Specialist Markets, London
Market Insights 2019 | Specialist Markets, London

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Professional Services

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Market Insight Reports

28/08/19

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Corporate Finance & Transactional Services The hiring boom that characterised the early part of 2019 for the corporate finance space in Europe has sadly not been replicated in London. Centres such as Amsterdam, Luxembourg, Paris and Frankfurt have become the European destinations preferred for expansion by multiple London based advisory and investment banking firms. Accounts & Assurance Despite the economic uncertainty caused by Brexit, 2018 was a positive year for practice recruitment with a steady demand across external audit and assurance. This trend continues into 2019, with scarcity of talent across all of professional services, jobseekers are in a strong bargaining position and able to weigh up multiple offers. Noticeably, firms who are providing study support packages and clear progression are seeing better staff retention rates – a factor which has also contributed to the shortage of candidates overall. Internal Audit The internal audit market has remained stable throughout this year, with increased activity at senior level. The turnaround at this level has been quick with candidates eager to make their next move, as well as more passive candidates expressing interest. Taxation It was a buoyant year last year for opportunities within the various tax specialisms. The introduction of MTG (Making Tax Digital) coming into effect at the turn of the year, combined with preparations around Brexit, resulted in a shift in hiring trends and the establishment of new skill sets. The introduction of US tax reform has also led to a strong focus on business tax advisory teams within in-house functions. Download the full Specialist Markets 2019 Market Insight Report »  View salaries and commentaries in other UK regions and Ireland »

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The hiring boom that characterised the early part of 2019 for the corporate finance space

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus

Clear career paths for Irish practice professionals
Clear career paths for Irish practice professionals

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Professional Services

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General

07/08/19

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Ireland’s impressive economic revival continues to gather pace, driven by further growth in the labour market and an uplift in private investments. A significant positive development is the rising employment across the country. Even the west, where recovery has lagged behind the rest of the county, is registering robust job growth, with 5,100 new jobs on the market over the past 12 months. Growth is also very evident within our accountancy firms, who are concentrating on exploiting our economic revival as much as possible. There are great opportunities to help clients capitalise on indigenous and international business opportunities, and practice accountants are working hard under the radar to add real value by making informed decisions. This has led to increased demand for commercially astute accountants who have strong business acumen and are able to work with clients in a consultative capacity.  Intense competition for candidates  The increasing complexity of reporting standards in Ireland, coupled with changes to audit requirements, has put additional pressure on small to medium sized practices. They currently face intense competition to secure technically strong, well trained accountants in a market where public practice firms are paying a premium to secure suitably qualified candidates.  Clear career paths for practice professionals For those who decide to stay in practice in Ireland, career paths tend to be well defined and reasonably transparent. In order to attract and retain the best people, progressive practices are enhancing their benefits packages as well as focusing more on delivering effective CPD, providing a high level of client exposure and helping staff develop business acumen. As the role of the practice accountant evolves from a mainly statutory reporting position into a more consultative role, those at manager level and above are enjoying fulfilling careers where they are able to add tangible, measurable value to clients whilst also driving the growth of their practice. So, if you’re considering a new opportunity within an accountancy practice firm in Ireland, don’t hesitate to get in touch by emailing dublin@markssattin.com. There hasn’t been a better time to make your move in the last decade - the economy is buoyant, wages are increasing and inflation hasn’t dramatically increased. If you’re not considering a new opportunity in Ireland but know of someone who is, we're are offering a €1,000 referral reward for any successful referrals*. Please reach out to dublin@markssattin.com to find out more.  

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Ireland’s impressive economic revival continues to gather pace, driven by further growth in the labour market and an uplift in private investments.

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Matthew Fitzpatrick

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Matthew Fitzpatrick

Matthew Fitzpatrick

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Matthew Fitzpatrick

Specialist Markets | Audit & Assurance 2018 Market Insights in London
Specialist Markets | Audit & Assurance 2018 Market Insights in London

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Professional Services

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Market Insight Reports

21/08/18

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View audit & assurance market salaries within specialist markets. Download the full London Specialist Markets 2018 Market Insight Report here » AUDIT & ASSURANCE    Job title    Salary range  Junior | Part Qualified £30,000 - £38,000  Senior | Qualified £45,000 - £50,000   Assistant Manager £50,000 - £55,000   Manager £55,000 - £68,000  Senior Manager/Associate Director £70,000 - £90,000  Director £100,000 - £130,000   Partner £150,000+   ACCOUNTS/OUTSOURCING    Job title    Salary range  Junior | Part Qualified £24,000 - £30,000  Senior | Qualified £34,000 - £43,000   Supervisor/Assistant Manager £42,000 - £50,000   Manager £54,000 - £65,000  Senior Manager £65000 - £80,000  Director £85,000 - £120,000   Partner £150,000+ View London salaries in other sectors within specialist markets »

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View audit & assurance market salaries within specialist markets.

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus

Yorkshire: Professional Services 2018 Market Insights
Yorkshire: Professional Services 2018 Market Insights

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Professional Services

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Market Insight Reports

21/08/18

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View professional services salaries in Yorkshire. Download the full Yorkshire 2018 Market Insight Report here » AUDIT  Job Title Salary Range  Senior | Qualified £30,000 - £37,000  Assistant Manager £36,000 - £45,000  Manager £40,000 - £55,000  Senior Manager £50,000 - £70,000 TAX  Job Title Salary Range  Senior | Qualified £32,000 - £40,000  Assistant Manager £38,000 - £45,000  Manager £45,000 - £70,000 CORPORATE FINANCE  Job Title Salary Range  Executive £36,000 - £45,000  Manager £44,000 - £55,000  Senior Manager £54,000 - £80,000  Director £75,000 - £120,000   View salaries in other sectors within Yorkshire »

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View professional services salaries in Yorkshire.

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Rafi Davies

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Rafi Davies

Rafi Davies

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Rafi Davies

Specialist Markets | Taxation 2018 Market Insights in London
Specialist Markets | Taxation 2018 Market Insights in London

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Professional Services

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Market Insight Reports

21/08/18

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View taxation salaries within specialist markets. Download the full London Specialist Markets 2018 Market Insight Report here » TAXATION    Job title    Salary range  Tax Senior/Assistant £35,000 - £45,000  Tax Assistant Manager £45,000 - £60,000   Tax Manager £60,000 - £80,000   Tax Senior Manager £80,000 - £115,000  Tax Director £120,000 - £200,000  Tax Partner £220,000+ View London salaries in other sectors within specialist markets »  

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View taxation salaries within specialist markets.

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus

Specialist Markets | Internal Audit 2018 Market Insights in London
Specialist Markets | Internal Audit 2018 Market Insights in London

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Professional Services

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Market Insight Reports

21/08/18

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View internal audit salaries within specialist markets. Download the full London Specialist Markets 2018 Market Insight Report here » INTERNAL AUDIT    Job title    Salary range  Associate £60,000 - £70,000  Assistant Vice President £75,000 - £85,000   Vice President £110,000 - £130,000   Director £150,000 - £190,000 View London salaries in other sectors within specialist markets »  

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View internal audit salaries within specialist markets.

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Josh Rufus

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Josh Rufus

Josh Rufus

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Josh Rufus