Companies in the financial services market are looking for a broader range of skills from corporate financiers, according to the results of the annual salary survey conducted by Robert Walters, the recruitment specialists. The global survey offers insights into both salaries commanded and current trends within each sector of the market, including corporate finance. Key findings are as follows:
· A shift from a company-driven to a candidate-driven market
· Remuneration packages have become increasingly important to secure a diminishing pool of high calibre recruits
· Top candidates are receiving multiple offers for first time in 18 months
· The shift to IAS and regulatory changes such as Sarbanes-Oxley have boosted finance, accounting and legal recruitment.
?The market is increasingly demanding more skills from prospects, with foreign languages featuring prominently for roles in top tier banks,? says Andrew Chancellor, director of corporate finance recruitment at Robert Walters, adding that the slew of new accounting standards, by putting the emphasis on the technical aspects of accounting, has also seen a demand for those finance executives with an understanding of the more complex aspects of the regulations. ?The technical aspect of accounting has become very complex and those with an understanding of credit derivatives, for example, are seeing significant increases to their salaries.? A newly qualified accountant, says Chancellor, could, for example, expect to receive a starting salary of between £50 to 55K in 2004, an increase of between £8K to £13K over 2003.
For treasurers and CFOs and FDs working within the finance sector salary prospects are also healthy. ?The finance function has become far more important within corporates,? says Chancellor. ?Corporates are more conscious than ever of its real value and as such see the value of employing the best.? But employing the best costs and treasurers within the financial sector are seeing salaries rise 5% to 10% year-on-year.
?There is a real shortage of high-calibre corporates and we [Robert Walters] are having to search worldwide for the very best talent,? says Chancellor. And what can the very best expect in terms of remuneration? A decent base, bonus, pension, and a lifestyle /work balance.
