The research highlights a new skills gap for finance departments who want to make the transition from traditional accountancy to add extra value across their organisations, including optimising the performance of the business, providing support for better business decision-making, and improving risk management throughout the organisation.  Our research shows that the vast majority of finance teams see the requirement to change, but lack the right people to put it into practice. 

Finance needs specific talent programmes to identify and develop business partners, and manage their careers, in a structured way.  Job rotation, foreign assignments and job shadowing have a role in facilitating the necessary skills and experience.  Attracting finance personnel with the right profile may require a rethink of traditional career paths for finance executives: aspiring finance business partners need to see that there are clear and exciting opportunities to further develop their careers within the business.

Talent programmes will include plans for hiring the right finance people to become business partners.  The majority of executives in our report (70%) are looking externally to hire those individuals: more than a third (35%) will hire additional permanent staff, the same proportion (35%) will hire interims and only 30% plan to develop existing talent in-house.

Click here to download a copy of the Robert Half Management Resources Business Partnering report.

When you first move into Internal Audit the majority of recruiters and hiring managers will make it clear that after a couple of years (give or take) there will be the opportunity to move into the wider business. However the key point that is often not mentioned is that the responsibility for facilitating this will more than likely be yours. Internal Audit gives you the opportunity to really get to know a business. You will see more departments than your peers, and hopefully interact with a broader range of Managers and Directors. Good Internal Auditors will build positive relationships with these contacts in order to perform their job more effectively. However this is where many people trip up. 

If your goal is to progress into the wider business, then you should consider your future career aspirations when building these relationships. Which teams would you be interested in joining? Which roles might you be in a position to take on? Who might be your future Manager/Director? 

When, after a couple of years, you put yourself forward for a position, you want to know that the hiring manager knows who you are, and has seen the quality of your work and the positive way you interacted with their team. Hopefully, if you network particularly well, you will find opportunities being offered to you without you even having to apply. 

Unfortunately we often see individuals who work extremely hard, and are nothing but diligent, but have not considered the above whilst going about their work. They then find it difficult to stand out from other internal applicants when they apply for roles outside of Internal Audit. 

This follows on to the wider point, that ultimately you have to drive your own career, even the best of managers will rarely be able to do this on your behalf. You may not have a long term goal, or a clear strategy on how to get there, but you do at least need to bear in mind your next step. What are you doing on a daily, weekly, monthly basis to facilitate the next move you want to make?

The average annual basic salary stood at £92.6k compared to £92.1k in 2012. Bonuses have also remained the same with an average bonus of £21.3k, compared to £21.2k in 2012.
 
The pay gap between male and female ICAEW Chartered Accountants has narrowed, the average basic salary for female accountants under 30 is now 97% of their male counterparts, compared to 92% the year before.
 
Stephen Stott, Chief Executive of Stott and May Professional Search, commented: “No surprises. This year’s survey reflects the concerns and vicissitudes of both the UK and global economies. Business confidence is as weak as I can remember and it is inevitable that the accountancy profession has seen only small or no pay increases. I am confident that, as the economy grows and enterprises succeed, ICAEW Chartered Accountants will be among the first to be recognised and rewarded.”

ICAEW Chartered Accountants who qualified more than 20 years ago have seen their average basic salary grow, to £105,000 in 2013 from £103,300 in 2012.
 
Those at Chairman, Chief Executive, Managing Director and Chief Operating Officer level, continue to be the highest earners with the largest remuneration package totalling nearly £200k. Those who were finance managers, analysts or management accountants had the smallest package at £66k.
 
Across different business sectors, the insurance, financial services, healthcare and pharmaceutical sectors as well as energy, water, mining and utilities saw a decrease in the average basic salaries. Average salaries for those in the financial services decreased from £98.7k in 2012 to £92.1k.
 
Around the UK, London saw the highest basic salary (£103.9k), followed by the South East (£80.3k) and East of England (£79.1k). Those ICAEW Chartered Accountants in the Middle East and Asia/Asia Pacific saw the largest remuneration packages.
 
The research was conducted over a two-week period in February 2013, with 6,358 ICAEW chartered accountants responding to the survey. For further information click here. 

We should also say that this is a vast topic on which many studies have and will be written. So this is simply a brief observation of some key points that might be food for thought.

In our opinion any business that does not actively consider how to retain its people, is firstly spending an unnecessary amount of money on recruitment, but secondly losing a competitive edge. Those businesses that retain the intellectual capital and loyalty that comes from retaining the right people are at a distinct advantage.

Given what we do, we regularly see frustrated and disgruntled individuals looking for a new team / business where they will be happy. The majority of their frustrations are similar to those we will all have felt, and almost always fall into one of the following areas:

1)      Lack of career progression/development

2)      Money

3)      Poor relationship with line manager

4)      Poor communication from above – arguably all of the above are a function of this point, and often stem from the setting of inaccurate expectations when an individual joins a business.

These points are not initially complex to solve, they only become so when honest and open conversations are not held and the concerns are allowed to build. We can provide endless examples of individuals who resign, who only then find a manager interested in listening to how the individual feels.

If you are managing people and you would like to keep them longer term, you might want to think about some of these points regularly highlighted by people approaching us:

1)       It doesn’t matter if you think an individual should consider themselves lucky to work for such a great business as yours, it only works if they genuinely feel that way. Otherwise you need to consider other reasons as to why they want to stay.

2)      Talk – Frustrations fester and build, if you talk (regularly) to people openly and encourage them to be honest, you might be able to clear the air. You are also more likely to genuinely understand their motivations and expectations.

3)      Be honest at interview; don’t hint at pay rises that realistically won’t happen. Don’t pretend there aren’t problems to be faced when you know there are. Don’t tell people that they can expect to move into other positions in the business if there is no track record of this happening and realistically you know it is unlikely.

4)      The happiest teams we know have clear and open communication from the top down and bottom up. Team members are empowered to contribute to decisions above their pay scale and given the freedom to learn from their own mistakes. Most importantly, they aren’t misled, and they feel fully informed about their future options and how decisions on salary etc are, and will be made.

There are hundreds of other points, but if you start considering some of these areas it is far less likely that anyone will resign unexpectedly because of salary or progression frustrations. Everyone moves on eventually, but if you can slow that process down and be more aware of how and when it should happen, everyone ends up better off.

Ultimately if everyone looked after their people better we would have a much smaller market to operate in! Despite this it seems daft not to comment on the wasted talent and money that so many companies seems quite happy to watch walk out the door.

For employers of all natures, whether in the commercial, financial services or third sectors, the calibre and consistency of candidates originating within these training grounds represents a critical resource for ensuring the continued success of the finance function. 

Given the weight of competition for the market’s best talent, recruiters and employers will do (more or less) anything necessary to secure high-performing individuals from the newly-qualified market.  Salary increases; hints at internal promotion; grand promises of diversity and opportunity: all can sound truly tempting to the newly-qualified ACA. 

For candidates, both latent and in active pursuit of new career options, the sheer breadth of opportunity combined with pressure from businesses and recruiters can lead to impulsive decisions over what should be a considered and carefully managed stage of the career.

In the midst of this pressure, sometimes something can go amiss and in many cases, this ‘something’ comes down to a single question: is moving now the best thing for my long-term development?

Twist
Adam trained in a Top-10 Practice in 2011 having specialised in Tax.  Within months of qualifying, he had handed in his notice and moved to a multinational Investment Banking firm on the business’ highly-vaunted ACA programme.  15 months on, Adam has tendered his resignation and highlights his pre-determined decision to move post-qualification as a key factor in the challenges he has faced since leaving Practice.

“In retrospect, I made the decision to move out of Practice without taking the necessary steps to consider the longer-term impact on my career,” Adam states. 

“The banking sector has a good ‘sales pitch’ and I was well supported throughout the recruitment process, but I also let the money factor talk me into a move which didn’t support my longer-term career plans”.

With his career now at a crossroads, Adam is aware that he cannot afford to make another miscalculation in his career.

“This is probably a good point for me to reassess the next steps for me, professionally.  I’d like to think I can get away with one mistake at this point, but doing so again might prove too costly.”

Stick
Steven currently works as Group Reporting Manager for a FTSE100 market leader, a role which Partner Financial placed him into last March.  Following a successful first 11 months, Steven feels confident in suggesting that his 10 years spent within a Big 4 practice better prepared him for the move into commerce last year.

“I really enjoyed my time in practice and it certainly offered me a wider range of experience than I could have achieved in almost any other arena.  The range of activities and tasks I was engaged with, almost on a weekly basis, have ensured that nothing is too daunting when it arrives in my new role,”

“By taking a secondment to one of our main clients in 2010, it crystallised my interest in industry and commerce, but it also crystallised the fact that I was ready to go and add value to a commercial organisation,”

“When I did move to my current business, I had already spent a long time gathering experience which helped to prepare me for the challenges that you face in any new role – but particularly one in a new industry,” and, he adds, “it helps me to keep one step ahead of our auditors!”

Playing the Odds
Of course, making a move immediately after qualification can be an instantly successful path and is an established route that hundreds of Chartered Accountants manage to great effect each year.  Similarly, even the most carefully planned route into industry and commerce after a cautiously executed search can be fraught with unforeseen pitfalls. 

From a recruiter’s perspective, we would always advise individuals looking to make a move to separately consider the driving factors and the ramifications associated with moving straight after qualification.

For most individuals, a career in finance is a lengthy and committed profession; ensuring that it does not become defined by poorly-planned decisions at the nascent stages, particularly in current economic conditions, is more important than ever.

Steven offers this as advice:

“Don’t go too quickly and don’t forget to get all the experience you need before making a move,” he reflects. 

“Make the most of the experiences that are available to you and, when you do move, get ready for a change in attitude and culture; there really is a big difference!”

In regards the salary you are offered then, the usual factors that a business takes into account when making an offer are:

1)            Your current salary and package – be aware that some businesses have a set policy on the % increase they are willing to give. So regardless of what the package on offer is, your current salary will have an impact.

2)            Your skills, experiences, competencies relative to those required – Although offered the role, it doesn’t always follow that the successful candidate has fulfilled all of the asked for criteria. Therefore your salary could be less than, or more than, expected depending on what you bring to the job.

3)            Current team members – you may have ticked every box throughout the recruitment process but ended up with a lower salary than expected because of the current team. This may be because someone else in the team has the same skills/experiences as you, but  a lower salary. Therefore it can be very hard to justify bringing you in at a higher salary level regardless of how well you performed at interview.

4)            Demand – if you have a rare skill set or are willing to do a role that most others would reject you can sometimes be offered a premium. Unfortunately this is fairly rare in current market conditions.

5)            Competition – When a selection process is particularly competitive there can often be more than one person who could be offered the job. So in some situations a company will try to offer the lowest salary they deem reasonable, as they know that at least one of the candidates will accept.  This happens more often in current market conditions.

So as you can see there are a number of factors that can be taken into account that you will not be made aware of. This can be very frustrating as a candidate, as you do not always have visibility of the decision making process and it can seem completely illogical! Our advice is to work with your consultant to try and maximise your offer, but also to try and be as pragmatic as possible. Try to decide on your minimum acceptable salary based on your situation, not what the possible maximum salary on offer was. Otherwise you may face disappointment based on the above factors that you and your consultant may well have no visibility of, let alone influence over.

Many people, understandably, learn at an early stage that their achievements demonstrate their ability. Whether it is exam grades, sporting achievements or charitable work, what we have done demonstrates future value. However, what is not explained is that no matter who you are, there will come a day when you have to explain to someone else why these achievements are of real value to them.

In order to do this there are certain characteristics that make an immeasurable difference; enthusiasm, ambition, confidence, and an engaging personality, to name but a few. These can only be demonstrated by you projecting your personality and pushing the value of who you are as an individual.

This process is not natural. Most of us find it very uncomfortable describing our own achievements or why we stand out from our peers. However it is a necessary evil and is a skill that must be mastered (or at least attempted) in order to progress through your career as you hope to. There is no harm in emphasising your own abilities at interview, if you find this uncomfortable then practice with family and friends.

Too often we meet individuals who have worked incredibly hard to get to where they are in their career. However when interviewed they give modest, generic and cautious responses. These people fail to pass the interviews for the jobs they aspire to.

This is a difficult point to summarise in a simple list of advice, as the specific advice will be different for each individual. However if we can finish on one point it would be this; your CV will not sell you, a recruitment consultant will not sell you, you will. Modesty is an admirable quality, but not at interview. 

This is a difficult topic as there is little that any of us can do to retrospectively change the decisions we have made or the resulting impact this has on your CV/Career. However the economic situation being what it is, it has become increasingly important that you try to present yourself in the most effective way possible. Some of the points below may be difficult to change, but if you understand what future employers are taking into account, then hopefully you can work to present yourself in the best light.

1.          Gaps – Hiring managers generally feel uncomfortable with gaps between employment, these can of course be out of your control. However it might be worth taking a moment to consider those that are in your control such as sabbaticals, extended travel breaks or study breaks. Can these be presented as adding value to your CV, and if you are considering taking one have you thought through the possible impact? We of course recognise that there is great intrinsic value to these times away from work, but unfortunately not all employers will perceive it in the same way.

2.       “Job hopping” – Similar to the above, this perception of regularly changing roles may be completely out of your control. But if it is within your power to do so, we would advise that it is worth trying to stay in a role for 2 to 3 years. If this hasn’t worked out for some reason then it might be helpful to try and consider what you have learned from each move (to ensure that you do not end up with another short period of employment in the next role) and what value this may bring to a future employer.

3.       Consistency – Most hiring managers prefer to feel that they understand the person they are interviewing. They want to see that your motivation for the job fits with your career path to date and your ambitions. Inconsistent decision making can be perceived as a lack of focus or clear motivations.

4.       Academic development – If your CV doesn’t demonstrate the degree of academic development expected at your level of experience it can at times be used as a reason not to hire you, or potentially even pay you the appropriate salary. Many might argue that this is too prescriptive (we would be one), however many businesses hiring professionals expect a good degree and a relevant professional qualification. It can be worth taking them later on in your career if you don’t already have them.

5.       Too much academic achievement? – From a career enhancement point of view there are depreciating returns to studying. Again we stress this is from a purely CV perceptions point of view. There is great value in increasing your knowledge, regardless of the perceived professional value. However once you have what you need for your role, managers become focussed on quality of experience. Taking an increasing number of qualifications can be perceived as lacking focus on your career development and not focussing enough time and energy on the day job. So trying to draw a clear line from what you have studied to how this improves your professional ability will help.

6.         Logical development – This ties in with consistency, will the move you are about to make be perceived as adding value to you and your experience? If there is a risk that it doesn’t then it worth thinking how you might present this decision? Someone at a future interview will probably probe you on this.

I’m asked to look at CVs, help with interview preparation, give general advice, and refer recruitment consultants. I am used as a sounding board and career coach for those I have helped in the past, and as guide for those I haven’t yet.

I love to help people and I really enjoy watching those people go on to get the jobs they really want, and build better and more enjoyable careers as a result.

Loving what you do

I am lucky, I love what I do. I work for fun. I work for the challenge. I work to help people. And, I work because I want to. Every day.

But, I meet an enormous number of people who don’t. They work because they have to. They work for the money. They don’t know what else to do.

Working for the money

I understand this, because that used to be me. I used to justify the long hours in my corporate life, the distracted and often bad moods, and the minimal family time with expensive holidays, flash cars, big gifts, stuff.

And, it was just stuff.

Now, I am not preaching here, nor am I bragging, far from it. What I am suggesting is that to be at your best in your job, you need to love it. You can’t put your all into something that you are not passionate about. You have to have a fire in your belly to be your best.

So how do you get it?

Making a career choice

That’s all great James, I hear you say. That’s all well and good, but I am trained and on a career path, and I do actually like the basic job, the technical stuff, the reasons I went into this in the first place. What I don’t like is the politics, the pressures placed on me, the extra responsibilities that have come with career advancement.

Sounds to me like its time to become indispensable. Make yourself indispensable. As Seth Gobin says, become a Linchpin. Time to stop being just a cog in the system.

Your passion is still there, and so is the fire, you just have to find it again, and focus on it again.

Becoming indispensable requires a mindset change. I means looking at the role you do and the parts you enjoy. Understanding what it is that makes you an expert, and deciding how you build on these. You need to become known for your thing, and then lead.

Change for the better

This change take only a second to happen. It takes the decision that it is going to, that you are going to and then its done. Making the change stick is then up to you. How much do you want it? How much effort are you prepared to put in to get it?

Make the choice, put yourself on the line. And, once you do, amazing things happen. You become recognised by your peers and bosses, you are listen to, you are respected, and more often than not, you get promoted.

The career you want may be right there in front of you right now. It’s yours for the taking.

I should say that I am assuming that being well presented and turning up on time are fundamental points that everyone would be aware of! I should also say that there is probably an almost infinite list of points, but I have tried to focus it down to the top ten:

1)      Preparation – You should have researched the business, their results, their competition, who you are meeting and the job description. You should go back through your career and consider examples that demonstrate your suitability for the role. Also consider how you would deal with, “what are your strengths and weaknesses?”

2)      Real life examples – No interviewer wants to hear a hypothetical answer. They want to hear what you have done, in a real situation which has led to a positive result.

3)      Be Concise – This is a major reason for interview failure. Always listen carefully to the question, and then answer the point directly without waffling or progressing on to related points.

4)      “I” rather than “we” – Most people work in teams, so it is only natural that they refer to examples that involved working with others. It is important to demonstrate that you are comfortable working with others, but if you refer to “we” all of the time the interviewer will have no way of understanding what your contribution was and what your abilities are.

5)      Enthusiasm – You could answer every question perfectly on paper, however if you leave an impression of indifference then you will not pass the interview. Through your tone of voice, body language and your explanation of why you want the job, you should appear enthusiastic about the job. Many people have overcome gaps in their experience to go on and get the job purely by demonstrating their enthusiasm for the role.

6)      Body language – This may seem simplistic, but a firm handshake, eye contact and a smile genuinely do make a substantial difference. Never sit through an interview with arms crossed or avoiding eye contact.

7)      Motivations - All of the career decisions you have made should make sense. In other words most interviewers want to know that you think through your decisions, and that if you accept a role with them you will be committed to that decision. So you should be very clear on why you want to join the business in question. Any gaps in your CV should be credibly explained.

8)      Don’t make excuses – Almost everyone makes a mistake at some point, either a failed exam, a bad job move, or a personal situation that leads to an illogical career move. This will almost always be addressed at interview; if you try to cover it up or make excuses for the mistake then you will come across as defensive or even dishonest. Admitting to a mistake or a bad decision and demonstrating you have learnt from it is a strength.

9)      Ambitions – Most interviewers are not only considering the role you are applying for but also future positions in the business. It is almost always a good idea to demonstrate ambition. However the two mistakes often made are firstly, being so ambitious that you come across as having no interest in the role you are actually applying for; and secondly your ambitions not being a logical follow on from the role you are currently interviewing for.

10)   Always assume the worst – If I could leave you with one piece of advice it would be this. Assume the interview will be the most probing, intimidating and complex that it can be. If you prepare for this then you are giving yourself the best chance of passing.

I should emphasise that this list is by no means definitive, but I am confident that the majority of interviews fail for one of the above reasons, so however experienced you are I hope that the above is of use at some point in your future. Best of luck for your next interview.

1)            Spelling and Grammar. We cannot stress this point enough. Regardless of the strength of your background, your academics or your experience the quickest way to lose credibility is to make an obvious spelling or grammar mistake. That extra time taken to check may well make the difference between getting the interview or not.

2)            Avoid pictures, we appreciate that in some countries this is the norm, however everybody makes presumptions both positive and negative when they look at a picture. The CV should make a first impression based on the facts of your experience alone.

3)            Avoid quotes, mottos and personal slogans. Anyone can find a sensible sounding quote or motto. For somebody who doesn’t know you it proves nothing. It generally gives the impression of style over substance, and lacks professionalism.

4)            Keep it clear and easy to read. Most people who are sifting initial applicants, be they recruiters or hiring managers will potentially go through hundreds of CV’s. If they are struggling to read/absorb the information they will give up and move on. Common mistakes are trying to fit too much onto one page, using a smaller font, or avoiding breaking the text up with bullet points or other ways of highlighting the key points. We should also say that generally you should aim to keep your CV to two to four pages in length. Most people should really stick to two, but if you have extensive and varied experience you may need more space.

5)            Achievements. The most common mistake is to use your CV to highlight your responsibilities only. The best thing to do is imagine ten people of a similar background applying for a job, how do you differentiate yourself? As well as responsibilities make sure you clearly lay out what you have achieved in that role.

6)            Personal interests. Some would say don’t add these, others think they are important. Our advice would be to try and include only those that demonstrate a side of you that your future employer will want to see. For example sporting or charitable achievements are usually well received.

7)            Tailor your CV to the role. Once you have some work experience you are unlikely to be able to include everything on your CV. So it is always a good idea to try and identify exactly what any given role is looking for and tailor your CV accordingly.

8)            You should include all of your post study work experience on your CV. However always prioritise the most recent experience. Your recent achievements and experiences are much more highly valued.

9)            Don’t leave unexplained gaps between roles. If your CV doesn’t progress unbroken from University/College through work to the present day, then you need to explain why. If you don’t employers will make assumptions and they are generally not positive ones.

10)          Don’t hide your academic results. We all make mistakes at some point and if yours were during your exams don’t hide it. If you don’t include your degree/exam grades then here again assumptions will be made, and they may well be worse than your actual results!

Hopefully that helps, but as we say we appreciate some of you may disagree on these points. There is no universal right answer, it all depends on the perspective of the person reading the CV.

Ultimately until you join a business you can never fully know what you are moving into, but there are steps you can take to give you greater security.

- Meet with the team (preferably in a relatively informal meeting) –meeting your peers can give you a good degree of comfort as to whether or not you will fit in.

- Ask about career progression – Real examples of how the business moves people on should be given rather than vague aspirations.

- Fully understand the work you will be responsible for and involved in – With the best of intentions on both sides it can be easy to misunderstand exactly what your responsibilities will be.

- Involve your recruitment consultant:

                - Who have they placed their previously?

                - Do they know the culture of the team/business?

                - Do they know who has left the team recently and why?

- Use your network - Who in your past has worked in or with the team you are interviewing for? It is a surprisingly small world and you can usually find someone to provide some informed opinion.

- Trust your gut instinct- most people who realise they made the wrong decision will admit that their gut instinct was telling them that something was wrong.

Clearly you must never forget that you are interviewing for a job. However if you remain polite, balanced and professional there is no harm in asking a few probing questions at interview. In many ways it will demonstrate that you are a serious, credible and thorough person to join their team.

This may not in every case amount to taking responsibility for other functions (such as IT or Human Resources) but it does mean having a significant input to the commercial and operational activities of the business – and having the experience to make an effective contribution. This model, known by some as FD+, gives those in a role a much wider mandate than would traditionally be thought.

FDs are also expected to make a much larger top table contribution, operating as true business partners to the CEO, rather than just functional experts. This is not something that is restricted to the UK market either. International attendees I spoke to were also reporting a wider remit in the roles they were being approached for – even in a relatively flat recruitment environment globally.

In the immediate future, this trend is significant. Despite an improved set of economic numbers reported recently and a slight resurgence in recruitment activity across the private and public sectors, the process from interim vacancy identified to appointment made, can still be a very long one. Therefore anything that FDs (and other interims) can do to differentiate themselves is essential.

Showing an ability to take a much more comprehensive, all encompassing view of their role, by working across the business, looks to be the future state.