Part/Newly-qualified? How to gain financial services experience
20 January 2011 by Georgina Norris
The outlook for financial services organisations looks positive, with a number of banks releasing better than expected results in 2010. This environment means that part and newly-qualified tax professionals can gain valuable experience of financial services in an interim role.
Where are the opportunities?
Following on from my last update in August, found here, the trend in recruitment in financial services is set to continue with substantial opportunities in part/newly-qualified tax.
Many of the previously dominant US Investment banks have made way for smaller banks after gaining market share throughout the downturn by acquiring assets both in UK and globally. We have also seen a number of smaller investment management firms expanding their tax teams owing to increased scrutiny from HMRC and increasing complexity of tax legislation.
Advantages to newly/ part-qualified interims
- Financial services companies hire temporary staff to avoid strict headcount restrictions. When firms then have headcount approval for permanent staff, 40% of temporary staff becoming permanent employees
- If you are considering financial services as a new industry sector, joining as an interim is a way to experience working without a long-term committal
- Interim work is a way to gain valuable financial services experience. Due to increased demand in candidates across the tax market, financial services clients have realigned their expectation and are less specific with candidates’ industry sector background when hiring interims
- Short-term assistance from interim tax specialists is often preferred over increasing permanent headcount for specialist areas/ projects such as Transfer Pricing
Areas of demand
- Hiring activity within tax compliance and reporting responding to heightened pressure to manage risk. Clients are recruiting newly/ part-qualified candidates, injecting teams with junior talent as firms grow into 2011
- Niche areas; indirect tax, transfer pricing and operational tax are in demand because they are classed as business critical
What do you think?
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