Accountancy roles in Banking?

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Legend83

Original Poster:

9,947 posts

221 months

Monday 26th January 2015
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All

Considering my options as am due to be made redundant in Q3 this year. Working in London is a possibility if I can't find anything regional and closer to home.

Two questions:

1) what sort of roles do accountants typically play in a city bank? My skills lie in the P&L/cost analysis, budgeting and cashflow side rather than statutory reporting (thank the Lord).

2) am I hampered by the fact I have zero experience in the Financial Services industry? I have 5 years at a Big Four firm plus 5 years at an Oil refiner / retailer. I know jobs at banks are highly competitive so wondering if it is a total non-starter...

I am currently at Staff / Senior Accountant level.

HannsG - am I right in saying you are CIMA qualified and work at a bank?

trickywoo

11,705 posts

229 months

Monday 26th January 2015
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Might be worth looking at a fund accountant role.

Legend83

Original Poster:

9,947 posts

221 months

Tuesday 27th January 2015
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trickywoo said:
Might be worth looking at a fund accountant role.
Is that "product controller" by a different name?

Shaoxter

4,048 posts

123 months

Tuesday 27th January 2015
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Legend83 said:
trickywoo said:
Might be worth looking at a fund accountant role.
Is that "product controller" by a different name?
No, they work in different areas.

Plenty of options for accountants in banks, you have lots of experience and although it's not in the finance sector, it won't be an issue. You just need to demonstrate an interest in whatever role you're applying for. I'd say most product controllers came from a Big 4 firm.

You'd probably want to go contracting though, rates are far better than perm. With your experience I'd say £350-450 a day at a tier 1/2 bank.

Legend83

Original Poster:

9,947 posts

221 months

Tuesday 27th January 2015
quotequote all
Shaoxter said:
No, they work in different areas.

Plenty of options for accountants in banks, you have lots of experience and although it's not in the finance sector, it won't be an issue. You just need to demonstrate an interest in whatever role you're applying for. I'd say most product controllers came from a Big 4 firm.

You'd probably want to go contracting though, rates are far better than perm. With your experience I'd say £350-450 a day at a tier 1/2 bank.
Interesting, thank you. I have not considered contracting before - would this require directly contacting the employer to discuss contract opportunities or would a reputable agency be able to point me in the right direction?

Shaoxter

4,048 posts

123 months

Tuesday 27th January 2015
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Unless you know someone at the bank, contract roles are pretty much all through the agencies.

Some ones which I/people I know have used:
- Morgan McKinley
- Aston Carter
- Goodman Masson
- Michael Paige
- Maze

and loads more if you check out some jobs websites.

Legend83

Original Poster:

9,947 posts

221 months

Tuesday 27th January 2015
quotequote all
Thanks will look into it.

I am well aware of the hard hours worked at investment banks. Is the work / life balance (or lack of) comparable for Fund Accountants / Product Controllers?

Shaoxter

4,048 posts

123 months

Tuesday 27th January 2015
quotequote all
Totally depends on the bank and the team. Culture in American banks is much more intense than European ones. And within each bank, hours can be very different depending on which desk and who you work with.

The people doing long hours are there because of process inefficiencies or being understaffed so try to avoid those kind of teams if you can. Although there will generally always be long hours around month end.

Legend83

Original Poster:

9,947 posts

221 months

Tuesday 27th January 2015
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Shaoxter said:
Although there will generally always be long hours around month end.
Pretty used to that!

Thanks, I'll sign up to a few of the agencies you mentioned and see whether they think my skills are applicable.

s2kjock

1,677 posts

146 months

Tuesday 27th January 2015
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The majority of the trainees that qualify with my firm move on to work at banks. They don't seem to have any trouble getting work or doing it.

I frequently wish I'd joined them!