Q2 2019 Accounting & Finance (Financial Services) Recruitment Trends
Our quarterly update on the Accounting & Finance financial services market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
In the first quarter of the year we reported that there had been a hold on hiring at two major banks for the most part that is still on going with only critical roles going to market. As you can imagine this has had a pretty significant effect on the broader hiring market and resulted in a slow down of new roles registered across financial services. However what we did experience was an increase in people registering interest to make a move which is a natural offset of seeing no growth potential in their own roles or teams. It also means that is is a highly competitive market for candidates.
What are the major skills in demand?
- Finance Business Partner: As systems and processes continue to improve, businesses are looking for more insight, analysis, and interpretation of the numbers to really add value to business outcomes.
- Visualisation tools: We also have seen an increasing need for accountants to start utilising visualisation tools like Power Bi, and Altryx
- Regulatory Reporting: We have recorded high demand for accountants with APRA Reporting and EFS experience.
- Financial Reporting: We have seen demand at all levels, from accountants through to senior management, which is being driven by changes to IFRS and the Royal Commission
What are the skill gap shortages?
For FP&A / Management Accounting roles the biggest skills shortage is not the technical skills but more in the commercial acumen. There is a real demand and shortage of people who are able to communicate with the business in a language they understand.
In terms of Financial Control and Reporting roles we are still seeing a high demand in candidates with strong technical accounting experience, specifically around IFRS 9 and exposure and understanding to the recent changes that have happened.
What are organisations doing to attract the best talent?
Attracting and retaining good talent within financial services has become quite competitive, traditional financial services companies are now competing not just with Commerce and industry companies but also FinTech and startups who would happily snap up financial service candidates so we are seeing companies within financial services starting to tailor their benefits to suit individuals.
What is the outlook for the next quarter?
As we roll into the second half of the year we are hopeful that we will see some movement or easing up of hiring policies across some of the bigger organisation which will allow for the market to reset and refresh. Although we anticipate it will take some time for the flow of roles to gain momentum.