Guide for Newly Qualified Accountants

Career options for newly qualified aCCountants

ACA GUIDE 2012

aCa guide 2012 | 1

table of Contents

IntroDUCtIon

WHY CHooSE HUDSon to SUpport YoU WItH YoUr CArEEr?

WHICH InDUStrY IS rIGHt For YoU?

BAnKInG AnD FInAnCIAL SErVICES

Current MarKet Conditions

struCture of an inVestMent banK

Career options for a newly qualified aCCountant

product control

financial control

financial accounting

Management accounting / decision support

regulatory accounting

business analyst / projects

internal audit

fund accounting / valuations

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4

5

6

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9

10

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14

17

18

19

20

22

25

28

30

31

31

35

38

41

42

46

48

50

60

61

ACCoUntInG AnD FInAnCE


Career options for a newly qualified aCCountant

financial accounting

financial planning and analysis / management accounting

internal audit

business / financial analysis

professional services

tax and treasury

2012 SALArY GUIDES

tHE HUDSon GUIDE to IntErVIEW prEpArAtIon

rEFEr A FrIEnD SCHEmE

ContACt US

2 | aCa guide 2012

introduCtion

Congratulations on passing your exams!

welcome to the Hudson aCa guide for 2012. at Hudson, we understand that as a newly qualified accountant you'll want to make an informed choice in respect to your next career move.

we have a team of specialist recruiters focussed entirely on placing newly qualified accountants, and partner with a wide selection of the uK’s largest and most successful organisations.

SectorS covered:

| asset management | Commodities | Corporate banking | Hedge funds | investment banking | private equity | retail banking

http://uk.hudson.com/banking-recruitment

aCa guide 2012 | 3

our consultants have practical experience combined with niche expertise to offer you the best career advice. on meeting a member of our team, you'll be advised on all of your options. we'll also advise and guide you through the process of finding a new job so that you are fully prepared for every job interview.

we've designed this guide to answer many of your questions, however if you'd like more tailored advice please get in touch. our office locations and contact details can be found on the inside back page of this guide.

SectorS covered:

| retail and fMCg | Chemical and pharmaceutical | technology / media / telecomms | energy and utilities | legal, professional and business services | Construction and real estates | Manufacturing | transport and distribution

http://uk.hudson.com/accounting-recruitment

4 | aCa guide 2012

wHy CHoose Hudson to support you witH your Career?

when it comes to the recruitment of exceptional finance professionals, Hudson is widely recognised as a market leader. each one of our consultants has an extensive background in the industry, making them better suited to understand your needs and ensuring you are connected to the right opportunity.

Hudson has secured career moves for over 2,000 aCas in the last ten years. we take the time to understand our clients' requirements but more importantly we spend quality time understanding our candidates' skill set, personality and interests. Consequently, 85 per cent of the candidates we place in roles stay with their chosen employer for at least two years.

our global presence, spanning across 20 countries helps to connect thousands of professionals to career opportunities in europe, Middle east, north america, australia, new Zealand and asia each year.

aCa guide 2012 | 5

wHiCH industry is rigHt for you?

as a newly qualified accountant your skill set and professional qualifications are held in extremely high regard by organisations.

the turbulent economy has caused regulatory changes effecting most major organisations. these changes mean it is vital that companies recruit new talent at a newly qualified level so they continually progress and promote from within. this will also provide you with ongoing career progression opportunities.

the decision you have to make now is which area you are best suited to and what the ideal role for you is.

WHAt do I eNJoY ANd WHAt Are MY StreNGtHS? recently qualified accountants have a variety of options you can pursue across different industries that will help you to develop different skills and strengths.

see our career options starting from page 10 for more information on positions available to you.

the best advice is to take a step back and consider three important aspects:

1. Motivation i.e. drive, energy, flexibility and ambition.2. technical i.e. accounting skills, it skills and mathematical ability. 3. interest i.e. passion, knowledge and a genuine interest in the

industry.

once you’ve considered these things you’ll be better placed to decide what kind of role will be best suited to you.

http://uk.hudson.com/banking-recruitment

banKing and finanCial serViCes

8 | banKing & finanCial serViCes

newly qualified accountants considering new opportunities will no doubt be asking the question, “what affect will current market conditions have on my ability to obtain a role within banking and financial services?” over the last decade, Hudson’s banking & financial services team has witnessed first-hand how the banking sector has reacted to the changing economic environment. it is this experience and knowledge that enables us to confidently advise our candidates.

for the majority of 2010 and the first half of 2011, banks were hiring aggressively with newly qualified candidates in high demand across the entire financial sector. However, by the end of 2011 the market slowed when confidence deteriorated as issues in europe magnified and regulatory and liquidity requirements changed. throughout 2011 there was an emphasis on ring-fencing investment banking activities from other banking areas, for example expanding their retail banking functions.

there is no doubt that recent market conditions have been challenging. However it is not all doom and gloom; banks and financial institutions more so than ever need to protect themselves through the effective use of controls, reporting, stress testing and ensuring suitable levels of liquidity are in place. in short, current conditions mean that accountants are still very much in demand.

if you’re thinking of a career in banking, the recruitment model for the industry has great advantages for any individual thinking of joining a bank straight from practice. the banks offer extensive training and development plans for newly qualified aCas who have had no prior experience in the banking sector.

as a newly qualified accountant you have many options available to you. Hudson has a broad client base covering all sectors and although the markets are currently a little unpredictable, demand still exists for talented qualified accountants within banking due to the continued emphasis on controls, risk and changes in fsa regulations. due to changes from the fsa as well as increasing pressure being placed on financial institutions

and the way in which they manage liquidity and self-regulations, internal audit and regulatory accounting functions are regarded as growth areas within the banking and financial services industry. furthermore, with the impending implementation of ifrs 9, we are beginning to see increasing demand for accounting policy and technically strong accountants from practice.

in addition to candidates with a technical accounting skill set, financial institutions are looking for accountants who can add value by identifying the drivers behind the figures being analysed, as well as advising the business on how to execute their commercial strategy.

for the past two years while trading volumes and teams were growing there was an increasing need for product control and valuations candidates. there are still opportunities for accountants to move into these roles but with current market conditions this need has decreased slightly.


aCa guide 2012 | 9

struCture of an inVestMent banK

in summary, market conditions are undoubtedly more challenging than the previous two years but there is still a need for newly qualified accountants to enter the banking and financial services industry from both a technical accounting and more strategic perspective. with a lack of recruitment at the newly qualified level for the majority of 2011, it is inevitable that banks will need to hire to replace the aCa qualifiers from 2009 and 2010 looking to be promoted. financial markets work in cycles, therefore now is an opportune time to consider a career in banking as the industry is on the starting blocks to rebuild and offers a wide range of interesting and fulfilling opportunities throughout your career.

Sales / portfolio management

CommoditiesCreditForeign exchangemoney marketsFixed incomeEquities

Der

ivativ

es

trad

ing

/ sal

es

Equity research

Quantitative analysts

Corporate finance

Internal audit

CommoditiesCreditForeign exchangemoney marketsFixed incomeEquities

Der

ivativ

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prod

uct c

ontro

l

Financial accounting

management accounting / decision support

Business analysts / projects

regulatory accounting

FroNt oFFIce MIddle oFFIce


AN overvIeW oF ProdUct coNtrol product control is an excellent entry-level position for a newly qualified accountant as it offers a huge learning curve alongside building on existing control experience. the investment banks traditionally take on a number of newly qualified accountants into this area; this is a strategic move that allows those that joined the year before to progress upwards within the bank emphasising the focus on career.

the product controller is responsible for the integrity of the balance sheet, understanding the traders’ portfolio of clients and products, managing controls and risk as well as being accountable for new business approval. you will work in partnership with the business on a day-to-day basis.

the role will include providing financial analysis of the trades, and acting as a control function. to carry out this role effectively you have to understand the structure of the trades financial instruments and the different variables that may affect the traders’ profit and loss.

the specific challenges of the role will differ depending on the product area you are working in.

for example, if you are working within a complex, exotic or structured product area, your challenge will be understanding and analysing the continually diversifying trades. in a more vanilla product area (i.e. cash equities) the challenge will be analysing the volume of trades that could go through in one day, and providing the traders with solid financial data.

there is also a large element of project work within product control, in some cases up to 50 per cent of the role. the banks are continually looking to increase controls, mitigate risk, improve reporting times and update systems so that they are better equipped to deal with the ever changing and more complex products. for example, within a vanilla swaps business where volumes are high, it may take an hour to run 10,000 deals, but by automating or implementing a new process it could cut the reporting time down to 15 minutes.

within product control the key attributes required of candidates include strong communication skills, mathematical ability and common sense. Communication skills are invaluable because you will be liaising with traders, risk, finance and operations on a daily basis, as is a mathematical ability because the role will involve a lot of problem-solving and analysis. you must also be a proactive individual and willing to add value to the role. the ability to look at processes and procedures and increase efficiencies is a vital skill set.

product control can also be called business area control, business unit control or product accounting.

Career options for a newly qualified aCCountant ProdUct coNtrol inVestMent banKing, asset ManageMent

aCa guide 2012 | 11

ProdUctS coveredworking within a product control function you will be responsible for looking after a specific product area or trading desk. the types of products traded in a bank include:

debtdebt products include: fixed income products, bonds, repos, domestic, corporate and sovereign debt in the form of long / medium or short term notes, interest rate products, credit derivatives, foreign exchange and asset backed swaps.

equitiesequity products include: cash equities, money markets, foreign exchange, equity financing, equity derivatives, convertible bonds, equity options and equity futures.

commoditiesCommodities traded can include: oil, gas, electricity, power, mining and metals (precious and base).

derivativesa derivative is not a product but the term used for a trading instrument. a derivative is a contract whose value is based on the performance of the underlying asset. the underlying asset could be a debt, equity or commodity; in fact a derivative can be used across any product area. derivatives have enabled investment banks to continually grow their product offering and enhance their returns. basic derivative instruments include: swaps, forwards, futures and options.

ProGreSSIoNproduct control gives excellent exposure to all areas of the trading cycle and how trades are processed through a bank. you are liaising with front office, finance, operations, risk and projects constantly so you have the opportunity to get exposure to many areas. progression into all these areas is possible, as is movement overseas – in particular singapore, Hong Kong and new york. Many people also progress within product control, either by moving up the managerial ladder, or into more complex product areas. internal progression within an investment bank is encouraged, with many of the banks offering rotation schemes. product control is one of the most highly remunerated areas for a newly qualified accountant.


BrIeF overvIeW oF YoUr cAreer to dAte:i studied business at trinity College in dublin and qualified as a chartered accountant at one of the big four based in dublin. once qualified i moved to london and consulted across a wide range of industries for accenture in their finance and performance management team.

i moved into financial services in 2007 when i joined Merrill lynch’s Cfo function to head up the eMea finance re-engineering team, i subsequently moved into equity product valuation group as their de facto global Coo. i am currently the eMea equity derivatives and cash Cfo in bank of america Merrill lynch.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN BANkING ANd FINANce?i moved into banking and finance after 10 years of cross-industry experience covering both practice and consulting, as i wanted to focus on a particular area. i chose investment banking at Merrill lynch due to the analytical

challenges involved in product valuation, the engagement between finance, the business and other support partners as well as the dynamic environment both externally and internally. this dynamic environment has allowed me to grow continuously and hold roles in three different teams during the brief time i’ve worked at the bank.

WHAt AttrActed YoU to A cAreer IN FINANce?i have always been interested in analytical / numerical problems so i chose to study business and finance. when i left university i decided to pursue a career in accountancy due to the number of inspirational people working in the profession, the opportunities for professional development and the fact that an accountancy qualification opens up numerous career opportunities. after i left consulting, i moved into finance as i wanted to fully understand how the bank created value and to input into relevant business decisions. in my current role i am definitely achieving this goal.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?the unpredictability of what’s going to land on my desk.

while i run a team that is responsible for a number of repetitive tasks, such as daily profit and loss substantiation, monthly close, quarterly disclosures, on any given day i am confronted by a number of new challenges. for example, business requests relating to setting up new products, analytic requests to explain past performance, personnel issues etc. the sheer variety of challenges keeps me motivated and ensures i’m continuously learning.

in particular, i enjoy the management responsibilities that come with running a team. one of the most important goals i set myself each year is that all members of my team improve their performance year on year.

an interView witH… eMeA eqUItY derIvAtIveS ANd cASH cFolorCan MCHugH: banK of aMeriCa Merrill lynCH

HoW HAS YoUr role evolved SINce FIrSt JoINING tHe BANk?over the past few years i have moved from a project management / change role to a valuations role then onto my current Cfo position. i decided to join Merrill lynch when i left consulting due to the internal development opportunities. while depth of knowledge is important to perform well in a role, it is also true that providing a different perspective can be valuable in a new role.

HoW do YoU Feel tHe FINANce FUNctIoN WItHIN tHe BANk HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?while the core responsibilities of the finance function have remained relatively constant, there is no doubt that the focus on level of control both internally and externally has increased significantly since 2007 / 08.

in finance this has led to a significant increase in tasks relating to regulatory and capital requirements / utilisation. essentially it has increased our engagement with the business as we are the primary source of financial information.

WHAt AttrIBUteS do YoU Feel MAke YoU SUcceSSFUl At tHe BANk?i have a real interest in what i do and the industry i work in, i care about my job and i’m prepared to work hard. i’m constantly striving to understand what is required to make the bank successful, taking into consideration the wider picture rather than being solely focused on my team.

WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN BANkING?the same advice to someone starting any career, you will only achieve your potential and be happy if you do something you actually enjoy. so ensure you understand what you are letting yourself in for and if you believe it’s for you, go for it and good luck!


AN overvIeW oF FINANcIAl coNtrolfinancial control departments within financial services and investment banks are responsible for the reporting and analysis of their companies’ financial results. they ensure the accuracy of the numbers and add high-level analysis / commentary for senior management to use in business planning. the roles also include a high percentage of ad hoc analysis, project work and query resolution.

financial control is an excellent entry point for candidates who do not have a prior understanding of banking products and are looking to build on their accountancy skill set. the roles oversee a number of the banks’ activities and products, meaning individuals gain a broad overview of the working of a bank, the overall balance sheet, the systems in place and how money is generated across products.

financial control has responsibility for all statutory, financial, management and regulatory reporting. it provides information and analysis in the form of reports for senior management, stakeholders and external bodies.

it ensures that controls are maintained, new policies implemented and costs are controlled. whilst maintaining reporting deadlines and value-add analysis, financial control also takes responsibility for driving through many finance-led projects. all this means that there is a wide variety of roles available in financial control, and all differ in the levels of reporting analysis and project work. However, broadly speaking, financial control can be split into three main areas: financial accounting, management reporting and regulatory accounting. this is dependent on the size of the bank and on the role definition.

FINANcIAl coNtrol inVestMent banKing, asset ManageMent, insuranCe, retail banKing

aCa guide 2012 | 15

an interView witH… vIce PreSIdeNt; MANAGer - FINANce BUSINeSS SUPPort, corPorAte rePortING

Claire doa: banK of aMeriCa Merrill lynCH

BrIeF overvIeW oF YoUr cAreer to dAte:i qualified as an aCa and started my career in banking eight years ago working for Citigroup. initially i worked within the financial reporting and control team, responsible for preparing and reporting income statements, monthly estimates, variance analysis and conversion to uK gaap.

then i moved internally to credit trading and capital arbitrage product control to enhance my product knowledge and to understand trader strategies.

i successfully gained a place as a financial management associate (one of five internal candidates globally); which is designed primarily for external Mba candidates as a fast-track management programme. this consisted of three six-month rotations in new york and Hong Kong working in different departments. it was an amazing opportunity to work with the senior management team at Citigroup and learn about how the bank functions in other locations, even though it was hard work as they expected you to be adding value straight away.

i’ve recently joined bank of america Merrill lynch where i am project managing the statutory accounts preparation and audit process for 150 entities as well as working on the bank levy and other projects and committees.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN BANkING ANd FINANce?i enjoy working in an industry that is linked to the markets; to be able to understand the impact of the european sovereign debt situation is interesting as its impact relates directly to real life.

WHAt AttrActed YoU to A cAreer IN FINANce?after studying genetics at university, i realised that i enjoyed logical work however i needed to be able to see quicker results. both my parents worked in banking therefore i knew it was a dynamic and challenging environment.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?i am continually learning, whether it’s from managers or the project

management aspect of my work, which is new to me. i also enjoy the variety of work involved in my role; from presenting to the Cfo offsite to working with other departments to improve our work.

HoW HAS YoUr role evolved SINce FIrSt JoINING tHe BANk?once i established my reputation in the bank, i was recognised by the management team and as a result i have been specifically asked to work on various projects.

HoW do YoU Feel tHe FINANce FUNctIoN WItHIN tHe BANk HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?since the financial crisis, there has definitely been a greater focus on all finance functions ensuring tighter controls, emphasis on legal entities through subsidiary governance, improved accountability and understanding the interdependencies of legal entities and documentation. there is also a real drive on areas such as liquidity, stress testing, contingency planning and regulatory relationship building with the fsa and fed.


WHAt AttrIBUteS do YoU Feel MAkeS YoU SUcceSSFUl At tHe BANk?1. Maintaining your aCa control and documentation standards; if you get the basics wrong then management will doubt your performance.

2. Completing projects and improving processes.

3. building strong relationships across the bank based on producing quality work and understanding other teams so you can work together instead of in silos.

WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN BANkING?Consistently work hard if you want to progress and have a long career in banking. if you have a good reputation, you are generally looked after.

aCa guide 2012 | 17

AN overvIeW oF FINANcIAl AccoUNtINGas a financial accountant you will be involved in the preparation of statutory financial statements for entities within the company; providing financial information for inclusion in the group’s consolidated statements. for this you may be aligned to a particular business stream i.e. foreign exchange or money markets, or an actual department such as information technology. you will then have responsibility for ensuring that a department or business stream’s financial position is correctly reported and reflected.

alongside reporting responsibilities, you may also have responsibility for the implementation of new accounting procedures and policies. for example, providing guidance on the accounting implications of transactions or advising on the statutory treatment of specific deals and scenarios.

with all financial accounting roles there is always an element of ad hoc or project work. the improvement of processes and procedures is of particular importance.

ProGreSSIoNfinancial accounting can allow you to transfer within a bank into areas such as product accounting, projects, regulatory and management accounting. the skill set is also transferable outside of banking and is used within other industries.

FINANcIAl AccoUNtINGinVestMent banKing, asset

ManageMent, insuranCe, retail banKing


AN overvIeW oF MANAGeMeNt AccoUNtING Management accounting is an excellent entry-level position for candidates with no previous banking or financial services experience. the role is concerned with the provision of accounting information to senior management, to facilitate their decision making and management control functions. unlike financial accounting information, which for the most part is made publicly available, management accounting information is used within an organisation and is usually confidential. the type of information that a management accountant will provide is as follows:

| budgets and forecasts | revenue and cost analysis | preparation and development of

reporting under uK and us gaap | variance analysis – analysis of

revenue / costs against plan / forecast

| analysis of key business drivers i.e. profitability and developing trends

| ad hoc project work, including implementation of computerised solutions to enhance work processes.

this information is prepared on a monthly and quarterly basis and is presented to senior management to provide them with the tools to shape the future strategy of the organisation.

ProGreSSIoNas a management accountant, your career prospects are enhanced by the fact that you will, as a function of your role, build relationships with different areas of the business and different layers of management. this, in turn, will allow you to obtain a thorough understanding of how the organisation operates. as a result, if you are proactive and perform well, the role will provide you with the perfect platform to build a career within a bank or financial services organisation.

MANAGeMeNt AccoUNtING / decISIoN SUPPortinVestMent banKing, asset ManageMent, insuranCe, retail banKing

no previous banking experience is necessary but the key skills required include excellent communication skills, attention to detail, controls focus and the ability to work to deadlines. one of the most important skill sets will be the ability to add value, and the willingness to challenge existing processes, suggest improvements and implement changes.

from management accounting you will be able to progress into areas such as financial planning, strategy and analysis, projects, business management, Coo roles, front office Mis etc. you can also progress up the line management route or laterally within finance.

aCa guide 2012 | 19

team communication and trust is an important factor. regular team meetings are arranged to share information, news and identify where, in some cases responsibilities should, or could, be divided. from time to time, the regulators implement rule changes and it is expected that team members up-skill to keep pace with changes to current legislation.

Hot topics include regulatory policy, basel ii calculation and reporting, basel iii implementation and bank of england reporting, to name but a few.

systems and infrastructure are continually being developed to ensure that the bank’s reporting is accurate, timely and consistent and that the increasing demands of the business are met.

ProGreSSIoNthis is an ideal role to learn about the whole of the bank’s balance sheet. you are well placed to develop and maintain working relationships with key personnel in operations and finance, enhancing your ability to further your career.

progression within this area is two-fold. a high number of candidates moving into this area will become regulatory specialists. becoming a specialist in this area is highly rewarding in both remuneration and job profile. alternatively, some will choose to move into another area of finance building on the experience they have gained.

experienced regulatory accountants work very closely with the front office on new product development and the new product approval process. depending on your area of specialisation, you may also be involved in liaising with external bodies and take responsibility for the implementation of new regulations within the bank.

reGUlAtorY AccoUNtINGinVestMent banKing, asset

ManageMent, insuranCe, retail banKing

AN overvIeW oF reGUlAtorY AccoUNtINGregulatory reporting is responsible for the daily and monthly calculation of regulatory capital, in accordance with fsa guidelines. regulatory accountants are responsible for providing advice and guidance on financial regulatory issues to traders, marketers and business managers.

the scope and complexity of reporting regulatory data has increased as products and services offered by the banks continue to expand and diversify. one of the challenges of a regulatory role will be to ensure that the reporting of the bank’s activities is properly understood and completed effectively. it is critical that the regulatory information needs of both the business and management are met proactively, within an environment of robust documentation, procedures and controls.


working as a business analyst requires excellent team work and exceptional communications skills. you will be liaising with internal contacts on a daily basis and you must be able to understand and translate their requirements. it is also important that you have good analytical skills, the ability to learn quickly and multi-task.

the nature of this role is project orientated. these could be short projects lasting a day or a week, or longer projects lasting months.

Key responsibilities could include: | assisting in the enhancement and

development of systems | communicating with the user base,

and linking effectively with the technical resource manager

| reviewing and prioritising work requests raised by users

| creating specifications for new feeds and processes based on input from users and it

| ensuring that the systems accurately reflect the data provided from the upstream systems on a daily basis

| working with product control / finance globally or locally, to assess and review requests to improve and enhance the systems

| specifying and implementing new feeds and processes, as changes in the continuously evolving area of finance systems affect the systems and its users

| working with the users of the systems to identify and solve any process issues

BUSINeSS ANAlYSt / ProJectSinVestMent banKing, asset ManageMent, insuranCe, retail banKing

AN overvIeW oF BUSINeSS ANAlYSt / ProJectSthe business analyst or projects role is pivotal within a bank. the role acts as the link between a business area i.e. finance or product control, and the it department. the focus of the role is to enhance processes and systems by working on strategic and / or tactical projects.

on a daily basis it involves working closely with the end users of the systems and the it teams to resolve issues and enhance the systems / processes. the focus could be to work specifically on the local systems and its users, or it could be working on global initiatives.

| acting as a reference point of business knowledge that the support technical team can use when reviewing requests and issues

| liaising on all projects to understand how upcoming changes will affect the systems and preparing the support team for expected changes in the support.

the projects team often has a “centre of excellence” culture revolving around systems expertise, data analysis, problem solving, and quick turnaround times. it retains an extremely close and effective working relationship with senior managers and all areas within finance.

ProGreSSIoNthe business analyst role can be a difficult role for a newly qualified accountant to move into without banking experience. often candidates with previous experience in product control, financial control, regulatory accounting or internal audit are the first choice candidates for this area, due to their understanding of the back to front office systems within a bank.

the role of a business analyst is rewarding, challenging and extremely varied, at a senior level you will be involved in making strategic decisions. the salaries in this area are good, and there are lots of opportunities for global travel if this is of interest to you.


AN overvIeW oF INterNAl AUdItinternal audit operates independently from any other division. in recent years it has become an increasingly popular entry point into a bank because it doesn’t pigeonhole you into a particular business area straight away. this role gives you the flexibility to understand the different business areas before making the choice about which division you want to progress into. a number of senior managers working in the investment banking sector progressed from the internal audit division.

a common mistake made by newly qualified aCas is to assume that this position is similar to external audit. this is definitely not the case. internal audit is a project-based position that will enable individuals to work in teams that are focused on “mitigation of risk”. a number of institutions now let the risks drive the audit plan, creating exciting work in a number of new and expanding areas.

your day-to-day responsibilities will vary slightly from bank to bank, but you will be tasked with reviewing

controls / processes, controls testing and giving advice to the business that will add value and have an immediate impact. the role is project-based and you will often investigate a business unit for a certain period of time before moving onto the next area. usually a risk-based audit plan is put together at the beginning of the year and the areas with the highest risk exposure are audited first.

in most banks there is an opportunity to travel within the role. the time spent away will vary dependent on the bank’s head office and also global locations – the norm is 10-20 per cent, however it can be as high as 50 per cent of the year. before applying for a role, always consider the amount of travel you wish to do and discuss this with your recruitment consultant. it is worth mentioning that within the majority of audit departments the travel content is generally flexible and shared out between the team, dependent on people’s personal commitments. travel within investment banks is usually to the financial capitals i.e. Hong Kong, new york, paris, Milan, singapore etc.

INterNAl AUdIt inVestMent banKing, asset ManageMent, insuranCe, retail banKing

to be a successful internal auditor it is vital you have the ability to communicate with senior management and not be afraid to challenge individuals on certain issues that arise. it is also important you are able to demonstrate to potential employers that you have the ability to drive for results. this will create an impact with potential employers and help you stand out from other candidates in the marketplace.

ProGreSSIoNin essence this role gives you exposure to many areas (front office to back office) within a bank or financial services organisation.

you will have the opportunity to build relationships with senior management and as a consequence, it can be used as a valuable springboard into your next role. Movement from internal audit into any areas within finance is very common. However it is also possible to move into front office areas, and other non-finance business units. the business exposure this entry level role offers is unsurpassed by any other role.

aCa guide 2012 | 23

BrIeF overvIeW oF cAreer to dAte:i started my career at KpMg then moved to santander to complete my aCa qualification in 2009. i started as a junior internal auditor before stepping up to my current position. the role is still within internal audit but presents more of a challenge as i now liaise with senior management. i'm involved in report writing, making recommendations to Ceo level personnel, group finance and external regulators.

i am happy with my career to date in internal audit and i’m hoping to progress soon to the next level at santander.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN BANkING ANd FINANce?i was initially attracted to a career in finance as i have a strong mathematical background and the fast-paced dynamic banking environment interested me.

during my time at KpMg my interest in banking and financial services was enhanced when i worked on two deals within the transaction services department. i experienced how fast-paced and quick changing banking could be; from then on my mind was made up. i was also attracted to the analytical challenges as well as the opportunity to interact with other business areas at varying levels, and thought my experience along with my personality were well suited.

WHAt AttrActed YoU to A cAreer IN FINANce?when i was looking to move into finance the recession was at its peak and rather than see this as a deterrent, i wanted to get into banking to make a difference. i also thought with the markets being the way they were i would learn a great deal more than if everything was running smoothly.

i was interested in how banks make their money, analytical challenges as well as gaining involvement in acquisitions and mergers. Coming from practice i was also attracted to the emphasis on the review and implementation of controls, which was very topical at the time, probably more so than ever.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?there are many things i enjoy but in particular how much exposure i have to senior management. i enjoy the responsibility and the trust placed in me to present findings and make recommendations to senior stakeholders. depending on the project, i manage teams from as small as two up to as large as twenty. internal audit is often at the forefront of people’s minds when things go wrong so once again i gain first-hand experience of various projects and problems.

an interView witH… SeNIor INterNAl AUdItor

pEtEr SEn: SAntAnDEr


HoW HAS YoUr role evolved SINce FIrSt JoINING tHe BANk?when i joined santander my role within internal audit was quite general and i gained exposure to all areas of risk as well as financial markets. at this stage i worked on a variety of audits, which allowed me to choose the area i enjoyed most. when i qualified i received a promotion and moved into the financial markets team, performing annual audits of financial statements.

i've expanded my skill set including my technical accounting knowledge, keeping up to date with changes to accounting standards, ifrs, attending training courses, and learning about other areas of the bank.

HoW do YoU Feel tHe FINANce FUNctIoN WItHIN tHe BANk HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?the recent crisis has inevitably changed the finance function and the bank as a whole considerably. there has been an increased emphasis on internal audit and governance within the bank, especially around risk and control procedures. with this extra scrutiny from senior stakeholders around risk and control, particularly liquidity risk, and changing fsa regulations, it has become necessary for the finance function to adapt to internal and external changes. also it's important to identify the key risks and what would impact the bank, for example recent developments around ppi.

WHAt AttrIBUteS do YoU Feel MAkeS YoU A SUcceSS At SANtANder? Communication skills and being able to have credible conversations with senior management is imperative to my role and something i feel i perform well. i am naturally risk aware and have the

ability to identify and prioritise the key risks to the bank. following on from this, i can confidently communicate this information to the rest of the business, working with the relevant personnel to put in place the appropriate controls and procedures.

WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN BANkING?Make sure you research the different areas of the bank and consider the options available to you. i definitely think it’s important to understand the culture of the bank before you join and whether you will gel with your fellow team members. speak to people who work there or have previously worked there and take the opportunity to ask questions in the interview. finance can be a tough industry but if you have the right people around you it will really help.

aCa guide 2012 | 25

as a newly qualified accountant, fund accounting and valuations offers an exceptional entry-level position into this industry. it builds on experience gained during your accountancy training and offers a steep learning curve working in the core of the business.

the key responsibilities of the fund accounting / valuations team are:

| monthly accounting, valuation and administration of funds – many of which will be offshore entities

| production of monthly accounts and valuations within strict deadlines, for a portfolio of funds through the collation and updating of trading and pricing information

| monthly and weekly net asset Value (naV) per share calculations

| accounting for financing deals for funds

| review of valuation packs | preparation of yearly / interim

financial statements for audit purposes

| complying with ifrs, uK and any other related accounting standards

| dealing with auditors' enquiries | assisting with the preparation of

performance records | daily analysis estimating total value

of funds for risk management and investment decisions

| uploading trades and share movements into a central location as a warning system before month end

| assisting with the improvement of processes and procedures through system development

| ad hoc reporting and liaison with clients (internal and external)

| ensuring the fee structure is correctly coded and calculated by the system once fully conversant with the business and systems

| bank and loan account reconciliation.

FUNd AccoUNtING / vAlUAtIoNSinVestMent Managers,

Hedge funds

AN overvIeW oF FUNd AccoUNtING / vAlUAtIoNSfund accounting and valuations roles have become increasingly popular with newly qualified accountants as the sector continues to expand and grow. within the investment management industry it is the hedge fund and alternative investment sectors that have seen the most dramatic growth. Hedge fund and alternative investment managers use their knowledge of investing in the financial markets to generate “absolute returns” in both rising and falling markets. this provides private and institutional investors with options other than traditional assets, creating more balanced and diversified investment portfolios. it is this ability to trade alternative asset classes and financial instruments using different styles, strategies and techniques in diverse markets that has made them so popular. the result for investors is reduced portfolio risk and increased returns.


HedGe FUNd ProdUctStrades can span across a diverse number of product areas including interest rate, foreign exchange, emerging markets, equity and commodities. products can include bonds, repos, listed derivatives, swaps, swaptions, caps / floors, equity and commodity options.

depending on which company you work for, you could either have exposure to all products that they use, or specialise in a particular area. Here are some of the typical solutions that investors will be offered and the fund accounting / valuations teams will cover.

Structured products: these are usually multi-strategy portfolios that have a fixed life to maturity but with monthly liquidity, which have a high level of structuring to meet different fiscal, legal financing, credit enhancement and risk transfer requirements.

Fund of hedge funds: these cover a broad range of hedge fund styles, strategies and managers via an expert fund of hedge funds manager.

Futures:these identify and capitalise primarily on upward and downward price trends, using investment rules executed within a systematic framework.

Securities:these do not assume high levels of risk like corporate bonds. preferred securities are issued by major banks, utilities, industrial corporations, and various foreign entities to raise capital.

ProGreSSIoNfund accounting gives excellent exposure to the core of the investment management / hedge fund trading cycle and will help to develop industry knowledge and skills that are very transferable to other teams in the business. after having gained enough experience, there may be the opportunity to manage teams in valuations, or you may decide that you would like to join a different area of the business such as new fund set up. alternatively, you may want to take on a project manager role, or become a financial analyst where you would negotiate rates with the banks and prime brokers that lend the seed money to start the funds.

the choice is endless, but it is important to realise that these are small and lucrative businesses that are expanding as a sector at the moment and a candidate with industry specific knowledge will be highly valuable. this is why salaries will be comparable to those in investment banking and discretionary bonuses can be outstanding.

aCa guide 2012 | 27

Bank of America is one of the world’s largest fi nancial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other fi nancial and risk management products and services. Bank of America Merrill Lynch is a long-established participant in EMEA with a presence since 1922. With offi ces in 20 countries, the company offers an integrated and comprehensive set of products and services across Global Corporate & Investment Banking, Global Markets and Wealth Management, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise.

CA-5230_CA_AmEx-BAML_advert_A4.indd 1 27/03/2012 16:26

http://uk.hudson.com/accounting-recruitment

aCCounting and finanCe

30 | aCCounting & finanCe

the outlook for newly qualified aCa candidates seeking a career move in 2012 remains positive. despite the macroeconomic concerns around the eurozone and the uK recession impacting hiring activity across the accounting and finance arena, we remain confident that our clients will continue to invest in securing top talent at this level.

the crucial caveat however is the need for candidates to adopt a sensible and realistic approach to their job search. the recent economic turmoil has significantly altered the landscape for opportunities and hence it will be extremely challenging for candidates without say ftse 100 audit experience, to move in to a similar role within a ftse 100 business. providing expectations are altered accordingly, 2012 is set to provide the perfect opportunity for newly qualified candidates to secure their ideal career move.

the following breakdown details the anticipated demand across the key business areas for 2012:

coMMerce ANd INdUStrY: newly qualified candidates are set to remain in demand within C&i, however we have witnessed a significant decline in blue chip organisations hiring such candidates in to financial analysis or financial planning and analysis positions, instead preferring to leverage their technical skills in group or financial reporting focused roles. Historically, the majority of mandates have come from larger corporates; it is worth noting Hudson has witnessed an increase in hiring at this level among the sMe community where vacancies often afford a broader remit. salaries are set to remain in line with 2010 / 2011 levels of £42,000 - £52,000.

INterNAl AUdIt: Current economic uncertainty and the banking crisis has led to increased pressure on corporates to maintain an appropriate control environment, as such newly qualified candidates remain in high demand. in general, the majority of roles provide exposure to operational audits, risk and controls. Candidates can expect salaries ranging from £42,000 - £50,000.

Not-For-ProFIt:Charities and the wider not-for-profit sector will continue to recruit newly qualified accountants into key technical roles within their organisations over the course of the year; they are looking for candidates with an appreciation and understanding of the values and drivers of the organisation. whilst many are continuing to look to recruit candidates with strong commercial and analytical experience, they still require candidates with the key skills for technical financial accounting and internal audit roles. salaries within the sector will range from £35,000 - £45,000.

ProFeSSIoNAl ServIceS:whilst a significant portion of the increased hiring activity during 2010 and 2011 was as a result of the 30 per cent cut in graduate intakes during 2008, we envisage the major firms will maintain hiring at similar levels. this will mainly focus on corporate finance, advisory and consultancy along with audit and assurance. salary levels are set to remain in line with recent hikes and a newly qualified candidate can expect a range of £38,000 to £45,000.


aCa guide 2012 | 31

AN overvIeWas a financial accountant you will be responsible for the preparation of statutory financial statements for entities within the company and providing financial information for inclusion in the groups consolidated statements. you will then have responsibility for ensuring that a department or business stream’s financial position is correctly reported and reflected.

alongside reporting responsibilities, you may also have responsibility for the implementation of new accounting procedures and policies. for example, providing guidance on the accounting implications of transactions or advising on the statutory treatment of specific deals and scenarios.

with all financial accounting roles there is always an element of ad hoc or project work. the improvement of processes and procedures is of particular importance.

this area of accounting within the commerce and industry market can also involve technical and regulatory accounting issues including ifrs, uK gaap and us gaap, depending on the size and structure of the business. one of the challenges of a regulatory role will be to ensure that the reporting of the company’s activities is properly understood and completed effectively. it is critical that the regulatory

information needs of both the business and management are met proactively, within an environment of robust documentation, procedures and controls.

ProGreSSIoNJoining a company as a financial accountant can provide you with exposure to numerous areas of the business. the natural career progression of a financial accountant would be to move into a managerial role within the finance department, with responsibilities varying between businesses due to the size and complexity of each.

Career options for a newly qualified

aCCountant

FINANcIAl AccoUNtING


BrIeF overvIeW oF cAreer to dAte:i qualified as an aCa with KpMg and spent four years in audit, during this time i worked with a broad range of clients and gained experience across a number of industry sectors as well as completing two short-term secondments. the professional standards i learned at KpMg have stayed with me through my career.

i left KpMg to work for the european subsidiary of a listed Japanese semiconductor company in an internal control role. My role progressed quickly into the headquarters finance manager with responsibility for accounting, reporting, taxation and internal control. i spent seven years at the company and as a team we undertook a number of significant projects which included changing the reporting currency to the euro, ifrs conversion, implementing transfer pricing policies and documentation, and developing and undertaking internal audit (using Japanese sarbanes oxley) across the european group.

i then moved onto be the uK financial controller for a small listed engineering consultancy with responsibility for 20 staff in two office locations before moving to my current role.

i am currently head of finance for steer davies gleave, an international transport consultancy. i have been in this role for over two years and have responsibility for global finance and taxation as well as a position on the executive management committee.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN YoUr cHoSeN SPecIAlISAtIoN?i knew i could offer more than just numerical skills and accounting knowledge as i consider myself to be a good communicator and have an eye for detail. the basic accounting and professional skills taught during the aCa qualification are a prerequisite to any senior finance position but i feel that my drive to understand the wider business environment and ability to motivate and lead a team to change and add value are valuable attributes. i enjoy the challenges that a career in finance brings and enjoy managing a

team and supporting an organisation through the changes associated with an evolving economic and finance environment.

WHAt AttrActed YoU to A cAreer IN FINANce?My degree was in accounting and finance and this led me naturally into a career in finance. i wanted a career that would continually challenge me so i could succeed professionally with good financial rewards.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?working for an international group headquartered in london with companies in 10 different countries in europe, north and south america, i enjoy the challenges associated with managing the strategic direction of a group based in vastly different geographical locations, with different competitive and economic environments. each country has different accounting and taxation rules so i am continuously learning something new every day. i have been able to drive change for finance globally and there is still work to do to standardise best practice and make the function as effective as possible.

an interView witH… HeAd oF FINANceCatHerine ClarK: steer daVies gleaVe

aCa guide 2012 | 33

i have enjoyed the challenge of turning around a function that was not viewed highly by the business, and seeing the positive responses and compliments that the team now receives. My role allows me to interact daily with other senior staff and the consultants in the business, i also present the financial results to various groups on a monthly basis and i lead training courses on financial or legal matters.

HoW HAS YoUr role evolved SINce qUAlIFYING?My role has evolved from being task based (internal audit and detailed accounting / spread sheets) to financial management and business support. at the beginning of my career my role was led by others in a more senior position through their choice of direction, but now i am leading my own development and that of my team.

it is a journey that at times requires patience, a lot of determination and self-motivation but i always knew what i wanted to achieve and i have set my sights on this goal from the outset. a

key element of my development has been associated with emotional intelligence, and taking the time to understand other people and how best to work with them.

HoW do YoU Feel YoUr orGANISAtIoNS FINANce FUNctIoN HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?everyone has to be an expert in their role but they also need to be flexible at taking on new responsibilities and tasks as there is no scope now to carry excess team members who do not contribute actively to the organisation.

efficiency and effectiveness are vital attributes as the team has to function as smoothly as possible globally. attention to detail is important as every number or transaction counts and has to be correct as management are relying on those figures to make important decisions. alongside this, the presentation of key financial indicators, cash flow forecasts and commentary to assist the business with making decisions on costs or revenue streams.

WHAt AttrIBUteS do YoU Feel MAkeS YoU A SUcceSS?i have a natural enthusiasm and i like to motivate my team to succeed by giving them ownership and responsibility for their work but i am also there to support them as needed. i commit to a company and role and remain loyal to those i work with. i’m not afraid to question and challenge, ensuring i have a full understanding before making a decision or offering my opinion or a solution.

i manage my own personal development by attending seminars, courses and networking events. i allow myself time to think so that i can decide which projects to undertake and what the benefits will be to the company.


WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN FINANce?finance is a great career choice because there are so many opportunities in different companies, sectors and countries. to be successful you need to work hard, continually look for ways to carry out tasks more efficiently and add value to the organisation. you need to think outside the box, learn something new every day and most importantly able to communicate technical finance terms in a clear and confident manner. you have to be able to engage with staff at all levels and have a real enthusiasm for managing risk and compliance as well as driving change and enhancing the function within an organisation.

aCa guide 2012 | 35

AN overvIeWfinancial planning and analysis / management accounting is an excellent entry-level position for candidates with no previous industry experience. the role is concerned with the provision of accounting information to senior management to facilitate their decision making and management control functions.

unlike financial accounting information, which for the most part is made publicly available, management accounting information is used within an organisation and is usually confidential.

the type of information that a management accountant will provide is as follows:

| budgets and forecasts | revenue and cost analysis | preparation and development of

reporting under uK and / or us gaap

| variance analysis – analysis of revenue / costs against plan / forecast

| analysis of key business drivers i.e. profitability and developing trends

| ad hoc project work, including implementation of computerised solutions to enhance work processes.

this information is prepared on a weekly, monthly and quarterly basis and is presented to senior management to provide them with the tools to shape the future strategy of the organisation.

FINANcIAl PlANNING ANd ANAlYSIS / MANAGeMeNt

AccoUNtING

ProGreSSIoNyour career prospects are enhanced by the fact that you will, as a function of your role, build relationships with different areas of the business and different layers of management. this in turn will allow you to obtain a thorough understanding of how the organisation operates. as a result, if you are proactive and perform well, the role will provide you with the perfect platform to build a career within an organisation.

no previous industry experience is necessary but the key skills required include excellent communication skills, attention to detail, controls focus and the ability to work to deadlines. one of the most important skill sets will be the ability to add value and the willingness to challenge existing processes, suggest improvements and implement changes.

from management accounting you will be able to progress into areas such as financial planning, strategy, analysis, projects, business management, Coo roles, Mis etc. you can also progress up the line management route or laterally within finance.


BrIeF overvIeW oF cAreer to dAte:after graduating from university and taking a gap year, i started my training contract with ernst & young in 2007. i worked within the corporate tax team servicing sMe clients in london. this gave me exposure to a wide range of businesses and industries. after completing my training contract i decided to move to a commercial-focused finance role in industry as i had decided that my long-term career goals lay outside of practice and tax. i started as a financial analyst within the financial planning & analysis (fp&a) team at unibet in september 2010. My main responsibility was to project manage the budgeting and forecasting process and to use business insight to get involved in ad hoc projects. i have recently been promoted to manage the fp&a team.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN YoUr cHoSeN SPecIAlISAtIoN?i’m really interested in the way that companies operate and seek to stay

ahead of the competition. a commercially-focused role that would allow me to use my accountancy training on interesting projects appealed to me.

WHAt AttrActed YoU to A cAreer IN FINANce?analytical subjects were always my strongest at school. this led me to study economics at university so a finance-based role felt like a natural progression. it is also a very broad field providing many different career paths and there are various options available to you.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?i’m really interested in the way that companies operate and seek to drive growth. i enjoy being able to play an active role in preparing the analysis that helps to shape a company’s future plans. i also love working with different types of people with various interests. working in an sMe means that i communicate with people from all parts of the business and can learn all about their areas of specialism directly from them.

HoW HAS YoUr role evolved SINce qUAlIFYING?My first role post-qualification was as an analyst within the fp&a team. My responsibilities were to lead the planning processes within the group and undertake ad hoc analysis projects. now, as manager of the fp&a team i am responsible for ensuring that accurate, timely reports are produced, the planning process runs smoothly, reflecting corporate strategy and that value-add analysis is performed and shared with the relevant business units.

WHAt AttrIBUteS do YoU Feel MAkeS YoU A SUcceSS?technical knowledge is always important, however when you are working in the commercial side of finance i think it is crucial to understand your industry and your product. Having a passion for the business my employer operates in helps me to analyse and assess internal and external events to a

an interView witH… coMMercIAl PlANNING ANd ANAlYSIS MANAGerneil banbury: unibet

high standard. i also enjoy building relationships with people across the group. these relationships help me to better plan and understand current activity, whether it is in relation to a specific market, a new supplier or a Hr or legal issue.

WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN FINANce?i think it is important to have long-term goals, however don’t fixate on these. there are so many options available that you never quite know what opportunities will come your way if you keep an open mind.


AN overvIeWinternal audit operates independently from any other division. in recent years it has become an increasingly popular entry point into any organisation because it does not pigeonhole you into a particular business area straight away. this role gives you the flexibility to understand the different business areas before making the choice about which division you want to progress into. a large number of senior finance managers / heads of finance working in commerce and industry progressed from the internal audit division.

a common mistake made by newly qualified accountants is to assume that this position is similar to external audit. this is definitely not the case. internal audit is a project-based position that will enable individuals to work in teams that are focused on “mitigation of risk”. a number of businesses now let the risks drive the audit plan, creating exciting work in a number of new and expanding areas.

your day-to-day responsibilities will vary slightly from company to company but you will be tasked with reviewing controls / processes, controls testing and giving advice to the business that will add value and have an immediate impact. the role is project-based and you will often investigate a business unit for a certain period of time before moving onto the next area. usually a risk-based audit plan is put together at the beginning of the year and the areas with the highest risk exposure are audited first.

in most businesses there is an opportunity to travel within the role. the time spent away will vary depending on both head office and global locations – the norm is 10-20 per cent, however it can be as high as 50 per cent of the year. before applying for a role, always consider the amount of travel you wish to do and discuss this with your consultant. it is worth mentioning that within the majority of audit departments the travel content is generally flexible and shared out between the team depending on people’s personal commitments. travel is usually within the uK but can be overseas in organisations with international operations.

INterNAl AUdIt

to be a successful internal auditor it is vital that you have the ability to communicate with senior management and not be afraid to challenge individuals on certain issues that arise. it is also important you are able to demonstrate to potential employers that you have the ability to drive for results. this will create an impact with potential employers and help you stand out from other candidates in the marketplace.

ProGreSSIoNin essence this role gives you exposure to many areas (finance, marketing, logistics, and production) within an organisation.

you will have the opportunity to build relationships with senior management and as a consequence, it can be used as a valuable springboard into your next role. Movement from internal audit into any areas within finance is very common. the business exposure this entry level role offers is unsurpassed by any other role.

aCa guide 2012 | 39

BrIeF overvIeW oF cAreer to dAte:since graduating from durham university in 1996 i have worked as a professional auditor. i started my career at KpMg where i trained as a chartered accountant then returned to durham university, where i am currently working as their director of business assurance.

these roles have broadened my knowledge of audit and i’ve gained organisational awareness across the public, private, and not-for-profit sectors, with my specialism being public sector audit.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN YoUr cHoSeN SPecIAlISAtIoN?the aCa qualification changed from a pure accounting qualification to a general business qualification. this suited my creative side and desire to move into a role covering a variety of business areas. i’ve always been interested in business risk management and business strategy. the role of internal audit and risk management is changing, in my view, from operational compliance, audit and policing to one characterised by more strategic and tactical assurance in collaboration,

dialogue and partnership with management. this new model of assurance is underpinned by commercial values is one i considered would suit my skills being more oriented to business and risk rather than purely accounting and numbers.

WHAt AttrActed YoU to A cAreer IN FINANce?i started as an accountant because too few general managers really feel comfortable or are able to manage finances. i did not want to be one of those. i took the aCa more as a general business qualification as i regard accounting as a very small sub-set of what being a good finance director as opposed to accountant is all about.

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?at durham university my role as the director of business assurance involves working closely with the university’s governing body, its audit committee and the senior executive team of the university. i have assisted in designing and implementing a new, meaningful, risk management system and provide an organisational consultancy-style of internal audit at the university. these

responsibilities require working within a highly political; culturally challenging; complex; diverse; and highly intelligent organisation with high expectations of their audit service. this requires advanced people-management skills and strong interpersonal, presentation and report writing skills.

i have a diverse portfolio of work and never meet the same challenge again, yet i understand the organisation intimately and can make a real difference to the organisation and people’s lives. i also as director have control over the nature and volume of work and can deliver meaningful organisation-improving work to the university.

HoW HAS YoUr role evolved SINce qUAlIFYING?as a newly qualified accountant i was still a little uncertain about what real business management was like, even though i thought i knew it all then. the aCa is a great achievement, but that is only a basic starting point for the establishment of further specialisms and deepening of knowledge. i would emphasise the importance of Cpd.

an interView witH… dIrector oF BUSINeSS ASSUrANceantHony garnett: durHaM uniVersity


Most clients and employers will allow individuals to make the role fit them and to develop with them. i would take this opportunity and always go for personal development opportunities when offered.

My role gets as big as my personal, professional and intellectual growth allows. i define what my service delivers and with the broad remit given to internal auditors i can make it deliver what the organisation and i require. at present my role includes a lot of internal business consulting, joining up financial, risk and general business skills with advanced presentation and client service skills.

HoW do YoU Feel YoUr orGANISAtIoN’S FINANce FUNctIoN HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?the recent financial crisis has affected all organisations. first it has made risk management more important and more focused. senior management teams have enhanced and sharpened up their financial modelling and strengthened

the link between business activities and the financial expression of those in the budgeting process.

it has also made the cost of finance more of a factor thus focusing the finance departments’ attention on getting greater value for money from its invested capital.

the knock-on changes to the government and government-funded sectors have been significant focusing on the boundary of responsibilities and also funding flows prompting the publicly funded sector to become more business-like. this has emphasised the importance of audit and financial management.

WHAt AttrIBUteS do YoU Feel MAkeS YoU A SUcceSS?i measure my success by the ability to improve my client’s risk handling and risk management capacity and the ultimate reduction in unmanaged risk faced by the organisation. i regard personal success to be measured through job satisfaction. i have a good

quality of life, doing a meaningful job, for a high-quality, world-class organisation. at the same time i learn, develop and grow each day and provide a real challenge for improvement and development to all of those i meet and client organisations i work with (i am also a non-executive board member for three not-for-profit organisations).

WHAt AdvIce WoUld YoU GIve SoMeoNe WHo WAS coNSIderING A cAreer IN FINANce?i would suggest that you consider not just the reward and the benefits, but also the quality of life and fundamentally what interests you. you will do this for the next 40 years of your life and you must have an interest to keep you getting up in the morning. i would always live to work rather than work to live. do research lots of finance and audit options, there are plenty of opportunities to provide a career that fits your skills and interests.

aCa guide 2012 | 41

AN overvIeWthe financial analyst role is pivotal within commerce and industry clients. a financial analyst assumes a lot of responsibility as the finance department of any business is in many ways the key to the whole business operation.

the core job of any financial analyst is to conduct a general financial analysis of the finance reports obtained from various departments such as sales, marketing, purchase, production, communication, etc. other responsibilities of financial analysts include preparing reports pertaining to their research, study and suggestions over investments.

other responsibilities include: | making use of spread sheets and

different statistical software in order to analyse the facts of their report

| in many organisations determining, planning and foreseeing the marketing activities also forms an important part of the job description of a financial analyst

| developing new and effective techniques for financial planning and thus rendering better service to the clients

| reading financial statements of the organisation and also taking into consideration the sales, expenses and production cost in order to advise for investments and forecast future earnings of the organisation

| keeping tabs of the latest trends and techniques in the field of financial analysis

| co-ordinating with their own higher management officials, as well as other departments, in order to report the progress and changes if any

| assessing other business performance in order to determine and advise the best company to invest in

| in many organisations, handling audits and work for client information support services also forms a vital part of the financial analyst job description

BUSINeSS / FINANcIAl ANAlYSIS

| hard core analysis, fact verification, study and research are all parts of the junior financial analyst job description, whereas planning and decision making on financial analysis is the core part of the senior financial analyst job description.

ProGreSSIoNdue to the nature of this role, you will gain exposure to a variety of areas throughout the business. this can either lead to you specialising in a certain area of business / financial analysis, or move into a more mainstream finance role using your experience and knowledge in a more strategic way.


AN overvIeWas a recently qualified chartered accountant considering the next step, an option often overlooked is that of remaining within the professional services arena.

remaining in professional services does not necessarily mean confining your options to purely audit and assurance as the larger organisations generally have an extremely comprehensive service offering. this means that career options for recently qualified candidates can be secured in the majority of the following areas:

| audit and assurance | business recovery and insolvency | Corporate finance | forensic accounting | tax

each route offers significant scope for career development. staying in practice usually allows qualified accountants to follow a pre-determined career route through a formal structure with clear and achievable steps in your development.

AUdIt ANd ASSUrANce qualified accountants continuing or moving into audit and assurance can follow a logical route to senior management positions and partnership. audit is driven by the statutory requirements faced by businesses and as such focuses on the technical elements of accounting.

as you develop your career through practice you will become more involved in leading audits and have direct interaction with clients.

BUSINeSS recoverY ANd INSolveNcYopting for a career in recovery and insolvency can facilitate the development of a number of valuable skills. the principal skill being stakeholder management as you will interact with lenders, creditors, companies and individuals. whilst the two different practices are separate in their approach they are often referred to in the same business area.

ProFeSSIoNAl ServIceS

business recovery will be focused on stabilising a business, identifying the issues faced by an organisation before working with a variety of stakeholders to address the under performance and effectively recommend changes to the business.

insolvency can take a number of forms. you may be working on behalf of a secured lender to understand a companies' assets in order to recover the debt due. you may also act on behalf of a business which has found itself in trouble to liquidate assets, collect all monies owed to the business, assess and agree creditors’ claims and allocate payment after all costs are paid.

again a career in business recovery allows for candidates to truly become a specialist and follow a logical career development path.

aCa guide 2012 | 43

corPorAte FINANceCorporate finance can be best described as transactions in which capital is raised in order to create, develop, grow or acquire businesses. in some form or other corporate finance is focused on the change in ownership of an entity. from a practice perspective the work will often be focused around commercial and financial due diligence and advisory or lead advisory.

the aim of due diligence activity is to help clients find a strong negotiating position while lead advisory works closely with the acquiring business to help manage buy-outs, buy-ins, raise venture or development capital.

Corporate finance teams will provide an expert commercial assessment of a deal and provide consultation on any associated risk.

if you are considering moving into this area, a role in corporate finance provides a first step to developing your deal-making skills. you may also further develop your technical, client-facing, modelling and leadership skills.

ForeNSIc AccoUNtINGforensic accounting plays a key role in assisting with the investigation of financial and business related issues and often emanate from anticipated disputes or litigation. the practice of forensic accounting could be best described as the integration of auditing, investigation and accounting skills.

forensic accountants often assist in professional negligence claims where they are assessing and commenting on the work of other professionals. you will use your technical skills and strong eye for detail in order to add value to your clients.

tAxCandidates who have recently qualified in audit may opt to develop a more specialist skillset such as tax. there is often huge appeal in the tangible and direct quantitative nature of the value being added through their work.

given the many different types of tax, there is excellent potential for specialising within a particular area. you may wish to move into corporate tax, private client tax, indirect tax etc.

tax teams will often be split into compliance, consultancy and advisory. Compliance is focused around the process driven preparation of tax computations or personal tax returns for submission to the appropriate authority. Consultancy focuses on a direct interaction with the client to devise both short and long-term tax efficiencies. advisory is focused on advising on issues which have arisen from the compliance process with the aim of minimising tax liability.


BrIeF overvIeW oF cAreer to dAte:Having graduated with an honours degree in mathematics from durham university, i worked in the business assurance team at arthur andersen in Manchester for three years, during this time i completed my aCa qualification. this allowed me to gain an awareness of the various service streams within a large accountancy practice and helped me to identify my preferred career path.

following roles in the corporate finance teams at both deloitte and old Mutual securities, i joined bdo in 2005. since then, my role has involved leading a wide range of acquirer and vendor due diligence assignments for both corporate and private equity clients. as a director in the transaction services team, i also help to co-ordinate bdo’s extensive international corporate finance practice, with management of cross-border transactions becoming an increasingly important aspect of my role.

WHY dId YoU tHINk YoU WoUld SUIt A cAreer WItHIN YoUr cHoSeN SPecIAlISAtIoN?throughout university, my knowledge of finance and accountancy was relatively limited. My initial move into accountancy was principally based on recommendations from my friends and family, experience gained through summer work at a small local audit practice and my general aptitude for mathematics and numerical analysis.

i enjoy challenges which are constantly changing, therefore the project-based nature of corporate finance appealed to me from the outset. Joining bdo has given me the opportunity to manage a huge variety of project work, helping me to continually develop in my role and providing a high level of job satisfaction.

WHAt AttrActed YoU to A cAreer IN FINANce?i’ve always had an interest in business and economics throughout my school years; however the option of a career in finance started to take shape during milkround presentations by recruiting

organisations during my penultimate year at durham university. i took this opportunity to ask representatives from various organisations about their role in order to absorb as much information as possible. it was at this point i realised how broad finance truly is.

My decision to join a large accountancy firm was driven by the opportunities available, enabling me to train for the highly marketable aCa qualification, whilst also building up experience and learning more about the various service streams within an accountancy practice. this provided me with the information, experience and opportunity to develop my career and ultimately to specialise in my chosen area of corporate finance

WHAt do YoU eNJoY ABoUt YoUr cUrreNt role?My main responsibility is to manage and deliver financial due diligence investigation work on behalf of prospective acquirers. as all businesses

an interView witH… dIrector oF corPorAte FINANcedaVid billington: bdo

aCa guide 2012 | 45

are different, i enjoy the challenge of really getting behind the numbers of target businesses, to fully understand their track record and trading projections. also considering various (non-financial) operational aspects; an in-depth understanding is essential in assessing the underlying drivers of value of the target business and any associated risks or challenges that an acquisition may involve.

Corporate finance is fundamentally a people business. i enjoy meeting and working with a vast spectrum of people, whether it be senior management teams of a privately-owned business, plC directors, fellow professionals from other firms or colleagues within bdo. in my opinion, job satisfaction and enjoyment is driven as much by the people you work with on a day-to-day basis, as the technical aspects of the role itself.

HoW HAS YoUr role evolved SINce qUAlIFYING?as i have become more senior within the team and my transaction experience has grown, i am increasingly empowered to shape and broaden my role within bdo. project delivery

remains my principal responsibility, with opportunities to identify and manage larger more complex transactions, such as full list, aiM ipos and cross-border transactions. i am also involved in marketing activities, staff training and development and co-ordination of the firm’s international corporate finance practice.

the key motivating factors for me are the continuous evolution of the role with the various challenges it presents, together with the ability to focus on areas of particular interest to me (for example, bdo’s international practice).

HoW do YoU Feel YoUr orGANISAtIoNS FINANce FUNctIoN HAS develoPed AS A reSUlt oF tHe receNt FINANcIAl crISIS?within the corporate finance market, the main challenge has been lack of liquidity in debt markets since 2009. this has made the structuring and completion of transactions much more difficult.

bdo, like any firm has had to adapt to the dynamics of the market. we’ve remained active in the firm’s historical core business of mid-market private equity; although there has been an increasing focus on corporate transactions, both within the uK and on a cross-border basis. recent market conditions have significantly reduced the level of private equity investment, in contrast, this has proved to be an opportunity for corporate clients with strong balance sheets and / or access to funding looking to grow their business through acquisition.

despite the difficult economic conditions, bdo has maintained an extensive corporate finance team of approximately 160 professionals across 14 offices in the uK.


AN overvIeWtaxation and treasury are two of the more specialised career options available. although we highlight some of the important considerations here we would recommend you call one of our experienced consultants for more in-depth information.

tAxAtIoNChoosing whether to stay in professional services or move into in-house tax for the first time can be tricky. in-house roles are highly sought after as the end goal for many tax professionals. no time sheets, better working hours and higher financial reward make for an attractive proposition.

whether or not it is the right move for you depends mainly on three things: your specialism, level of experience and your preference on the type of environment you work in.

there are many opportunities at all levels to move in-house if you specialise in corporate taxes, transfer pricing or Vat. when it comes to more niche areas such as employment taxes, expatriate taxes, executive remuneration and partnership taxation, then opportunities are scarce with very high competition for them. Here you are most likely to make the move in-house at the manager level when your experience can prepare you for the opportunity as the roles tend to be either stand-alone or part of small teams.

IN-HoUSe ProGreSSIoNthere are various reasons tax professionals consider a move into commerce and industry. the most common reasons include:

| the opportunity to witness how your work directly impacts on your organisation.

| increased depth in the work you are exposed to – although working in a firm allows you to experience different companies and sometimes industries; it is likely that you will not see a project through from

tAx ANd treASUrY

beginning to conclusion. working in-house will allow you to see projects from start to finish.

| to assume a higher level of visibility across the business – a common complaint from candidates working in larger professional firms is that they feel like a small cog in a big wheel. in-house teams are likely to be significantly smaller and you are likely to hold relationships with all other members of the tax department including the head of tax.

| the desire to develop commercial acumen – a move into industry will eventually allow you to participate in making business decisions that are not solely tax-related.

| the prospect of no time sheets, a stronger work-life balance and an increase in financial reward.

| easier to change career – it is easier for a qualified (aCa or Cta) corporate tax professional to move into a broader finance-focused role if they are already operating within that business as organisations are likely to attempt to recruit internally before making an external hire.

aCa guide 2012 | 47

treASUrYtreasury in a company is key in determining the firm’s financial strategy and financial policy – advising on what businesses should invest in, organising the appropriate funding for this and controlling the risk in the organisation.

depending on the risk environment, treasury will create an appropriate capital structure of debt and equity in order to fund the business, getting the optimum balance between cost and risk. this translates into the need to ensure that at all times the company has the liquidity and cash to meet its obligations as they fall due, taking in funding from equity or debt capital markets activities and bank borrowings, through to day-to-day cash management and investment.

in essence, treasury management is all about handling the banking requirements, the funding for the business and managing financial risk. it therefore incorporates raising and managing money, currency and commodity. it also involves interest rate risk management and dealing, in some organisations, the related areas of insurance, pensions, property and taxation.

although an option for newly qualified aCas, treasury is more of a niche discipline and therefore opportunities are not as widespread. Having said that, some organisations have recruited heavily into this function recently, particularly those within the financial services sector.

48 | aCa guide 2012

released annually, Hudson salary guides give an insight into the current job market and related compensation for a variety of job categories and industries.

our guides cover salaries across the uK and are split by functional or sector specialism. the salary data presented has been researched thoroughly by our consultants and also take into account current recruitment trends and forecasts for the year ahead.

salaries clearly vary from one institution to the next. it is important when considering your salary, you analyse the overall package and do not just focus on the basic salary. Most companies offer additional benefits including bonus scheme, pension scheme, company car / allowance, healthcare, life insurance and subsidised gym memberships as part of their package. we haven’t been able to accommodate all of these variables in the salary guide figures, therefore these publications are designed to act as guides to current salaries only.

should you wish to receive a free copy of the 2012 salary guide for either accounting and finance or banking and financial services (london), please email [email protected]

2012 salary guides

mailto:HudsonSalaryGuide%40hudson.com?subject=ACA%20guide%3A%20request%20for%20a%20Hudson%20Salary%20Guide

aCa guide 2012 | 49

london

2012 salary guide

UK

50 | aCa guide 2012

the short time you spend at a job interview could have a dramatic effect on your career prospects. therefore, it is important that you perform well because no matter how good your career record is to date, the job interview remains an important step towards fulfilment of your ambitions. the secret of success lies in preparation, so it’s worth spending some time doing your homework to make it a positive experience. it is simple: the better prepared you are, the better you will perform at interview.

the interviewer could ask you a question about anything you have written on your CV. this means you have to know the details surrounding every responsibility, project, course attended – anything that you have put down on your CV.

these tips, combined with the guidance provided by our consultants, will equip you with valuable information on how to conduct yourself during interviews.

if you would like tailored CV and interview advice please contact one of our consultants. for contact details please see page 61.

tHe Hudson guide to interView preparation

aCa guide 2012 | 51

| prepare the questions you will ask during the interview. the employer will try to determine through questioning if you have the qualifications necessary to do the job, while you must determine whether the company will give you the opportunity for the growth and development you seek.

probing questions you might ask include: | is there a detailed description of the position? | what is the structure of the team? | why is the position available? | what is the culture of the company? | what is the anticipated induction and training programme? | How do you see this role developing over the next two years? | what is the staff retention rate like? | what are the company’s growth plans?

INtervIeW PrePArAtIoN

preparation is the first essential step towards a successful interview. interviewers are continually amazed at the number of applicants who drift into their offices without any apparent preparation and only the vaguest idea of what they are going to say.

it is important to: | know the exact place and time of the interview, the interviewer’s

full name, the correct pronunciation and their title | ensure complete understanding of the company you are going to

see. it is essential to conduct thorough research. look out for all relevant additional information including newsworthy items. also, talk to friends or colleagues that work(ed) at the company, read through press releases highlighting recent successes

| highlight the job specification, the skills required and essential responsibilities. Make sure that your CV reflects this and importantly that you are able to convey your key strengths

| read through and know your CV inside out | refresh your memory on the facts and figures of your present or

former employer. you will be expected to know a lot about the company for which you currently or previously worked

| dress conservatively and preferably in darker colours and a light shirt, unless otherwise instructed. pay attention to all facets of your dress and grooming. first impressions last

| keep up to date with current market issues by reading publications such as the ft and the economist and websites such as reuters and bloomberg

52 | aCa guide 2012

you are being interviewed because the interviewer wants to hire somebody, not because they want to trip you up or embarrass you. your CV has impressed the interviewer, and now you need to support this in your performance at the interview.

through the interaction that takes place during the interview, the interviewer will be searching out your strong and weak points, evaluating you on your qualifications, skills and intellectual qualities. they will probably probe deeply to determine your attitudes, aptitudes, stability and motivation.

tHe Next SteP

aCa guide 2012 | 53

doS ANd doN’tSHere is a checklist of things you

should and shouldn’t do during an interview:

| don’t answer questions with a simple ‘yes’ or ‘no’ answer. offer an explanation whenever possible, giving succinct, practical examples.

| don’t lie. answer questions truthfully, frankly and as directly as possible.

| don’t make derogatory remarks about your present or former employer, companies, colleagues, industry or culture.

| don’t enquire about salary, holidays, bonuses, at the initial interview unless you are positive the employer is interested in hiring you and raises the issue first. However, you should know your market value and be prepared to specify your required salary or range. Contact your Hudson consultant regarding your market value if you are unsure.

| do arrive on time, ideally 15 minutes early. always leave plenty of time. late arrival for a job interview is never excusable.

| do read any marketing literature in reception, as there may be some useful information in it, and it shows genuine interest in the company.

| do shake hands confidently and firmly. | do wait until you are offered a chair before sitting. sit upright in

your chair. look alert and interested at all times. | do be a good listener as well as a good talker, and remember to

smile. | do look a prospective employer in the eye. | do follow the interviewer’s lead but try to get them to describe

the position and the duties to you early in the interview so that you can relate your background and skills to the position.

| do ensure that your strengths are transmitted to the interviewer in a factual, sincere manner. Make them realise the need for you in their organisation.

| do be prepared to answer technical questions. Hopefully you will know the answers but if not don’t guess. if you are unsure, then be honest and say, “that is beyond my experience but this is where i would go to find the answer” or “i haven’t encountered this situation before, however, what i would do is...”

| do include all the interviewers present, even if one of them is more of an observer. their opinion on you will be sought after the interview.

| do conduct yourself as if you are determined to get the specific job you are discussing, even when applying for a number of roles. it is better to be in the position where you can choose from a number of options rather than only one.

54 | aCa guide 2012

the next step is to systematically prepare answers and revise for all the different types of questions you think you may get asked. we have listed some of the types of questions frequently asked:

GeNerAl INtervIeW qUeStIoNS: | tell me about yourself | why are you interested in this job? | why would you like to work for this company specifically? | why should we offer you this job? | why are you looking to leave your current position? | what has been your biggest success at work? | why did you choose this career path? | Can you give me your understanding of the role that you are

interviewing for? | where do you see yourself in five years time? | what are your strengths and weaknesses? | what are your hobbies and interests? | tell me about something that is happening in the economy

currently. | what feedback was given to you in your last appraisal? | what motivates you? | if i were to call your boss, how would they describe you?

INtervIeW qUeStIoNS

telePHoNe INtervIeWS | at the very minimum you should brush up on the company’s

business structure, clients, products, industry terminology, or anything else that may relate to the position you are applying for. spending an hour or two researching these things before you do an interview can make a great impression on your interviewers and possibly land you a second interview or even a job.

| Keep a glass of water handy. | smile. smiling will project a positive image to the listener and will

change the tone of your voice. | speak slowly and enunciate clearly. | Keep your CV in clear view, near the phone, so it’s at your

fingertips when you need to answer questions. | Have a short list of your accomplishments available to review. | Have a pen and paper handy for note taking. | turn call-waiting off so your call isn’t interrupted. | Make sure your phone is charged and you are in an area with

reception.

be prepared for different interview styles. | Competency-based | panel | technical | formal / informal

aCa guide 2012 | 55

to prepare yourself for competency-based questions, use the StAr method of structuring your answer.

Situation - describe the situation or problem you have encounteredtask - describe the task that the situation required or your ideas for resolving the problem Action - describe the action you took and obstacles that you had to overcome result - highlight outcomes achieved, results should be your focus.

coMPeteNcY-BASed INtervIeW qUeStIoNSCompetency-based interviews involve a specific style of questioning. although not commonly referred to in such a literal way, it is a modern style of interview that you should be aware of and prepared for.

this style of interviewing is used so that you can best show how you would demonstrate certain behaviours and skills in the workplace, by answering questions about how you have reacted to and dealt with previous workplace and personal situations. by using past experience, a potential employer can predict future behaviour.

you will be asked to give an example of a situation or task that led you to take a certain course of action. probing questions will then be used to determine the course of action you took, what changes were facilitated by those actions and the effects of those actions on others.

56 | aCa guide 2012

exAMPle 1: JUdGeMeNt ANd decISIoN-MAkING

the interviewer will be looking for you to demonstrate the following traits and behaviours when answering questions on this competency:

| selects and uses relevant information to make sound and balanced judgements

| evaluates the risks of alternative options and makes confident decisions in the face of uncertainty or incomplete knowledge.

qUeStIoNS YoU MAY Be ASked

tell me about a time you took responsibility for making a key decision.

| what was the decision you made? | How did you justify your decision?

sometimes we have to make decisions that are challenged by others. describe a situation when you made a decision that was challenged.

| what was your decision? | How did the people who were affected react? | How did you respond to people who challenged your decision?

give me an example of when you had to work without any guidance. | what kinds of decisions did you have to make? | How did you cope? | what feedback did you receive?

describe a time when you referred an urgent decision upwards? | what was the background? | why did you need help?

tell me about a decision you made that involved an element of risk. | why did you need to make the decision? | what were the consequences?

aCa guide 2012 | 57

exAMPle 2: drIve ANd coMMItMeNt


| has the determination, effort and enthusiasm to deliver results | is energetic, takes the initiative, originates action and keeps

things moving.


tell me about a time that you worked especially hard. | what aspect of the situation motivated you to work hard? | what elements of the situation did you find de-motivating? | what was the result of your hard work?

give me an example of when you set yourself a challenging target. | why did you set yourself the target? | what made it so challenging? | what was the outcome?

give me an example of when you took the initiative and made something happen.

| How did you progress the idea? | How did you gain support for the initiative? | what was the impact of your initiative?

tell me about a time when a project you were working on did not go as planned.

| what didn’t go well? | How did you feel? | How did you react?

give me an example of when you did more than was asked of you. | what was the situation? | what did you do? | what was the result?

58 | aCa guide 2012

exAMPle 3: PlANNING ANd orGANISING


| is personally well organised and keeps focused on priorities in own and others’ work

| develops and monitors clear and realistic action plans to accomplish given objectives using given resources.


describe a time when you had to organise the implementation of a plan.

| what were the key stages you worked through? | How did you ensure the plan was followed? | How did this work in practice?

tell me about a time when you were unable to deliver what you promised to deliver.

| why did this happen? | to what extent were you responsible? | what did you do to try and overcome the problem?

tell me about a situation when a number of projects needed your attention.

| what were the projects? | How did you manage your limited resources? | to what extent did the different projects succeed?

describe a project where you had to organise the resources you needed in advance.

| How did you plan this? | to what extent did the resources you identified as required match

the resources needed in practice?

give me an example of when you had to work towards an important deadline.

| what measures did you take to ensure you met the deadline? | what did you find most challenging in respect to planning and

organising? | why were these elements challenging?

aCa guide 2012 | 59

exAMPle 4: INNovAtIoN


| the inclination and ability to challenge the status quo, and to generate new ideas and creative approaches which move the business forward.


tell me about a time when you questioned or challenged a way of working?

| why did you question it? | what did you suggest? | to what extent was your recommendation used?

describe a situation when you produced an imaginative solution to a problem at work.

| How did you generate the idea? | what feedback did you receive?

tell me about a situation when you initiated a new or better way of doing things.

| what did you suggest? | which ideas did you put into place? | what was the outcome?

sometimes someone else will generate a good idea but it is someone else who promotes it.

| what ideas have you promoted in this way?

describe a major change or adaptation that you have had to make recently.

| what made the change challenging? | How did you feel during the period of change?

60 | aCa guide 2012

refer a friend

earn £200 in gift vouchers if you refer a friend to us and they are subsequently placed in a permanent, contract or interim position in england.

Choose from t.M. lewin, Amazon or oddbins vouchers.

simply tell your friend to email your Hudson consultant, attaching their CV and stating that you have referred them to us. alternatively, with their permission, you can email their CV to us together with their contact details.

terms and conditions: | the value of the gift vouchers will not exceed £200

| gift vouchers are not transferable and cannot be redeemed for cash

| in the event that the preferred gift voucher is not available, an alternative gift

voucher will be provided up to the same value

| the scheme is open to all registered Hudson candidates

| the scheme is not open to Hudson employees

| if the referred candidate is already on our database and we have been in

contact with that person in the last six months, the referral will not qualify for

a gift voucher

| please note that if you are a temporary worker engaged with Hudson on a

paye basis, the receipt of any gift voucher will be subject to income tax

| for temporary placements to be eligible, the individual must be placed for a

period of two weeks or more

| for permanent placements to be eligible, the individual must have

successfully completed their probationary period

| Hudson reserves the right to terminate or amend the terms of the scheme at

any time.

reFer A FrIeNd ANd SHAre IN tHeIr SUcceSS

aCa guide 2012 | 61

loNdoNChancery House 53-64 Chancery lane london wC2a 1qs t: +44 20 7187 6000

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rajan Mirpuri Hudson accounting & finance t: +44 20 7187 6051 e: [email protected]

ContaCt us

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