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Which Accountancy Qualification for Banking?
Which Accountancy Qualification? AAT, CIMA, CIPFA, ACA,ACCA
CIMA, the Chartered Institute of Management Accountants
CIPFA, the Chartered Institute of Public Finance Accountants
ACA, the Association of Chartered Accountants
The ACA, Association of Chartered Accountants generally is broad in it's spectrum of study as it is one of the main providers of qualifications that underpin private accountancy practices which offer audit, tax and general accountancy services. The employees of such partnerships are required to deal with a vast range of clients, which means their understanding ofaccountancy and financial regulations has to be flexible enough to cover anything from a butcher's shop to a large housing association.
ACCA, the Association for Certified Accountants
The ACCA, Association for Certified Accountants produces a qualification very similar to ACA in its focus, with one of the main differences between ACCA and ACA being that ACA requires all students to be articled for a minimum of three years to guarantee that they are given the required broad range of training while studying towards their qualification.
There is no actual accountancy qualification tailored specifically towards the banking industry
However, in general accountancy skills are highly transferable. At the core of any accounting qualification is the concept of double entry, together a thorough understanding of current statements of standard accounting practice. All routes of study will incorporate these at an in-depth level. The guidelines for recommended accounting practice, together with the specific financial regulations relating to the banking sector, effectively bridge the gap between the formal training route and the required specific knowledge base within banking.
Effectively, therefore, all accountancy qualifications can be the basis for a successful accounting career in the banking sector.
However, due to the broader nature of the module bases and the equal emphasis placed on audit and tax when it comes to the actual accounting methods studied, the ACA and ACCA tend to be better choices than the alternative routes.
Written by Adam Tachauer of Circle Square
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Lease Accounting and the Impact of the Rules Changing
Proposed changes to Lease accounting rules could have a significant impact on resourcing in the financial sector.
Published in May by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), the proposals include a requirement that all leases exceeding 12 months be included on company balance sheets.
Lease Accounting Deals are Likely to Change
Lease Accounting Proposals Finalise in September
Whilst consultation on the proposals ends in September, it is unclear what the final changes will be or the final time scales for implementation. Amendments to the lease accounting rules have been on the cards for some time. The project itself started back in August 2010, although its original proposals were rejected. Whilst refined and less complex proposals have been issued, there is concern in a number of quarters about their practicality and administration.
Proposed changes to Lease accounting rules could have a significant impact on resourcing in the financial sector.
Published in May by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), the proposals include a requirement that all leases exceeding 12 months be included on company balance sheets.
Lease Accounting Deals are Likely to Change
This could lead to a change in the way that lease deals are structured in the future as companies alter the format of their leases in order to keep them off the books. There are a number of ways that this could happen, such as by reducing lease lengths or by using service contracts instead of leases.
Lease Accounting Proposals Finalise in September
Whilst consultation on the proposals ends in September, it is unclear what the final changes will be or the final time scales for implementation. Amendments to the lease accounting rules have been on the cards for some time. The project itself started back in August 2010, although its original proposals were rejected. Whilst refined and less complex proposals have been issued, there is concern in a number of quarters about their practicality and administration.
Centralised Approach to Processes
If the changes do come into effect companies are likely to need a more centralised approach to systems and processes for dealing with leases and appropriate software to support the new requirements.
As a result, the impact of the lease accounting changes are likely to be felt in a number of resourcing areas, including finance, property and IT systems.
Written by Marc Dewdney
Finance Sector puts Reputation First
A Recent Survey Finds The Finance Sector Value Reputation Over Profits
Any business owner in the finance sector or otherwise, who has suffered from a loss of faith in their company will tell you that maintaining a good reputation is absolutely crucial. The staff you employ, the investments you make and the marketing you carry out can all be more critical than you realise. Unfortunately, this often doesn't become apparent until you get it wrong.
Finance Sector Survey Findings
A global CGMA survey conducted by the AICPA and CIMA has recently found that 76 per cent of all senior finance sector professionals would be willing to sacrifice short-term profits to maintain their reputation in the long term. They said that this was because of the increasing demand for transparency, the greater use of social media and seeing what had happened in other firms that had lost their reputation.
Businesses Turn Down Projects to Protect Their Reputations
44 per cent of all businesses surveyed had decided not to participate in a particular project that would have brought them a profit because of the damage it could have done to their reputation. Surprisingly, despite the 76 per cent of finance sector professionals that understood the risks, only 65 per cent of their companies often or always considered the reputational risk and associated financial damage when making investments.
The Finance Sector Need to be Cautious with Social Media's Ability of Viral Reputation Damage
Almost a quarter of all the finance sector businesses surveyed had already suffered a reputational failure. The damage that can be done to a company's reputation is amplified in this age of social media. Whilst a word-of-mouth or standard media boycott campaign can be damaging, it is nothing compared to a viral campaign on social networking platforms.
Companies Need to Manage Risk by Monitoring Social Media
It is worrying that despite recognising this risk, many companies still don't monitor social media in any detail and they lack procedures for calculating the financial impact of a failure to manage reputational risk. Only 20 per cent use social-media feedback heavily, although a higher percentage used it to some degree.
The CGMA Rank Customer Relations #1
Companies that have strong branding, good customer relationships and are defensive of their brand image are more likely to put their reputation first. Every contact that a member of your staff has with a customer or potential customer can change your reputation. Respondents to the CGMA survey ranked customer relations as the most important, followed by employee relations and relationships with regulators and investors.
All businesses should monitor what is being said about both them and their competitors on social media. It is just as important to make sure that you know what your staff say about you because they can be your biggest advocates or your biggest enemies.
Written by Niraj Joshi of Circle Square
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Related Posts: Accountancy Graduates on the Increase The Areas CFOs Should Be Concentrating On Financial Markets Point to More Positive Future Job Market Which Accountancy Qualification for Banking?Increasing Pay Levels for Accountants Advance Your Career in Accountancy & Finance with Personal Branding
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Accountants Deserve Praise
In Praise of Accountants
Accountancy may never have been regarded as the most exciting or ground-breaking of professions, but a new survey has revealed how a significant number of accountants in the industry regard themselves embarrassed of their chosen occupation.
Accountants Ashamed of their Profession
The survey reveals that accountants stand out as the professionals most ashamed about what they do for a living. Of the 2000 people questioned, a mere 44% of accountants expressed pride in their career choice, compared to 90% of those surveyed in the insurance industry. So what on earth is the reason behind these collective red faces?
Accountants not to Blame for the Financial Crisis
We can trace some of the blame for this shame-faced reaction to the financial crisis. Whilst a tiny minority of the nation's accountants had their part to play in this dire situation, it does seem a bit rich for them to take the whole weight of the blame on their shoulders. Ironically, a majority of bankers questioned expressed pride in their profession.
Accountants are Cutting Edge
It's true that when many of us hear the word 'accountant', a cliched vision of a grey man marking up a ledger with a quill pen may leap uninvited into our minds. These days, though, accountancy is driven by sophisticated computer programs and cutting-edge technology. Accountants have the heavy responsibility of keeping a weather eye on the financial situations of the smallest of family firms as well as the highest echelon of government. Accountancy has moved with the times and those working within the industry now play a crucial role in safeguarding the precarious state of the nation's finances.
Accountants Contribute to the Financial Health of the Nation
Accountancy is a profession with lots of scope for flexibility. There will always be a demand for accountants and those in senior positions can command an impressive salary. It is an ideal profession for those professionals who wish to map out a steady career progression as there are clear and structured career paths. Many universities offer accountancy degrees, but if you have a good head for figures it is entirely possible to enter the profession at ground level and work your way up. There are few professions where your career path will be so clearly signposted. Additionally, many accountants contribute to the altruistic health of the nation with their vital and often unpaid work for charities.
All in all, there is no need for accountants to hang their heads in shame. They play a key part in keeping the country financially afloat. Where would we be without them?
Written by Niraj Joshi of Circle Square
If you're not sure which career move would best suit your skills and experience take a look at our Finance & Accountancy Job Profiles: CFO Job Description Finance Manager Job Description Project Accountant Job Description Financial Accountant Job Description Financial Controller Job Description Management Accountant Job Description
We have also tailored advice on finance & accounting qualifications and career options - ACCA Qualification ACA Qualification CIMA Qualification CPA Qualification CA Qualification
Career Options - ACA Careers CIMA Careers ACCA Careers CA Careers CPA Careers
Our Finance & Accountancy Salary Survey 2015 is now available.
Accountancy Graduates on the Increase The Areas CFOs Should Be Concentrating On Financial Markets Point to More Positive Future Job Market Which Accountancy Qualification for Banking? Increasing Pay Levels for Accountants Advance Your Career in Accountancy & Finance with Personal Branding
Banking Industry Transformation Looks Likely
According to market experts, the banking industry will be obliged to transform itself over the forthcoming five to ten years. Jean Pierre Mustier, a European investment banking veteran from UniCredit, has commented on the trend for lenders to re-organise their operating models along lines last seen in the 1980s.
Mustier is responsible for Unicredit's corporate and investment banking arm. Speaking to Bloomberg, he said that he anticipated a further increase in capital requirements. The knock-on effect would see the banking industry acting to further simplify their activities, and step back to a business model that focuses on transaction banking, lending and intermediation, which is similar to the 1980s model.
Banking industry regulators are strongly focusing on leverage, in a bid to prevent any recurrence of the bank rescues of 2008 funded by the tax payer. Universal banks, which combine commercial, investment and retail banking operations, will also be likely to farm out a greater proportion of their activities.
Although the banking industry transformation will not happen overnight, according to Mustier's predictions, it will be visible within the next five to ten years.
The idea of a banking world predicated on a previous model demonstrates the scale of challenge that lenders are facing as they deal with increasingly stringent regulations. Many believe that banks will simply abandon business activities that require too much capital, such as derivatives in particular.
The banking industry will increasingly embrace the commercial model, where clients are offered a broad range of credit options, from bonds to loans, with fundamentally local credit markets. Banks are realising that they don't necessarily need to have global operations in everything.
Some of these businesses - particularly investment banks - do require a certain critical mass in order to obtain acceptable returns. Universal banks might yet abandon activities such as merger advice, equities trading, and the servicing of hedge funds. By doing this, they will be able to obtain a stronger credit rating, see the cost of their funding decrease, be able to run off lower equity and see the ratio of loans to deposits decrease.
However, lending will also need to remain a focus. The banking industry will always risk losing money through poor lending decisions, regardless of their lending model. The financial market crisis of 2008 was driven by sub-prime mortgages or capital markets that were powered largely by the trade in securitised bonds. Equally, a spate of Latin American loan defaults in the 1980s showed that no totally foolproof banking system can ever exist across the board. However, elements can be controlled and improved, such as the recent regulatory tightening and challenges to banking excesses.
How To Impress A Recruiter When They're Scanning Through Hundreds Of Resumes
Most people spend a very long time crafting the perfect resume because they believe it will open up the door to their dream job. You have to know what happens when a recruiter is working on behalf of a company, but before you can do that you must understand what their job entails. They need to provide a company with the best candidates and their performance is based on the company being able to employ the perfect person for the job.
This means they need to go through a huge number of resumes and they don't have time to sit around reading each one thoroughly. You'll be lucky if they spend 20 seconds scanning yours, so think about that the next time you have your resume out in front of you. It's not their job to take chances, so if your recruiter isn't up to scratch they'll throw it away. Let's look at some of the things they want to see when they're rushing through the pile in front of them.
Recent experience
When applying for a job it's easier to step into a new one where you'll be doing the same kind of thing. If you currently have a job selling electrical equipment to overseas companies it's easy to do the same thing for another company, but if you've not done it for 20 years it's completely different. Obviously you don't have to step into the exact same role, but if you don't have relevant experience it means you'll need a lot of training.
Educational background
The educational system is getting a lot of bad press in some quarters at the moment, but that doesn't take away the fact your resume will probably get thrown away if you don't have a college degree. In some cases you will even need a master's degree if you want to get to the next stage in the interview process. Recruiters are looking for the best and whether you like it or not a degree is one qualifier they use.
Relevant industry
Applying for a job in a completely different industry is going to be difficult when you're dealing with a recruiter because they're trying to pick the perfect person who can slip straight into a company. If your current industry is similar it's a little more realistic, but if they're at two different ends of the spectrum you can forget it. The client will probably tell the recruiter they're not willing to take someone from a completely different industry, so their hands are tied.
Obvious extras
There are some things you're probably aware of because they are so obvious, but we'll mention them anyway so you don't mess up. If someone can't read your resume because of spelling and grammatical errors it's easy to throw it into the reject pile. If you leave someone guessing they won't take the time to work out what you failed to mention. Instead of rambling on you also need to get straight to the point so the recruiter can read everything they need to see.
Featured images:
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- License: Royalty Free or iStock source:
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The author of this post, Kevin David, works at Resume Service, home to the finest CV writers in Perth. He keeps himself busy during the weekends by taking up restoration work for his home.
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The Perfect Candidate for the Job
No Such Thing as the Perfect Job Candidate?
The Biggest Problem Being the Lack of Appropriately Skilled Candidates
Bullhorn have recently released their annual recruitment trends report in the USA, which is always interesting for those working in the UK recruitment sector too, as many of its findings apply to Europe as well. One particularly interesting finding was with regard to the biggest challenges for this year, according to recruiters. Around 33pc of respondents said that a lack of appropriately skilled applicants was the biggest challenge. And in a separate question, over three-quarters of respondents said that they were experiencing a shortage of candidates with the right skills in various sectors, including IT.
This was particularly interesting given how high-growth the IT education sector is, both in the US and here in the UK. The number of people achieving qualifications is steadily growing, so how can there be a lack of appropriately skilled people looking for roles?
Unrealistic Client Demands
Many believe that the 'issue' is a perception one, driven primarily by unrealistic client demands. In fact, this was highlighted in the report as being the second biggest challenge of 2013. Certainly, empirical data in the recruitment industry suggests that some recruiters are reluctant to be seen to criticise their clients - even in an anonymous report -and others have become accustomed to unrealistic demands as being the new norm. So in reality, this figure might be even higher.
There shouldn't be a lack of skilled Job candidates
Or even problems with access to this pool, particularly as social media and data-mining allow recruiters to engage with passive candidates and fill vacancies more quickly than ever before. Another question in the study gave further insight, showing that compensation requirements from job candidates are not yet in line with the clients' expectations. This could be symptomatic of the wider client-expectation problem as a whole, particularly given the growth of the highly skilled IT sector and the vast amount of demand for roles within it.
The Idea of the Perfect Job Candidate
It seems that in pursuing this idea of a 'perfect' job candidate, some clients are in danger of ignoring more cost-effective alternatives, such as hiring smart, fresh graduates and challenge-seeking unemployed individuals and giving them the training they need to work in the industry. If carried out correctly, this strategy could help deal with the shortage of specific industry skills, cut costs and also build employee engagement and loyalty. For clients and recruiters alike, there is a real opportunity to start doing things more realistically and reap the rewards accordingly.
Written by Ross Stokes of Circle Square - Finance & Accountancy Jobs London
Top Talent... How to make your Company Attractive
How to Increase Your Company's Chances of Attracting Top Talent
Candidate relationship management has evolved as a way to obtain Top Talent and the best candidates for a job. When a position becomes available, recruiters & headhunters sometimes find it difficult to find the right candidate to employ. Candidate relationship management is the process of locating and building a relationship with potential employees who may be interested in a particular position.
Recruitment is a costly business. Each job must be advertised using tools such as websites, newspaper advertisements and employment agencies. Each job posting can generate hundreds of applicants, but only one individual is hired and the remainder are routinely discarded. Organisations could potentially have the records of thousands of qualified candidates at their finger tips, but instead most end up in cyberspace, never to be seen again.
Today's Top Talent Can be Future Clients
In the recruitment industry, today's top talent could be tomorrow's clients. They could also be suitable for other roles within a company. Keeping the channels of communication open between you and these candidates will ensure you present your organisation in the best possible light.Ensuring you are fully informed about the candidate and providing information about your organisation will lead to an increased chance of hiring the right person. If you can do this before you have a need, you will make the recruitment process much faster. Just 2% of companies surveyed are focused on a long-term candidate relationship strategy. Many don't even understand what the term means.
How to Nurture Potential Top Talent
Searching for a job can be a long and frustrating process. Job seekers left with unanswered questions are likely to feel resentful. In the era of social media, one disgruntled candidate could spell disaster for your organisation.Ensure that you keep a candidate fully informed during the recruitment process and offer positive feedback even if they fail to meet the job requirements. Provide tips on how to improve their CV and advise them about other suitable positions. Don't just send a generic email, personalise your message for each applicant.
Every Candidate has the potential to Refer Top Talent
Don't forget a candidate. They may have referrals in the future that end up being top talent. Keep them on your social-media networks and send them updates on future positions that may be of interest. Take time to build a pool of talent and make an effort to keep them engaged and informed. Not only will they come to you rather than a competitor when there is an opening, but they may also have a friend or colleague who is a perfect fit for your organisation. In the future, they may even improve your bottom line by becoming valuable clients.
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CV Writing - Give Your CV a Competitive Edge
Make Sure your CV Gets you the Job
CV writing is a crucial factor to get right. Job hunting is time-consuming, often boring and frequently frustrating. There isn't really any way of putting a gloss on the process but when it lands you the job of your dreams you'll feel that all the hard work of slogging away over applications and preparing presentations and interviews is well worth it. Getting your foot on the career ladder, landing a new job after a period of unemployment or making a big step-change in your career can give you a major sense of personal achievement.
CV Writing to get noticed
Make Your CV Interesting
Demonstrate Your Company Research in your Covering Letter
Many companies ask for a covering letter to accompany your CV, here's where you can really shine. Try not to send a standard letter to each company. Make it personal to each, making it abundantly clear that you have researched the company and have something to offer it.
