market insights 2013 - professional services
TRANSCRIPT
-
8/12/2019 Market Insights 2013 - Professional Services
1/55
Market Insight 2013
Professional Services
Accountancy, Finance & Advisory
Marks
Sattin
-
8/12/2019 Market Insights 2013 - Professional Services
2/55
Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory
recruitment consultancy. Since our formation in 1988, Marks Sattin has established an
excellent reputation for providing the full range of permanent, temporary, contract and interim
professionals within the public and not-for-profit sector, commerce and industry, banking and
finance and public practice.
Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment
consultants based in the UK and Ireland, and a further 60 consultants across our global offices.
To give an outline on the scope and size of our operations:
In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent
positions
We currently work with 75 of the FTSE 100 companies
At any one time we represent over 65,000 finance, accounting and advisory professionals
throughout the UK and Ireland We currently average over 24,000 visits to the Marks Sattin website every month
Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and
Best Companies to Work For.
In Q4 of 2012 Marks
Sattin conducted a
survey with clients and
candidates, focused on the
demographics, length of
tenure, working week, job
security, career motivations,
department changes, reward
and bonus trends of finance
professionals.
Over 2,000 accountancy,
finance and advisory
professionals from 20 industry
sectors across the UK were
surveyed.
The report is based on
findings received from
respondents completing
the survey as well as sector
specific market insight and
salary ranges (annual and day
rates) from our experienced
consultants based at Marks
Sattins UK offices.
Market insight and salary
range data tables are
provided across the followingsectors and regions:
Banking and Capital Markets,
Change Management, Front
Office, Insurance, Investment
Management, Senior Finance,
Commerce and Industry,
Executive, Part Qualified
and Transactional, Qualified,
Advisory, Audit, Management
Consultancy, Taxation, North
West, Thames Valley and
Yorkshire.
It is important to note that
this report is a useful guide,
but if you need any tailored
or specific advice please do
contact us directly.
METHODOLOGY
CONTACT US
LONDON
322 High Holborn,London, WC1V 7PB
+44 20 7321 5000
THAMES VALLEY
Davidson House,
Forbury Square,
Reading, Berkshire RG1 3EU
+44 118 900 1800
NORTH WEST
3rd Floor, Centurion House,129 Deansgate, Manchester,
M2 3WR
+44 161 638 8630
YORKSHIRE
Park Row House,
19-20 Park Row,
Leeds, LS1 5JF
+44 113 242 8177
markssattin.co.uk Marks Sattin @MarksSattin
-
8/12/2019 Market Insights 2013 - Professional Services
3/55
INTRODUCTION
INTRODUCTION
Dave Way
Dave Way, Managing Director of Marks Sattin,
believes in leading by example and is committed to
making Marks Sattin the best financial recruitment
company in the market. Having joined Marks Sattin
as a graduate in 1999, Dave has worked at every
level and division within the business, which gives
him a deep understanding of the workings of financial
recruitment. As such, he has considerable expertisein providing a bespoke service for clients and
candidates alike.
+44 20 7747 9670
DAVE WAYManaging Director
2012 proved to be a year of continued upheaval for the
business community, with the eurozone crisis dragging on and
the double dip recession increasing uncertainty across the
markets. Despite this, the accounting and advisory community
didnt suffer in the way wed seen in the previous downturns,
with job cuts and redundancies far less frequent. However,
cost management was still the order of the day, with capitalexpenditure, new investment and increased headcount being
something of a rarity.
Some businesses, industries and geographies will always buck
the trend, and there was a resurgence seen throughout the
qualified commerce and industry sector in later 2012. Areas
such as natural resources, digital media, advertising, online
retail and property were all more bullish thanks to improved
trading. Conversely, high street retailers and areas such as
manufacturing suffered significantly.
Recruitment within consultancy and public practice quietened
after a busy 2011, as our clients took a cautious approach to
recessionary markets. Financial services and in particular, the
banking community, once more came under fire. But despite
this, recruitment conditions for accountants in financial services
improved as the year went on, with departments increasingly
finding themselves under-resourced amid heavy regulation and
change.
We hope you find the results of our survey as interesting as we
have. Please feel free to contact me or any of the Marks Sattin
team directly to find out further details. From all the team we
wish you a successful year!
In Marks Sattins 25th year of trading, were delighted to have received a
record number of responses to our Market Insight 2013 survey. Over 2,000
accountancy and advisory professionals provided their feedback on keyareas such as salaries, bonuses and overall business confidence as both
they and their employers see it coming into 2013.
-
8/12/2019 Market Insights 2013 - Professional Services
4/55
-
8/12/2019 Market Insights 2013 - Professional Services
5/55
JOB SECURITY
INTRODUCTION Dave Way
Similarly to our other surveys over the past five years, the crystal
ball for 2013 does not show a picture of renewed optimism,
with only 20% of respondents feeling more confident about the
economic prospects facing their companies compared to the
last 12 months.
36% of our respondents anticipated changing roles over the
next year, compared to 52% the previous year. Despite this,
only 44% stated that they are currently happy within their
role, perhaps showing a greater tolerance due to the current
climate. Aligned with this is the clear fact that accountants find
themselves far more secure in their positions than in previousyears, with an overwhelming 78% feeling secure compared to
70% last year. This is clearly an encouraging statistic compared
to previous surveys, where respondents expected headcount
cuts as a result of the economic downturn and uncertainty.
Business process/policy changes (41%) salary freezes (36%)
and budget cuts (35%) are predicted for this year, showing that
belt tightening and cost control are still the order of the day.
Businesses are striving to ensure they maximise profits, but not
to the extent of losing finance staff.
Few businesses are perceived to be taking a long term view
on headcount, which is hardly surprising considering the yo-yo
economy and false dawns seen over the past few years. Only
18% of respondents believed their management were planning
one to two years ahead, whilst the majority (31%) thought that
hiring was short term and only looking six months ahead. This
lack of succession planning, which ties in with the reactive
hiring weve experienced throughout 2012, will surely be to the
detriment of some departments if not rectified in 2013. 33% of
respondents actually saw an increase in the size of their teams
over the past 12 months. Many businesses have clearly been as
lean as possible in terms of headcount over the past few years,
and whether this will come back to bite them is yet to be seen.
34% of our participants said their working hours increased
over the past 12 months, with over half putting this down to an
increase in responsibilities. This might suggest that a greater
degree of variety and progression is coming into working life, as
bosses are reluctant to add new heads or contractors to cover
gaps in their departments.
78%of respondents feel
secure in theircurrent role
l
i i
l
2013
l
i i
l
70%of respondents felt
secure in theircurrent role
2012
33%of respondentsactually saw an increase in
the size of their teams over
the past 12 months
-
8/12/2019 Market Insights 2013 - Professional Services
6/55
KEY TRENDS
MOVEMENT
Overall, we saw a consistent movement of accountingprofessionals throughout 2012, with many now feeling its an
opportune time to re-enter the job market after staying put
during the worst of the global financial crisis. This is shown by
the fact that 41% of our respondents were only in their first year
of employment in early 2013. In line with this, the majority of
hires in 2012 were replacement hires. As a result, the volume
of counter-offers increased significantly across the board, as
employers reacted to valued team members being offered
higher salaries and rates elsewhere in the market. In 2013,
this reactive element has subsided somewhat. Salaries are
increasing organically, acknowledging the opportunity cost of
losing the best staff to competition.
The motivations for moving on to greener pastures continue
to be an interesting topic for our business. Throughout the
downturn, weve seen that accountants seldom move for cash,
although money does remain part of the decision to move (and
very rarely do candidates ever move for less!)
The greatest drivers for moving continue to be career
development, which top scored with 33%, with new challenge/
interesting work in second. Higher salary was cited by just 26%,
showing that our respondents on the whole put their careers
before cold cash.
Recruiters continued to be the top source of finding roles (46%)
with 13% coming from personal contacts. This shows the ever
increasing importance of expanding your business network
and keeping in good favour with previous employers. Where
networking is concerned, 66% of respondents are now on
LinkedIn and 59% on Facebook. Whilst neither will cover all of
the bases in any given job search, this shows how much social
media plays a prominent part in our respondents lives. 88%
of respondents state that working with a recruitment agency
is still a vital part of any new job search. Also of note is that
38% of candidates took only three months to find their last role,
primarily as a result of the volume of roles available and beingable to dedicate enough time to the job search.
RELOCATION
Never more so has relocation been a hot topic within the finance
community. As a result, our non-London businesses have
continued to offer great opportunities to their local markets,
benefiting from a sizable relocation of resources and highly
talented candidates from the South East to the West, North
East, North West and Ireland. International opportunities are
also becoming more appealing, with candidates top motivation
being a better quality of life and the second being a desire to
experience a new culture. Interestingly, and despite the lucrative
options being advertised overseas, only 48% said that money
would be the main reason for moving, which was the fourth
most important reason.
The USA was the most popular destination for a new working
life (chosen by 42%) maybe as a result of its resurgent marketscoming into 2013. The golden beaches of Australia appealed
to 33% of our respondents, followed by the well-documented
and high profile allure of Asia, with Singapore at 33% and Hong
Kong at 32%.
But with talk of bonuses being capped, corporate and personal
taxes being too high and our climate being as unpredictable
as our economy, is now the time to spread our wings? Not
according to the 29% of our respondents who wouldnt
relocate, primarily because of having settled where they are.
42%of respondents
would relocate tothe USA
41%of respondents
were only in their
first yearofemployment
88%of respondents statethat working with a recruitment
agency is still a vital part of any
new job search.
-
8/12/2019 Market Insights 2013 - Professional Services
7/55
-
8/12/2019 Market Insights 2013 - Professional Services
8/55
UK
CURRENT EMPLOYMENT
y r
y r
y r
10+ 10+ years PQE 36%
y r
6-10y r
y r
5 to 10 years PQE
18%
2-5y r
y r
y r
2 to 5 years PQE 21%
Newly qualified 9%r
r
r
Part qualified 11%
r
r
r
Qualified by experience
or not qualified 5%
Permanent or fixed
term contract 78%
Interim or contractor
20%
Unemployed 2%
Which of the following bestdescribes your qualificationstatus?
How are you currently employed?
10+years
Only2%of respondents
are unemployed
44%of respondentsare satisfied in their current role
Satisfaction with currentrole
Satisfied 44%
Neither satisfied nor
dissatisfied26%
Dissatisfied 30%
73%
73%of respondents would
recommend their employer
-
8/12/2019 Market Insights 2013 - Professional Services
9/55
CapitalMarkets
ChangeManagement
Insurance
InvestmentBanking
InvestmentManagement
RetailBanking
Other
Banking
& Financial
Services
28%
Advertising,PR,MediaandPublishing
BusinessServices
EnergyandNaturalResources
En
gineeringandManufacturing
FMCG
andPharmaceuticals
PropertyandConstruction
RetailandClothing
TelecomsandTechnology
Other
Commerce
& Industry
43%
Which of the following best describes the area/sector you currently work in?
SECTOR REPRESENTATION
DemographicsKEY FINDINGS
-
8/12/2019 Market Insights 2013 - Professional Services
10/55
UK
Other
6%
Public
Practice
10%
AuditandAssurance
CorporateFinance
Taxation
Other
Management
Consultancy
11%
Unemployed
2%
-
8/12/2019 Market Insights 2013 - Professional Services
11/55
Market Perspective
Recruitment freeze34%Budget cuts35%
Profitability of business 33%
Business process/policy change41%Salary freeze36%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last 12months, how confident doyou feel about the economicprospects facing yourcompany?
More confident 20%
As confident 52%
Less confident 28%
ECONOMIC PROSPECTS
KEY FINDINGS
64%
Salary freeze 20%
Salary reduction 3%
Shorter working week
2%
Redundancy 1%
Other 14%
Respondents could choose morethan one answer
Expectations for personalsalary and job security in
the next 12 months
How would you rate yourcurrent job security?
Secure 78%
Insecure 22%
JOB SECURITY
Only20%of respondents feel
more confident about the
economic prospects facing
their company compared
with the last 12 months
-
8/12/2019 Market Insights 2013 - Professional Services
12/55
Short term (0-6 months
ahead) 31%
Medium term (6-12
months ahead) 18%
Long term (1-2 years)
18%
Non-existent 10%
Not sure 23%
What is your employersrecruitment strategy?
Remainedthe same
34%
How has the number ofstaff in your team changedin the past 12 months?
What is the size of yourdepartment?
Increased 33%
Decreased 28%
Not sure 5%
1 to 5 employees 23%
6 to 10 employees
21%
11 to 15 employees
12%
16 to 20 employees
8%
More than 20
employees 36%
61%of respondents selected
business growth or expansion
as the main reason for an
increase in staff
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
HEADCOUNT
UK
33%of respondents have seen an
increase in the size of their
team in the last 12 months
36%of respondents have more than
20 employees in their department
-
8/12/2019 Market Insights 2013 - Professional Services
13/55
EXPERIENCE
10
Length in current roleLength of time in the
accountancy, finance oradvisory profession
Less than 1 year 41%
1 to 2 years 24%
2 to 3 years 15%
3 to 5 years 12%
5 to 10 years 6%
More than 10 years 2%
0 to 3 years 9%
4 to 6 years 19%
7 to 10 years 21%
11 to 15 years 18%
16 to 20 years 9%
More than 20 years
21%
Not applicable 3%
7-10
years
More than
20 years
HOURS WORKED
Average hours worked perweek
How has the number of hours changed in the last 12 months?
Increased 34%
Remained the same
53%
Decreased 13%
55%ofrespondents
chose taking
on more
responsibility as
the main reason
for an increase in
working hours
41%of respondents have been in theircurrent role for less than a year
Career InsightKEY FINDINGS
-
8/12/2019 Market Insights 2013 - Professional Services
14/55
RELOCATION
42%
USA42% Singapore23% South Africa10%
Australia33% Hong Kong22% Malaysia9%
Mainland Europe 28% UAE 19% China 8%
Within the UK28% New Zealand18% India7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
USA42% Singapore23% South Africa10%
Australia33% Hong Kong22% Malaysia9%
Mainland Europe 28% UAE 19% China 8%
Within the UK28% New Zealand18% India7%
Canada 24% Ireland 12% Other 3%
Respondents could choose more than one country from a choice of 14
Improved quality of life
61%
Different culture 54%
New career opportunity
52%
Better employment
opportunities 49%
Improved salary
48%
Respondents could choose morethan one reason from a choice of nine
Top 5 reasons forrespondents wanting torelocate
29%of respondentswould not relocate
UK
Improvedquality of lifeis the main reason for
respondents wanting
to relocate
Places respondents would consider relocating to in the next 2 years
-
8/12/2019 Market Insights 2013 - Professional Services
15/55
MOVING ON
Top 5 reasons for leavinglast role
How do you rate the importance of the following
sources when seeking a new role?
Career development
33%
New challenge/more
interesting work 29%
Higher salary 26%
End of contract
18%
Redundancy 16%
Respondents could choose up tothree reasons
36%of respondentsanticipate changing roles
in the next 12 months
57%
19%
7%
29%
20%
33%
11%
34%
33%
39%
15%
3%
38%of respondentstook up to 3 months to
find their current role
-
8/12/2019 Market Insights 2013 - Professional Services
16/55
43%
9%
2%
10%
36%
22%
18%
39%
38%
50%
3%
30%
KEYImportance
Vital
Very important
Quite important
Not important
Source
National press
Online job boards/
advertising
Social networking
Recruitment
consultancies/
headhunters
Trade press
Word of mouth/
personal referrals/
internal contact
How did you find your current position?
Recruitment consultancy
or headhunter 47%
Online advertising 13%
Professional network or
personal contact 13%
Direct approach
9%
Internal promotion
5%
Print advertising 2%
Other 2%
Not currently employed
9%
-
8/12/2019 Market Insights 2013 - Professional Services
17/55
REMUNERATION
What was the outcome of your last pay review?
Less than 6 months
ago 33%
6 to 12 months ago
35%
More than 12 months
ago 12%
Not applicable 20%
Pay increase 68%
Pay remained the
same 31%
Asked to take a pay
cut 1%
33%ofrespondents perceive a
5 to 10%salary increase
as acceptable if they were
to move roles
Salaries & BenefitsKEY FINDINGS
68%of respondentshave had a pay review in the
last 12 months
Per
manen
t
Co
ntract
Satisfaction with current remuneration
Satisfied 44%
Neither satisfied nordissatisfied26%
Dissatisfied 30%
Satisfied 53%
Neither satisfied nordissatisfied 27%
Dissatisfied 20%
53%of contractrespondents are
satisfied with their
current remuneration
compared with 44%of permanent
respondents
When was your last pay review?
-
8/12/2019 Market Insights 2013 - Professional Services
18/55
44%
Did you receive a bonus in2012?
Yes 47%
No, not entitled to
receive one 38%
No, not awarded one
15%
44%of respondents were
satisfied with their bonus
BENEFITS
BONUS
Respondents rated a selection of 20benefits in order of importance
Benefits considered mostand least important whenconsidering a new role
25 days
holiday or more
Annual bonus
scheme
Good
company pension
Private
healthcare
Sabbatical
Mortgage relief
Season ticket
loan
Daily
subsidised meals
Childcare
vouchers
Insurance*
56%
56%of respondents were
satisfied with their benefits
34%of respondents received the
same bonus in 2012 as 2011
As a percentage of yourbasic salary, what was yourbonus in 2012?
1 to 9% of salary 41%
10 to 19% of salary
32%
20 to 29% of salary
15%
30 to 49% of salary
5%
40 to 90% of salary
4%
More than 90% of
salary 3%
1-9%
of salary
UK
25 days
holiday
or moreis the most
desired
benefit
*PMI/death in service/life insurance
Top 5 benefits currentlyreceived
25 days holiday or
more 78%
Company pension
scheme 64%
Private healthcare 54%
Annual bonus scheme
48%
Insurance (PMI/death
in service/life insurance)
48%
Respondents could select all benefitsthat applied
1-9%
of salary
-
8/12/2019 Market Insights 2013 - Professional Services
19/55
0
20
40
60
80
100
Banking and Financial Services Commerce and Industry Management Consultancy Public Practice
Salaries & BenefitsKEY FINDINGS
A comparison of bonuses received across sectors*
50 to 79% of salary
More than 80% of
salary
30 to 39% of salary
40 to 49% of salary
KEY1 to 9% of salary
10 to 19% of salary
20 to 29% of salary
BONUS
*Bonuses received as a percentage of salary
-
8/12/2019 Market Insights 2013 - Professional Services
20/55
Senior Manager
Ewa Stefanska
LONDON
PROFESSIONAL SERVICES
Advisory
+44 20 7747 [email protected]
Manager
Leyla Ozbek
-
8/12/2019 Market Insights 2013 - Professional Services
21/55
LONDON
PROFESSIONA
LSERVICE
ADVISORY Market Perspective
The big trends of 2012
The past 12 months have been difficult for the advisory market,
particularly in corporate finance and transaction services, asfirms simply havent been in a position to do deals. As a result,
growth has been minimal with many companies focusing on
redeploying staff to other areas of the business to ensure they
are still being utilised.
Most of the redeployed staff have moved to restructuring,
the main area of advisory that has seen an upturn in activity
this year, due to firms having to deal with the fallout of the
economic crisis, particularly on the high street. However, this
increase in activity has not directly translated to movement
in recruitment, as many of the larger firms have been able to
meet demand for increased headcount through these internalmoves.
Forensics has also had a very positive year, particularly in the
second half, with many of the boutiques experiencing growth
and recruiting as a result. This is a trend that we expect to
continue during 2013.
Recruitment freeze43%
Profitability of business 27%
Business process/policy change41%Salary freeze39%Greater focus on regulatory issues29%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 months
Compared with the last 12 months, how confident do you feelabout the economic prospects facing your company?
More confident 28%
As confident 48%
Less confident 24%
ECONOMIC PROSPECTS
Outlook for 2013Recruitment levels within transaction services and corporate
finance are unlikely to return to pre-2011 levels until the
second half of the year and into 2014. However, the more
robust sectors within advisory, such as restructuring
and forensics, should continue to recruit steadily.
In 2012 we saw firms become exceptionally fussy about the
sort of candidates they were recruiting and in most cases
they would only seek to hire someone with extensive advisory
experience. In 2013 we anticipate a shift in this trend, with roles
giving candidates the opportunity to move directly from audit
into advisory, something we have not seen in over 12 months.
Businesses seem to be recovering from the double-
dip recession and decision makers do have more
confidence in the market, so we expect this positive
trend to continue in 2013, helping to significantly boost
deal activity. The results from this should become evident
towards the beginning of the third quarter in the form of
an increase in hiring numbers from the larger firms.
We have already experienced an influx of roles from a number
of the large American advisory boutiques seeking exceptional
corporate restructuring candidates to bolster their growing
teams. Many of these firms are seeking to hire the very best
candidates that have qualified in audit at a leading accountancy
firm, and then spent a minimum of two years working within
a core restructuring or corporate recovery role. The Big 4
remain very quiet on the recruitment side within this sector,
as a large proportion of their transaction services teams are
currently seconded into restructuring, filling any skills shortagesthat may exist and negating the need to hire externally.
-
8/12/2019 Market Insights 2013 - Professional Services
22/55
-
8/12/2019 Market Insights 2013 - Professional Services
23/55
LONDON
PROFESSIONA
LSERVICE
Career InsightADVISORY
Market growthWe continue to see growth in recovery and insolvency, and this
is likely to continue in 2013. Whilst this is a sector that will still
face many challenges throughout the year, these are the areas
of advisory that, by their very nature, are in the best position
to capitalise on the ongoing uncertainties in the market.
Many companies fell victim to the recession last year such
as Comet, JJB Sports, Clinton Cards, Game and Habitat,
and whilst this has meant job losses and consolidation
across the retail sector, this work has kept insolvency and
restructuring specialists busy in a time when many other
teams are struggling to build a steady pipeline of work.
As economic uncertainty continues, restructuring will
remain busy, with the main sectors affected being retail,
restaurants, and commercial real estate. Candidateswho specialise in any of these areas will be particularly
sought after. After several years of the famous amend-
and-extend philosophy from lenders, 2013 is likely to
see more corporate bankruptcies than last year too.
Supply and demandThere is certainly a shortage of strong candidates at the
one to three year qualified level within advisory. This has
been driven by the wider changes in the market which
have made it impossible for newly qualified candidates to
make a move into advisory immediately upon qualification.
Accountants, who have qualified in audit but also managed
to gain some advisory exposure along the way in the form of
a secondment or more diversified workload, will be in high
demand throughout 2013 and these will be the people in
a position to command the most competitive packages.
Those at the more senior levels within the advisory market haveseen the most consistent demand for their skill set throughout
the recession and this is likely to continue throughout 2013.
EXPERIENCE
77%
23%
10
Length in current roleLength of time in theaccountancy, finance oradvisory profession
Less than 1 year 30%
1 to 2 years 25%
2 to 3 years 25%
3 to 5 years 8%
5 to 10 years 12%
More than 10 years 0%
0 to 3 years 14%
4 to 6 years 24%
7 to 10 years 31%
11 to 15 years 16%
16 to 20 years 5%
21 to 25 years 7%
More than 25 years
3%
7 - 10
years
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last12 months?
Increased 33%
Remained the same
56%
Decreased 11%
50%of respondents chose
taking on more
responsibilityas the
main reason for the
increase in working
hours
-
8/12/2019 Market Insights 2013 - Professional Services
24/55
MOVING ON
Taking the next step inyour career
BE REALISTIC ABOUT WHAT ROLES ARE OUT THERETake time to understand the recruitment market in your sector.
Career moves in advisory have become increasingly difficult in
the downturn. Whilst professionals still suffer from a shortage
of roles, candidates need to ensure that they are taking short
term steps that will help them to achieve their long term goals.
SPEND TIME ON YOUR CV
Your CV is your route into any organisation. You will only have
one opportunity with each employer for it to make an impact.
BE PROACTIVE IN YOUR JOB SEARCH
Partner with a recruiter that genuinely understands yourmarket and can help you to achieve your long term career
goals. This will pay dividends when it comes to interview
stage as they can give you in depth information about the
organisation you are meeting and offer tips and advice to help
you beat the competition.
SENIOR LEVELS
Whilst junior level candidates are facing stiff competition for
a very small number of roles, directors and partners that can
demonstrate a strong track record of successful business
development are in the unique position of being able to create
roles for themselves. Almost all firms will continue to meet
with, and hire, professionals that can directly impact the
bottom line and help to grow new areas of business.
Top 5 reasons for leavinglast role
New challenge/more
interesting work 35%
Career development
34%
Higher salary 26%
Better work-life
balance 14%
Better bonus potential
12%
Respondents could choose up tothree reasons
RELOCATION
38%
Within the UK 33%
Hong Kong31%
Singapore 29%
Australia 28%
Respondents could choose morethan one country from a choice of 14
Improved quality of life
67%
Improved salary 56%
Better employment
opportunities 54%
New career opportunity
51%
Different culture 47%
Respondents could choose morethan one reason from a choice of nine
Top 5 places respondentswould consider relocatingto in the next two years
Top 5 reasons forrespondents wanting torelocate
26%of respondentswould not relocate
29%of respondents anticipate changingroles in the next 12 months
Why candidates aremaking a move
Unlike in previous years, when money was a significant factor
in a candidates decision to move, we have seen a real shift
where the main drivers for candidates have become things like
security, culture and medium to long term career progression
prospects. One of the Big 4 firms in particular has recognised
this change and re-evaluated their benefits accordingly; we have
already seen the impact of this in how they are perceived as anemployer of choice by candidates.
It is important that organisations are aware of this shift in
candidates priorities when trying to attract the best in the
market, as simply paying the highest salary will no longer
suffice. Throughout the interview process candidates will
want to understand whether the role they are considering
can offer them opportunities to develop their skills and learn
new ones, whilst also providing security. We urge companies
to maximise the opportunity they have at interview to convey
this to prospective employees, as all too often employers see
interviewing as a one-way process.
ONDON
-
8/12/2019 Market Insights 2013 - Professional Services
25/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsADVISORY
When was your lastpay review?
Less than 6 months
ago 33%
6 to 12 months ago
39%
More than 12 months
ago 9%
Not applicable 19%
69%of respondentsreceived a salary increase in
their last pay review
Perm
anent
Con
tra
ct
Satisfaction with current remuneration
Satisfied 36%
Neither satisfied nor
dissatisfied29%
Dissatisfied 35%
Satisfied 75%
Neither satisfied nor
dissatisfied 25%
Dissatisfied 0%
28%of respondentsperceive a 5 to 10%salary
increase as acceptable if
they were to move roles
Spotlight on salaries
and bonusesGrowth in the deals sector in 2012 was slow, so salaries
remained consistent with the previous year and in many
instances bonuses disappeared entirely. Companies were
focused on retaining staff and keeping them busy, rather
than being in a position to consider pay rises; the result being
that pay rises tended to be small, and in line with inflation.
Forensics saw a small uplift in salaries compared to last
year, as this area proved more robust than corporate
finance and transaction services. A steady pace of
REMUNERATION
Growth in the deals sector in
2012 was slow, so salaries
remained consistent with
the previous year and in
many instances bonuses
disappeared entirely
recruitment throughout the year meant that there was
candidate movement, prompting firms to introduce
small pay rises in order to entice their staff to stay.
Corporate recovery and insolvency also saw small pay rises
across all levels, and this is one area where the majority of
candidates still reported receiving their annual bonus.
-
8/12/2019 Market Insights 2013 - Professional Services
26/55
ONDON
Transactional Services/Corporate Finance
Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Analyst 22,000-34,000 22,000-34,000 20,000-33,000 20,000-33,000
Executive 44,000-50,000 42,000-48,000 40,000-45,000 40,000-45,000
Manager 55,000-70,000 54,000-65,000 55,000-60,000 50,000-60,000
Senior Manager 75,000-95,000 70,000-90,000 60,000-70,000 60,000-70,000
Director 95,000-150,000 95,000-150,000 75,000-110,000 75,000-100,000
Partner 150,000-700,000 150,000-500,000 100,000-200,000 100,000-200,000
Insolvency | Recovery Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Junior Administrator 20,000-27,000 20,000-30,000 18,000-24,000 20,000-30,000
Senior Administrator 22,000-43,000 23,000-45,000 33,000-43,000 30,000-44,000
Assistant Manager 42,000-50,000 40,000-52,000 38,000-45,000 44,000-50,000
Manager 50,000-78,000 50,000-70,000 45,000-60,000 50,000-60,000
Senior Manager 70,000-100,000 65,000-100,000 60,000-90,000 60,000-85,000
Director 80,000-190,000 90,000-190,000 75,000-100,000 75,000-100,000
Partner 150,000-550,000 150,000-550,000 100,000-200,000 100,000-200,000
Forensics Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Part Qualified 20,000-33,000 20,000-35,000 16,000-28,000 16,000-28,000
Newly Qualified 42,000-50,000 42,000-50,000 38,000-45,000 38,000-45,000
Manager 50,000-75,000 50,000-70,000 48,000-55,000 48,000-55,000
Senior Manager 75,000-100,000 75,000-100,000 60,000-90,000 55,000-90,000
Director 80,000-190,000 80,000-190,000 75,000-100,000 75,000-100,000
Partner 140,000-550,000 140,000-550,000 100,000-200,000 100,000-200,000
-
8/12/2019 Market Insights 2013 - Professional Services
27/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsADVISORY
44%
Did you receive a bonus in2012?
Yes 59%
No, not awarded one
22%
No, not entitled to
receive one 19%
44%of respondents were
satisfied with their bonus
BENEFITS
BONUS
Top 5 benefits currentlyreceived
25 days holiday or
more 76%
Annual bonus scheme
54%
Flexible benefits 46%
Car or car allowance21%
Less than 25 days
holiday 16%
Respondents could select all benefitsthat applied
Respondents rated a selection of 20benefits in order of importance
Benefits considered most
and least important whenconsidering a new role
25 days holiday
or more
Annual
bonus scheme
Discretionary
bonus scheme
Mobile phone/
Blackberry/PDA
Sabbatical
Childcare
vouchers
Mortgage relief
Less than 25
days holiday
Season
ticket loan
Private
healthcare
49%
49%of respondents were
satisfied with their benefits
47%of respondents
received a higher
bonus in 2012
than in 2011
As a percentage of your basicsalary, what was your bonusin 2012?
1 to 9% of salary 26%
10 to 19% of salary
23%
20 to 29% of salary14%
30 to 49% of salary 9%
50 to 69% of salary 5%
70 to 100% of salary
16%
More than 100% 7%
1 - 9%
of salary
Attracting top talentOFFER DEVELOPMENT AND TRAINING
Uncertain market conditions have seen candidates desire
to move for financial gains all but disappear, so you must
be able to offer candidates long term career prospects and
opportunities for professional development. This could be in
the form of training or additional qualifications, for example the
CFA or an MBA.
TIMING IS KEY
With such few strong candidates available, it does not take
long for them to get snapped up. Often the largest firmsare victims of their own compliance, which can slow down
processes and result in them losing out on the best talent to
boutiques, who can move more quickly. Larger firms need to
address this issue if they want to stop this trend.
-
8/12/2019 Market Insights 2013 - Professional Services
28/55
LONDON
PROFESSIONAL SERVICES
Audit & Assurance
+44 20 7747 [email protected]
Consultant
Manager
Leyla Ozbek
Robert Webb
-
8/12/2019 Market Insights 2013 - Professional Services
29/55
LONDON
PROFESSIONA
LSERVICE
AUDIT & ASSURANCE Market Perspective
The big trends of 2012Redundancies were commonplace and even the safe
accountancy profession was not exempt from cuts, withsome of the Big 4 imposing four-day weeks on senior
staff. Those that should have been promoted were not,
and those that hoped for pay rises experienced pay
freezes. Many auditors who in normal circumstances
would have looked for a new job, creating new positions
for others, stayed put, causing difficulties in external
audit recruitment, especially in the larger firms.
There was some growth in the SME accountancy market
with many businesses hiring consistently throughout 2012
at the audit senior and manager level. This was due to
client demands for compliance audits and fewer graduatesrecruited throughout the recession to save costs. This
resulted in a smaller pipeline of auditors on hand to step
in at busy periods, compared to larger firms who have
kept a high level of trainee auditors since the recession.
Budget cuts34%
Profitability of business 30%
Business process/policy change32%
Salary freeze42%
Increase in staff recruitment34%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last12 months, how confidentdo you feel about theeconomic prospects facingyour company?
More confident 16%
As confident 58%
Less confident 26%
In the second
half of 2012
IT assurance
and risk
management
positions rose
by 20%
ECONOMIC PROSPECTS
Outlook for 2013The second half of 2012 saw a significant rise in IT assurance
and risk management positions (rose by 20% compared to the
same period in 2011), especially in the Big 4 and top 10, with
many firms searching for specialist accountants with specific
core skills. This rise was due to failures of risk managementin the late noughties, particularly in the financial services
sector, which contributed to the recent recession. As a result
IT assurance and risk management will be a key feature in the
accountancy profession in 2013 and we are finding that most
of the key players are stocking up on the best candidates early.
Recruitment will continue to happen on a case by case
basis and the Big 4 are not likely to recruit in large numbers.
There will be a rise in risk management, compliance
and IT assurance roles at all levels, from newly qualified,
40,000 per annum, to senior management, 70,000
per annum, which is likely to be a focus area for us.
-
8/12/2019 Market Insights 2013 - Professional Services
30/55
65%
Salary freeze 29%
Salary reduction 1%
Shorter working week
1%
Redundancy 1%
Other 3%
Respondents could choose morethan one answer
Expectations for personal
salary and job security inthe next 12 months
How would you rate your
current job security?
Secure 87%
Insecure 13%
Reactions to uncertain
market conditionsAudit firms are now facing new regulatory proposals with
audit rotation being a key driver to this, which in turn has
created a real uncertainty in 2013. With the recent merger
of BDO and PKF, are we starting to see the first signs of
mid-tier firms reacting to the uncertain market conditions?
As the sixth largest accountancy firm in Britain, this puts
them in a position to take on the FTSE 250 firms. Leading
on from this, the smaller mid-tier firms are also expected to
rethink their strategies, differentiating themselves through
creating niche markets. This in turn will enable them to
compete against the bigger players and all firms need tobe ready to react when these changes are put into place.
Although there is uncertainty in the market, we have
started to see signs of improvement as demand is
increasing for auditors at all levels. In quarter four of
2012 we registered 15% more audit roles compared to
the same quarter in 2011. Employers have also been
more positive towards graduate recruitment in 2013.
This is encouraging for the future candidate pipeline for
both newly qualified and more senior level candidates.
JOB SECURITY
HEADCOUNT
How has the number ofstaff in your team changedin the past 12 months?
Remained the same
34%
Increased 28%
Not sure 1%
58%of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
of respondents
selected
voluntary departures as the
main reason for a decrease
in staff
Short term (0-6 months
ahead) 29%
Medium term (6-12
months ahead) 23%
Long term (1-2 years)
30%
Non-existent 6%
Not sure 12%
What is your employersrecruitment strategy?
ONDON
55%ofrespondents have
more than 20
employees in their
team
-
8/12/2019 Market Insights 2013 - Professional Services
31/55
LONDON
PROFESSIONA
LSERVICE
Career InsightAUDIT & ASSURANCE
Skills in demandAccountants with IT assurance, risk management and
compliance skill sets are in demand, and these roles are
emerging as the most secure jobs in practice. Not only are
vacancies growing well into 2013 but salaries are as well, as
practices strengthen their internal compliance functions.
Auditors with FSA experience are also in demand. Many
firms seemed to reduce their FSA offering throughout the
recession but are now starting to see improvements.
Supply and demandThere has simply been a lack of readily available auditors
actively looking for a new role, as the best candidates
seem to be staying put. In 2012 we saw a lack of home
grown quality auditors across the market, especially at
audit senior level, and registered 20% fewer auditors in
quarter four of 2012 than in quarter four of 2011.
The lack of homegrown talent coming through appears to be a
result of practices taking on fewer graduate ACA/ACCA trainees
throughout the recession. However, graduate recruitmentseems to be a high priority for most accountancy firms in
2013 and we therefore expect to see an upwards spike in
homegrown auditors across the market in 2013 and 2014.
EXPERIENCE
68%
32%
10
Length in current roleLength of time in theaccountancy, finance oradvisory profession
Less than 1 year 14%
1 to 2 years 25%
2 to 3 years 28%
3 to 5 years 20%
5 to 10 years 13%
More than 10 years 0%
0 to 3 years 25%
4 to 6 years 33%
7 to 10 years 22%
11 to 20 years 13%
21 to 25 years 4%
More than 25 years
3%
4 - 6
years
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last12 months?
Increased 35%
Remained the same
56%
Decreased 9%
54%of respondents chose
understaffing or
lack of resources
as the main reason
for the increase in
working hours
-
8/12/2019 Market Insights 2013 - Professional Services
32/55
MOVING ON
Taking the next step in
your careerBE REALISTIC AND AWARE OF YOUR EXPERIENCE
The market is very different to what it was a few years ago;
exciting roles once in abundance within corporate finance and
transaction services are now few and far between. If you have
not had exposure to corporate finance, its unlikely you will
walk into a corporate finance role. So be realistic about the
experience you have, and take steps to achieving your long
term goals.
BE PROACTIVEMeet with a recruiter who understands your career goals.
They can talk to you about relevant jobs that have just come
onto the market and make introductions to key partners within
accountancy firms, helping you to beat the competition.
YOUR CV IS YOUR ROUTE INTO A BUSINESS
Spend time making your CV as good as it can be. Include all
relevant experience and key achievements, remembering to
differentiate yourself through the skills you can offer.
Top 5 reasons for leavinglast role
Career development
34%
Higher salary 28%
New challenge/more
interesting work 23%
Relocation 13%
Redundancy 10%
Respondents could choose up tothree reasons
RELOCATION
Australia 40%
Within the UK 34%
Canada 29%
Mainland Europe28%
Respondents could choose morethan one country from a choice of 14
Different culture 65%
Improved quality of life
65%
New career opportunity
60%
Improved salary 58%
Better employment
opportunities 56%
Respondents could choose morethan one reason from a choice of nine
Top 5 places respondentswould consider relocatingto in the next two years
Top 5 reasons forrespondents wanting torelocate
21%of respondentswould not relocate
34%of respondents anticipate changingroles in the next 12 months
Why candidates aremaking a move
Candidates are moving firms not just for an increase in salary,
but for additional benefits and opportunities to further develop
their career and skill set.
A chance to work with larger clients and a more varied portfolio
appear to be key motivations for candidates wanting a new role,
as well as attractive benefits such as non-contributory pensions,
more holidays and private healthcare schemes.
If organisations want to capitalise on this they need to show
candidates there is a clear route for progression within the firm,
outlining the opportunities to develop and the support they will
be given to do this.
Appraisal systems and objective setting can help individuals
achieve their targets and support them to reach the next level
in their career, whilst playing an important part in helping the
business meet their objectives.
ONDON
-
8/12/2019 Market Insights 2013 - Professional Services
33/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsAUDIT & ASSURANCE
When was your lastpay review?
Less than 6 months
ago 54%
6 to12 months ago
28%
More than 12 months
ago 9%
Not applicable 9%
65%of respondentsreceived a salary increase in
their last pay review
Pe
rmanent
Con
tra
ct
Satisfaction with current remuneration
Satisfied 29%
Neither satisfied nor
dissatisfied20%
Dissatisfied 51%
Satisfied 20%
Neither satisfied nor
dissatisfied 40%
Dissatisfied 40%
38%of respondentsperceive a 16 to 20%salary
increase as acceptable if
they were to move roles
Spotlight on salaries
and bonusesAlthough 2012 salaries and bonuses remained fairly
static, 2013 is predicted to see an increase. IT audit and
compliance positions are set to see the biggest increases
in salaries, especially at audit senior level and assistant
manager levels, as these areas are where employers want
to tempt candidates into a niche area once fully qualified.
We are seeing auditors with FSA and insurance
experience in demand and we believe that employers
will have to pay the top end of their salary banding
to secure the top talent in the market.
REMUNERATION
IT audit and compliance
positions will see the
biggest increases in salaries,
especially at audit senior and
assistant manager levels
-
8/12/2019 Market Insights 2013 - Professional Services
34/55
ONDON
Audit and Accounts Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Trainee 25,000-30,000 25,000-30,000 21,000-28,000 20,000-28,000
Finalist 30,000-35,000 30,000-35,000 25,000-28,000 25,000-30,000
Newly Qualified 42,000-46,000 42,000-45,000 38,000-44,000 38,000-44,000
Manager 52,000-64,000 52,000-64,000 52,000-60,000 50,000-60,000
Senior Manager 75,000-90,000 75,000-90,000 61,000-75,000 60,000-70,000
Director 100,000-150,000 100,000-150,000 75,000-100,000 70,000-100,000
Partner 140,000-350,000 140,000-350,000 80,000-180,000 80,000-180,000
Risk and IT Assurance Big 4 salary range Mid-tier salary range
Job title 2012 2013 2012 2013
Trainee 25,000-30,000 25,000-30,000 20,000-25,000 20,000-25,000
Finalist | 2+ years 30,000-35,000 30,000-35,000 25,000-30,000 25,000-30,000
Newly Qualified 40,000-45,000 40,000-45,000 40,000-45,000 40,000-45,000
Manager 50,000-60,000 50,000-60,000 50,000-60,000 50,000-60,000
Senior Manager 80,000-90,000 80,000-90,000 60,000-70,000 60,000-70,000
Director 100,000-150,000 100,000-150,000 75,000-100,000 75,000-100,000
Partner 150,000-350,000 150,000-350,000 85,000-185,000 85,000-185,000
Although 2012 salaries and
bonuses remained fairly static
around at 40,000 to 50,000,
2013 looks set to be different
-
8/12/2019 Market Insights 2013 - Professional Services
35/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsAUDIT & ASSURANCE
42%Did you receive a bonus in2012?
Yes 35%
No, not awarded one
19%
No, not entitled to
receive one 46%
42%of respondents were
dissatisfied with their bonus
BENEFITS
BONUS
Top 5 benefits currentlyreceived
Company pension
scheme 55%
25 days holiday or
more 54%
Less than 25 days
holiday 42%
Private healthcare 35%
Insurance (PMI/death
in service/life insurance)
34%
Respondents could select all benefitsthat applied
Respondents rated a selection of 20benefits in order of importance
Benefits considered most
and least important whenconsidering a new role
25 days holiday
or more
Good company
pension scheme
Annual bonus
scheme
Flexible
working
Mortgage relief
Less than 25
days holiday
Childcare
vouchers
Daily
subsidised meals
Season
ticket loan
Private
healthcare
42%
42%of respondents were
dissatisfied with their benefits
46%of respondents
received a higher
bonus in 2012
than in 2011
As a percentage of yourbasic salary, what was yourbonus in 2012?
1 to 9% of salary 79%
10 to 19% of salary
21%
1 - 9%
of salary
Attracting top talentHAVE A SENSE OF URGENCY
The best candidates do not stay on the market for long. If youare interested in them, no doubt your competitors are too.
Being proactive, making quick decisions and reducing time
between interviews will help secure the most talented auditors.
SELL YOUR EMPLOYER BRAND
Interviews are not just an opportunity for candidates
to sell what they can offer their prospective employer;
its also an opportunity for employers to sell what they
can offer a prospective employee. The role you are
selling should be an attractive one with a competitive
employee benefits package to complement it.
USE A SPECIALIST RECRUITMENT AGENCY
Work with someone who understands your business and
who has perhaps helped you in the past. They are likely to
know the best candidates in the market, even the ones who
are not looking, and can directly approach them for you.
MEETING THE TEAM
Its important candidates get visibility of the personalities
they will be potentially working with. Moving jobs is a big
thing, so arranging an informal get together between them
and the team can really help them with their decision.
-
8/12/2019 Market Insights 2013 - Professional Services
36/55
LONDON
PROFESSIONAL SERVICES
Management
Consultancy
+44 20 7858 [email protected]
Senior Consultant
Chris Saull
Associate Director
Oliver Phoenix
-
8/12/2019 Market Insights 2013 - Professional Services
37/55
LONDON
PROFESSIONA
LSERVICE
MANAGEMENT CONSULTANCY Market Perspective
The big trends of 2012Regulatory changes continued to sweep across both public
and private sectors with a profound effect on financialservices. This gave rise to the biggest trend of 2012 and will
no doubt continue into 2013. As a result financial services
organisations turned to consulting firms, who were equipped
to analyse, strategise and implement the changes necessary
to keep up with the uncertain regulatory landscape.
Large scale transformation programmes, driven by the top
tier banks in areas such as Basel III and the Dodd-Frank
Act, meant consulting firms with particular subject matter
expertise in these areas saw a real uptake in business. As
a result, larger firms saw a shift from front end strategic
advisory within regulatory towards the large scale project/programme management skills needed to implement these
Profitability of business 39%
Business process/policy change28%Salary increase 28%
Salary freeze34%Increase in staff recruitment37%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last12 months, how confidentdo you feel about theeconomic prospects facingyour company?
More confident 28%
As confident 50%
Less confident 22%
The rise and introduction of risk, regulation
and compliance practices within established
consulting firms and smaller boutiques was a
notable trend of 2012
ECONOMIC PROSPECTS
changes. This increased demand allowed boutiques and
specialists to join the action; smaller project teams, moresubject matter experts and lower consulting fees made
using consulting firms a no-brainer at a time where cost
cutting was essential to the survival of many organisations.
Consulting firms with relatively small headcounts,
complemented by an associate pool, became more prevalent
to take advantage of short term regulatory change within
the banks. The rise and introduction of risk, regulation and
compliance practices within established consulting firms
and smaller boutiques was a notable trend of 2012 and
we expect this to stay on the strategic agenda of C-suites
across the business world long into 2013 and beyond.
-
8/12/2019 Market Insights 2013 - Professional Services
38/55
Outlook for 2013The importance of risk and regulatory change will continue
to be a major trend that will consume the budgets of
financial services organisations, driven by the introduction
of the Prudential Regulation Authority in April 2013.
Due to the various regulatory changes within this area,
including Dodd-Frank and Basel III, we expect to see
a continued steady growth across financial services
management consultancy services. Insurance is set to be
an exception as firms scale back on revenue predictions
following recent Solvency II delays and confusion.
Consultancies who were reluctant to hire in 2012
are now recruiting more consultants to deliver large
scale change programmes with leading banks,
which provide them with strong core revenue.
Big data continues to be an area of focus within the
banking world, with strong growth forecast within the
firms/service lines specialising in strategic analytics.
As the US leads the way in the recovery, confidence
has started to trickle back into the board rooms of the
most influential businesses in the world, resulting in a
reallocation of funds to external consultancy firms to
ensure maximum efficiency and minimum waste. This has
resulted in an uplift in revenue across most industries, with
the oil and gas and FMCG sectors particularly strong.
The public sector has also started to show signs of life, with
many consultancies expecting to be able to generate more
significant revenue from this area through 2013 and beyond.
Operational change and transformation continue to be of
most value, with even the pure play strategy firms, who
have been hit particularly hard by recent market conditions,
gravitating more towards assignments in this area.
As market confidence has improved and firms have brought
hiring levels back above attrition rates, we expect to see a
less turbulent year ahead with modest growth in the volume
of hires throughout commerce and industry and a more
consistent and positive approach to hiring as a result.
JOB SECURITY
Salary freeze 18%
Salary reduction 3%
Shorter working week
2%
Redundancy 1%
Other 13%
Respondents could choose more
than one answer
Expectations for personalsalary and job security inthe next 12 months
How would you rate yourcurrent job security?
Secure 78%
Insecure 22%
ONDON
-
8/12/2019 Market Insights 2013 - Professional Services
39/55
LONDON
PROFESSIONA
LSERVICE
Market growthThe outlook for 2013 is positive but the term cautious
optimism has never been truer. Businesses are starting to
come back to consulting firms for assistance, which is clear
to see from the influx of roles being released by the large
consulting firms in areas such as risk, regulation, finance
transformation, performance improvement and organisational
design. We expect this influx to filter down to the rest of the
market throughout the year.
There are two sectors that stand out as showing the most
potential for growth: the seemingly recession-proof oil and gas
sector, due to continued demand for oil and public pressureto reduce energy costs, and the financial services sector, due
to regulatory change. Both areas are growing exponentially
with regards to consulting capabilities, to the point where
some smaller consultancy firms have had the foresight to
scale back operations in other sectors to retrench and focus
all of their resources on financial services and oil and gas.
42%
How has the number ofstaff in your team changedin the past 12 months?
Remained the same
31%
Decreased 24%
Not sure 3%
82%of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
of respondents
selected
voluntary departures as the
main reason for a decrease
in staff
HEADCOUNT
MANAGEMENT CONSULTANCY Market Perspective
50%ofrespondents have
more than 20
employees in their
team
The first half of the year
looks set to be busy for
everyone involved in the
consulting process making
it the ideal time to start
seeking new opportunities
-
8/12/2019 Market Insights 2013 - Professional Services
40/55
In 2012 hiring decisions
became much more
important as the ability tohide a bad hire within large
organisations became more
difficult due to downsizing
and redundancies.
Short term (0-6
months ahead) 39%
Medium term (6-12
months ahead) 23%
Long term (1-2 years)
25%
Non-existent 4%
Not sure 9%
What is your employersrecruitment strategy?
Reactions to uncertainmarket conditionsAs a direct response to the economy, companies
have adapted their recruitment expectations. Some
consulting firms have changed their criteria in order to
hire versatile candidates that can work on more than one
project type in more than one area of the business.
In 2012 hiring decisions became much more important
as the ability to hide a bad hire within large organisations
became more difficult due to downsizing and
redundancies. Some organisations froze recruitment
altogether, some for the whole year; others just became
picky, wanting all new hires to tick every single box and
make an immediate impact with minimal support.
Companies with European offices in countries like Italy,
Greece and Spain, whose fortunes and pipelines were
particularly sparse, were able to transfer European
consultants across to their UK operations to cut down
on UK recruitment costs. This has been at all levels fromanalysts and consultants to managers and partners.
Others were in a position where voluntary and compulsory
redundancies were the only option due to increasingly full
benches and fruitless business development drives.
ONDON
-
8/12/2019 Market Insights 2013 - Professional Services
41/55
LONDON
PROFESSIONA
LSERVICE
Career InsightMANAGEMENT CONSULTANCY
Skills in demand
At present the skill sets that are most in demand acrossconsulting are finance, risk and regulatory change,
business change management, performance improvement,
organisational design, and quantitative analysis/modelling.
Business analytics and operational research are also in
demand, with a number of the large firms investing in the area.
Project and programme management are still in demand as
the banks continue to deliver large scale change projects.
We expect this trend to continue throughout the first
half of the year, with the potential introduction of pure
play strategy as the economy continues to improve
and strategy becomes less of a luxury item.
Supply and demandFinance and risk have been particularly strong in terms of
demand for candidates. However, with continued regulatory
changes, especially within banking, there has been a lot of
competition from the banks as candidates are attracted to the
high day rates of contracting. Other than that, most areas have
remained steady and we have seen an uplift in demand across
the board since the last quarter of 2012. The only exception has
been Solvency II focused roles, where the likely delay has meant
insurers are scaling back their implementation programmes.
We are currently seeing a shortage of candidates across
all areas of consultancy, because of the unpredictability of
the market. Candidates are continuing to be risk adverse,
preferring to stay with an employer where they have built
up an internal network and reputation. Due to this, they
have high, sometimes unrealistic expectations in what
they want from a move in order to counter this risk.
EXPERIENCE
78%
22%
10
Length in current roleLength of time in theaccountancy, finance oradvisory profession
Less than 1 year 39%
1 to 2 years 25%
2 to 3 years 18%
3 to 5 years 7%
5 to 10 years 8%
More than 10 years 3%
0 to 3 years 19%
4 to 6 years 22%
7 to 10 years 16%
11 to 15 years 16%
16 to 20 years 8%
21 to 25 years 5%
More than 25 years
8%
Not applicable 6%
4 - 6
years
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last12 months?
Increased 32%
Remained the same
50%
Decreased 18%
56%of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
-
8/12/2019 Market Insights 2013 - Professional Services
42/55
MOVING ON
Taking the next step in
your careerTHINK IT THROUGH
Gaining clarity before making a move is essential. Think about
your motivations, goals and have a clear picture of what your
next role will look like. Candidates who are not completely
confident about a move often perform badly in the interview
process and potentially burn bridges with firms that may well
be of interest to them a few months down the line.
HAVE YOUR END GOAL IN MIND
It is not always possible to move straight into your dream jobso there are often ways of taking steps closer to it. Attempting
to work on projects more closely related to your target role in
your current firm or positioning yourself for an internal switch
can help sway your CV towards that dream job.
COMMITMENT AND PREPARATION
Strong commitment throughout a recruitment process can
impress a prospective employer, and gives those candidates
a clear competitive advantage over others. Preparation for
interviews is another topic clients frequently raise, and acts as
an indicator that companies use to identify who is really keen
on the business and the opportunity on offer.
Top 5 reasons for leavinglast role
Career development
44%
New challenge/more
interesting work 38%
Higher salary 35%
End of contract 12%
Redundancy 12%
Respondents could choose up tothree reasons
RELOCATION
Mainland Europe 42%
Singapore 39%
Hong Kong 37%
Australia35%
Respondents could choose morethan one country from a choice of 14
New career opportunity
66%
Improved quality of life
63%
Improved salary 55%
Different culture 53%
Better employment
opportunities 51%
Respondents could choose morethan one reason from a choice of nine
Top 5 places respondentswould consider relocatingto in the next two years
Top 5 reasons forrespondents wanting torelocate
16%of respondentswould not relocate
37%of respondents anticipate changingroles in the next 12 months
The past 12 months have seen their
fair share of redundancies acrossthe board, especially within financial
services, which has led to a sharp
increase of immediately available
candidates from various areas, often
internal change management teams
within the larger banks.
ONDON
-
8/12/2019 Market Insights 2013 - Professional Services
43/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsMANAGEMENT CONSULTANCY
When was your last payreview?
Less than 6 months
ago 42%
6 to 12 months ago
32%
More than 12 months
ago 9%
Not applicable 17%
Spotlight on salaries,
bonuses and benefitsAlthough base salaries have been static through 2012 and
bonuses low across both consulting and industry alike, we
have seen a slight uplift in total compensation levels, with
a noticeable increase in the number of companies offering
car allowances, share options, sign-on bonuses or softer
benefits, such as working from home. This is especially
true of the larger companies, where the set salary bandings
do not allow for much movement on basic salary.
With market turbulence meaning low or no bonuses, along
with increased regulation in the financial services market beinga worry for the future of bonuses in general, candidates are
increasingly seeing a bonus as a bonus in the literal sense of
the word, and are less inclined to view this as a tangible part
of their package. Meaning whatever the total compensation,
a strong base/bonus ratio will nearly always win out.
The market environment has highlighted certain skill
sets that are highly sought after, which has resulted in a
noticeable rise in salary expectations. Certain areas such
as risk management have seen a large degree of fluctuation
in basic salaries and total packages being offered by
consulting firms, with some candidates attempting to name
their price. In an attempt to compete, a number of firms
are adding a greater degree of flexibility to their offers using
aspects such as equity and sign-on bonuses to attract
candidates without breaking their salary bandings.
Work-life balance is becoming more important. Whilst the
majority of consultants in the market understand the need for
travel and completing projects before a deadline, businesses
that offer any flexibility or perks benefit from greater candidate
attraction and employee retention. Some businesses have
enjoyed such success through offering more flexibility in working
from home and frequent return from international assignments.
Although base salaries have
been static through 2012
and bonuses low across both
consulting and industry alike,
we have seen a slight uplift in
total compensation levels
-
8/12/2019 Market Insights 2013 - Professional Services
44/55
ONDON
Large consultancies
Job title Experience 2012 2013
Analyst Graduate level 25,000-35,000 25,000-35,000
Consultant/Senior Consultant 2-6 years 40,000-60,000 40,000-60,000
Manager 5-8 years 60,000-80,000 60,000-80,000
Director/Senior Manager 8-15 years 80,000-130,000 80,000-130,000
Partner 15+ years 150,000+ 150,000+
Specialists
Job title Experience 2012 2013
Analyst Graduate level 25,000-35,000 25,000-35,000
Consultant 3-7 years 45,000-58,000 45,000-62,000
Manager 8-12 years 65,000-90,000 65,000-95,000
Director 12-15 years 100,000-140,000 100,000-150,000
Partner 15+ years 140,000+ 150,000+
56%of respondentsreceived a salary increase in
their last pay review
Perm
anent
Con
tra
ct
Satisfaction with current remuneration
Satisfied 42%
Neither satisfied nor
dissatisfied27%
Dissatisfied 31%
Satisfied 65%
Neither satisfied nor
dissatisfied 26%
Dissatisfied 9%
21%of respondentsperceive a 16 to 20%salary
increase as acceptable if
they were to move roles
REMUNERATION
-
8/12/2019 Market Insights 2013 - Professional Services
45/55
LONDON
PROFESSIONA
LSERVICE
Salaries & BenefitsMANAGEMENT CONSULTANCY
Did you receive a bonus in2012?
Yes 52%
No, not awarded one
15%
No, not entitled to
receive one 33%
37%of respondents were
satisfied with their bonus
BENEFITS
BONUS
Top 5 benefits currentlyreceived
25 days holiday or
more 78%
Mobile phone/
Blackberry/PDA 60%
Private healthcare 57%
Company pensionscheme 55%
Insurance (PMI/
death in service/life
insurance) 51%
Respondents could select all benefitsthat applied
Respondents rated a selection of 20benefits in order of importance
Benefits considered most
and least important whenconsidering a new role
25 days holiday
or more
Annual bonus
scheme
Private
healthcare
Mobile/
Blackberry/PDA
Less than 25
days holiday
Mortgage relief
Daily
subsidised meals
Season ticket
loan
Childcare
vouchers
Good
company pension
57%of respondents were
satisfied with their benefits
45%of respondents
received a higher
bonus in 2012
than in 2011
As a percentage of yourbasic salary, what was yourbonus in 2012?
1 to 9% of salary 43%
10 to 19% of salary30%
20 to 29% of salary
12%
30 to 39% of salary
17%
40 to 49% of salary
5%
50 to 69% of salary
2%
More than 70% of
salary 1%
1 - 9%
of salary
Attracting top talentMAKE CANDIDATES FEEL VALUED
Strong candidates can choose from multiple offers, so sellingyour company to the candidate during the recruitment process
is key, even if you are a top tier business. Offer attractive
packages, but also sell the softer benefits, along with company
culture, client exposure and work-life balance.
Companies using telephone interviews or predominantly HR
driven processes often lose out on quality candidates who
havent felt valued during the process. When faced with multiple
offers, candidates tend to make their decision based on the
people they have met or their experience of the company.
Those companies tend to secure the best talent, winning out
even over competitors offering more money. As such, facetime with line managers is important, whether this is a quick
coffee with a partner, casual drinks with the team, or even an
unarranged phone call to explain a delay in feedback. This can
be the crucial difference in whether an offer is accepted.
HAVE AN EFFICIENT RECRUITMENT PROCESS
The speed and efficiency of the recruitment process are critical
to successful hiring. Companies that can complete processes
within a short time scale really have the edge, with flexibility on
interview times being helpful to candidates who are busy on
client assignments.
ENSURE YOUR REPUTATION IS STRONG
Candidates often decide whether to apply for a role from what
they have heard and/or read from others. The poor quality of
projects on offer and limited opportunities for promotion are
some of the key reasons for a candidate not wanting to join.
-
8/12/2019 Market Insights 2013 - Professional Services
46/55
Consultant
LONDON
PROFESSIONAL SERVICES
Taxation
+44 20 7747 [email protected]
Senior Manager
Ewa Stefanska
Richard Jennings
-
8/12/2019 Market Insights 2013 - Professional Services
47/55
LONDON
PROFESSIONA
LSERVICE
TAXATION Market Perspective
The big trends of 20122012 was a strong year of growth for regulation within
the tax market. With HMRC tightening its grip on largecorporate organisations, there has been a larger media
focus on tax avoidance. It is expected that tighter
regulations will be put in place as the use of off-shore
accounts is becoming a large concern for HMRC.
These movements have made firms get their houses in order
and candidates with strong technical knowledge in areas
such as compliance and reporting were in demand. This
was a bit of a dent to many candidates hopes, as they tend
to prefer the idea of advisory work. We have therefore had
to educate the candidates and manage their expectations
accordingly. This is a trend we expect to continue into 2013.
Recruitment freeze30%
Budget cuts43%
Profitability of business27%
Business process/policy change40%
Salary freeze57%
Greater focus onregulatory issues27%
Respondents could choose more than one answer from a choice of 14
Top 5 expectations for your business in the next 12 monthsCompared with the last12 months, how confidentdo you feel about theeconomic prospects facingyour company?
More confident 18%
As confident 41%
Less confident 41%
2012 was the year of
growth in compliance
and regulation
ECONOMIC PROSPECTS
Outlook for 2013Most firms are still uncertain about the future and the general
message seems to be wait and see. Firms are waiting
for quarterly results before making any major recruitment
decisions. However, the mood does seem more positive
and it appears that 2013 will be a better year for all.
We predict recruitment for assistant manager level
roles to continue; newly qualified candidates have
stayed in their current positions for the last couple ofyears and will now start to move up the ranks, so new
talent will have to be recruited to fill the gaps.
Global mobility should continue to increase. Large firms are
utilising their international staff much more due to recruitment
budget cuts, and internal recruitment has increased as
clients are forced into recruiting staff from different teams
rather than finding the perfect candidate externally. This
is an effective way to save money in difficult times, but is
it the right way to go? Sometimes, quicker and cheaper
wins can negatively affect businesses in the long run.
-
8/12/2019 Market Insights 2013 - Professional Services
48/55
59%
Salary freeze 38%
Redundancy 4%
Salary reduction 0%
Shorter working week
0%
Other 2%
Respondents could choose morethan one answer
Expectations for personal
salary and job security inthe next 12 months
How would you rate your
current job security?
Secure 78%
Insecure 22%
Reactions to uncertainmarket conditionsThe general trend is that companies are doing more with
less; maximising their current staff to work more efficiently.
If an employer is prepared to train a new recruit, they will
look internally and if they decide to recruit externally, their
expectations of the new hire will be extremely high.
Organisations are cautious not to over recruit and typically
have only hired to replace someone who has left. There
has, however, been a 15% increase in long term, fixed-termcontracts as it has been easier to manage headcount in this
way. This has been effective, but businesses have had to
be flexible to do this as high-calibre talent with the desired
experience for these roles are not always prepared to leave
a permanent role for a nine month contract for example.
JOB SECURITY
HEADCOUNT
36%
How has the number ofstaff in your team changedin the past 12 months?
Remained the same
36%
Decreased 24%
Not sure 4%
50%of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Short term (0-6 months
ahead) 32%
Medium term (6-12
months ahead) 21%
Long term (1-2 years)
8%
Non-existent 0%
Not sure 39%
What is your employersrecruitment strategy?
ONDON
35%ofrespondents have
between 1 and 5
employees in their
team
-
8/12/2019 Market Insights 2013 - Professional Services
49/55
LONDON
PROFESSIONA
LSERVICE
Career InsightTAXATION
Market growthWith FATCA regulation being pushed back, the need
for candidates with this skill set is likely to increase
in 2013 as new regulations are introduced. Some
companies implemented the necessary changes in
2012 whilst others have waited until this year.
There is also likely to be a decrease in tax planning, but an
increase in tax structuring. Businesses that are currently using
tax havens and not paying adequate taxes in the UK are
worried about being identified by the press. There is going to
be a greater need for specialists to come in and get taxes in
order, or fight the HMRC to protect current procedures, so
that firms avoid being named and shamed in the public eye.
Supply and demandWe have identified an increase in mid-tier firms recruiting
candidates with dual handling experience into personal tax
teams. Expat tax services used to be offered predominantly
by the top 10 accountancy firms and specialist boutiques.
However, with the world becoming smaller and employees
being seconded more, companies are keen to ensure
they are compliant and not overpaying on their taxes. With
this increase in demand for dual handling candidates,
it has become a struggle to service all these roles.
With regards to in-house recruitment, we believe that this
will continue to grow. Many in-house tax teams are still verycautious about bringing in too many employees at present.
However, with a more robust market predicted, we wouldnt be
surprised if we began to see more in-house finance teams finally
making their move by bringing in a tax accountant. Candidates
that suit these positions tend to be from mid-tier firms who have
a broader understanding across a variety of tax disciplines.
EXPERIENCE
66%
34
%
10
Length in current roleLength of time in theaccountancy, finance oradvisory profession
Less than 1 year 25%
1 to 2 years 41%
2 to 3 years 9%
3 to 5 years 14%
5 to 10 years 7%
More than 10 years 4%
0 to 3 years 4%
4 to 6 years 20%
7 to 10 years 26%
11 to 15 years 29%
16 to 20 years 5%
21 to 25 years 5%
More than 25 years
11%
11-15
years
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last12 months?
Increased 37%
Remained the same
50%
Decreased 13%
65%of respondents chose
taking on more
responsibilityas themain reason for the
increase in working
hours
There is going to be a greater need
for specialists to come in and get
taxes in order, or fight the HMRC
to protect current procedures, so
that firms avoid being named and
shamed in the public eye
-
8/12/2019 Market Insights 2013 - Professional Services
50/55
MOVING ON
Taking the next step inyour career
REGULARLY UPDATE YOUR CV
List your education qualifications, identify key achievements
under each employer and show clear progression throughout.
A CV is your first introduction to a prospective employer so
make sure you get it right.
UPDATE YOUR LINKEDIN PROFILE
Social media, especially LinkedIn, is regularly used by
recruiters and employers to identify good talent. If you are
open to hearing about new opportunities, make sure y