The Return of the ACA

You may remember Debbie McGee being asked in that famous interview: “So, what first attracted you to millionaire Paul Daniels?” For many ACAs, corporate finance is the ‘Paul Daniels’ of the career ladder, often seen as the road to riches. But, in reality, just how easy is it to get on to that ladder? 

We’re no strangers to this market, having placed hundreds of ACA candidates with dozens of corporate finance clients – right up until 18 months ago when the requests for these candidates dried up.

However, late last summer, we saw a dramatic return of corporate finance roles for ACAs – and since then, there has been a consistent increase in activity in this sector. But the story isn’t that straightforward: the roles do require more than just an ACA as clients are able to take their pick of the better-qualified candidates. In reality, that means that top-notch academics combined with experience in corporate finance, transaction services or restructuring teams are needed to even get an interview.

That said, this is a great indicator of improving market conditions, and we’re now seeing a significant increase in both the volume and the variety of these roles.

So, what career options does a transaction services ACA-qualified Big 4 candidate have in today’s job market? Is a move to private equity/fund management a realistic aim?
 
In previous years, there were a number of possibilities for newly-qualified ACAs within corporate finance and private equity. In fact, many years ago our Front Office team here at WH Marks Sattin started to proactively move the best ACAs into M&A, equity research and private equity roles. Unfortunately, during the past 18 months, similar opportunities for ACAs almost ground to a halt due to there being fewer roles and more available candidates with experience in these areas of the market.
 
However, whilst we’re now seeing requests for ACA-qualified candidates from some of the corporate finance boutiques, only the very best ACAs tend to be in with a shot. Clients know it's still a buyer's market, so are only asking to see the strongest ACA candidates with the sort of credentials I alluded to earlier.
 
Having qualified in TS in the Big 4, you certainly stand a chance of securing interviews for these roles, but we would need to consider your full background – taking a holistic view of you as a candidate – before giving more detailed feedback as competition is extremely tough. We've found that roles in private equity or fund management are extremely difficult for newly-qualified ACAs to break into, but a move into a good corporate finance boutique or one of the banks would give you a better chance of moving to the buy side once hiring in these areas picks up.


Simon Norris currently heads the Corporate Finance and Private Equity team at WH Marks Sattin. The team's portfolio of clients is ever-expanding and covers the largest banks and PE houses through to the smallest niche boutiques in the city.

Comments

[Phil]

It is still very tough out there. After spending the majority of my career in various corporate finance roles I've had to transition to a trading role after getting laid off in 2008. Granted trading was my hobby and true passion I was still lucky to secure a trading job. My ACA certification actually helped me network my way into my current job.

[Matt Lea]

Interesting commentary - what would be your thoughts on the same paths for ACMA? Talking the same quality of people going in to the training program.