How to Make Your CV Resonate

Most Chief Financial Officers (CFOs) are feeling confident about their firms’ prospects for business growth in the coming months, according to our latest Professional Hiring Index. The hiring outlook is expected to improve as well. With hiring managers receiving so many CVs, what can you do to make sure yours stands out? Whether you’re a new graduate or a seasoned professional, the following tips will help you create a CV that can help you move one step closer to the interview process.

Fill Gaps in Your Employment History

If your CV is vague or incomplete, a hiring manager may think you’re deliberately trying to conceal information. Many people have been unemployed for a long period due to the recession; employers understand this. But it’s important to explain what you’ve been doing while out of a permanent job. For instance, if you’ve been working part-time or as an interim, volunteering, or taking classes, ensure you include that information.

Provide Clear Job Descriptions and Show Results

Explain the responsibilities you had in a previous job and how your work contributed to the company’s overall success. If you provide scant details about your former duties, a potential employer may think your experience isn’t relevant for the job you’re applying for.

Watch Spelling Mistakes

Even the most experienced professionals have made careless – and costly – mistakes when submitting their job application materials. Don’t be among them. Research by Robert Half shows many executives are not inclined to hire a candidate who submits a CV with even just one or two typos in it. Also, if your CV is disorganised or otherwise sloppy in its presentation, you could come across as lacking both professionalism and good communication skills.

The Finishing Touches

Take time to tailor your CV to each job you’re applying for. Positioning the information in your CV in a way that shows how your skills and experience are well matched for a particular role makes it easy for a hiring manager to understand why you could be a strong candidate.

Include a Cover Letter

And don’t forget to include a well-written cover letter, if you have the opportunity. This is not always possible when applying for jobs online, but when you’re able to include a short paragraph or two within the body of your email or the space on a job application allotted for ‘comments’, go for it. The cover letter allows you to expand upon your strengths and accomplishments and express why you believe you’re the best person for the job. It also can shine a spotlight on your communication skills, which many employers greatly value and specifically look for in candidates today when hiring for accounting and finance roles.


Andy Dallas is the associate director for Robert Half Financial Services Group, specialising in the placement of banking and capital markets professionals in the City of London.

Oscar Wilde and the Value Principle for Accountants

Oscar Wilde once wrote:

“What is a cynic? A man who knows the price of everything and the value of nothing”.

Musing on this, I had a slightly mischievous thought: Oscar Wilde might have been speaking as an accountant.

The current economic crisis has demanded that the public sector cut millions from various service delivery budgets up and down the country. The private sector has also been challenged with examining budgets to keep businesses afloat, maintaining profit margins where possible or indeed take advantage of the climate to expand. Inevitably, this unenviable challenge falls at the door of accountants.

Some accountants have adopted an across-the-board percentage cut to budgets to achieve targets and expect Operational Managers to get on with the imposed constraints. While there is some merit in this approach in very specific circumstances, most know it isn’t that simple.

The more visionary and imaginative accountants set out, with their General Managers and Managing Directors, to evolve business models to provide the same or improved services and products for less cost. They will look to where real value lies in the business or service to preserve or enhance it. They will examine very closely the interrelationships between value of service/product, cost savings and desired outcomes before acting and reducing budgets. There is a major difference between direct cost cut and carefully and thoughtfully reduced budgets in order to maintain overall value.

Oscar Wilde, by a twist of fate, might have made a very good accountant. Then again, he might also have been one of accountancy’s severest critics. Just paraphrase:

“What is an accountant? A man who knows the price of everything and the value of nothing”.

On an optimistic note, for those brave enough to grasp it, there is a real opportunity to rise to the occasion and to show that you are of value and not a cost to your organisation. 

Chris Cutting, of Chris Cutting Recruitment (CCR), has several years experience in accountancy recruitment at all levels. His career spans working for both national and regional recruitment consultancies in the Midlands and establishing two regional consultancies servicing the M5 and M4 corridors. The one constant throughout his career has been to provide a tailored and personalised service to clients and candidates.

Corporate Advisory

Looking back on 2010, the general trend witnessed across advisory services was one of an unpredictable market. The pressures of a global downturn, a General Election and bad weather inevitably meant that businesses moved cautiously; 2010 was most definitely a year of peaks and troughs.

Towards the end of 2010, and certainly within the first quarter of 2011, confidence in the market has improved. There has been increased activity within corporate recovery, insolvency, forensic accounting and corporate finance. A fresh excitement seems to have entered the market and this has had a huge impact on recruitment.

Forensic clients are definitely feeling optimistic about this year, although 2010 was a reasonable year within the London Forensic world. There were, of course, points in the year when activity was concentrated on pitching for new work and initial investigations, but the decision to litigate was being held back. This was coupled with the fact that a number of government agencies were holding back work until the new fiscal year. Although this would have ordinarily caused caution, it was balanced by the fact that financial services work increased.

Moving into 2011, we continue to see clients recruiting for increased FS and Fraud work. There seems to be an appetite for AML, FS and Fraud experts alongside the usual Forensic, Valuations and Investigations applicants. Clients have reported that there is a lot more litigation work happening. A good sign that the market is becoming busier is that some clients have been proactively recruiting recently qualified auditors to train within Forensic Accounting.

The Insolvency and Restructuring world saw peaks of activity. There was a marked increase within the restructuring world; some teams were working to full capacity last year. Towards the second half of the year there seemed to be a lot of lender led, Business Review and restructuring work. This has of course meant we have seen an increased need for experienced restructuring candidates.

Clients have recently been recruiting at all levels; from newly qualified to director level. The insolvency world had some very busy periods in London but there seems to be a lot less trading administration work. November and December were quieter than usual.

The first quarter of 2011 indicates that the insolvency world is picking up. A number of firms have been busy in investigations and formal insolvency. It is felt that with the Tax Year end and the quieter-than-expected Christmas results in the retail market, the formal insolvency world will be busier this year.

All indicators suggest that clients are preparing for a busy 2011 – we have already seen firms recruiting across the board.



Shaila Verma is an Executive Consultant within the Marks Sattin Practice Division, specialising in Qualified Corporate Advisory Recruitment. She has successfully recruited for senior appointments both in C&I and Public Practice and has over 10 years’ financial recruitment experience.

What’s the Going Rate for Freelance Accountants?

Freelance accountancy rates are squeezed while finance remains an attractive sector for freelancers and temps.

Twice a year I get to crunch all the numbers that come out of all the data we hold on our systems for umbrella contractors. The trends that are uncovered always throw up some useful stats and lead to some interesting conversations around the office.

The findings have shown that the average hourly rate for umbrella contractors has fallen in the last 12 months from £34.41 to £33.12; however, contractors over 35 are typically £10 an hour better off than their younger counterparts.

The accountancy sector remains an attractive sector for contractors, temps and freelancers; the average hourly rate remained slightly above average at £33.16. However, this time last year the average hourly rate for accountancy temps working via an umbrella company was £35.36. So freelance accountancy professionals are feeling the squeeze just like everyone else.

The study also found that:

• Greater London and the South East remain the best places to contract in the UK based on hourly rates, with both regions seeing slight increases. Rates in Greater London have risen from £36.16 to £36.88 and in the South East from £36.64 to £36.74.
• The lowest average rates can be found in the East Midlands (£25.81) followed by Northern Ireland (£27.25) and the North West (£28.64).
• The Oil industry enjoys the highest average hourly rate at £90 followed by Construction (£59.50), Finance (£48.37) and Healthcare (£45).

In contrast to the rest of the UK’s labour markets, the study suggests that rates do get better with age for freelancers. The average rate in the 25 to 33 year-old category is £28.68, compared to £37.09 for 35 to 44 year-olds and £37.21 for those aged 45 to 54.

You can attribute the drop in rates to the state of the UK economy; however, it’s hard to explain why there’s a gender gap in umbrella contracting. Many industry commentators often put it down (rightly or wrongly) to factors such as women taking a break from their career to have children. I’m not so sure this stands up in the profession and it definitely doesn’t in contracting. Surely a hirer is engaging a contractor because they have a specific skill set and the going rate for that skill set is market led?

The age difference is perhaps more straightforward. The older a contractor, the more experience they have and this is reflected in the rates they can command as they secure more senior roles. So unlike the rest of UK Plcs, age appears to be a benefit for professional accountancy freelancers and contractors.

I firmly believe that freelancers have a massive contribution to make to the UK’s economic recovery. Over the last two months we’ve seen an increase in the number of contractors making enquiries with us, so prospects are picking up.


Rob Crossland is the Chief executive of the Parasol family of companies, which also includes ClearSky Accounting, and provides umbrella PAYE services to over 9,000 freelancers in the UK.

A Serious Approach to Social Media

Allowing employees to use social media at work can create benefits for an accountancy firm, especially if rules and expectations are set up front.

The use of social media is rapidly transforming the way we communicate and conduct business. While some firms have been quick to embrace the Web 2.0 way of working, many others are taking more of a wait-and-see approach. Often, their caution is linked to uncertainty about what impact social media might have on workforce productivity.

A recent survey conducted by Robert Half’s U.S. operations revealed that more than half of Chief Financial Officers (CFOs) worry that their employees will waste time if allowed to use social media while on the job. Eighteen per cent cited unprofessional behaviour as a top concern. However, when asked about benefits, 3 in 10 CFOs said social media would allow their teams to provide better customer service. Enhancing the firm’s reputation, expanding contact networks, and securing new business were also seen as potential rewards.

If your firm is thinking seriously about making social media an everyday business tool for your employees, here are some tips that will likely help you both preserve workforce productivity and realise positive returns:

Let your employees know you trust them

There may be some risk of lost productivity in allowing your team to use social media during the workday, but you still need to trust that your employees will keep their priorities straight.

When opening the gates to social media at your firm, make it clear that you expect performance standards to be maintained – if not improved. Communicate big picture business objectives to your team by letting them know why the firm wants to make better use of social media. For example, you want to improve customer service, recruit new talent, or improve collaboration among employees.

 Also, resist the temptation to over-monitor your employees; many will resent your implication that they can’t responsibly use social media – and their time at work.

Develop a social media policy

Leading companies have written acceptable-use policies that outline what employees can and cannot do when using company equipment, such as computers and mobile phones. Many businesses today have adapted their policies to include specific rules about internet and social media use.

Work with your HR, legal and IT teams to develop a policy that is appropriate for your firm and an approach for communicating expectations to your staff. You may want to include the policy in your employee handbook, post it on your intranet, and even have a formal meeting to educate your team about the guidelines and invite them to offer feedback.

Lead by example

As a manager, you can play a key role in setting the standard for social media use at your firm. Whether it’s blogging about accounting and finance issues on the corporate website, tweeting company news on Twitter, or interacting with potential recruits on Facebook, using Web 2.0 technologies in a variety of ways will underscore to your employees that management takes ‘getting social’ seriously.

Once you’ve started using social media throughout the firm, encourage employees to communicate how they’re benefitting from its use. And in the middle of the workday, if you notice an employee laughing at a YouTube video of a cat playing the piano, keep in mind that he or she is essentially taking the modern equivalent of a coffee break. Allowing your workers to be distracted occasionally by the fun aspects of social media will likely enhance their productivity – not hurt it.



Ashley Whipman is an Associate Director for Robert Half Management Resources, the UK’s premier provider of senior-level professionals on an interim basis. You can follow @Robert Half on Twitter.

Just How Good or Bad is the Accountancy Job Market?

There is conflicting media evidence concerning the state of the UK job market. On the one hand, there are job losses in the public sector, but there are also promising signs that many new jobs are being created.

In my experience, there is now much more movement in the job market. People who have stayed in their jobs during the downturn are now feeling more confident about making a career move. This game of ‘musical chairs’ is creating many new opportunities for well-qualified accountancy and finance professionals.
          
My professional clients are securing new jobs more quickly than other occupations, as organisations have focused on cutting costs, increasing efficiencies and re-structuring their borrowings. Government spending cuts, including the knock-on effects in the education and health sectors, should sharpen demand for capable accountants.

I have always maintained that the government statistics and the data produced by recruitment consultants is misleading; some jobs can be found within the ‘hidden job market’ and can be accessed through networking. Many jobs lost in the banking, financial services and fund management sectors have been quietly replaced over the past three years.

To access the best jobs and to give yourself more choice in the opportunities open to you, you should use a combination of job-hunting tactics. It is worth considering which organisations you would most like to work for and create a target list of these. You should of course look at specialist job sites like GAAPweb, but also keep an eye on your target employers. 

Use recruitment consultants wisely, by being clear on what you want and what you can offer. Although some employers are side-stepping recruitment consultants, many continue to use them for specialist hires because they relieve them of the burden of sifting large numbers of candidates and give them more reassurance than taking a direct hire.

The job market remains solid for those who are prepared to look a little harder.



Simon Broomer is a Senior Consultant at CareerBalance Ltd.

The Effect of UK Visa Restrictions on British Business

The Highly Skilled Migrant Programme and its subsequent points-based replacement, the Tier 1 (General), has always provided a route for UK businesses to access the best international talent.

However, on 23rd November 2010, Home Secretary Theresa May announced that the Tier 1 (General) route will be closed effective of April 2011 in an attempt to place a limit on non-EU economic migration to the UK. A temporary cap is already in place. Replacing the Tier 1 is the ‘Exceptional Talent’ Visa, which will provide space for just 1000 individuals from a Science, Cultural or Sporting background, unlikely to stretch to Accountancy or Finance. The next best option for skilled overseas candidates is to apply for a Tier 2 Visa which will require them to gain sponsorship and a job offer from a UK company, or the Tier 5 which will limit their stay to 2 years. Even then Tier 2 Visas have been limited to 20,700 places per year themselves.

Many critics believe that these kinds of restrictions are particularly harmful when the state of the UK economy is still vulnerable and skills shortages are very much apparent. Businesses are particularly worried about losing key staff due to difficulties renewing their visas. A recent survey from the Chartered Institute of Personnel and Development (CIPD) and KPMG revealed that 17 per cent of UK employers have been unable to recruit non-EU migrant workers due to the temporary UK immigration cap. According to these figures, more than 52 per cent of the people moving to the UK with visas came from outside the EU.

The cap will have differing implications. Multinational institutions will find some peace of mind in that there are no restrictions imposed on intercompany transfers. Smaller companies and many public sector institutions such as the NHS, with 30% of their workforce born overseas, will not find this a possibility. Universities may have to cut jobs due to a fall in international enrolments and loss in fees. Monash University had to cut 300 academic jobs on the back of changes in immigration regulation in Australia in late 2010. Companies with sponsorship certificates set aside will sees these cut which may be detrimental with the proliferation of BRIC economies and greater emerging market talent.

Recruitment companies will be increasingly required to supply outstanding candidates as the demand for migrant workers increases and supply invariably drops. Certain finance contract markets such as Product Control, which is characterised by a high turnover of international professionals in particular, may see a rise in rates in order to secure international contractors from a smaller pool of talent. In general, agencies will need to keep better track of highly-skilled candidates, not just from abroad but from home as well.

Restrictions are likely to free up more jobs for British Citizens, but will this be at the cost of sourcing the best candidate for the job?



Craig Klessa is a Consultant for Product Control at Marks Sattin.

Why finance teams should break the mould of company complexity

In an increasingly complex world, the idea of simplifying business is an appealing one. Partner this with the publication of the Global Simplicity Index (GSI) recently – which has estimated that the world’s largest 200 companies lost $237 billion dollars collectively over the past year as a result of business complexity – and a desire for simplicity becomes a necessity.

The GSI is a joint work between Simon Collinson, Professor of International Business and Innovation at Warwick Business School, and the Simplicity Partnership, a management consultancy committed to simplifying the way that companies operate.
 
Together, they have calculated that ‘bad complexity’ within companies reduces profits (EBITDA) on average by 10.2%. However, the stage at which companies begin to destroy value as a result of their overcomplicated methods can be difficult to identify. Essentially, when a company grows it naturally develops processes which initially enable the company to flourish, but they inevitably reach a ‘tipping point’ whereby the benefits of additional complexity are outweighed by costs. Add this to pressing issues such as economic volatility, and the detrimental impact of complexity becomes ever more apparent.

Nevertheless, for large (and sometimes even small) companies who have become almost acclimatised to the complications of working life, it is difficult to identify what quantifies negative complexity. In their study, the Simplicity Partnership identified five main internal drivers of complexity: Products & Services, Strategy, People, Organisation and Processes. It is important, therefore, that companies review complexity more holistically than before. Although many companies have explored ways to reduce complexity from their processes, Simplicity Partnership argue it is unproductive to tackle complexity in this area alone.

So who should take responsibility for company complexity? The natural route would appear to be the finance department – not simply because monitoring company profitability is one of their key roles, but also as a result of the fact that the finance function is one of the few departments that has the luxury of working across the business. With attempting to increase company profits as the consistent bottom line for finance teams, it makes sense for them to also consider the detrimental effect that complexity may be having throughout the business. Indeed, when analysing companies, it was noted that some finance directors were taking up to four months out of every year in planning as a result of over-complicated scenario forecasting. It is actions such as these that truly demonstrate the pitfalls of excessive business complexity.

By tackling business complexity, the benefits could go beyond simply increasing profit margins. The founder of Simplicity Partnership, Melvin Jay, observed that “people don’t enjoy working in highly complex systems, they want to see the impact of their work – complexity is sapping morale”. Therefore, by identifying potential areas for simplification with the ultimate aim of increasing profits, it can easily evolve into equally beneficial changes for the company as a whole.

Ultimately, it is rational to suggest that in order to strive towards growth and increased profits, companies – finance teams in particular – need to look beyond the standard and assumed and assess the company as a whole. The myth that complexity signifies a highly advanced and functional business needs to be reconsidered. Instead, finance departments need to lead a culture of simplicity in order to see companies thrive.



Megan Evans is a Researcher for Trace Recruitment. Trace delivers senior finance recruitment briefs in industry, financial services and the third sector across London, the South East and Europe.

Reaching the Top is all in the Maths

Finance is fast becoming the route to the top – that’s the clear message from the findings of our annual FTSE 100 CEO Tracker. Over the past 4 years, we have been looking at the career progression of serving Chief Executive Officers (CEOs) within the FTSE 100 Index. This year, the findings reveal that nearly half (49 per cent) have financial backgrounds, compared to 31 per cent in 2008, indicating a stronger focus on sound financial management post-recession. 

This trend for financial leaders looks set to grow. Over the past year, six of the nine (67 per cent) appointed FTSE 100 CEOs have financial backgrounds, including Andrew Harrison of Whitbread and Nicandro Durant of British American Tobacco.

These findings suggest that as the economy continues to improve, there is increasing demand for leaders who can navigate what remains a challenging operating environment.

But let’s take a closer look. To begin with, the downturn gave the number crunchers the opportunity to shine. During this time, many finance leaders held key roles at the decision-making table, helping organisations remain as efficient, effective and profitable as possible. This allowed many finance professionals to gain prominence and demonstrate their leadership skills to the wider business.

However, the downturn might not be the only driver behind this trend. The growth of the finance leader, as with accountants, may also be attributed to an increasingly stricter regulatory environment. No company likes surprises, so a greater part of a CEO’s remit is taking ultimate responsibility for regulatory issues, which were not as stringent a few years ago – a role much more suited to someone with past experience of technical accounting and finance. Furthermore, it can be reassuring, especially to shareholders, to have a leader with a core finance background who understands and can address these issues.

It is not only their fiscal skills that have made finance professionals more crucial to a company’s performance, but also their strategic insight and the communication of that to internal and external stakeholders. Commercial skills, including an understanding of how the wider business operates as well as its strategy and vision, are becoming increasingly important to a finance professional, with the finance function emerging from the backrooms and into the boardrooms.

Increasingly, CEO figures are taking a more collaborative approach and are first turning to the finance department – among others – before making any important, strategic decisions. Previously under-valued, traditionally back-office functions are becoming more important to the day-to-day running of an organisation. As a result, finance professionals have a new-found power in the business world; no longer is their role perceived as a matter of facts and figures or as the ‘go-to’ when things have already gone wrong. More and more organisations are realising how financial know-how can be a means to an end, rather than an end in itself.

Undoubtedly, a new voice is emerging from the finance function, one that has new governance and strategic responsibilities. It is more important than ever to have finance professionals capable of shouting louder about the numbers and offering real, strategic solutions to problems. For those looking to climb the career ladder, never before has the finance professional had such opportunity to stand out from the crowd.



Phil Sheridan is the managing director for Robert Half International’s UK operations where he is responsible for leading the organisation’s strategy and direction across more than 20 office locations. He is a member of numerous professional and accounting associations where he participates on steering committees and groups.

Industry Event: The College Finance Directors' Annual Conference and Exhibition

Tuesday 28th and Wednesday 29th June 2011

The International Centre, Telford

The College Finance Directors' Conference provides a unique opportunity for finance professionals in the sector to catch up on all the important issues affecting the business of Colleges, including government funding, fees, higher education, loan finance, international student recruitment, cost reduction, benchmarking, pensions, tax and audit.

The draft programme for the event has now been launched.

For more information please visit: www.aoccreateevents.co.uk/financedirectors2011

Top reasons to attend:

• 36 hours to get up to date on all the big issues affecting Colleges
• Colleges face an average 2% reduction in income in 2011. Find out some ways to deal with this.
• Learn the latest on Skills Funding Agency and Young People's Learning Agency plans
• A choice of more than 20 seminars on everything from capital projects to higher education fees
• Financial leadership in Colleges has never been so important. Learn how financial leaders are dealing with challenges

"The last 12 months has seen profound change for Colleges. The 2011 College Finance Director's Conference is your chance to prepare yourself for what's next."
Julian Gravatt, Assistant Chief Executive/Director of Research and Development, Association of Colleges

For more information about the event visit:

www.aoccreateevents.co.uk/financedirectors2011

Email: events@aoccreate.co.uk
Tel: 020 7299 6980

Conference sponsors: