The Rise of Small Boutique Management Consultancies

By Jenna Benedict

Jenna is a recruitment consultant in the management consultancy team at Marks Sattin. Since joining in August 2011, she has built a large portfolio of clients across the management consultancy industry, particularly boutique consultancy firms that specialise in areas such as finance performance management, supply chain and CRM. 

Prior to Marks Sattin, Jenna spent a year as a resourcer at a boutique recruitment firm specialising in management consultancy, giving her an impressive knowledge of the industry allowing her to effectively advise both clients and candidates. 

Despite the stuttering economy and grim market outlook for the latter parts of 2011 there are a number of boutique consultancy firms that are still looking to hire – demonstrating the increase in prevalence and demand for these niche consultancies.

In the market place boutique consultancies are up against much larger firms that can invest heavily in marketing and promoting their brand when bidding for work; however their ability to offer a combination of specialist expertise and nimbleness is what appeals to clients who desire an expert and is one reason for their growth in demand.

Cost, especially in the current economy, is another reason why boutique consultancies have increased in prevalence. On average, billing rates at niche firms are 18-20% lower than at a large management consultancy firm . One reason is that they can charge less and still be profitable is specialist consultancies know their subject areas inside out, so can often complete projects more quickly by deploying smaller teams of specialists who understand the problem, at lower costs (Rod Newring, The FT).

However, being a niche consultancy does have its drawbacks. Industry focused consultancies are at risk if the sector they focus on hits a downturn, whereas service line focused firms will be insulated by their larger potential market. The threat for the service line focused consultancies is if their area of expertise becomes a low priority, or is overtaken by new technology or processes, e.g. in a recession marketing is often first hit.

In recent weeks there have been developments in the market that could mean a further increase in prevalence of boutique consultancy firms. A new government framework has locked in spending cuts of 70%, which will end some of the lucrative long-term contracts the larger management consultancies have in place, paving the way for boutiques who have previously found it difficult to bid for work. This framework states management consultancy firms will no longer have to show evidence of previously working with public sector clients (Taylor, 2011).

For those in recruitment it will be interesting to see how the perception of niche management consultancy firms change in the eyes of the market and potential candidates. It has already been noted that in recent months it has been the niche management consultancies recruiting while some of the large management consultancy firms have slowed, so I look forward to seeing if this continues into 2012.

 

To find a new opportunity in accountancy and finance, click here

Join us at the FTA National Tax Conference 2012

 

Seeking the latest developments in finance and tax in 2012?

Then look no further!

The Federation of Tax Advisors are tax management specialists. Part of the Institute of Financial Accountants (IFA), we understand the impact tax issues have upon the economy and in particular, small and medium businesses.

The FTA Tax Conference is a fantastic platform to stay ahead of the game with crucial industry updates, including the recent Budget announcement. 

The events will feature prominent guest speakers from the tax industry who will be providing insightful talks on tax related issues.

Event Highlights:

• The latest updates and commentary on the Budget from Grant Thornton.
• An intriguing talk on high profile VAT court judgements and how they can impact you by Glyn Edwards of CCH  
• Incisive updates on pension legislation and how it will be affecting your clients future savings. 
• HMRC insight into “One Click” and other services for agents.
• Plus much, much more! 

 

You'll also get to meet a number of specialist industry leaders and network with likeminded finance professionals. So don’t miss your opportunity to attend the FTA Tax Conference taking place in London this April.

The event will take place at the following venue on 24th April 2012: 

MIC Hotel and Conference Centre

81-103 Euston Street
Euston
London
NW1 2EZ

 

Telephone: 01732 458 080
Email: marketing@ifa.org.uk

The importance of L&D for your accountancy career

By Chris Daems

Chris Daems is the director of Principal Financial Solutions, a small financial planning practice based in the city of London.  During his career, Chris worked for a number of large financial institutions before setting up his own business.  Chris’s experience is working with both medium sized businesses and high net worth individual clients.

When I  return home from  the office,  there are two things I often  ask my eight year old daughter....

Firstly, “How was school?”, and secondly  (and more importantly), “Tell me something new you learned today?” . Some days she tells me she can’t remember, other days she tells me that she has learnt nothing new  but  on most days she can tell me at least one fact she knows now that she didn’t know yesterday.

How to get promoted and get ahead in accountancy

By Paul Giuffredi

Paul Giuffredi is a Finance Director of entrepreneurial companies. He has been Finance Director of PE backed, family owned and AIM listed companies in a variety of business sectors. 

One doesn’t have to watch Robert Peston on the evening news to know that times are tough in the corporate world. During the boom, peers and bosses would move on to new roles, leaving opportunities for promotion and career enhancement. 

Now, many managers, perhaps your manager?, are hunkering down trying to hold onto their current job. This is very similar to what has been happening in the housing market where the number of people moving house has collapsed. Whilst this inertia might make sense for your manager, it rather diminishes your promotional prospects. 

How then do you get noticed and get ahead when inertia rules and the musical chairs of internal promotions have almost ground to a halt? 

By following the tips below, you will improve your chances. 

• Get in a little earlier and leave a little later than your peers. This is old fashioned unpaid presentism. Tough times demand less work/life balance and more work. By lingering later in the office you have more chance of being noticed and building a relationship with senior management.
• Whatever your company’s dress code wear something slightly smarter than your peers.
• If you are short of work don’t spin it out for the rest of the afternoon. Ask your boss if you can help them out with their work in any way.
• Ensure your verbal style of communication is consistent with the professional role you aspire to. You need to not just look the part but sound the part as well.
• Ask your boss for a support package to do some professional exams. However, make sure you then do the work and pass them.
• Don't moan. Nobody likes moaners, least of all management. Your managers won’t want to reward your critical analysis of them on the grapevine with a financial reward (ie pay rise / promotion).
• Check your own work. Your boss isn’t your teacher who marks and corrects it for you. Your chances of getting ahead without demonstrating you are 100% competent in your current job.
• Don’t argue. If you are told to do something, get on with it unless it is illegal or immoral. If you really think you have a better way to get things done mention it afterwards as an improvement on doing the task in the way requested.
• Smile and try to be enthusiastic. People who walk around with a dark cloud over their head get promoted less often (if at all).
• Don’t be a “sick note” person. Managers keep tally of sick days and, whilst it may not be terminal for your health to always be off with coughs / colds  / bad stomach etc, it may seriously damage your wealth. 

If you follow these tips it will improve your promotional prospects and, as a bonus, greatly reduce your chances of redundancy.  

 

To find a new accountancy opportunity further up the ladder, search and apply on GAAPweb.

What moving jobs in 2012 could mean for you

By Andrew Setchell, Director of Commerce at Robert Walters

After graduating in Economics & Politics from Warwick University, Andrew spent the next 4 years with Coopers & Lybrand (which subsequently formed part of the PricewaterhouseCoopers) completing various audit and corporate finance assignments. He entered recruitment in 1996 and joined Robert Walters in 2011 as Director responsible for all non Financial Services permanent accountancy recruitment in London and the Home Counties. 

Andrew Setchell, Director of Commerce at recruitment consultancy Robert Walters, explains some of the key findings from a pay and compensation and jobs survey recently conducted by the firm..... 

At the end of last year we released the results of our survey of 400  accountants working within commerce and industry, about the bonuses and pay rises they have received, their willingness to move jobs and their expectations for the future. The results proved really interesting and give a real insight into sentiment in the market at the moment. 

Tips for finance department recruiting - and what to expect as a job seeker

By Paul Giuffredi

Paul Giuffredi is a Finance Director of entrepreneurial companies. He has been Finance Director of PE backed, family owned and AIM listed companies in a variety of business sectors.

Do you have difficulty recruiting good junior accounts staff? Are you looking for this type of roles but struggling to secure an offer? 

I work as finance director for a high transactional volume online / ecommerce retailer. My team has to deal with large volumes of receipts, payments, invoices and refunds and I’ve found that a traditional c.v. and interview process is not a good predictor of whether someone will be able to perform in the role. 

Positivity and Interview Success

By Martin Finch 

Martin is an experienced accountant with expertise in reporting in  UK GAAP and IFRS. Martin also has significant systems experience having implemented SAP at his current employer.   Prior to his current role he worked in public practice on a varied portfolio of clients ranging from PLCs to not for profit and charitable organisations.

To succeed at your next interview, it's essential that you learn from the experience of previous interviews but don’t dwell too much on the disappointment.  If you focus too much on your failure, the next time you're back in the pressure situation of an interview, it'll be all too easy to remember what went wrong last time. If you worry about something going wrong, the negative thought process will increase the probability of something actually going wrong. This leads to perpetuation and reinforcement of negative beliefs.  In order to be successful you need a positive belief system, which means fostering a positive outlook.

If you are someone who gets rather nervous at interviews, practice and preparation are key to ensuring that you are fluent and clear under pressure. However, just as important as practice and preparation is the process of expelling negative thoughts and maintaining a positive attitude.  In the days prior to the interview you should visualise yourself performing well at the interview and getting the job. 

My advice for interview success is:

• Prepare including researching company and role
• Use Linked In to find out more about your interviewers
• Stay positive, eliminate negative thoughts
• Visualise yourself being successful
• Control your breathing to stay calm and focussed

If you follow this advice, then you will increase the probability of interview success and getting the job you wanted.

Have you had a job interview recently or got one coming up?  Did you follow these tips and find they helped you succeed at your interview? We'd like to know. 

To find a new accountancy opportunity click here

 

To read more interview advice click here or read....

Acing an Accountancy Interview 

Interview tips to help get your foot on the ladder

Interview preparation tips from Alexander LLoyd

Access MBA creates window of opportunity for executives in London

The Access MBA Tour returns to London as Top International Business Schools Seek MBA Candidates in London…

....and you’re invited.

All you need to is register.

Venue: Le Meridien Piccadilly

Date: Wednesday 28^th March 2012

Time: 4:00pm – 6:30pm

 

The Access MBA Tour is an opportunity for experienced executives to meet top international business schools. Securing a place at a highly-ranked MBA program can be difficult but meeting the right business school will take you one step closer to the top.

As the demand for qualified and capable managers continues to rise, an MBA degree has become a recession-proof qualification for today's business executives. 

Access MBA Tour Brings Together Top International Business Schools and Qualified Candidates

Access MBA will be organising face-to-face meetings between experienced professionals and top global business schools (click here to view  top business school rankings). Participating schools include: HEC Paris, ESADE, Manchester Business School, SDA Bocconi, Vlerick Leuven Gent, IMD, IESE, Cass, London Business School, INSEAD, Hult International Business School, IE Business School, University of Chicago Booth, Duke, Kellogg WHU, RSM – Erasmus University.

To attend One-to-One meetings, Candidates must register here. Candidates will then be matched with schools that best meet their requirements, and invited for one-to-one meetings with the schools’ Admissions representatives at the event.

Access MBA consultants will also be available for one-to-one advice sessions with interested MBA candidates.  

There will be over 100 accredited and internationally ranked business schools participating and each of them will make a detailed presentation of their programmes to help candidatest identify which one supports their personal development goals best . This event is ideal for high-profile executives with 3 + years of professional experience and a higher education degree. 

How Business Schools are turning the tide to 'Possibilities'

There is a greater empahsis today, on the need for a thorough understanding of the forces in motion by business leaders and executives, many of whom turn to scholars and colleagues in top ranked business schools. Some identify new business opportunities and apply for an MBA degree to gain the specific knowledge required. Others aim to diversify their professional profile and gain a competitive advantage.

International MBA programs ensure that business executives understand the evolving global market and can adequately and sustainably lead their organizations towards long-term prosperity. Research shows that an MBA degree guarantees graduates a higher starting salary and greater opportunities to advance their careers.  

“74 percent of companies polled plan to hire MBAs in 2012, compared with just 57 percent of companies that had planned to hire MBAs in 2011” - GMAC 

About Access MBA

Christophe Coutat is Founder and CEO of Advent Group.

Founded in 2004, AdventGroup is a Paris-based media agency that coordinates educational and recruiting events throughout Europe, the Middle East, Asia and the Americas.The Tour holds 55 MBA events annually in over 40 cities worldwide.Access MBA is a project of Advent Group, More information can be found at www.accessmba.com.

Interview preparation tips from Alexander LLoyd

By Katy Aston

Katy Aston is part of the Senior Accountancy & Finance recruitment team at Alexander LLoyd placing outstanding candidates for a wide range of clients within the South East.

It’s all in the preparation

It doesn’t matter what level of seniority you achieve or how many interviews you've attended; the process is always a daunting one. Much like an athlete competing in the Olympic 100m final, you must be in top form as you get one chance to beat the competition and be first past the post.

Your preparation therefore is your training regime; no sprinter would turn up for a big race without prior preparation. Whilst it's true that the further you progress along your career pathway, the more experienced you become at interviews, more is expected of you and proper preparation therefore, is vital to maximise your chances of coming in first.

Do your research

Every interview requires that you research the potential employer, and I highly recommend that you don’t leave your research to the last minute.  Whilst it needs to be fresh in your mind, a rushed last minute skim will leave you feeling tense and under prepared. 

What information do you need to know?

Talk to your consultant

Your consultant will want to brief you on the role; I can’t stress enough how vital it is that you take the time to discuss it with them.  They hold information on the role that simply isn’t available in the public domain and will really aid you in the long run. They should be briefing you on the structure of the team, reporting channels, company growth plans, company culture and how the role came about.  Really take advantage of their knowledge of the company and what they are looking for in this hire to give you an edge.

A good consultant will then follow up with you via email with links to the company website and any other relevant information they feel would aid you in your preparation.  However, don’t rely solely on what they can provide; try to be proactive and use the tools that are so readily available.

Information in the public domain

You are looking for a variety of information that lies within the public domain; first stop, the company’s website.  What products or services do they deal with and where do they operate?  Is the company focused on the UK market, does it have a European or global scope?

You also need to find out about the financials as far as is possible.  Take note of losses, areas of growth and trends in order to glean information on which you can base your questions for the interviewer.  Alongside this, ensure that you research the market and the company’s main competitors.

An area that is often overlooked is the news.  What has been publicised about the company in recent months, both positive and negative?  Many publish press releases that might not quite reach the heights of the BBC, but industry news may publish them, and this can be a valuable source of information. 

Know yourself

Make sure you review the job description provided by the consultant and ensure that you brush up on any technical areas as necessary, along with any industry regulations that are relevant.

Your goal during the interview is to present a professional image whilst discussing your achievements, skills, expertise, knowledge and showcasing your personality.  It’s a tall order, and being able to discuss your CV fluently without having to refer to the document will aid you enormously.   Do take a copy with you just in case you do have a blank moment and need to refer to it, don’t ask to look at the interviewer’s.

Prepare your questions

You will of course be aiming to ask questions at the end of the interview, and the company research you have carried out and your conversation with your consultant will give you the grounding on which to base these and showcase your acumen. 

Aim for at least four or five written down, just in case the interview covers one or two during your conversation.  I do recommend that you try to maintain a positive rather than negative line of questioning, and don’t be reticent in drawing out your interviewer.  A positive question looking at a recent area of growth and what the company’s projected plans are for the coming year for example, or alternatively how they have overcome challenges in the past.

With your research done, questions practiced and a good grasp of the company, you should be now ready and raring to go; waiting to step out on to the track, hearing the roar of the crowd... take a deep breath and you’re on.

This is the first in a series of articles by Alexander Lloyd charting the interview process, packed with useful advice and tips for a successful outcome.  Coming soon... First Impressions Count.

© Alexander Lloyd 2012.

 

To view more Interview Tips, CV advice and apply for the latest opportunities near you, visit GAAPweb.

To keep up to date with the latest accountancy and finance opportunities on GAAPweb, follow us on twitter  @GAAPwebjobs 

Should your next move be into a Corporate or an SME?

By Chris Daems

Chris Daems is the director of Principal Financial Solutions, a small financial planning practice based in the city of London.  During his career, Chris worked for a number of large financial institutions before setting up his own business.  Chris’s experience is working with both medium sized businesses and high net worth individual clients.

Let’s assume you’re looking for your next opportunity to develop your career and feel that you can’t fully utilise your skills in your current role. Let’s also assume you have two opportunities on the table, one with a large corporate organisation and another with a medium sized niche practice. A natural assumption is that the opportunities, potential career progression and scope of work within the corporate environment would be greater due to the size of the organisation. Whilst on many occasions these assumptions are correct, is it worth considering looking at the smaller business?

Personally, I’ve been on both sides of the fence. I now run a small financial planning business but have worked for large corporate organisations for the majority of my career.

How does the corporate environment compare with working within a SME practice environment? 

Well, I don’t believe I would have launched my business without having the training, development and supportive environment of a large business. I also think that if you are at the early stages of your career, a larger corporate environment tends to provide more support in helping develop your skills than a smaller niche professional practice can.

However, and I’m sure it depends on the culture of the business you work in, I reached a stage in my career when I wanted to broaden my portfolio of skills, build my own long term professional relationships and start to develop my own systems and practices.  In my experience, taking this element of control can be particularly tough in a corporate environment and it tends to be easier to develop as a professional (once a certain level of competence has been achieved) in a smaller niche practice.

Within my business we encourage our staff to share ideas, take on new projects, develop new business opportunities and suggest changes to our systems to make the way we work more efficient. This culture was developed based on my frustration of working within a large corporate where sometimes that creativity was stifled.  Therefore the question I believe you need to ask yourself is, does the opportunity you are considering offer the opportunities, flexibility and scope to build as a professional?    

 

Are you looking for a new opportunity in accounting or know someone who is? Have you worked with an SME or a Corporate and want to share your thoughts and experience? Got a question for Chris? 

Feel free to leave your questions and comments below.

 

To find a new accountancy opportunity near you, visit GAAPweb today.

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