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Ireland’s unemployment rate of 5.3% has certainly dramatically improved from near 16% in 2012. More people are working in Ireland than ever, which is very positive. The drive to get more business into the regions and outside the main cities is on-going and working. Pressure on housing relative to other major cities, may be overstated but it is in everyone’s interest to balance employment in regional areas. Salary inflation has been increasing in specific areas (IT, legal/compliance, data security, life sciences, banking) and in many cases experienced double digit percentage increases. Ireland is still relatively attractive to mobile European talent, but there has been pressure on salaries because of unprecedented demand. Benefits are increasingly a consideration for applicants, particularly in the technology world where flexible working is becoming the expected norm rather than a differentiating factor. There is no question that the employers who are winning “talent battles” are really looking at their employee experience and also their applicant experience more closely than ever. Effective employer branding was a novelty a few years ago, but now essential in attracting top talent. The good news is that successful employer branding works and ensures salary inflation is not excessive and hiring new talent is controllable Overall, 2019 looks likely to be an interesting year, but as long as we stay competitive and offer some flexibility, Ireland has every reason to believe we can continue to outperform other countries in the war for talent! 2019 Salary Guides for each discipline: Accountancy & Finance Banking & Financial Services Construction & Property Services HR Insurance IT Legal & Compliance Manufacturing & Engineering Marketing Multilingual Office Support Sales Software Sales Science & Pharma Supply Chain
Industry & Commerce The strength of the Irish economy has so far withstood the lingering threat of Brexit along with other potential external fears. This has afforded businesses within the industry the opportunity to grow and expand, creating jobs within the sector. We have seen vacancies at all levels being created, with the most significant increase appearing in the €50-60k bracket. Following the trend of 2018, multinational companies have continued to fuel the increase in salaries as competition for talent intensifies. The tech industry has also contributed to growth within the industry as multinational tech firms continue to expand, particularly in Dublin. We expect the accounting industry to continue to expand into 2019 as the Irish economy maintains its steady year on year growth. Salaries For the foreseeable future, accountancy salaries will continue to steadily rise within all industry sectors following the trend of 2018. With most sub sectors benefiting from the growing economy, supply and demand issues will influence salaries at all levels with mid-level positions experiencing the highest rate of inflation. Furthermore, growing economies overseas has increased the demand for talent by creating more jobs attracting potential candidates abroad. This has contributed to the steady rise of salaries at all levels. Financial Services The Irish economy has played a part; however, it is BREXIT that has played the most significant role in job creation over the past 12 months with several large financial services companies growing their presence in Ireland, particularly within their regulatory and treasury teams. Whilst many of the domestic banks and established financial services companies in Ireland have not significantly grown in 2018, the confidence in the jobs market has resulted in opportunities in these institutions as a higher degree of staff turnover has transpired. Salaries Salaries in the financial services sector have risen over the past 12 months with the increased competition for talent coming mainly from the new jobs being created by BREXIT. The most notable increases have been in the mid and upper mid-levels (€50-75k). It is anticipated that salaries will continue to rise in 2019 as the additional accountancy jobs that have been introduced create ‘churn’ in the market and supply and demand factors play a role in ensuring that salary growth is a reality. Looking for an accountancy and finance job? Check out our latest jobs here
From my experience hiring accountancy staff for SMEs and large multinationals, here are 5 things you need to know to get the most value from your dealings with your accountancy recruiter. 1. We want to know about the job and your company inside out Professional recruiters will want to know everything about your company when working on a position for you. This information will include: Size of the team the role is situated in When and by whom the company was founded The product or service provided Future goals and plans. Professional and credible recruiters should have a list of questions about the company make-up and culture before even asking for a job specification. If a recruiter does not look for the above information, make sure they are made aware of it as it will increase their ability to promote the company to potential hires. Our job is to sell this opportunity to our best accountancy candidates, so the more we know the better. 2. Have your accounts ready With finance roles the recruiter will be advising the candidate to review the financial accounts of a company as well as other standard information. These might not always be easily accessible so it’s a good idea to provide a soft copy of them to your recruiter to ensure that the candidates you meet in the process will be prepared for an interview and have an in depth knowledge of the financial standing of your company. 3. You don’t need to read CVs When you receive a CV from a recruiter, they will have already been screened and interviewed by the recruiter to establish that they are good enough for consideration. To save you time reading these CVs, a recruiter should use a cover sheet which will have the most relevant “USPs” of the candidate in question along with information on notice periods, any holidays planned, relevant skills etc. I would suggest having a basic company cover sheet in case your recruiter does not have one as standard, in order to streamline the process as much as possible. 4. The more you tell us, the better we can prepare your potential hires It is extremely important to outline the format of the interview process and highlight any tests or unusual stages there may be so all candidates can be aware of what to expect. The more specific information you can “arm” your recruiter with (such as interview questions that may be asked), the better the candidates will be at interview. 5. No surprises at the end The offer and acceptance stage of the process is where we all want to get to. In order to make this stage as painless as possible, the level of the role and remuneration package on offer needs to be discussed from the outset. Again, your recruiter will have spoken to the candidate about what package they are currently on and their salary expectations. From here, be honest and transparent with your recruiter and let them know what you are willing to pay, any future potential changes (i.e. permanency etc.) and also all details of the offer. It is the recruiter’s responsibility to satisfy both parties. If you have any questions about the recruitment process or if you would like to speak to me about hiring accountancy staff please call me on +353 1 4744662 or email me at firstname.lastname@example.org
The market for newly qualified accountants is the busiest it has been in my five years working in recruitment and you will certainly have some good options available to you should you decide to leave practice. The first job you take outside of practice is an important decision to make, and it is a choice that you should put some serious thought and consideration in to. What kind of job would I like to do? As a newly qualified ACA accountant the experience will be attractive to a variety of different employers. Rather than just having the mind-set to take any job that is not external audit, decide what kind of jobyou would genuinely like to do. There is the option to move into financial accounting/financial reporting/financial analysis/internal audit etc. jobs. The first job you move into outside of practice may shape your career for the next 3-5 years. Given the amount of time you have spent studying, working long hours etc. in external audit, it is important that you move into a job type that you will genuinely enjoy and hopefully stay in for a number of years. What kind of industry would I like to work in? If you have spent 3-4 years working in audit you will have first-hand knowledge of companies in a variety of industries. Think about companies that you have audited that you would actually like to work for yourself and then target a job in a similar organisation. If you decide to continue your career in Dublin you are lucky in that there are a number of large employers in most industry sectors including Banking, Insurance, Funds and Multinationals. Even Irish owned SMEs and start-up companies are starting to hire again. It will be easier to secure a job in the industry sector that you audited but some companies will see that your skills are transferable and will offer you an opportunity to change sectors. Speak to your recruiter about which companies will give you this option. Should I stay working in practice beyond my training contract? Whilst a significant percentage of accountants working in audit will want to leave practice as soon as their training contract expires a lot will want to stay working in practice. This can be a good option for some candidates. You can progress to managerial level, manage larger teams and be exposed to more senior stakeholders in a variety of different companies. This will be advantageous to some candidates in the long term. However if you are not going to be exposed to anything new by staying on in your current role then it may be better to move on. There is also the option to move to a different accountancy practice on completion of your training contract. Big 4/Top 7 audit firms are always looking to hire good auditor seniors. Changing accountancy practices may give you exposure to new clients and may give you an opportunity to audit clients in a different sector than you are used to. If you qualified in a Top 20 practice it may be a good idea to get a year experience in a Big 4 audit firm if the ultimate aim is to get a role in one of the big multinational/financial service organisations. What is most important to you in a new job? All candidates will have different motives for leaving practice. For some they will want to join an organisation big enough whereby they can constantly progress and develop over the next 5-10 years. Others will prefer to go into a role that will offer more variety and more of a mental challenge. For some newly qualified accountants after spending three years working 60 hours a week they will just want a job that will allow them to finish work every day at 5pm. Whatever your motivation, there will be different options available. If using a recruiter be honest with them and this will result in you interviewing with the most appropriate companies for your skill set. Also speak to colleagues in years above you in practice who have left to join companies in industry as they will be able to give you first-hand information as to whate roles outside of practice really are like. Get your CV updated Until you interview your CV is the only document you have to describe your skills and experience. Despite all the resources available to candidates (CV templates, CV advice online etc.) some qualified accountants still cannot prepare good CVs. Your CV should do you justice and describe all relevant experience you have built up over your training contract. If you are unsure about CV layout or what to include then speak to a recruiter directly and they can help you with this process. In general your CV should be clear, concise, easy to read and very informative (facts and figures). If you have trained in audit list the different clients you have audited and describe their size (turnover, number of employees etc.) and industry sector. Recruiters see hundreds of CVs from Big 4 candidates every year and most CVs look very similar – what distinguishes one from the other is the different clients that you have worked on. Your audit clients will also be the first thing employers will look at when reviewing your application along with your educational record. In certain cases your recruiter may get you to tailor your CV for an application to a specific role – this will significantly increase your chance of securing an interview. Meet with a recruiter Meeting with a recruiter in person will be much more beneficial that just having a phone call with them. At an initial meeting you can have an open and honest conversation around what kind of job you actually want. This should result in you only being put forward to jobs you would be genuinely interested in rather than being submitted to ten different jobs just because your skill set is desired by the client. Applying to jobs of no appeal to you is a waste of the recruiter’s and the client’s time and does not reflect well on you either. By meeting with the recruiter at the beginning of your job search you will also distinguish yourself from the other hundred candidates coming out of training contracts at the same time. A good recruiter will also be able to match you to a company environment that will suit your personality as well as your skill set. Don’t wait for someone to approach you – be proactive and contact a recruitment consultant yourself. It is nice to be approached about a job and feel as though you are being headhunted for a specific role, however often the recruiters with the most jobs for you will not have the time to search through LinkedIn for hours to find suitable candidates. By registering your details with a good recruitment consultant you will ensure that you are kept aware of all suitable job opportunities that may arise. Even if you are not looking for a role immediately the best way to find out about good jobs is by having a relationship with the recruiter that will be speaking to these companies. Also, recruiters that have worked with companies for a number of years tend to be able to influence clients into meeting candidates that they have met and can personally recommend. By applying to a job through an agency you should be able to gain a competitive advantage over applicants that apply directly. Your recruiter will be able to give you advice about the company, the work environment, the hiring manager and also be able to conduct interview preparation with you. They will also be able to keep you better informed of the timelines involved in the process and will be able to ensure the hiring manager makes a quick decision if you are interviewing with a couple of different companies. What salary can I get? Naturally the salary you attain in a new job is an important factor when making your decision about what company to join. Luckily as a qualified ACA accountant in Dublin you can expect to receive a good salary in the current market. Companies in different industries pay different various salaries so have a look at salary guides for an idea of what you may be eligible for. Sometimes companies will offer lower salaries at first but with a view to increasing your remuneration and benefits as you progress whereas other companies will offer a higher salary initially but will offer no salary increase or no room for career progression over the next three years. Be open minded regarding salary and listen to the advice of your recruitment consultant as well as from fellow colleagues, managers etc. The first job you take outside of practice is an important decision and taking a short term view in terms of salary expectations may not be the best move in the longer term. Also, in reality a couple of grand difference in salary is going to make little difference to your monthly take home pay. Should I take a contract job? A lot of candidates will only consider permanent jobs when looking to change. Whilst this is understandable in some circumstances (mortgage application etc.), ruling out contract roles can seriously limit your options. The majority of large multinational or financial services companies in Dublin tend to offer contract roles initially. In general these tend to be permanent in all but name and will be extended beyond the initial fixed term contract. Again your recruiter will be able to offer you advice around which companies will make you permanent and which ones won’t. I plan on going travelling after my training contract ends On completion of a training contract or within a year of qualifying, a large percentage of accountants will go abroad to travel or to work. Depending on your personal circumstances you may be better off staying in your current practice for six months before going away whereas in the majority of cases it may be good to try and get 6-12 months industry experience before going away as this will make your CV look more marketable when you decide to return to Ireland. Of course this is dependent on individual circumstance and jobs on offer. If I fail my FAEs? If you fail your exams you will still have a significant number of options available to you. The first thing you should consider is whether you plan on repeating your ACA exams the following year. If this is the case, the best option will likely be to stay working in practice as no company in industry will offer you the amount of study leave that you will get in practice. If you are unhappy in your role maybe consider joining another audit firm that will offer a new environment and new clients to work with. A good option for a lot of candidates is to change to ACCA. This is still a prestigious qualification that will be hugely beneficial to you over the course of your career. You will be exempt from most exams and should be able to qualify within a year. The exam format is much friendlier to people in full time jobs than ACA exams are. The majority of accountants that train in industry will undertake ACCA exams rather than ACA ones. If you want to stay doing ACA maybe consider taking a contract role until next summer and then take a couple of months off to study for your FAEs once again. You will still have lots of options available to you to move into industry. You have the same amount of work experience as those that are qualified and your skillset will still be in demand to employers. You may not command the same salary that qualified accountants can but you will still get a good package. You will also have a year’s experience in industry (rather than another twelve months in practice) and when you qualify next year you should be able to command the same salary as your work colleagues who pass the exams this year. If you have any questions on your present position or are interested in roles that Sigmar has on offer please contact our team – email@example.com or call 01-4744600.
Contact our accountancy recruitment team by emailing your CV to firstname.lastname@example.org or call +353 1 4744600.
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