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Financial Services Auditing

  • 09-05-2012 6:36pm
    #1
    bangerang
    Closed Accounts Posts: 1 ✭


    Hey! I'm just wondering, by doing your training contract in financial services audit, in particular funds, are you closing a lot of options for yourself when you're finished? All my work to date has been on funds audit and to be honest i'm not loving it, and I'm not really envisaging myself working in this area when I come out of contract?! The firm say we're not, but I would like a different perspective! Thanks :)


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,599 Mod ✭✭✭✭Jim2007


    No, not at all. Here is the thing, when you work in an accounting firm you don't realize how valuable the qualification is because everyone has one, but out in the real world there are actually very few and the fact that you are fully qualified is all that will matter for the first few job changes at least.


  • #3
    yesman2000
    Registered Users, Registered Users 2 Posts: 94 ✭✭yesman2000


    Jim, would you say it's possible for a CA to easily move into investments, portfolio management etc. after their training contract, maybe with likes of Davy, JP Morgan etc. Would these firms be interested in training up chartered accountants, and if so would FS experience be necessary.

    Cheers for any feedback.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,599 Mod ✭✭✭✭Jim2007


    yesman2000 wrote: »
    Jim, would you say it's possible for a CA to easily move into investments, portfolio management etc. after their training contract, maybe with likes of Davy, JP Morgan etc. Would these firms be interested in training up chartered accountants, and if so would FS experience be necessary.

    Cheers for any feedback.

    Well first of all this is a very big area and you'd need to narrow it down a bit to what kind of roles you have in mind. As for training up, you already have a very good grounding in the basic skills needed, so I'd say it is case of gaining experience rather than anything else.

    As for it being an easy move, I doubt it, given the large number of financial professionals that have been let go over the past few years. We alone let go nearly 20,000 people over the past 5 years and for the majority of those that remain, bonuses are a thing of the past! All across the world the industry is undergoing a major restructuring and it is not even half over!

    The party is truly over, but many people just do not realize it. Here is a good example, look at the number of people, many CEOs included, who are still using "Net New Money" as the KPI... but here is the thing, it is no longer a good indication of future profits because fees are now in base points rather than percentages... the cost of execution is now the key, but many people do not realize this!

    At the same time clients have lost a lot of money and are no longer interested in active management or derivatives. Passive management is now the name of the game and you don't need nearly as many bodies to deliver this service as it is very mechanical and of course you can't charge much for helping a client put 20% of his portfolio into the S&P 500....

    Recently most banks have started to close down their prop desks, either because they were legally obliged to do so or shareholder concerned forced them to do so. Dealing on one's own account is therefore not so popular either.

    If I was 10 years younger, I'd be looking else where.... perhaps pharma..


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