Negative impact of non first time passes

Anonymous asked a question in response to Moving into Corporate Finance following ACA qualification

I have a fairly unrelated question but still relevant question.

You referenced first time passes. I had to retake at the professional stage (I didn't pass all four the first time they were sat.

I know this is detrimental when it comes to applying for jobs but how much of a negative impact will this have?

I am currently at a small firm (top 20) and would like to move to audit/assurance/forensics at one of the mid-tier or preferably Big 4 firms.

Am I still likely to find a post? 

A director of WH Marks Sattin's Professional Services division replied

With the increased number of candidates in the market, 1st time passes and a solid educational background are becoming more and more important. That said, the number one thing is still the industries and type of work you have handled in your professional career and these will often get you the interview. From there it is up to you!

Recruiters will be able to give you a good idea of expectations and possible roles after having a look at CV. By all means send it to us and we can have a look.

Best of luck

WH Marks Sattin

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Graduate work in Dubai

Anonymous wrote

I am British. I speak Arabic and English fluently. BA Banking and Finance degree from a British university (1st class). 2 years work experience in finance. 1 year work experience in sales. I am looking for a graduate scheme or a job to go and work in Dubai. Any websites? employers? suggestions?


The Middle East regional manager of WH Marks Sattin replied

It is tough to give an exact diagnosis on this without knowing what sort of finance and what you were selling, but one clear bit of advice that I would give to anyone would be that in the current market you are most likely to find a job doing almost exactly what you were doing last. With jobs, broadly, few and far between and employers cutting back on training and development expenses they will more often than not be in the market for someone who can "hit the ground running".

Speaking Arabic is an advantage in the Middle East, but at a junior level in your career you would probably need to be already in situ to get a job.

Best of luck

WH Marks Sattin


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On the right track for an investment management job?

Anonymous wrote:

Hi DOCTOR,

I have just completed my post graduate diploma in Business Administration because I felt I should have more practical based knowledge which can help me to secure position in any industry and started doing CIMA. I am also planning to do Investment Management certificate recongised by FSA. I want to have a combination of CIMA with investment management so that I can gain position in financial institution as fund accountant and can work as an Management accountant just to increase the chances of getting job. AM I ON THE RIGHT TRACK? YOUR REPLY WILL MOTIVATE ME TO STICK WITH MY PLAN.

A consultant at WH Marks Sattin replied:

If you are serious about building a career within Financial Services and in particular Investment Management then the academic path you have chosen to pursue will prove to be very advantageous. It is definitely advisable to undertake either your CIMA or your ACCA if you want to gain an accountancy position within this sector and not studying towards or completing the qualification can hold a number of people back whilst their peers progress upwards. The CIMA is particularly suited if you are looking for Management accounting type positions and the routes these can offer long term.

With regards the Investment Management Certificate (IMC) it is a qualification that clients can often request when recruiting for positions within Investment Management and in particular for Fund Accounting roles. Personally I would say the certificate is a definite advantage to have, although not having the IMC should not hinder your progression once you have managed to make the initial breakthrough into this sector as it is the experience you have that is most important to clients.

Best of luck with all your studies and securing your ideal job.

WH Marks Sattin

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Restarting career after illness

Anonymous wrote:

Dear Doctor

I am trying to restart my career after a break due to illness. Trouble is I am 54 and obviously it's not the best time. I am qualified with a pretty decent CV and some solid experience. What do you think is the best way to overcome the tendency amongst agencies to discard anyone that looks a bit wrinkly?

Steve


A consultant at WH Marks Sattin replied:

Steve, I firmly believe that your age will not be a factor. If you are the right person for the job then this will not be an issue. However, as you rightly point out, this is a competitive market and there are individuals of all ages, experience and abilities that are finding it tougher to secure a job. However being a qualified accountant with 'solid exerpience' sounds like you have a decent background to open doors. If you have a flexible approach and treat each company and job on merit that your agency presents to you, then this will maximise possibilities. However it is impossible for me to proactively advise you on the best steps without seeing a fuller CV. Please send through your full details and then a consultant from the relevant industry team and call you to discuss in more details.

Best of luck

WH Marks Sattin

Getting into finance with an MBA

Anonymous wrote

Hello,

I have got MBA degree (not from UK) and have got around 6 years working expereince in Sales and Customer Services and a bit of research work as well. Recently moved to UK and now am planning to move my career towards finance and accounts as it is hard to get a job in marketing without the english or US accent. I am 34 years old and now i am not sure what to do. Sometimes i think its better to do CFA sometimes i think about ACCA or CIMA. I am not sure what will be the job market due to the recent credit problems in future. I am planning to do my CFA level-1 in June 2009 with that i am looking for an Entery level oppertunity in one of the Financial secotrs. My future aim is to be a consultant in one of the better consultancy firms. Could you please guide me how to enter into the job market with all this expereince. I am even ready to work without pay for sometime to learn and explore. Please advise taking my age factor also into consideration.


A consultant at WH Marks Sattin replied

To be honest, it will be very difficult for you to enter the classic corporate finance sphere. As you are aware, the current market conditions have not only diluted the overall demand for bankers and corporate financiers – it has in turn increased the number of highly qualified finance professionals who have been made redundant.

What can be seen now is a huge number of strong candidates and a limited number of roles. The corporate finance and PE clients can be a lot more picky about candidates nowadays, and are generally asking for stronger more experienced CVs. In turn, some experienced candidates are being pushed into consulting – which will ultimately make your entry into that domain very difficult.

The ACCA and CIMA qualifications you referred to in your query would be helpful for accountancy roles. In terms of corporate finance the CFA would be more relevant, although please bear in mind that gaining a CFA would not in itself QUALIFY you to perform or land a corporate finance role. Hands-on experience is more preferred, and that is fundamentally what clients are looking for from a candidate.

Ultimately, my advice for you would be to try to move into a sales or customer service role within a bank; study for your desired qualification; and then see if it is possible for you to transfer internally.

Good luck with your efforts.

WH Marks Sattin


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