Four hot tips for ditching the big four and joining a bank: It’s hard, but here’s how

Sick of those tiresome clients? Want a bit of in-house action? Here's some advice for big four accountants looking to move into the banking sector this year.

1) Pile on the qualifications

Since the financial crisis banks have raised their recruitment bar. “A few years ago you could leave accountancy firms after three years, and without a CPA, and go into a finance role at a bank. Today banks want the CPA at minimum and the CA is becoming more popular,” says Craig Brewer, director, banking and financial services, Hudson.

The requirement to have a professional qualification brings banks in Asia more inline with their counterparts in the west, he adds. Because banks prefer candidates with banking-sector experience, an accountant needs to stand out from the crowd. Having an MBA can therefore be an advantage, says Priscilla Slade, senior consultant, banking and financial services, Ambition.


2) Act early and don’t dismiss internal audit

As a rule, it’s best to join a bank early in your career. Banks like third or fourth-year big four accountants because they are qualified, have some team-leading experience, but are fairly inexpensive to hire. “They are also still very hands on. At manager level, they start to be hands off, but banks want people who can roll up their sleeves and get involved,” says Slade.

Although risk and compliance are hot job functions in Asia, it is often difficult for accountants to secure these roles applying straight from the big four. “A lot of candidates don’t realise that external audit within a chartered firm offers a good springboard into specialised middle-office jobs later in your career. A typical banking career path for a big four auditor may involve joining a bank's internal audit team before moving internally in a few years into risk or compliance,” says Brewer.

3) See if you have the soft skills

Externally auditing banks during your time at the big four is of course a prerequisite to landing a banking job, but it’s also helpful to have a passion for the sector. “More and more financial institutions are emphasising the importance for their professionals to understand the businesses they are operating in, and to engage in networking opportunities,” says Tim Hird, managing director, Robert Half Singapore.

Some accountants have the wrong sort of personality to work at a bank. “Generally the right type of person can embrace change and isn’t afraid to take risks: someone who is dynamic and confident, with the ability to both work on their own and be able to face off senior management. Someone who can understand numbers, but also has the ability to translate them into words for non-finance people,” says Slade.

Brewer thinks good communication is crucial. “Banks want people to ask questions and pose solutions, to respectfully question how the bank is running things. They need problem solvers, not ‘yes men’, who just sit at their desks. But big four auditors should have these skills from dealing with their firm’s clients.”

4) Move for the right reasons

Money should not be your only motivation to move into banking. “Your medium to long-term learning capacity is higher than in a chartered accountancy firm. It’s a more dynamic culture and the roles are less structured,” says Brewer.

Hird adds: “The appeal includes exposure to banking products, better compensation packages, as well as career development and skills-acquisition opportunities. In addition, despite the financial crisis, most banks are still attractive to job seekers because of their brand equity and reputation.”

Slade says there are also push factors away from the big four. “People leave because they are tired of working for multiple clients and skimming around the edges. They want in-house experience and to enhance their skills.”

Despite the potential difficulties, the number of accountants moving to banks this year may be higher than in 2010. “It wouldn’t be surprising if a large number of qualified accountants leave, especially after bonuses are paid as more attractive positions open within the financial sector. This is indeed a contrast with last year where many accountants continued to exercise prudence and stayed on at their audit firms for job security,” comments Hird

Source: Simon Mortlock, efinancialcareers