Australian financiers highly sought after in London

Londonís top financial, insurance, accounting, and legal services organisations are recruiting Antipodeans in droves as they broaden their search for technically strong, commercially aware, hard-working team players. There are more jobs than candidates as demand for skilled professionals outstrips supply, and London overtakes New York as the leading capital markets centre.

There are 2,479 Institute of Chartered Accountants of Australia members in the UK. Together with members of the Institute of Chartered Accountants in Australia and the Certified Practising Accountants of Australia this means there are at least 5,000 Australian chartered accountants in the UK, most of whom work in London. There are a further 1,488 accountants from New Zealand in England.

25% of current corporate finance and MandA lawyers in the City are from Australia or New Zealand - with Australians making up 75% of the number. The trend is increasing. One in four new recruits in Londonís law firms is Australian.

Nabila Sadiq, Managing Director of Joslin Rowe Temporaries, winners of Best UK Accountancy and Finance Recruitment Consultancy 2005 and 2006, says: ìThere is a massive shortage of skilled financiers in the UK. Australian employees are highly sought after on account of their good education, training and hard work ethic. Australian professionals also tend to have broader experience than their English counterparts. For instance, whilst newly qualified accountants in London can get stuck working on a small amount of very large transactions, their Australian peers will probably have gained far more experience of a much wider spectrum of clients ñ this makes them more valuable here in the UK. But the recent rises in the number of high-powered Australians working in London is also the result of mutual recognition agreements between Australian financial bodies and their counterparts overseas, and the streamlining of financial reporting globally. Their qualifications are well-regarded and portable.î

ìAustralia may have thrashed England 5-0 in the Ashes, but the UK financial sector would be wise to not hold a grudge against its old rival. The region provides a talent pool that an ever-increasing number of firms are tapping.î

HIGHER FINANCIAL SERVICES SALARIES IN THE UK
One of the chief attractions of the UK is the earning potential - salaries are far higher in London than Australia. A qualified CA / CPA Financial Accountant with up to two years experience can earn between $55k and $75k in Sydney or 48k to 55k in London ñ the equivalent of AU$118k and AU$135k. A Product Controller can earn up to AU$154k in Sydney or the equivalent of AU$370k in London. An Accounts Assistant earning between AU$40k and AU$45k in Melbourne can earn between AU$60k and AU$69 in London. In Perth a CFO / FD can expect to earn from AU$180k to AU$250k compared to AU$369k to AU$492k for a CFO / FD (non FTSE 100) in London.

OTHER INCENTIVES
Although salary levels are attractive, there is also a ëpushí as well as a ëpullí factor. According to figures from local information website locallife.co.uk, the cost of living in Sydney is now only 70% higher than London, down from 90% in 2003. The lifestyle of a corporate financier in Sydney is not as cheap as it used to be.

Nabila Sadiq said: ìAustralian professionals are tempted by the wealth of opportunities to expand their career horizons in London - working with some of the worldís largest and most successful companies. Work in Londonís financial services sector offers large multi-jurisdictional transactions, high salaries, and big bonuses ñ rewards that Australian firms have difficulty matching. And Sydney is more expensive than it once was. The cost of living, while cheaper than London, is increasing significantly in comparison. And, of course, Londonís other draw card - putting the bad weather to one side - is its gateway to European travel.î

INCREASING TREND ñ BUT LONG TERM MOVES UNUSUAL
Medium-term moves to the ìold enemyî are well documented ñ but the numbers are increasing. Short-term resident departures from Australia in January 2007 were 8.4% higher than in January 2006 with 33.5% of these headed for the UK. There were 9,720 Australian residents departing permanently from Australia in January 2007, an increase of 4.5% compared with January 2006.

CPA Australia members are increasingly heading overseas to pursue career opportunities in the global economy. The number in 2006 surpassed 2005ís total by 42%. The increase reflects a general upward trend in the last decade and particularly since the beginning of 2004. Since 2000, over 8,200 of the organisationís Australia-based members have pursued career opportunities overseas. CPA Australia currently has over 25,000 members based in 97 countries outside Australia.

Joslin Rowe, which specialises in placing oversees candidates in Londonís financial services sector, sourced 1,825 overseas candidates in 2004. This increased to 4,794 in 2005 ( 163%), then went up to 5,297 in 2006. The target for 2007 is 8,000 candidates.

Nabila Sadiq said: ìIn 2002 Joslin Rowe only placed fifty Australians into financial services jobs ñ we didnít see all that many professionals coming over looking for serious jobs. But the picture has completely changed in the last couple of years. Joslin Rowe placed more than 980 Australians in 2006 alone and we donít see that trend slowing.î

ìFor the UK, the problem is that most Australian professionals will eventually return to the lure of family, friends, a more relaxed lifestyle ñ and some sun ñ back in Oz. The average length of stay for a well remunerated Australian in the UK is four years. Despite the fact Australian professionals are in demand in London, their international exposure makes them an even more valuable asset when they return home ñ itís difficult to persuade them to forgo Australia on a permanent basis. The advantage for Australia is most professionals return after their ëtour of dutyí in the UK armed with valuable experience that can be beneficial for local companies in the battle for global market share.î