11 ways to win new clients in 2021

Posted by & filed under Members.

Whether work is quiet for you or not at the moment, there’s no doubt that the dynamics of business have shifted, and continue to shift, faster than we’ve ever known.

Over the last year, everyone has had to adapt their working lives to take into account factors like working from home, moving everything online, and homeschooling. It makes sense that your sales process and pipeline also change accordingly to consider the new ways that people are doing business. 

Taking into account these changes, here are 11 ways to win new clients in 2021.

1. Pick up the phone

Don’t underestimate the value of a chinwag to existing clients and old ones. In a world where lots of communication has moved to instant messaging, you can really stand out and make a connection (or re-connection) with somebody by talking to them and (more importantly) listening to them. And everyone could do with a bit more connection in their lives right now.

If you find yourself typing out a hefty email to a client, consider picking up the phone instead. If people really can’t or don’t want to answer, they won’t. Schedule catch up calls with clients just to check in with them. People work with people they like and that’s not always easy to tell over written communications. 

2. Ask for testimonials, reviews, and referrals 

Build a mechanism for feedback into your process of working with clients. Not only is this a great way to learn what you could be doing better but testimonials are brilliant marketing tools that you can share on social media. You might even get ideas for additional services you can offer. 

Ask clients to write you a Google review on your business listing. Positive reviews will lead to you you showing up in Google search results more often and will mean that more people are likely to want to use your services.

Ask clients if they would give you a five-star review and if not, what would you have to do to get five-stars? If clients are willing to give you a testimonial or review, they will probably be willing to refer you. Often they will just need a little request or a reminder as it won’t be top of people’s minds to do it but they are normally more than happy to help. 

3. Ask friends and family

Don’t be shy to ask your closest network if they know anyone who might need help with accounting. These are the people who know you and trust you the most so if you tell them what you’re looking for and explain what you do best then they can keep their ear to the ground for you. 

4. Get PR coverage

You’ve hit the low hanging fruit but now it’s time to get creative! Build relationships with your local journalists. Think about what type of stories they cover and what makes something newsworthy. Jump on relevant trends and consider what interesting information or expertise your business has that it could share publicly. 

5. Create a free resource 

What would be most helpful to your target audience? Could you provide a calendar of useful dates, a planning template, or a mini e-book? This could be a great lead magnet, good for the search engine optimisation of your website and you can use it to grow your email database if you ask people for their emails in exchange for downloading the resource.

6. Attend online events 

The trick to attending events in order to try and win new clients is to make sure you’re attending events where your prospects are and not just where your peers are. If you show up at an event with lots of other people who do the same thing as you then you’re probably not going to get an opportunity to meet potential new clients. If you go to the events that your target market are at then you’ll stand out but you’ll also start to really understand the interests and problems that your potential clients have.

7. Use social media 

Don’t use social media to sell. Use social media to help others, to keep yourself forefront of people’s minds and to show a bit of your personality. It takes a while to get to know how to use different channels and to get used to the etiquette around each. Focus on one channel so that you can tune in to how to use it and what works most effectively.

8. Raise your profile as an expert in your field 

By creating resources, writing blogs, getting press coverage and being an active player on social media in the relevant groups and communities you will start to grow a reputation. Chip away at raising your profile in your industry and positioning yourself as the go-to expert. 

9. Choose a niche

If you’re finding it hard to know where to look for clients, find events to attend or communities to join or you feel like a small fish in a big pond it’s probably because you haven’t specialised enough. Is there a gap in the market you can exploit? The more you niche the easier it becomes to find your target market, to position yourself as an expert in your specialist area and to come up with ideas. You don’t want to be everything to everyone. 

10. Do your research 

Really think about who you can best serve. These might be clients similar to your current clients, industries that you’ve had experience working in, or where your interests lie. Find these types of client and look at their websites, social media and find their employees on LinkedIn. Find out what they like, what events they attend, what they post about, and then tell them how you could best help them. If you have a mutual connection, ask them to introduce you or Hunter.io is a tool you can use to find people’s correct email addresses.

11. Ask yourself what’s high and right?

If you have lots of ideas for potential clients or ways to find them but you’re not sure which one to start with, use the ‘high and right’ technique. Draw a graph on a big piece of paper with one axis ‘How much do I want it?’ and the other ‘How likely is it to happen?’ Next, write down all your ideas on individual post-it notes then plot them on your graph. The one that ends up the most ‘high and right’ is the one you should focus on first. 

Further reading:

Companies who have successfully helped staff with their mental health during lockdown

Posted by & filed under Mental health.

Covid-19 has been with us for more than a year now, and the strain of the global pandemic – and the related restrictions – is taking its toll on our mental health. 

According to the Mental Health Foundation, 25% of UK adults were experiencing feelings of loneliness in November 2020, up from just 10% in March of that year.

During the same period, the proportion of adults who felt they were “coping well with the stress of the pandemic” fell from 73% to 63% – and that’s before the UK went back into lockdown at the start of 2021.

So whether your employees are dealing with the isolation of being furloughed or are juggling working remotely and home schooling their kids, offering effective wellbeing support is even more important during these difficult times.

“We are realising that Covid19 is going to be a longer-term challenge,” said Elspeth Treacy, head of psychological services at workplace health and wellbeing specialist Innovate Healthcare. “For companies, this means they need to offer support that keeps their employees safe, healthy, and able to work.” 

Here, we explain how different employers are stepping up to the task.

Aviva

Insurance company Aviva has introduced a raft of measures designed to boost employee wellbeing throughout the Covid-19 pandemic. The latest of these is a company-wide “winter wellbeing” initiative that gives each employee an extra day off this year.

Aviva’s chief people officer Danny Harmer said: “Our people have worked incredibly hard to support our customers throughout what has been a really difficult time for everyone. 

“We want to make this winter a little bit brighter for them and say thank you. So this is an opportunity for colleagues to take a day for themselves.

“When our people are at their best, our business is at its best for our customers. “Rest is an important part of wellbeing and it’s vital that organisations create space for people to recharge their batteries wherever possible.”

Aviva’s other mental health support measures include:

  • Sending each UK employee a £100 voucher to thank them for their hard work during the pandemic
  • Offering 24/7 mental health support via its Employee Assistance Programme
  • Providing access to the DigiCare+ smartphone app, which can help detect and manage physical and mental health issues
  • Offering free access to meditation apps Headspace and Thrive
  • Running a #backtobest wellbeing campaign called, with which staff can earn points for doing things that boost wellbeing, such as meditating or exercising
  • Offering flexible working, with all staff on full pay regardless of the hours they are able to work during the lockdown

Hermes UK 

Delivery company Hermes UK has also taken action to support its employees through the pandemic, both by launching an online wellbeing hub, and by appointing 72 mental health ambassadors to support staff members who are struggling.

Trained in November 2020, these individuals have learnt to spot the early signs and symptoms of mental ill health, to encourage colleagues to access appropriate services, and have been charged with signposting the support available to their colleagues.

Jill Maples, HR director at Hermes UK, said: “Our vision is to create a great place to work – an environment where our employees can grow, develop and reach their potential. 

“As part of this commitment, we will focus on ensuring that everyone feels supported in looking after their own mental health as well as those around them. 

“This is ever more important as we all continue to feel the impact of the pandemic on almost every aspect of our lives.”

Santander

Banking group Santander UK already had a comprehensive wellbeing programme in place prior to Covid-19, including free access to the Thrive meditation app, mental health training for line managers, and an employee-led mental wellbeing network.

Nevertheless, it has since increased the level of mental health support available in an effort to ensure its staff can access the help they need during lockdown.  

“We’ve recently added in-app coaching, offering employees access to trained psychologists who will reply within 30 seconds to provide support,” said Damien Shieber, head of culture and inclusion at Santander UK.

‘We’ve also introduced a series of wellbeing webinars on a range of topics including remote working and coping with possible anxiety during unsettling times.” 

In summary

As the companies profiled here show, supporting employee mental health has become a priority for many employers.

The reasons for this are not just altruistic. The bottom line is that healthy, happy employees are good for business; figures from Deloitte indicate that poor mental health already cost UK businesses up to £45 billion a year pre Covid-19. 

So even if you only have a very limited budget to spend on employee wellbeing, taking steps to help your workforce stay mentally healthy throughout this second lockdown could pay dividends. 

According to Treacy, easy ways to do this include:

  • Advocating a positive work/life balance by encouraging staff to clock off on time and take a proper lunch break
  • Using technology to stay connected with colleagues via collaborative platforms such as Microsoft Teams, Zoom, and Skype 
  • Ensuring employees are aware of any support tools that are available to them – either through the company or via the NHS

Further reading

Three things accountants need as they take on more HR tasks

Posted by & filed under Members, Practice management.

Accountants have had to take on more HR, pastoral and legal responsibilities, which could be a permanent change. James Harris explains what it’s meant for him and his colleagues at Strivex.

As accountants, our role within the financial services industry and the broader economy has always been clear and no one ever pressed too hard to change. However, the pandemic has led to more remarkable change within our industry than ever before.

Over the last year, we have seen that our clients are looking for much more than accountancy services from us. Clients have taken us up on our offerings to look at cash flow planning, furlough claims and loan applications. This has given us real opportunities to add value and gain trust during times of need.

Human resources (HR) has been an interesting addition to the mix that we’ve seen a huge demand for. While finance and HR are often two different ends of the spectrum, the administration of the furlough scheme and other elements of Covid-19 support have led to accountants taking on more of these tasks. In order to provide support in these areas, here are some things you need to consider.

1 Legal elements

Clients have been looking to us as accountants to not only process their furlough claims, but also to deal
with the HR aspect of furloughs – including contract changes and potential redundancies. For many accountants, this is far beyond their comfort zone.

With lots of clients submitting their own furlough claims and loan applications, we have also seen a rise in the number of clients looking to us for HMRC investigation insurance, and this is something we have proactively provided.

To achieve this, we have been out to tender the HMRC and tax investigation insurance sector to find the best quality and best advice available to our clients.


This involved making changes to our care and support services packages, and as a result, we have been able to provide our clients with the peace of mind they deserve.

HR consultants, of course, focus on employment law and navigating those terms and conditions – and while accountants don’t necessarily step into that territory, it’s something we’ve had to become more familiar with as we provide guidance around these areas and relaying that information to HMRC.

Given these changes and how rapidly it’s happened, a key skill is knowing when to refer clients onto other professional advisers, such as payroll or legal teams.

2 Emotional support

An interesting element that has shone through this year is how much business owners need a support system around them. As accountants, we can be many things to many people. But during the crisis, our calling has often been as simple as being on the end of the phone to listen, support and guide.

For some clients, we have seen them use this downtime to take stock of their business, reflect and decide how they will pivot in the new, post-Covid world. As part of this, many clients are looking to their accountants and business advisors for guidance and support while making these decisions and further using their resources to put together wider business plans, cash flow forecasting and practical implementations.

For many clients, the survival of their business and livelihood is at stake and they are looking to their accountants to help secure their future. This is a significant emotional demand for accountants to bear.

It means showing empathy for the client’s position and using emotional intelligence to reduce the likelihood of emotional exhaustion, either through any conflict or fatigue.

Having looked at the way the accountants role has changed, it’s important to consider how it will change moving forward. What skills will accountants require to meet these new needs? We are already seeing professional qualifications take into account the new qualities required by accountants, as they too are looking to broaden their horizons to capture this new market.

As employers, we would firstly look for people skills as a priority to ensure we are employing staff who fit our “person-centred finance” business model, where the client and their experience come first. We have also been looking forward to seeing how best we can meet these new needs. We are currently putting senior members of our team through executive MBAs to be able to bring more comprehensive business knowledge and strategy to our client offerings.

3 Build your network

Something that we have learned during the pandemic is just how vital your network is. When your clients are looking for a vast range of services and have very complex needs, a strong network really comes into play. We have been calling upon the professional consultants within our network to add value to our clients when they really need it in areas that we are not specialists ourselves.

The top trusted contacts to have within your network include

  • financial advisors,
  • mortgage advisors,
  • insurance brokers,
  • legal consultants, and
  • HR consultants.

Being part of a network of professionals you know and trust is a great way to expand your service offering. We check in regularly with our contacts and see how they’re getting on with our clients to cover all bases when speaking with our clients. It also allows us to share knowledge and keep abreast of significant changes in rules and regulations.

One day, the pandemic will be over, and there won’t be such an urgent need to perform all these tasks to the same extent. But, even in more normal times, there will continue to be a demand to give this kind of support. And the harsh experiences of Covid-19 will equip us to do so.

About the author

James Harris is a director at Strivex.

Brexit: what are clients’ burning questions since the deal?

Posted by & filed under Brexit, Members.

We asked accountants to tell us what FAQs they were getting from clients around the Brexit deal.

Two weeks into Brexit and businesses are voicing concerns around how their business model and workforce are likely to be affected by the new rules and tariffs. Accountants are hearing a lot of questions from clients around VAT, the movements of goods, taxation treaties and working with EU countries.



Frequently asked questions have included:

VAT, Brexit and the Northern Ireland Protocol

AAT’s technical guide will walk you through the hybrid arrangements operating in Northern Ireland and explain the special position that Northern Irish VAT registered businesses now find themselves in.

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  • Can I still travel to EU countries for work purposes?
  • Can I still accept work from EU countries as a PSC?
  • Do I need to make the import and export declaration?
  • What is postponed VAT accounting?
  • Do we need a deferment account?
  • Can I still accept work from EU countries as a PSC?
  • What are incoterms?

“Uncertainty is still rife and collectively, we’re hearing a lot of ‘do I need to do anything differently now we have a deal?” says Sarah Hughes, head of VAT at Haines Watts, West Midlands. “For businesses that have only had experience trading with the EU, this is completely new territory and to this extent, areas such as declarations, export evidence and incoterms are completely new concepts.”

Movement of goods
Fresh product exporters in particular, are struggling with additional paperwork and certification papers required to accompany products. Alistair Main, director and head of assurance at Duuncan & Toplis says clients are telling him these are taking hours to prepare and any goods reaching the border are then delayed further when checks are carried out as officers are unsure what to look for. “As a result, delays are being caused which is bad news for fresh produce exports,” he says. “Haulage and transport costs for exports are also being driven up, which could make UK produce more expensive in the EU.”

Nick Paterno, managing director at McBrides Chartered Accountants who have received a lot of queries around tariffs and VAT, says they’ve heard stories from clients who have also experienced delays and paperwork issues around the movement of goods. One client even had goods stuck in Germany which they couldn’t release, even though they had followed the right protocols.

Northern Ireland specific rules
Joanne Harris, technical commercial manager at SJD Accountancy told AAT that some of their Northern Ireland-based clients are unclear about the specific VAT rules for their region. These clients, she says, have been particularly concerned about changes to double taxation treaties and whether they can still continue relationships with EU clients and travel to their offices under the terms of the Brexit deal.

Financial support
There have been questions raised about access to funding, too. As Eunice Onyema, founder at ENO Accountants points out, the pandemic has led to large numbers of businesses needing access to funding as a reserve but there have been fears that Brexit will reduce these opportunities. “A lot of business owners are still jittery about the financial crisis in 2007 and change plays heavily on their mind,” she explains. “But the timing of the pandemic has meant there is a lot of government support available, so this has helped soothe fears somewhat.”

What are accountants advising clients?
“Companies should look at their supply chain for both purchases and sales and see who their importers and exporters are,” says Hughes. “Once they’ve mapped out the current position, see if it could be structured differently to make things simpler.”

Harris, meanwhile, advises companies to take visas and social security into consideration, as well as any tax implications which might arise. ”With VAT, the usual supply rules will apply,” she explains. “If supplying services to the EU, then generally this will fall outside of the scope of UK VAT. However, sales of digital services to non-business customers such as UK businesses supplying insurance and financial services and movement of goods will have different rules.”

Frequently asked questions from clients – what accountants should know

Can I still travel to EU countries for work purposes?

In the main, those travelling regularly to the EU for work will need to get a visa, especially if work-related travel involves selling goods or services. Short-term visitors however, can work in the EU for up to 90 days in any six-month period, provided work activities are restricted to meetings, conferences and consultations rather than selling.

Can I still accept work from EU countries as a PSC?

SJD’s Harris says: “In most cases it is possible to continue providing your services to clients based in the EU. However, you need to be mindful of legislation in the country you are supplying to, particularly if you will be physically located in this country for any length of time.”

What are incoterms?

Incoterms, or International Commercial Terms, are a series of pre-defined global standards which help facilitate trade between the seller and the buyer. Although there is no legal obligation to use incoterms, their use ensures both parties fully understand their own requirements and responsibilities towards successful trade outcomes.

Do I need to make import and export declarations?

Yes.  For UK businesses who export goods to the EU, it will be their responsibility to ensure they make export declarations with customs and obtain any necessary export licenses for controlled goods such as alcohol or tobacco. In addition, the exporter may have additional responsibilities and requirements depending on specific Incoterms in place.

UK-based importers too, will need to make import declarations on goods they are importing to the EU. An Economic Operator Registration and Identification Number (EORI) is required for all businesses responsible for the movement of goods in or out of the UK.

Do we need a deferment account?

UK importers can choose to delay customs or tax charges on imports by setting up a deferment account where monthly direct payments are made in place of customs and tax charges in individual items.

What is postponed VAT accounting?

Postponed VAT accounting was introduced this year to help businesses avoid negative cash flow issues from having to pay VAT on imports worth over £135. Under the system, a business can now account for import VAT and claim it back on the same form, rather than having to physically pay VAT on imports and then reclaiming it back at a later date.

Brexit – webinar resources

Brexit Webinar: VAT for imports and exports The EU VAT e-commerce package (Sponsored by SAGE 11/12)

Brexit Webinar: VAT for imports and exports

HMRC customs and borders help webinars

An Exporters Guide to Brexit

Customs and VAT post the transitional period

KPMG is hiring: find out more about their apprenticeship scheme

Posted by & filed under Career, Look who's hiring, National Apprenticeship Week.

If you are looking for an accountancy career that gives you an opportunity to gain practical work experience and be supported to achieve professional qualifications while earning a salary, then you could consider an apprenticeship with KPMG.

KPMG in the UK is part of a global network of member firms who use AAT qualifications to support their apprentices across the business. Through tax, legal, advisory, and audit capabilities, it works with organisations of all sizes and across different industries, using innovative approaches and new technologies to help them solve some of their most complex business challenges. KPMG exists to help the UK’s people, communities, and businesses to thrive and grow.

KPMG’s Apprenticeship programmes offer the opportunity to gain practical work experience and build core employability skills. You will be supported to achieve professional qualifications and accreditations, such as diplomas and degrees, and earn a salary. 

Creating a talent pipeline for the future

Recruiting new graduates and apprentices is an important part of KPMG’s strategy to future proof its business and nurture the best diverse talent in the industry.

The firm has also started a new programme to reskill and upskill existing staff in critical skills the firm needs today and in the future. KPMG is third in the Social Mobility Employer’s Index 2020.

 “We are now at the stage where we’ve got a really great apprenticeship programme and our offering is now much broader as perceptions regarding apprenticeships have changed,” says Matt Worman, Senior Manager Apprentice Programme Lead at KPMG in the UK.

What skillset is needed at entry level?

Apprentices can join KPMG from post-A level onwards, and the firm is looking for a diverse group of individuals from different backgrounds and with a range of experience.

“Our people are so important and so fundamental to who we are as a firm,” Matt Worman says. “I would say behaviours are more important than skills. We are looking for people who are collaborative and curious, passionate, motivated and interested in problem solving.

“If people are curious, motivated, and collaborative that instantly makes people pretty good problem solvers because they can work together as a team and find the answers to problems.” Potential recruits also need to think about how their own personal values are aligned with what KPMG stands for. 

“We hold people as the highest asset in our firm,” says Stacy  Morris, Head of Student Programmes and Apprenticeships at KPMG in the UK. “Our reputation is very clear in the marketplace and I think people actively seek that out.”

“People really need to research what we do, what we are all about and what the apprenticeship entails. They need to know what we stand for and be excited about what they’re coming in to do,” says Matt Worman. “If they can’t articulate that, the chances are they haven’t really thought this through properly.”

When does recruitment take place?

The recruitment process has started already and apprentices for this year will start the programme in October 2021. KPMG is planning to take on around 240 apprentices across the UK this year.

Due to COVID-19, last year’s induction programme was a completely virtual one, which received very positive feedback. The Student Programmes and Apprenticeship team was very keen to create a sense of community even though the new members of staff were unable to meet up face to face.

“Students are the heartbeat of our firm,” says Stacy Morris. “They are fundamental to us delivering what our clients require and fundamental to us staying relevant.

“We need highly trained, highly skilled new talent coming through continuously,” says Matt Worman. “So it wasn’t a case of stopping the recruitment process during the pandemic.”

What are the apprenticeship schemes on offer?

On offer are a range of apprenticeship schemes, including the KPMG Audit Apprenticeship programme, the KPMG Business Services Apprenticeship programme and a Software Engineering Degree Apprenticeship offered in London and Manchester. We will also soon launch a new Data & Analytics Degree Apprenticeship as well as the KPMG Law Apprenticeship programme.

“If someone is really interested in applied and experiential learning and living and breathing a job, and learning from the experts around them, then an apprenticeship would be a great option,” says Matt Worman.

“You can’t underestimate the level of support that is given through the learning mechanisms of an apprenticeship. We invest a lot of time in supporting our students in fulfilling their potential.

The structure of the apprenticeship scheme means that students get day-to-day coaching in real situations and are able to apply their technical knowledge in real life. This helps when they come to sit the exams for professional qualifications. Another advantage is that the apprentices earn a salary, and do not have to commit to a university course which would potentially result in student debt.

How do I find out more?

If you are in sixth form now or have already completed your A Levels (or equivalent), you can apply for an apprenticeship. There is more information on the Student Recruitment Pages at KPMG here.

Further reading:

Lessons from a woman who smashed (and re-smashed) the glass ceiling

Posted by & filed under Members, Women in finance.

As a woman in a male-dominated industry, getting ahead wasn’t always easy for Dame Jayne-Anne Gadhia, the new Chair of HMRC Board. But, as she tells Annie Makoff, her experiences spurred her on to achieve career success.

After more than 35 years in the sector, Dame Jayne-Anne Gadhia has had her fair share of challenges in what used to be a male-dominated sector. Starting out as a newly-qualified chartered accountant at Aviva in the 1980s (then Norwich Union) before quickly rising through the ranks, she went on to become CEO of Virgin Money and later Salesforce UKI. In 2016, Gadhia was appointed as the UK Government’s Women in Finance Champion where she founded its Business Diversity and Inclusion Group and in 2018 was named Leader of the Year the Lloyds Bank National Business Awards.

Gadhia is currently Founder and Executive Chair of financial management app Snoop, which uses open-banking and AI technology to help households save money. And, as of January this year, Gadhia was officially appointed chair of the HMRC board.

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Gender inequality

But like many women in finance, she sometimes faced hostility from her male peers and was often referred to as a ‘bloody difficult woman’.

“I remember exactly how I felt, years ago, when an otherwise fantastic boss told me that I could be brilliant – if only I was less emotional,” she recalls. “A member of the board at Virgin Money even referenced the menopause in a particularly fraught board meeting. There’s nothing more discouraging for a woman than to hear that you’re ‘scary’, ‘emotional’ or ‘hormonal’ – and I’ve heard it all.”

Yet, Gadhia insists these attitudes actually motivated her more. It made her more determined to do well in her career, to ensure her achievements were based entirely on ‘merit and hard work’. Her ethos, she says, was always about being open to new challenges and opportunities.

“Fortunately, I’ve always had more supporters than detractors,” Gadhia adds. “I’ve always pushed myself to deliver results. Performing or even better, outperforming, and delivering on promises means you’ll not only be taken seriously but you just can’t be ignored.”

It is well known there is a persistent issue with gender inequality in finance and there have been several high-profile gender discrimination and pay gap cases over the years. Recent BBC analysis found that the average gender pay gap in the sector rose to 23.1 per cent from 22.2 per cent in 2018.

Last year, following the government-backed Hampton Alexander Review into gender diversity at board level which showed that just 15 per cent of 15 per cent of FTSE 100 finance directors are female, the Trades Union Congress (TUC) accused the industry of ‘sexist aggression’ towards women.

No longer a man’s world

But Gadhia believes things are starting to improve. And Gadhia, more than anyone, would know. In 2016, she carried out a governmental review Empowering Productivity: Harnessing the talents of women in financial services which looked at gender diversity and equality across the sector. It set out four recommendations:

  • Appoint one member of senior executive team who is responsible and accountable for gender diversity and inclusion
  • Set and publish internal targets for gender diversity in senior management
  • Publish progress annually against these targets
  • Have an intention to ensure the pay of the senior executive team is linked to delivery against these gender diversity targets.

In response, the Women in Finance Charter was set up in 2016 to ensure these recommendations were met on a sector-wide basis. AAT has been a strong promoter of the charter, and was the first accountancy body to sign up in 2016.

According to Gadhia, since the launch of the charter, over 370 organisations, from global banks to credit unions, insurance companies and FinTech start ups, covering 900,000 employees in the sector, have signed up to improve gender balance in financial services. AAT has been a long-standing supporter of the charter, since becoming the first accounting body to sign up in 2016, and continues to press more corporations  and SME to get behind it.

“So a new picture is beginning to emerge,” she says. “There is much more to be done but I’m pleased with the direction of travel. Now more than ever we need to use the talents of everyone to power productivity and economic recovery in a post pandemic world.”

Humanise, personalise and digitise

It’s an attitude Gadhia is bringing with her to her new role at the HMRC. The HMRC, she says, has been an essential force of ‘economic support’ for the UK during the pandemic. Just as businesses need to keep pace with rapid change within society, the economy and technology, so too must tax administration.

“HMRC isn’t just the ‘taxman’ and it isn’t just a brown envelope,” she adds. “It’s about telling the story and building on existing work streams to humanise, personalise and digitise HMRC services.”

Transforming such a huge tax system will be complex and it will be a while before accountants will start to see any significant changes to procedures and practices any time soon. As Gadhia points out: “Modern accountancy may have roots in Venice, but Rome wasn’t built in a day.”

Career highlights

  • 1995: Co-founder of Virgin Direct.
  • 2007-2018 CEO of Virgin Money.
  • 2016: Appointed UK Government’s Women in Finance Champion.
  • 2018: Named Leader of the Year at the Lloyds Bank National Business Awards.
  • 2019: CEO of Salesforce UKI.
  • 2019: Made a Dame in 2019 New Year’s Honours List.
  • 2020: Launched financial management app, Snoop.
  • 2021: Chair of HMRC Board.

The AAT view – practical tips for firms
Sign up to the charter
The Women in Finance charter welcomes firms of any shape or size who are willing to take the pledge to promote gender diversity and greater inclusion at all levels of financial services.

When the Women in Finance charter was launched in 2016, AAT was one of the first professional accountancy bodies to sign up. AAT are now wanting to widen the scope of the charter to encompass all sectors of the economy. A recent AAT survey carried out by YouGov found that over half of MPs (54 per cent) would be in favour of this.

AAT’s target under the charter was originally to have 40% female representation in senior management by 2022, but targets were met and exceeded three years early. By September 2020, the gender split in the AAT Executive Team increased to 57 per cent from 30 per cent in 2016.

Offer flexible-working initiatives

Women make up nearly two-thirds of AAT’s 130,000 members worldwide and to date, there have been ten female AAT presidents. Flexible and remote working may be the norm for most, if not all firms right now due to the pandemic, but it’s important that the majority continue to offer these opportunities in order to ensure workplaces remain a level playing field for all.

Publish gender pay gap data

All large firms across England, Scotland and Wales who employ 250 ‘relevant’ staff are now required to publish their gender pay gaps. Although there is no legal requirement for other firms to publish this data yet, those wanting to commit to gender diversity should consider reporting on their pay gaps to help promote fair pay structures.

Apprentices – How to move forward with EPA right now in lockdown

Posted by & filed under Apprentices, Coronavirus - students, Students.

The latest lockdown has seen a decrease in the number of students sitting assessments at exam centres. For Apprentices approaching End Point Assessment, now is a great time to focus on putting the final touches to their portfolio, in preparation for the reflective element of End Point Assessment (EPA).

Life in lockdown is giving everybody time to pause and reflect. That could mean ruminating on the importance of loved ones and relationships, or maybe reassessing whether a new pair of Nike Cortez trainers or handbag every few months is really as important as you once thought.  

It’s time to get reflective

For AAT apprentices, reflection is also critical, as it forms a key part of the end-point assessment (EPA), especially part 2.

If you’ve already gathered (or are gathering) together a portfolio of evidence from your workplace, the next stage for apprentices is to undertake a reflective statement, which can either be a verbal discussion with an AAT independent assessor conducted remotely on our new SEPA smart room software  (Levels 3 or 4) or written (Level 4).

The good news? You could be making good use of your empty diaries and working on these elements right now.

Apprentices are still able to train during lockdown. You might not be visiting the workplace anymore – or if you’ve been furloughed, you could be banned from working completely – but that doesn’t mean your apprenticeship should be put on pause.

Professional discussion/written statement

Finishing either your professional discussion or written statement (Level 4) could give you more time to enjoy yourself once lockdown lifts. It’s very easy to get demoralised while being cooped-up indoors, but working towards your EPA is a brilliant way of investing in your future, plus rise out of the domestic doldrums.

As it happens, it seems many AAT apprentices are currently working on part 2 of their EPAs right now. “We’re busier than ever,” says Angela Renshaw, programme manager at Manchester-based training providers, Apprentice Academy. “People are seeing this as the perfect time to learn – motivation hasn’t been an issue so far.”

You could be a furloughed apprentice who doesn’t realise it’s still possible to train. Or you could be bored of binge-watching and wondering how to use your spare time more effectively. But knowing that within a matter of weeks, you could potentially have finished half of your EPA and be ready to sit your synoptics once the suspension on physical assessments has been lifted, is an unbeatable feeling. Here’s how to do it.

The EPA: what you can and can’t finish during lockdown

You can work on your EPA providing that a) you’ve been on your apprenticeship programme for longer than one year and one day and b) you’ve already completed your gateway requirements.

If you haven’t finished the gateway requirements:

  • Now is a good time to start working on your portfolio (see below), which will give you more time to focus on your other studies once lockdown lifts.

If you are working towards the Professional Accounting/Tax Technician Level 4 Apprenticeship Standard, you can now complete your full End Point Assessment following AAT’s announcement on Wednesday 13th May that we are working towards Remote Invigilation for the Professional Synoptic Assessment (PDSY) in August. You can also finish the professional discussion or your written reflective statement remotely during lockdown.

If you are working towards the Assistant Accountant Level 3 Apprenticeship Standard, you can complete your Professional Discussion remotely however the Advanced Synoptic Assessment (AVSY) is not currently available for Remote Invigilation. Your options are as follows:

If you’ve haven’t finished Part 1 of the EPA (the online assessment/synoptic exams):

  • You can finish the professional discussion or your written reflective statement during lockdown, but you will still need to finish part 1 to complete your EPA

If you have already finished Part 1 of the EPA (the online assessment/synoptic exams):

  • After sitting either the professional discussion or writing a reflective statement, it means your EPA is done! You could be working on this right now – all before lockdown lifts.

Working towards your EPA on lockdown: the benefits 

You’ll get it out of the way

Once lockdown lifts, we’re all going to flock to experience the things we previously took for granted: seeing loved ones, going on holiday, watching sports, enjoying a social life again. One of the last things we’ll want to do is study.

The many hours of downtime we have right now gives apprentices the perfect opportunity to not only finish the reflective element of their EPA, but also prepare for the synoptic assessments (if they haven’t already). As Crystal Haygreen, director of AAT Studies at First Intuition [HYPERLINK: www.firstintuition.co.uk] training providers, says, “You can’t go down the pub or be out with your friends at the moment, so it’s worth putting this extra time to good use.”

It’ll massively boost your skillset

“Use this time wisely,” says Renshaw. “When we return to work, chances are, things will go a bit crazy, because there could be more demand. Get up to speed as much as you can.”

The knowledge you acquire during lockdown won’t just impress bosses; you could also draw upon it in future exams too. “Working on your portfolio will develop your English written skills – a massive help when you encounter the written element of Level 4 exams,” points out Amy Forrest, director of operations, First Intuition.

This level of support might not be available once lockdown lifts

Because these are challenging times, the government has introduced flexibilities to ensure people can still complete apprenticeships and EPAs:

  • An increased use of video-conferencing and remote assessments (more on that below)
  • The chance to reschedule your EPA if you’re affected by Covid-19 issues.

But remember: completing the EPA is mandatory. Your apprenticeship won’t be awarded without it.

For more information, check the government’s advice here (scroll down to point 33).

Tools and software  

What you need: “All you need is access to a computer and a reliable internet connection,” says Haygreen. After that, it’s a matter of downloading a videoconferencing platform, such as Zoom, Skype, Microsoft Teams or Google Hangouts.

The professional discussion will be conducted on SEPA (Smart End Point Assessment) software. Your training provider will send you a login link beforehand.

Can’t get online? “Some people have had technical issues, such as poor connectivity or firewalls on work laptops which means they can’t download Zoom,” says Renshaw. “Ask your training provider – they might be able to provide training over the phone. At the Apprentice Academy, we’ve loaned laptops to students so they can continue learning.”

Prepping for and taking… the professional discussion 

The professional discussion happens at Levels 3 and 4. It’s an hour-long discussion with an AAT assessor, where you reflect on your portfolio. For the foreseeable future, this will take place remotely on SEPA smart room software.

Do…

Consult the EPA handbook

“I can’t stress enough how important the EPA Handbook is,” says Renshaw. “It contains mandatory questions that assessors will ask, and a marking guide so you can see what you’ll be marked on.”

Download the EPA Handbook here [HYPERLINK: https://www.aat.org.uk/prod/s3fs-public/assets/End-Point-Assessment-specification-Assistant-Accountant-apprenticeship.pdf]

Prepare to enter the ‘smart room’

“All professional discussions take place in a ‘smart room’: a videoconferencing room inside SEPA,” says Renshaw. “It’s just like a Zoom or Skype meeting – once your training provider has scheduled your professional discussion, you’ll receive a link. On the day, make sure you’ve found a quiet room at home. If you’re tempted to read notes from your screen, think again – every video conversation is recorded.”

“Get confident at the technology and conduct mock interviews with your peers,” advises Forrest. “Yes, it’s embarrassing, but it’s a great help. Your training provider could also do mock interviews too.”

Don’t…

Undersell yourself

“The EPA assessor might ask you to talk about something you’re proud of,” says Renshaw. “When faced with this, learners are often coy; they don’t want to show off. But this is the one hour of your life where you need to be telling us how great you are. Show off your talents!”

Forget to read your portfolio beforehand

“One of the biggest mistakes is students not reviewing their portfolios,” says Haygreen. “If you put something in there six months ago, make sure it’s still relevant.”

Ignore the C-word (corona)

“The ‘challenges’ section is usually the shortest part of the professional discussion”,” says Haygreen. “But having made the transition to a remote workplace, you’ve got plenty to talk about now!”

Writing… the reflective statement 

Level 4 apprentices are given the option on either: a) reflecting on their portfolio by either a professional discussion (see above) or b) a written reflective statement.

Do…

Reflect upon professional experience gained amid Covid-19

“Reflective statements are often assessed on how you’ve adapted to change and pressure,” says Renshaw. “In the lead-up to Covid-19 lockdown, you might have dealt with many things out of the ordinary. Were you going through year-end accounts at work during the same time as lockdown? Found yourself suddenly working on Microsoft Teams for daily team meetings? Use all of these things in your reflective statement. In the last few months, we’ve all learned much more about ourselves. It’s about getting this down onto paper.”

Opt for a reflective statement if everything has gone wrong

“A reflective statement is a good choice if you’ve been furloughed and haven’t got access to work systems and/or the employer; or your manager has been furloughed and can’t contact you because of conflict of interest,” says Renshaw.

Don’t…

Just write about company achievements – focus on you

“A good reflective statement should focus on the personal experience,” says Haygreen. “Where possible, demonstrate the ‘I’ and ‘my’ (i.e. what <you> personally did) rather than ‘we’. If your team did something, focus on <your> contribution within that team.”

Working on your… portfolio 

Level 3 and 4 apprentices are required to upload and submit their portfolio of evidence to SEPA for review. Don’t forget to get this signed by your training provider and employer first. If you haven’t finished your gateway requirements, you can still work on your portfolio too.

Do…

Cover your experiences during the crisis

“Over the past few weeks, we’ve all had to adapt and deal with change,” says Haygreen. “Because you’ve been working in different conditions or under changed management, you might have developed new skills, taken on more responsibilities or applied professional scepticism in ways you haven’t before. There’s so much you could add to your portfolio because of this situation.”

Contact your training provider if you lack workplace-based evidence

“The Covid-19 pandemic obviously means you haven’t been in the workplace to build evidence in an office environment,” says Renshaw. “If you’re struggling to secure work-based evidence, arrange a professional discussion with your training provider, which could help you pursue a new direction.”

Don’t…

Be afraid to brag

“One of the biggest mistakes apprentices make is underselling yourself,” says Renshaw. “If you’ve been involved in month-end accounts and calculating budgets during your apprenticeship, don’t focus on the hours you spent processing invoices. Demonstrate something that’s new to you and shows you’ve progressed during your job.”

Renshaw recalls assessing one candidate whose portfolio only focused on payroll: “When he arrived for his professional discussion, I discovered he’d won ‘Apprentice of the Year’ and was the only person in his company preparing year-ends for sole traders – payroll was a small part of what he did. His portfolio wasn’t showcasing his best work – a big mistake.”

Forget to include your CV

“A CV or job description helps the assessor build up a picture of you,” says Renshaw. “They’ve never met you before, so have no idea of what your job is until looking at your portfolio.”

Getting support

For your apprenticeship

“Training providers are playing a pivotal role at the moment,” says Renshaw. “For example, if an employer and an apprentice have both been furloughed, the employer might not be able to contact the apprentice because working for the company is banned, and they might not get paid. However, we can ensure the apprentice still gets communication from the company.”

For mental health and other concerns…

“Training providers don’t exist purely to push apprentices to the next stage of their qualifications/apprenticeships – we’re also there to support them adapt to this new situation and ways-of-working,” says Haygreen.

The Apprentice Academy has an onsite counsellor that learners can speak to, while First Intuition has a designated safeguarding team.

Says Renshaw, “You could be a learner with a parent who has died of coronavirus. Maybe you’ve got worries about your job once furlough finishes or are locked-down in a house with young children and can’t get much work done. Speak to your tutor/training provider – they should refer you to any help you need, such as counselling.”

“These difficult months have led to welfare issues,” says Forrest. “We’ve trained teams and included welfare info in our newsletters. It’s hugely important that learners get support on welfare issues, because it has a knock-on effect on their ability to progress.”

In Summary

“Never waste a good crisis” is a quote that’s been bandied about a lot recently. For many AAT apprentices, any lockdown downtime could also, conversely, present a big opportunity: the chance to prepare (and complete) an essential part of your EPA. Not only will this give you more time to enjoy life once lockdown lifts, but it’ll also boost your skillset and employability once things return to normal.  

Further reading:

Browse the full range of AAT study support resources

Why the Government should exempt small businesses from new economic crime levy

Posted by & filed under Members, Policy.

Phil Hall, AAT Head of Public Affairs & Public Policy sets out why AAT believes it is necessary to grant small companies an exemption from the forthcoming Government levy to help fund the fight against money laundering and economic crime.

AAT is fully committed to tackling money laundering and economic crime and has made – and continues to make – a substantial investment in doing so.

That said, AAT has previously been critical of Government plans to introduce a £100m annual economic crime levy on British businesses via regulatory bodies. Despite our best efforts, and those of a number of other professional bodies, we have reluctantly accepted that the levy is going to be introduced come what may and so our attention has turned to how we can best make this work in practice and mitigate any potentially damaging effects.

With this in mind, we have highlighted from the outset that small businesses must be exempted. 

Cost and administrative burdens

It is vital that a small company exemption is granted to secure a reduction in the overall compliance burden – for both small businesses and the professional bodies who are being compelled to collect it. 

An exemption would protect any small businesses who may well struggle to pay these increased costs. AAT, like most other professional bodies, also seriously questions the cost effectiveness of requiring professional bodies to set up mechanisms to collect monies from thousands of small businesses. 

Imposing additional financial and regulatory burdens on small businesses is very difficult to justify at any time but especially so in light of the current global pandemic and the disruption caused by Brexit. It could be argued that the economy may be in a better place by the time the levy comes into force but that is far from certain, especially when you consider data such as that released by the Federation of Small Businesses this month, indicating 250,000 small businesses are set to fold in the next 12 months.

Other levy exemptions

The British economy features a wide range of levies, all of which provide exemptions for small businesses. For example, the Construction Industry Training Board (CITB) levy exempts those with a turnover below £120,000 per annum, the Apprenticeship Levy exempts those with a pay bill below £3m, the Climate Change Levy does not apply to small businesses with low energy usage.

It would be grossly unfair and unreasonable not to recognise this long held precedent of exempting small business from levies but more importantly it would also ignore the reasons why such exemptions are granted in the first place. These exemptions are almost exclusively permitted due to the disproportionate administrative burden they pose to small businesses, as well as their considerable financial impact – both of which clearly apply when considering this new economic crime levy. 

Conservative Party Manifesto Commitments

The December 2019 Conservative Party Manifesto makes a number of clear commitments to the small business community which would arguably be breached if the Government were to fail to grant a small company exemption.

For example, the manifesto exclaims, “We will keep costs down for small businesses” before going on to explain that, “…the only way to fund world-class public services and outstanding infrastructure is to encourage the millions of British businesses that create the wealth of the nation” It later adds, “We understand the challenge of increasing running costs, especially for smaller firms, and are committed to reducing them.” Perhaps of most relevance, the manifesto also states, “…we will ensure that regulation is sensible and proportionate, and that we always consider the needs of small businesses.” 

Such promises appear to be incompatible with the imposition of a regulatory levy on small firms, no matter how well intentioned. 

Levy exemption is not an exemption from responsibility 

If small businesses are to be exempt from the levy, this in no way undermines or impacts upon their legal obligations to take all necessary steps to prevent money laundering. 

AAT has a responsibility to help our members understand relevant legislative requirements and ensure  that members comply with the law. This is replicated not just across the accountancy sector but across a range of sectors with statutory supervisors, most of whom have members operating in the small business community. 

For instance, small accountancy firms who are regulated by AAT are subject to practice assurance reviews involving an AAT representative assessing a firm’s compliance with AAT’s standards, policies, and regulations, and crucially their compliance with various statutory requirements, including anti-money laundering legislation. 

In keeping with such legislative requirements, member firms are required to have written policies, procedures, and controls in place to combat money laundering, undertake appropriate risk assessments and AAT licensed accountants are required to supply a copy of their risk assessment as part of their annual practice performance review.

The impact of OPBAS and other anti-money laundering regulation should also not be underestimated on the small business community given there are not just additional costs for members as a result of their supervisory body being regulated by OPBAS but additional cost burdens through the pressure on professional bodies to increase data collection, ‘forensic’ assurance review activity and resource production which has been significant.  

Additional support

AAT is far from alone in believing a small company exemption should be granted. Of those who responded to the 2020 consultation, the Solicitors Regulation Authority is the only significant professional body to have opposed a small company exemption – and it is worth noting that others in the legal profession strongly favour an exemption, especially the Law Society and Law Society Scotland. 

Inevitably, small businesses will support an exemption too. 

This simply leaves the banks and some other very large organisations that are said to be opposed to the idea of a small business exemption. Many of which are the same organisations that have received multi million-pound fines for significant anti-money laundering and economic crime breaches in recent years. Are these really the institutions that should be dictating Government policy in this area?

Remote recruiting – how to attract the right talent

Posted by & filed under Employers.

Millions of companies have been forced to embrace remote working due to the Covid-19 pandemic – and many plan to continue more flexible working practices even after the global health crisis.

But what happens when you need to take on new members of staff? 

To find the talent you need to survive these troubled times, you’ll have to take your recruitment process online too. Here’s how to make remote recruiting work for your business.

The pros and cons of remote recruitment

Not being able to meet potential employees face to face may feel like a disadvantage, but remote recruitment also has benefits – including that it can help you increase the diversity of your workforce.

Not only does interviewing candidates online allow those in charge of hiring to sidestep any inadvertent biases they may have, recruiting remotely also means you can appeal to a much wider talent pool – especially if the role in question will remain remote longer term. 

By allowing new recruits to work from home, you’re opening the door to talented individuals living in different parts of the country, or world, as well as those living on your doorstep.

Remote working opportunities also often appeal to women with childcare or other caregiving responsibilities, as well as people with disabilities for whom a daily commute is not an option. 

On the flipside, there’s little doubt it’s harder to identify an applicant who will be a good fit with the rest of the team without meeting them in person. But remote recruitment is the only option at the moment, so why not try to see it as an opportunity rather than an inconvenience?

Attracting the right talent

To ensure your job ads attract top talent, it’s important to make sure your employer brand makes them want to work for your organisation.

“Candidates who are being recruited remotely can’t get an idea of the company culture by visiting he workplace or meeting members of the team in person,” said freelance recruitment consultant Heather Beedham. “So it’s vital to prioritise your online presence.”

Ways to do this include:

  • Updating your website and using photos, videos, and employee testimonials to allow visitors to better understand your organisation
  • Checking any social media pages 
  • Consider adding a career page to your LinkedIn company profile
  • Check your company’s Glassdoor reviews – and respond in a measured way to any negative comments 

Writing an engaging job advertisement

Writing an accurate and appealing job advertisement is always key to attracting the best candidates – and it’s even more important when you’re recruiting remotely. 

Given the economic backdrop, there are a lot of people looking for jobs at the moment. But while getting lots of responses to a job listing is a bonus, you only really need one – the right one. So don’t be afraid to be specific about what you want.

“Include as much detail as possible, and make sure the job description covers all aspects of the role,” Beedham added. By taking the time to define exactly what sort of person you want to take on, you can avoid wasting time and money interviewing unsuitable candidates – or worse still, hiring someone who turns out to be the wrong choice.

Things to think about include:

  • What professional qualifications do job seekers need to apply?
  • How much experience do you want the ideal candidate to have?
  • What skills does the role require?
  • What personality traits will help the applicant fit in with his/her colleagues?

Interviewing online

Conducting a successful online interview generally means organising a lengthy video call. So make sure you have the right tools available, and that you are comfortable using them.

“Whether you use Microsoft Teams, Zoom, Slack, or another app, it’s important to give candidates a good impression by ensuring the interview goes smoothly – with no technical glitches,” Beedham said.

Before sitting down to do the interview, it’s also worth spending a few minutes checking the lighting and what the candidate can see behind you. The aim is to appear professional, and ensure the interviewee can see you clearly.

If you would usually ask candidates to complete an on-site assessment, you may also have to integrate this into the video call to monitor how it is completed remotely.

Onboarding remote employees

Once you’ve found the right person for the position you need to fill, the next step is to ensure they have the tools and support they need to do the job. That’s why it’s a good idea to provide remote recruits with a list of people they can contact if they have any questions. 

“Ways to make them feel welcome include sending out a team or company-wide email introduction, and arranging an online meet and greet with the other members of their team,” Beedham added.

To help your new recruit perform to the best of his or her ability, it’s probably also worth investing in whatever equipment they need. This might just be a company laptop, or it could involve setting them up with a full home office. 

In summary

Remote recruiting can be a great way to access a wider talent pool and increase workforce diversity.

However, to appeal to the best candidates, you need to be detailed and specific about what you are looking for, and ensure your company looks good online.

To avoid losing new recruits due to the challenges of remote working, it’s also important to make the effort to help them feel part of the team.

Further reading

How to land your first finance role

Posted by & filed under Students.

These are tough times for graduates hoping to get hired in the finance sector, but don’t despair – there are jobs available. The secret to landing your first job in finance is knowing who is recruiting, in which sectors, and what employers are looking for.

Recruiters agree that this is one of the toughest years on record for getting a first job in finance, so it is important to focus on which sectors are still hiring.

Who is hiring?

At Yorkshire-based recruiter Pratap Partnership, director Karen Caswell says employers in construction, manufacturing, and logistics are hiring, and more employers are embracing candidates with AAT qualifications as well as relevant degrees.

Karen points out that some employers have used Covid-19 and the competition for jobs it has generated to reduce starting salaries slightly, although the job titles and the roles, such as finance and accounts assistant, have not changed.

The types of roles currently available

In recent weeks Octopus Energy was hiring an accounts payable assistant for its London finance team. This was a graduate role reporting to the accounts payable manager, involving processing invoices and data entry.

Also in London, computer software company Beamery was hiring a junior accountant to reconcile bank accounts, manage accounts payable/receivable, prepare VAT returns and work on UK and US payroll. If you had experience with accounting software and Excel, that would have increased your chances of getting the job.

Big four consultancy PwC was hiring a graduate for its specialist digital audit team to provide the link between finance and IT, while the Chartered Management Institute (CMI) was advertising for a graduate trainee accountant based in Corby to support the financial control department. The successful applicant would have had a 2:1 degree and needed to demonstrate they are proactive, self-motivated and have good management skills.

Elsewhere, homeware retailer Dunelm was hiring for its finance graduate programme to discover future finance leaders for its business. Successful applicants would work within the group and commercial finance teams and gain experience in financial accounts, management information, group tax, and treasury, as well as accounts payable/receivable.

Tips to stand out to employers

Pratap Partnership works closely with Sheffield Hallam University, and Karen says one graduate job in construction requiring a 2:1 or a first recently attracted around 150 applicants.

“The people who stood out for the employer had completed a placement year. Some workplace experience can make a big difference in the current climate,” she says. “We are also seeing more companies looking at AAT qualifications as an alternative to higher education.”

Pratap Partnership partner Nicola Worrow has some valuable advice for anyone looking for that first job in finance:

  • Be bold and go and deliver your CV to local companies.
  • Find out which businesses are moving into the area or expanding.
  • Ensure your LinkedIn profile is up-to-date and remember to upload a professional picture.
  • If you get an interview, find out something about the person who will be interviewing you. What university did they go to? Did they do the AAT qualification?

Key takeaways

  • Even in the current climate, there are jobs available in the finance sector.
  • Be aware of what industries are recruiting and what they are looking for in new employees, including what they will expect you to do.
  • Having some work experience can make you stand out to employers.
  • Make sure your CV and LinkedIn profile is up-to-date and professional.

Further reading: