Accountants could be in line to earn as much as £1,000 a day over the next 18
months, as financial services companies implement new European Union regulations
that are set to revolutionise the sector.
The costs of the rules could hit £100m for some businesses, experts have
The Markets in Financial Instruments Directive (Mifid) has to be fully
implemented by November 2007, and financial services firms have only just begun
the drive to recruit people with the skills to implement the new rules.
The directive will require banks, insurers, brokerages and fund managers to
undertake large scale reviews of their systems and
internal controls, placing accountants, financial consultants and regulatory
experts at the top of the recruitment wishlist.
Simon Walker, a director at recruitment consultancy Project Partners, a part
of Hydrogen Group, said those with Mifid expertise were already sought after,
but he added that demand for skills would be at its peak by the end of this
‘The market has been busy, but over the next few months it is really going to
heat up as everyone begins to understand what will be required,’ he said.
The career opportunities flowing from Mifid are expected to be contract
driven, as the need for skills will fall by November next year, but in the
meantime professionals can earn £600 to £1,000 a day.
Project and programme managers, responsible for leading the implementation of
the rules, stand to earn the most from the directive. Candidates will need to
have at least five years’ experience and have a sound finance and project
Walker said that there would be even more opportunities for accountants
closer to the implementation deadline.
‘This will still take a bit of time, but in about six months there is going
to be a strong demand for accountants who can analyse costs per trade, as this
is one of the key areas where firms can reduce costs as a result of Mifid,’ he
‘A large investment bank could be paying as much as £100m to implement
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