What is the market like at the moment?
For those with experience, it's never been better. The ongoing skills shortage within the UK, and especially London, makes contracting and interim employment a highly lucrative and rewarding option. Increasing caseload in formal insolvency means permanent staff are at full capacity, and firms do not always respond with permanent hire demand: often they will want to ride the peak purely or mainly with contract staff. And as banks shorten their credit terms and become more circumspect regarding their investments, pre-appointment work is at an all time high.
So the short answer is: if there’s something you’d like to be doing more of, then the chances are there’s a contract role that can deliver it.
What kinds of assignments are available in CR and Insolvency?
Contract and temporary jobs in corporate recovery / restructuring and insolvency (short- and long-term) are from a broad range of disciplines, including:
- Working capital review / optimisation
- Solvent restructuring
- Corporate turnaround
- Optimised exit planning
- Accelerated mergers
- Pre-packs / administrative receiverships / administrations
- Liquidations (voluntary, compulsory, solvent)
Pre-appointment and restructuring work is often offered to those who have the financial or accountancy background to meet the demands of this area. You don’t necessarily need to have done a lot of business review work, but any project work in due diligence or opinion-based report-writing will stand you in good stead for these opportunities.
Formal appointment-led insolvency work will be matched with those from an insolvency background, and often gives the opportunity to get exposure to sizes or types of case you may not have much experience in.
Can I use my skills in a different advisory application?
Certainly this is often possible for ACA / qualified accountants with a recent background in opinion-based report-writing. For example, if you’ve done quite a bit of due diligence or working capital review work but would like to get exposure to forensics or investigative work thta can sometimes be possible. Those with a transaction services background can often break into corporate restructuring for the first time.
What are the benefits of contracting?
Tangible benefits of temping in the profession include:
- Lucrative and competitive rates
- Be employed at the level of responsibility you’ve earned (versus industry where typically as a contractor you’ll be working at slightly below your level)
- A variety of roles and projects
- You often gain more concentrated experience compared to a permanent role, as insolvency work often demands rapid response to which contractors are “parachuted in.”
- Exposure to different types and sizes of cases and firms
- The choice of more specialist sectors
- Travel is often included
- You can avoid a gap on the CV
- You keep up to date with legislation
At Hays we are dedicated to being proactive on your behalf. Rather than wait for vacancies to land in our inbox, we will establish your career goals and market your profile to firms that we feel would be able to deliver them, whether or not they have registered a vacancy. Our long-standing relationships with most firms in the market means that positions can often be created for good candidates based on our recommendation.
Considering the UK from Australasia or Canada?
The concentration and volume of firms and work in the UK is unrivalled. Fewer regional or geographic specialisations means that a broad range of work can be found in almost every location. In particular, London is reknowned for the scale of opportunity it offers, and the numbers speak for themselves: at least 100 firms specialise in recovery, insolvency or restructuring as all or part of their business, ranging from specialist boutique firms to international players.
At the moment the UK economy is perfectly pitched to broaden experience for the right candidates, with a competitive blend of restructuring, profit-improvement, formal corporate appointments and personal work on offer. The end of the private equity and cheap credit boom has seen many new businesses created which are now struggling to compete, so there is a significant rise in non-appointment advisory work. If you’ve done a particular aspect of work that you would like to gain more exposure to, or perhaps have reached a point in your career where international experience could give you the leverage you need, this is the time to come to the UK.
Can I still work and travel?
In corporate recovery you can often travel as part of your job. For instance, administrations frequently involve spending time in other parts of the UK or even elsewhere in Europe. And at working capital reviews you’ll be on site for some of the time too, which could be anywhere in the UK. You can go back to London for the weekends, or stay up in that area for the weekend and use it as a base to explore. In the UK is that the scenery and landscape changes regularly and our Australasian candidates always tell us how amazed they are at the variety they can encapsulate in a single weekend. Indeed, if you decide you’d like to be based outside London altogether, we have the largest number of UK offices of any specialist finance recruiter in the UK, so you can use our network to your advantage.Contact your nearest office
to discuss interim recruitment.