The document provides an overview of various roles available for newly qualified accountants in the front office, middle office, and back office of a bank, including product control, finance control, management accounting, financial planning and analysis, regulatory reporting, group accounting, internal audit, and more. It describes the key responsibilities, skills, and typical career progression paths for each role. The roles offer opportunities to gain experience and exposure in different areas of banking in order to take on more senior positions over time.

1. The Roles Available
A quick overview of the positions available for
a Newly Qualified ACA/ACCA/CA
Graham Bramwell

2. Front Office Middle Office Back Office
Product Control
Finance Control
Corporate Finance
Management Accountant
M&A
Financial Planning & Analysis
Equity Research Regulatory Reporting
Group Accounting
Tax
Internal Audit

3. Product Control
Product control is concerned with controlling risk and analysing the profit
and loss accounts for each trade of each product undertaken on behalf of
the bank. These figures are used to assist, advise and control the activities
of the sales, trading and risk management teams within the bank. Product
controllers are an integral part of the capital markets area of any bank
because they perform such an important function in terms of liaising and
communicating cross-functionally.
Interpersonal skills are essential, as there will be contact with the traders
and bank officials. The lifestyle is less hectic than that associated with
advisory positions because the working day is based around set trading
hours.
Product controllers can remain within product control and work their way up
to head a desk in a particular product. Other viable career options include
risk management, trading or structured products designed to meet specific
client needs. There is also the opportunity to become more involved in the
finance function in another capacity and to work towards becoming a CFO.
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4. Finance Control
Financial controllers usually perform high level analytical reviews of the
bank’s financial results to ensure they are correct. Roles in this area include
management accounts, which involves planning and budgeting for the
future, financial accounting and regulatory reporting.
The rapidly evolving nature of bank's dynamic products and support
systems means that the financial control area is critical to the bank's
success. It is a vital information input into the management of the business.
As a new recruit, positions within financial control also give you the
opportunity to gain an understanding of the banking business before
deciding which area or specialism you wish to move into at a later stage.
Financial controllers work with product controllers, and other staff in the
middle office, operations and compliance teams.
Having built up experience as a financial controller, you can progress to
managing your own team or move into product control, both with the
ultimate goal of becoming CFO. You can also move into the project arena,
managing business planning or management for the bank.
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5. Management Accountant
Management accountant often ask as the lynchpin between finance and non-
finance. These roles are often reserved for CIMA candidates but over the
past few years candidates from ACA/ACCA/CA backgrounds have been
considered on a more frequent basis.
Interpersonal skills are key as you will work with people who do not
understand complex accounting terminology and this will mean that
communication barriers have to be overcome. The role is also diverse which
means that you will usually have to deal with many internal stakeholders.
The reports which you produce will be used for internal use only, such as
forecasting, budgeting and planning for the short-term future.
Typically Management Accountants can move into Management Information
positions, more analytical and strategic work or Business Partnering roles.
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6. Financial Planning & Analysis
Financial analysis roles can be varied, ranging from ad-hoc project-based
work involving senior management exposure to accounting roles with a
strong commercial element. Often the role focuses on the preparation and
evaluation of investment appraisals, strategic reviews, joint ventures and
new business plans. Many accountants see financial analysis as a more
commercial role than other entry points, and so competition is often fierce.
As the roles often involve Change rather than Business As Usual work, it is
much more realistic to move into one of these roles after a few years of
being in a more reporting based element. This will allow you to build up the
knowledge of the balance sheet and financial markets. The role requires
good interpersonal and commercial skills, and career development will
depend on the actual content of the role, which can vary greatly.
A more commercially-focused financial analysis role can preclude the
possibility of gaining any accounting exposure, which can be problematic
later as some FD positions will require technical accounting experience.
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7. Regulatory Reporting
Regulatory reporting is concerned with reports to governing bodies, such as
the FSA and Bank Of England. The regulations are often changing which
ensures that the role can offer diversity. With the implementation of new
regulations such as Basel III, banks are recruiting in these areas heavily and
there is plenty or room for progression.
Due to the changing nature of the markets, there is also a high propensity to
enter more project and change driven work, which will allow for new
exposure and more challenges on a daily basis.
Typically, candidates will need to be from a FS audit background and already
have some exposure to regulatory requirements, whether it be from work
related tasks or personal interest.
The role can evolve into more strategic positions, project work or more
senior appointments within the reporting framework.
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8. Group Accountant
This role is an excellent entry point for newly qualified accountants, as it
provides an invaluable insight into the workings of large companies and
requires the strong interpersonal skills needed to collate and compile
information from different companies, subsidiaries and divisions within a
larger group.
The role can involve all aspects of the group finance function, including
liaison with international and UK based companies to gather information and
company results, consolidation of individual results, treasury and cash
reporting, and ad hoc projects.
If you are aspiring to a role as FC or FD, this is a perfect platform from which
to develop your career experience. Most recruiters perceive group
accounting to be highly useful and valuable experience.
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9. Internal Audit
Internal audit can be an excellent commercial entry point into a bank,
offering wide exposure to all the product areas. Essentially concerned with
the review of company processes and controls by using risk management
methodologies to achieve maximum effectiveness and efficiency, internal
audit can be financially, organisationally, strategically or IT-focused. Auditors
in banking often spend considerably less time travelling than their industry
counterparts.
Internal audit is an integral part of any organization because it is concerned
with ensuring the various functions are as effective and efficient as possible
and that all the necessary systems are in place. In addition, it can add value
to the organisation by acting as an internal consultancy and offers the
widest exposure of all entry points, maximising your understanding of the
whole bank and its various business units.
Internal audit can provide an excellent network platform to launch into a line
role within 24–36 months. It also has the advantage of not closing any doors
to future career possibilities and is a proven training ground for chief
financial officers, financial controllers, financial directors and project teams.
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10. Feel free to contact me with any questions
on:
0207 002 0117
grahambramwell@financeprofessionals.com