18 July 2013
In light of the new Dodd-Frank and FATCA regulations that are expected to go into effect this year as well as the recent SEC vote to eliminate the ban on general solicitations in Rule 506 offerings, The Execu|Search Group’s Financial Services recruitment professionals have been observing a particularly strong increase in demand from clients for compliance professionals that have all levels of experience. “It’s an exciting time to work in the world of compliance,” explains Stephanie Tancredi, a Director of The Execu|Search Group’s Financial Services division who specializes in compliance. “As these new regulations begin to take effect, we expect that the demand, both for junior level professionals who are eager to learn, and more experienced professionals who can think and act strategically, will grow stronger.” You can learn about the unique career opportunities these new regulations are creating below: Dodd-Frank and FATCA Firms taking steps to comply with and prepare themselves for future Dodd-Frank and FATCA regulations are increasing their staff by creating unique opportunities for Junior Compliance professionals. As Stephanie notes, because these regulations are so time sensitive, “firms, particularly on the buy-side, really need new hires who will not only be ready to get the ball rolling on the first day, but also be prepared to see new compliance initiatives through.” Stephanie encourages all compliance professionals at the junior level to take advantage of these changes. “Compliance professionals with about 1-4 years of experience really have their pick of jobs right now and organizations that need junior bodies in seats are creating opportunities that offer the professionals who fill them the chance to gain some real hands-on experience,” she explains. “While at your current job, you may be 1 of 100, if you seek out one of these newly created positions, you’ll have the opportunity to do more than just sit behind a computer and press a button. You’ll learn how to accomplish different tasks, become a valued member of the team, and most importantly, you’ll make direct contributions to the company’s operations.” Whether you’re thinking about your next steps or happy at your current place of employment, it will be worthwhile to check out these new positions because in the long-run, the experience and growth opportunities they offer will position you as a much more marketable candidate with higher salary potential. Rule 506 On July 10th, the Securities and Exchange Committee voted to adopt amendments in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act) to rule 506. The new rule, 506(c), states that the prohibition against general advertising and solicitations will no longer apply to private placement offerings. Stephanie expects this decision will specifically create a wealth of jobs within a variety of hedge funds. She notes, “Rule 506 is an excellent way to raise capital and one that hedge funds will take full advantage of now that the ban has been lifted. However, in order to market their products to the public, using both traditional and social media outlets, they will need compliance professionals to review all of their marketing materials to make sure they are in compliance with all anti-fraud rules included in the federal securities laws.” As a result, if you are a compliance professional who has experience either developing or working within a marketing compliance program at a broker-dealer or asset management firm, for instance, this new rule affords you the opportunity to take your skills elsewhere and really build a new program from the ground-up. “Don’t be scared to make a change,” Stephanie advises. “Opportunities like this come few and far between.” Hedge funds will be willing to pay top dollar for experienced compliance professionals who can take charge and make a real difference. In addition to the monetary rewards, think about how you will gain a stronger overview of the world of compliance and how this will brand you as a well-rounded professional whose opportunities are limitless.
18 July 2013
Author: The ExecuSearch Group
For accounting professionals building a career in tax, it can be difficult to decide what step to take next. Should you pursue further education or acquire a certification? If the latter, which one? Or are you better off just focusing on further work experience? There are many career paths one can take, but many are puzzled when it comes to deciding which credentials will offer the most in terms of professional growth and compensation. A Master’s in Taxation is a good way to improve your skills, gain the ones needed to pass certification exams, and accrue further hours of experience in the field. However, when compared to the Enrolled Agent (EA) designation given by the IRS and the Certified Professional Accountant (CPA) certification provided by state, does an advanced degree measure up? And which certification is better? At The Execu|Search Group, our Accounting/Finance recruitment professionals have been observing a strong uptick in demand over the last several months for tax professionals who have acquired their CPA. “Clients want to see that a candidate is committed to their career, and being certified shows employers that commitment because it’s the highest-level certification in the industry,” says Accounting/Finance Director Elisa Dammacco. “While being an Enrolled Agent or having your Master’s in Tax might suffice at your current firm, if you are looking to advance and increase your professional value, you need to obtain your CPA.” Acquiring your CPA certification will allow you to enjoy a variety of benefits that you might not have had otherwise. For instance, accountants who hold one or more professional certifications (CMA, CPA, etc.) can earn 32% more over those who don’t, including professionals with a Master’s Degree as well as those with less schooling. Many high-level tax and accounting positions also require that the candidate acquire his or her CPA within a certain period of time from obtaining the position, and for those positions that don’t require it, having a CPA can be the deciding factor between you and an uncertified candidate. Although as a CPA you will have the same tax-related freedoms and responsibilities as you do as an EA, a CPA will allow you to acquire a more well-rounded knowledge of the accounting industry, which not only presents you as a candidate who can approach your work with the big picture in mind, but also gives you greater flexibility for the future. Whereas an EA is strictly an expert on tax, a CPA can have a concentration in tax but must pass an exam consisting of four parts that address all corners of the accounting field. As a result, the CPA is considered the gold standard in accounting certifications, as it is one of the most difficult to achieve, and is therefore given the most consideration by hiring managers.