<p>Finance is an industry of inexperienced interviewees despite marked recent improvements in the job market, according to the latest research by specialist recruiter Randstad Financial & Professional.</p>
<p>The sector has expanded recently. There were just 124,000 full-time accountants employed in the UK in 2013, according to the ONS Labour Force Survey. That rose 26% to 156,000 in 2014 following well-publicised recruitment drives from the likes of EY and other firms looking to boost headcount.</p>
<p>Chartered and certified accountants: full-time employees</p>
<ul>
<li>2011: 170,000</li>
<li>2012: 130,000</li>
<li>2013: 124,000</li>
<li>2014: 155,000</li>
</ul>
<div>With competition for talented employees so intense, the interview process has had to adapt, too. The average role now requires just 2.1 interviews, down from 2.9 last year before the hiring sprees had affected the market – and the same as it was at the very start of 2008.</div>
<div>Number of interviews to secure role in finance</div>
<ul>
<li>Spring 2008: 2,2</li>
<li>Spring 2013: 2,9</li>
<li>Autumn 2014: 2,1</li>
</ul>
<div>Half of financial services professionals (52%) said they only had one interview before landing their current role, with another quarter only requiring two (27%). These figures highlight the need for making a good first impression – there may not always be an opportunity to make amends in a subsequent meeting.</div>
<p>Tara Ricks, MD of Randstad Financial & Professional, said: “Memories of the great recession are fading. The economy is back on its feet and the UK is currently the fastest growing country in the developed world. The number of jobs is soaring, not least in financial services and accountancy. With the jobs market white-hot at the moment – especially for internal audit and risk roles as well as those in the SME sector – employers are having to act decisively to ensure they land the top talent.</p>
<p>"In the time it takes to invite people back for third or fourth interviews, the best candidates are being snapped up by rivals. This is good news for people frustrated with the protracted interview processes of the recession – but it also means candidates aren’t getting then chance to show their true colours if they haven’t made a good first impression.”</p>
<h2>Many finance professionals are not in a position to take full advantage of the booming market</h2>
<p>Three-fifths (61%) say they now find interviews harder than they did before the crisis took hold.</p>
<p>Almost a third of finance professionals (29%) say that, despite being good at job interviews once upon a time, they are now out of practice. Another 21% of finance professionals say they’ve always underperformed in interview situations.</p>
<p>Tara Ricks said: “There are plenty of people working in finance who have done several rounds of job interviews over the course of their careers – people who were used to moving employers once every three years or so before the crunch hit. But, since then, many of them haven’t had a great deal of opportunity to brush up on their technique as they’ve found themselves sticking with the same employer.</p>
<p>"The job opportunities just haven’t been there or, in a tricky market, they’ve wanted the extra job security of bedding down in a company. But, after a tough few years, the jobs market has improved dramatically. If finance professionals don’t want to miss out on new opportunities, they might want to start sharpening their job-hunting skills.”</p>
<p>What can finance professionals do to improve their technique?</p>
<p>The intense scrutiny of an interview situation can cause even the coolest heads to make a range of mistakes. Despite being renowned for their sharp minds, two-fifths (41%) admitted their mind had gone blank in an interview situation. And, despite the potential rewards on offer, a fifth (19%) of those surveyed conceded their preparation had been inadequate. Others admitted offending the interviewer or making off-colour jokes (8%) and almost 15% said they had been late for the interview.</p>
<h3>"proper planning and practice prevents poor performance"</h3>
<p>Tara Ricks said the answer is better preparation: “Clearly, making lame jokes is not going to mark you out as a top 25%, high-flying A-Player. But it is staggering that a fifth of finance professionals don’t appear to have done their homework ahead of the big day. The old army adage is never truer than in the interview scenario – proper planning and practice prevents poor performance. It’s not enough to assume your intellect and experience will get you through. </p>
<p>"You have to do the prep. First, rehearse answers to obvious questions. Second, get some guidance on technical and competency questions from those in the know. But by far the most important factor is to understand the role and the organisation.</p>
<p>"Websites and companies’ social media feeds are fairly generic, frankly, and will only tell you so much. They probably won’t give you a steer on the feel of a company, the culture of a team, or the way your potential new boss likes to do business. Do your background research and ask around. This is where a good recruiter can add value to the process.”</p>