Growth of alternative accounting roles in Scotland

Did you know? While 2024 might be a challenging year for job seekers and hiring managers, there's a silver lining for Scotland's job market. The market is undergoing significant shifts, influenced by economic turbulence and changing industry dynamics.

The growth of alternative accounting jobs in Edinburgh and Glasgow has been a standout trend. Renowned for its expertise in public market investment across Equities and Fixed Income, Scotland is now seeing a rise in alternative accounting roles. These positions are reshaping the job landscape. The Scottish fund-servicing community once focused on servicing OEICs, life and pension funds, and collective investment schemes. But now, we're witnessing an exciting shift towards more diverse financial opportunities.

New players reshaping Scotland’s fund servicing market

Over the past two years, we have seen new market entrants within private equity, credit, and real estate investment management. This is through acquisition but also through establishing new entities in Scotland. From a fund servicing perspective, Edinburgh and Glasgow have proven attractive locations for global and European banks to build capacity and capability for

• Private Equity
• Infrastructure
• Real Estate
• Debt
• Hedge Funds
• Private Funds clients

Small boutique fund servicing firms have grown their presence to support new business wins.

Scotland’s financial landscape is transforming, and it’s exciting to see how firms are looking for new talent to support these booming sectors.

Scotland’s talent pool meeting demand for specialist roles

From a talent pool perspective, it will be no surprise to hear that these firms have looked to tap into Scotland’s Big 4 and Top Ten Accounting firms to fill these positions. Candidates moving into fund accounting and fund controller roles have done so from senior associate to manager grade and from PE, RE, or infrastructure audit backgrounds. Some roles are filled by returning diaspora who worked offshore in the Crown Dependencies in similar roles.

As demand for specialist roles grows, Scotland’s talent pool is increasingly being tapped to meet these needs. Firms are looking for experienced professionals to fill these gaps.

Rigorous interview processes for private market roles

Interview processes are rigorous. Clients are highly involved and expect high standards. Additionally, gathering data in private markets can be challenging. Applicants for these roles may be assessed for:

• business partnering skills
• resilience
• project management
• relationship management
• multi-tasking

Competitive compensation in alternative accounting

From a compensation perspective:

• Qualified fund controllers and accountants can expect a basic salary in the £45k to £60k range.
• Non-qualified candidates can expect between £32k and £40k. This is around a 10% premium compared to traditional fund accounting roles.
• Leadership roles can command anywhere from £75k to £110k. This depends on team size and responsibilities.

Looking ahead: continued growth expected

Firms now have their “proof of concept” that Scotland has the talent to support this specialist area of accounting. As we look to 2025, the future for alternative accounting roles in Scotland looks bright. More firms are building their presence. This isn’t only good news for the sector—it’s good news for you. Whether you’re job-seeking or hiring, these changes open up new opportunities.

Interested in hiring for these roles or exploring new opportunities? Reach out to Andrew.Welsh@merakitalent.com