N.Y. Financial Firms Still Adding Audit, Compliance Staff

While New York's mayor and various Wall Street mouthpieces fret that tough U.S. reporting and disclosure rules will drive listings, fees, and ultimately jobs offshore, it's worth noting that one type of work is booming here as a clear consequence of those regulations: accounting and finance professionals who handle audit and compliance for financial services firms.

We’re seeing a demand for services around the country, but in the New York metro area, there’s such a large number of investment banks, and they’re specifically looking to enhance accounting and internal controls,

Joseph A. Tarantino, managing director and head of the Northeast practice for Protiviti, a risk management consultancy and internal audit provider, told JobsintheMoney.

The need is greatest for CPA-types familiar with current accounting issues specific to the finance industry, such as topical stock option accounting and revenue recognition work. Tarantino also cites a need for professionals who can help hedge funds and other alternative investment firms upgrade internal controls and reporting, now that many such firms are getting bigger, more visible, and/or on a path toward going public. Foreign banks in New York also are stepping up their hiring of compliance pros, according to executive recruiter Brian Drum of Drum Associates.

For the full story, and other regional news, visit JobsintheMoney.

N.Y./N.J.: Wall Street, Hedge Funds Seek Finance Pros [JITM]