Financial control, largely staffed by qualified accountants, is emerging from the shadows, as the bulge bracket tightens its collective belt in the wake of billion-dollar write-downs. Banks in Singapore have their sights set on ensnaring cost controllers from the Big Four accountancy firms. Think strategic partner, not number cruncher.

Steve Parkes from Michael Page International explains why the geeks are suddenly chic: “The image of these people is on the up. Financial controllers are more important than ever since the credit crunch, because they ensure that banks’ money isn’t simply going out the door. The role is seen now as not just a reporting function but a value-added role.”

In the battle for the best controllers, the accountancy firms are bleeding junior staff to investment banks, says Tim Hird, a director at recruiters Robert Half. “KPMG, PwC and the like have become natural targets for banks because they train their people so well and there’s a shortage of accounting talent. Newly qualified accountants get recruited aggressively.”

Singapore is the place to be if you like being in control, says Jeremy Canning, country head of search firm Morgan McKinley. Barclays, Deutsche Bank and Credit Suisse are leading the search for staff, mainly at junior and mid-level. “We’ve seen both regional and global migration of this function to Singapore. While people running financial control have often come from London and the US, we’re starting to see more local people coming on board as the expats return home,” he adds.

So, other than accounting acumen, what does it take to be a high-roller controller? Canning comments: “It’s about having a strong understanding of commerce, rather than specific product knowledge, so it’s a different skills set to product control.”

He says associate financial controllers are on base salaries of about S$100k, with VPs earning S$150k-$220k. Directors earn S$250k or more. But bonuses don’t match the front office and average 25-30%.