Job Description & Summary
Clients value our insights to issues, our knowledge of how others in the market are approaching the same issues and the application of practical and flexible implementation methodologies. We're a dynamic team thriving on technical complexity and assisting clients to address issues practically. We value helping clients make sense of complex issues across IFRS and other local GAAPs
- You will be required to support the growth in the business and future opportunities arising from the implementation of International Financial Reporting Standard ("IFRS") 9 'Financial Instruments'.
- Managing accounting complexity and change specifically in the area of developing IFRS 9 compliant credit risk models (PD/LGD/EAD) and ECL calculation models;
- Supporting technical analysis and developing an area of financial instruments accounting (with a focus on credit risk model development) specialism where you'll become the 'subject matter expert';
- Support in the application and interpretation of complex credit risk modelling standards and regulations, in particular IAS 39, IAS 32 and IFRS 9;
- Delivery of projects on GAAP changes and new and developing accounting standards with a focus on IFRS 9;
- Support business development and proposal activity with regard to accounting implementation projects, in particular IFRS 9;
- Improvements (including financial reporting, process improvements, support on developing financial accounting reporting manuals, procedures, training and other knowledge transfer support).
- Accounting advice and support relating to events or transactions:
- Due diligence support (for example, advising on impact of reporting under a different GAAP / new accounting standards)
- Carve out financial statements and special purpose financial statements
- Purchase price allocations/ Post merger integration
- GAAP conversions
- Accounting structuring
- Remediation and restatements
- As a Senior Associate you will mainly be delivering on projects. You'll also be involved in project proposals and in business development initiatives for accounting advisory and wider CMAAS business, in particular the business development for IFRS 9. Our relationships are both internal and external; you'll build relationships across many parts of the firm including Assurance, Consulting, Deals and Strategy within your local office and across other PwC Middle East offices. You'll also be liaising with clients at senior levels.
- There will also be opportunities to work within the wider CMAAS practice on both Capital Markets (IPOs and similar listed company transactions) and Structuring (deal structuring) projects.
- You will be required to possess strong project management skills as the delivery role requires client management, project budgeting and finance management on a portfolio of clients. A key part of delivery will be the creation, review and delivery of complex client deliverables which will include executive level reporting through to detailed design documentation.
- Developing yourself personally, taking a keen interest in trends in the various industries impacted by the accounting change in the area of IFRS 9 and the impact on our clients so you can help shape their thinking and our success in the market
- The role also requires that the candidate is able to collaborate with colleagues across different competences within CMAAS and outside of CMAAS (Deals, Consulting and RAS) to bring our clients high value solutions
- Based on clients' requirements the candidates will provide technical and practical advice to our clients to help them deal with the complexities in ECL reporting under IFRS 9. As such, the candidate should have a reasonable understanding of the applicable accounting framework, upcoming changes and ECL PD/LGD/EAD modelling.
- As part of a regional team of experts, the candidate will be working with colleagues in all Middle Eastern offices on client work and internal initiatives as well as with international teams where appropriate; and, will be expected to keeping themselves up to date with current trends from the region and from across the world.
- The role sits within a rapidly growing part of PwC's CMAAS team within the Middle East Assurance practice. You will be an integral part of the team responsible for the delivery of range products across the various industry sectors. You will have access to all of the latest training and development tools and the support of the wider PwC network. As part of the specialist team you will develop specialist skills and will act as the subject matter expert in the field interacting with a wide range of internal and external stakeholders. The role will also provide you opportunities to develop business development skills, as you will be involved in proposal development, project scoping and public speaking events.
- Bachelor's degree or equivalent in relevant subject areas such as Accounting, Finance, Risk Management or equivalent;
- The following qualification(s) are mandatory for the candidate to perform the role: ACA, ACCA, CPA or equivalent. Qualified accountant / Qualified Credit Risk Modeller;
- The candidate will be achievement oriented with the ability to be flexible and adaptive on a daily basis. They will be able to work independently and as part of a team with a fast pace and a high energy that will translate into a high quality output;
- In-depth understanding of financial instruments and credit risk management techniques and models. Technical accounting knowledge of IFRS in general and specific knowledge of IFRS 9 ECL modelling requirements;
- Ability to work as part of a wider team (e.g. work closely with the actuarial and consulting practices). Strong interpersonal skills and general business acumen;
- Knowledge of the trends in the financial services sector;
- Strong attention to detail with good project management skills;
- Exposure to credit risk/ derivative/ hedge accounting;
- Strong interest and passion for developing skills in financial instruments accounting;
- Excellent organisational skills, having the ability to prioritise work load whilst being resilient and being able to cope well under pressure and meeting tight deadlines;
- Proven IT skills in the following programmes [excel, word, PowerPoint etc.
- Excellent communication skills (verbal and written) and report writing skills with the ability to convey complex issues in an understandable manner. Fluent in English but multilingual Arabic speaker preferable;
- The ability and willingness to travel to other PwC offices in the Middle East and worldwide where the project dictates.
Minimum years experience required
- 3-5 years of relevant experience in credit risk modelling either in an assurance or advisory role preferably within a professional services environment;