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Before the crash in 2008, financial service positions being offered in the UK were at an all-time high, attracting job-seekers from English-speaking countries such as the US and Australia as well as from across the UK. Subsequently, in January 2012, new jobs advertised in the City are less than half the 2007 total, with a drop in 2011 of eight per cent over the previous year.

With recruitment agencies concerned that the market for financial service jobs may never recover fully, the recent move by the UK’s coalition government to close the Tier1 visa category to those without an actual job offer is causing even more concern as employers are left with the choice of taking on a UK national or the complicated process of interviews and assessments at a distance.

Any prospective City employee must make at least several trips to the UK to secure an offer, although headhunting companies may simplify the process to a degree. At the same time, smaller companies are saving money by cashing in on the outsourcing and work-from-home boom, rather than hiring in-house accountancy staff.

Other problems in the accountancy and finance sector for job-seeking migrants already legally resident in the UK are the need for an excellent command of the English language and a comprehensive understanding of the complicated tax laws in the country. Employers will expect strong computer competency in regularly used UK accounting software as well as Excel and Access, with an accountancy qualification and work experience often essential.

It may be possible for migrants with a degree in English and mathematics to secure a job as an accounts clerk and progress in the field by studying in their spare time for further qualifications with either the Association of Certified Chartered Accountants or the Association of Accountancy Technicians. Overseas qualifications in accountancy and finance will need to be recognised in the UK.

Online recruitment websites are a comparatively new and successful tool for finding employment in the UK at all levels from basic accountancy to positions in City finance houses and private banks, although the best route to the latter is with specialised recruitment agencies. Salaries range from ?25,000 for accounts clerks to negotiable pay with bonuses at the top level.

For example, overseas students recently graduated from a UK university in accountancy or a related field may be able to work in London as a junior accountant at ?26,000 p.a, although a similar position outside the capital will pay less. An experienced accountant in a provincial finance house should expect ?40,000 p.a, with London wages for a similar job at around ?60,000.