Maud: “I started working in the Crédit Agricole group as an apprentice with CACIB in the Finance, “Metropolitan Financial Information” department for my Master’s degree in Accounting, Management Control and Audit (CCA). From there, I went to work for a major accounting firm where I discovered the profession of consolidation accountant. I wanted to combine my two experiences and return to the Crédit Agricole group as a consolidation accountant, in order to develop my skills in consolidation in the banking sector.”

Marin: “I began my career in an Alsace-Vosges Regional Bank after obtaining a Master’s degree in “Corporate Finance and Financial Market Practice”.” I worked for six years in the finance department and carried out a variety of assignments: interest rate risk management, financial markets back office, regulatory consolidation, etc. I was able to join Crédit Agricole S.A.’s teams as a ratio consolidator thanks to these experiences and the internal mobility system. It is a cross-functional and dynamic job that motivates me.

How would you describe the position of “Consolidation Accountant”?

A statutory and regulatory consolidation accountant is a financial specialist in charge of producing the consolidated financial/regulatory statements (hence the name consolidator) on behalf of the Group in accordance with the deadlines set by the regulator and the management.

We play a key role because our contributions meet regulatory requirements and enable Crédit Agricole SA’s General Management to define its strategic policy. The indicators obtained from the production of the consolidated financial statements can be used to develop transformation strategies, which are essential to remain competitive given market fluctuations and the societal, digital and regulatory changes we are currently experiencing.

Specifically, we are responsible for the reporting of the subsidiaries’ consolidation packages, the processing of this information in accordance with the standards and principles of the Crédit Agricole SA Group, and the preparation of the Group’s main financial and regulatory statements: income statement, balance sheet, statement of changes in shareholders’ equity, cash flow statement, proof of tax, FINREP, COREP, etc.
We are required to draft part of the instruction notes for the subsidiaries and Regional Banks.

Our role also consists in proposing process upgrades to improve and guarantee the security of the closing process in the BFC consolidation tool.
Apart from production periods, we actively participate in work to adapt the regulatory context through exchange workshops with the standards, project management, financial management, risk management, management control, financial communications and tax departments. We may also be asked to participate in acquisition and disposal projects and structural operations to model the impact on the Group’s balance sheet and income statement.

What are the peak periods of your job during the year?

We produce quarterly statements. Our day-to-day work is therefore regulated by the quarterly closings. And during these periods, the key words are: organisation, efficiency and quality.

We support the Group’s entities in their work, analyse their contributions and produce regulatory and statutory reports in strict compliance with deadlines and quality standards.

Of course, we have to prepare the quarterly cut-offs in advance and participate actively in the projects resulting from regulatory and functional changes to the business.

Twice a year, Management organises an Accounting and Regulatory News Day, which is an opportunity to share topics of the “Accounting and Consolidation” business line with the Regional Banks and the Group’s subsidiaries. We really appreciate these moments of social interaction with them.
We also regularly share team-building and “croissants” moments during the most hectic times of production. Our motto is: “the last person in organises the drinks”.

Can you describe your typical day?

Maud and Marin: “The days are all very varied. The first reflexes of the day are to check our emails and prioritise requests.”

Maud: “I draw up a To Do list for the day. It helps me to organise myself and to evaluate the progress of my tasks. During the closing period, we can have many meetings, so it is important to be well organised in order to meet the milestones set by the Group. These are often very intense periods that can be stressful.
In between closings, we are a bit less busy and we take advantage of these periods to make improvements to the process and to anticipate difficulties, to ensure that production periods run as smoothly as possible.”

Marin: “A typical day depends on the time of year and the projects in progress. During the reporting period, I ensure the comprehensiveness and quality of the regulatory data reported by the entities and I answer their questions. Then, I work on data analysis and the preparation of consolidated summary statements. Lastly, I make sure that the controls put in place by the banking supervisor are complied with before sending the regulatory reports to the supervisor. Outside the reporting, I work, among other things on projects, I receive reports from the business lines and prepare the next cut-off periods.”

Maud and Marin: “It is therefore essential to have good interpersonal skills in order to communicate clearly and pedagogically with the subsidiaries and with top management, and to manage pressure and stress during the closing periods. A positive mind-set is useful, motivates us and makes us supportive and considerate of each other.”

What career path is required to reach your position and what are the possibilities for development?

Maud: In my opinion, there is no typical or ideal career path, even if, it must not be denied, knowledge of accounting and consolidation is at the heart of our profession. Above all, you have to be curious, to be able to understand the consolidation mechanism, to understand how all the information from the subsidiaries comes back to us, how it has been processed. An analytical mind, good organisation skills, responsiveness and good interpersonal skills are, based on my experience, the qualities to have.

Marin: Having a good financial culture, knowing how to explain key figures and having an inclination for Information Systems and office automation tools gives you access to this function and will help you in your daily life.

Meticulousness, a sense of organisation, a strong capacity for analysis, interpersonal skills, teaching ability and agility are necessary because you should remember that this is a cross-disciplinary position that will lead you to interact with many different people. This is a very well-rounded job.

We are also looking for more varied academic backgrounds, such as engineers or business schools, to complement our technical skills and thus better meet the challenges of consolidation in the coming years.

There are many opportunities for advancement: working in the Risk Department, becoming a project manager, integrating Financial Management or control functions, or progressing within consolidation itself (regulatory to statutory and vice versa).

The position of consolidation accountant is a key position and is at the intersection of various professions, which is why there are so many and diverse opportunities for development.

What advice would you give to someone thinking of taking up a similar position?

Marin: “The position of consolidation accountant enables us to acquire and develop many skills and is a constant source of learning new things. With the different standards that are being put in place, there are often new subjects and new challenges.
It also provides an overall view of the Crédit Agricole Group from an economic as well as financial perspective, as well as its strategic choices.
This job is rich and interesting and opens up many doors to other professions. It is a real opportunity.”

Maud: “The job of consolidation accountant in the Crédit Agricole SA Group is a job that provides a broad economic view of the banking Group. It is a highly operational and constantly evolving profession where you always learn new things.
The statutory consolidation accountant is the keeper of the accounts while the regulatory consolidation accountant is half-way between “risk-oriented” professions and “accounting” professions.

Although it is true that this job requires a lot of commitment, it is a real springboard to the other jobs offered by the Group.