Case study
Merrill Lynch
Martin McMillan
%% The CIMA qualification is
Merrill Lynch is one of the world’s
leading wealth management, capital
%
markets and advisory companies,
– like our Roman Wall – with offices in 37 countries and
territories and total client assets of
a good solid foundation. approximately $1.5 trillion.
Merrill Lynch has been ranked 14th
within the Top 20 Best Big Companies
to work for by The Sunday Times.
In addition to making the Top 20
list, Merrill Lynch were one of
three companies acknowledged for
Special Achievement in Training and
Development, and ranked 10th in the
‘I Feel Proud to Work Here’ category.
Merrill Lynch has two core businesses
– Global Private Client, and Global
Markets & Investment Banking
Group – offering a range of services
for private clients, small businesses,
institutions and corporations.
As an investment bank, it is a leading
global trader and underwriter of
securities and derivatives across
a broad range of asset classes
and serves as a strategic advisor
to corporations, governments,
institutions and individuals worldwide.
Merrill Lynch owns just under half
of BlackRock, one of the world’s
largest publicly traded investment
management companies with
approximately $1 trillion in
assets under management.
Martin McMillan
The location of Merrill Lynch Regional
Headquarters at Newgate Street, in
the heart of the City of London, has a
heritage steeped in history – it hosts
the remains of a length of Roman city
wall built around AD200. This impressive
monument is now preserved in a chamber
in the basement of the building and
serves as a reminder of how important a
strong foundation was to the success of
the Roman city and still is for the City’s
financial industry.
Martin McMillan has worked for Merrill
Lynch for over sixteen years, most
recently as Chief Financial Officer of the
EMEA (Europe Middle East and Africa)
Global Private Client business. He has
held a number of posts during this time
including CFO of the EMEA Investment
Banking business, and Financial Controller
of Merrill Lynch’s private bank.
Unusually, Martin wanted to be an
accountant from an early age. He chose
management accounting because
he felt the commercial acumen of
the qualification provided a better
foundation upon which to build a career.
After attaining an Honours Bachelor
of Commerce degree from University
College, Galway, he went on to gain his
CIMA qualification while working for an
aircraft leasing company in Ireland.
Martin moved to the UK after being
headhunted by the air charter arm of a
now world famous budget airline. Martin
joined Merrill Lynch in 1990. One of the
reasons he was attracted to working
for Merrill Lynch was the fact that its
businesses covered the entire financial
services spectrum, from investment
banking through to trading, brokerage,
and asset management.
Martin explains why he finds working
for Merrill Lynch rewarding, ‘The best
thing for me about the job is that there is
always a challenge, and it’s also extremely
interesting how varied the role can be.
Merrill Lynch is an ambitious organisation
– it’s dynamic, it’s always moving and
evolving, and that makes it a very
stimulating and attractive employer.’
Martin finds that the CIMA qualification
has been exceptionally useful in his
career. Its broad and practical focus has
allowed him to make his studies relevant
and at the forefront of the businesses he
has been working in.
Martin explains, ‘Most accountants, in
their first role, are usually not operating
at a management level, or if they are
it’s to a very limited extent. But as your
career progresses you get to draw on the
knowledge and understanding that you’ve
gained through your CIMA qualification.
You also have to continuously strive to stay
up to date professionally.’
The consequence of the downturn a few
years ago was that there were a large
number of people available. Now that the
UK has moved into a period where there
aren’t very many accountants on the
market, it really is a war for talent – not
only across the city but also in commerce
and industry as well. Martin explains
Merrill Lynch’s position, ‘We are all looking
for the most capable candidates to come
and work for our organisations,
Martin McMillan, ACMA
CFO, EMEA Global Private Client International
Merrill Lynch
which is a great thing for those who are
considering a career in accountancy. There
is a considerable amount of interest right
across the spectrum in bringing in
the best.’
The benefits of the CIMA qualification
are recognised throughout Merrill Lynch.
‘Earlier this year we launched ‘Insight’,
a two year rotational development
programme for high potential junior
employees. For next year’s intake we
are specifically targeting part qualified
CIMA students, as the breadth of the
qualification is seen to provide a great
platform from which to develop a
successful career in business.’
Culturally, Merrill Lynch encourages staff
to develop from a combined emphasis
of ‘on the job training’ reinforced with
traditional learning techniques. They
encourage employees through their
annual review processes to assess their
individual training requirements and
then develop and follow a training
plan. CIMA’s Continuing Professional
Development (CPD) scheme fits in well
with this approach as it is forward-
If members of the press are interested
in CIMA case studies, please contact:
Annette Heninger
Press Officer
T. +44 (0)20 8849 2427
E. annette.heninger@cimaglobal.com
thinking enough to allow people to
choose the best route to attain their
personal professional development needs
as opposed to a rigid strictly time and
classroom based approach. Both Merrill
Lynch and CIMA emphasise the need to
reflect on what has been accomplished,
as well as considering what still needs to
be achieved.
As Martin explains, ‘It is almost as if CIMA
read our minds in terms of what we are
‘ It is almost as if CIMA read our minds in terms of what we are trying
to achieve with CPD. It’s not just about people getting the skill-set for
their current job, it’s also about building the skill-set for where they
want to go next in the finance organisation.’
trying to achieve with CPD. It’s not just
about people getting the skill-set for their
current job, it’s also about building the
skill-set for where they want to go next in
the finance organisation. The whole idea
for us as a firm is to grow a substantial
proportion of our talent internally.’
For general enquiries please
contact:
CIMA Contact team
The Chartered Institute
of Management Accountants
26 Chapter Street
London SW1P 4NP
T. +44 (0)20 8849 2251
E. cima.contact@cimaglobal.com
Case study
Martin McMillan, ACMA
CFO, EMEA Global Private Client International
Merrill Lynch
Merrill Lynch’s belief in CIMA’s CPD
programme was confirmed by their
successful application to become a CIMA
Development Partner (CPD employer
accreditation), coupled with the fact that
they are also a CIMA accredited Training
Partner.
Martin explains the decision, ‘The CIMA
qualification is – like our Roman Wall – a
good solid foundation. The high value
is placed on the CIMA qualification by services spectrum, from investment
banking through to trading, brokerage,
and asset management.
Martin explains why he finds working
for Merrill Lynch rewarding: ‘The best
thing for me about the job is that there is
always a challenge, and it’s also extremely
interesting how varied the role can be.
Merrill Lynch is an ambitious organisation
– it’s dynamic, it’s always moving and
employers because it is such a good base evolving, and that makes it a very
from which to build a successful career. stimulating and attractive employer.’
Gaining the qualification is just the
beginning – this is the start of something Martin finds that the CIMA qualification
that is a lifetime experience. The CPD has been exceptionally useful in his
requirements now formally recognise and career. Its broad and practical focus has
reinforce this point.’ allowed him to make his studies relevant
and at the forefront of the businesses he
has been working in.
which is a great thing for those who are