IT roles in commodities, derivatives surge

As energy and natural resource prices continue to rise, investment banks and information technology consultancies are hiring more IT personnel to deal with the increased trading and demand for new software solutions, according to recruitment specialists.

Brent Harris, permanent recruitment manager for financial IT search firm Aston Carter, says, "There is no doubt that commodities are a booming area and we are seeing every top-tier investment bank ramping up their hiring."

IT people with experience in energy and metals are the most sought after, Harris says. "Banks are also open to hiring people with experience in interest rate, credit derivatives or foreign exchange options, and moving them over to the commodities sector."

Jon Palling, director of recruitment consultancy Banking People, agrees. "We are not just seeing an increase in demand from the banks but also from the consultancies and third party vendors who are looking for people to work on new projects with their banking clients," he says. "They are looking for project managers with previous experience who can help scope out the requirements for a business and then translate those needs into systems and processes."

Not surprisingly, project managers with commodities or derivatives expertise are in great demand. They are a relatively rare breed as jobs in the commodities field were far and few between five years ago. As a result, salaries are high - in the 60,000 to 100,000 range - depending on experience levels.

There are also opportunities for business analysts who have worked with front office personnel and are well versed in Object Oriented (OO) languages such as Java and C#. Those with two years experience can expect to be handsomely rewarded with salaries of 100,000 plus.