Data jobs open to all comers

Investment banks are hoovering up data analysts, both from other industries and other countries.

As banks struggle to keep a handle on ever-expanding quantities of financial services data, their need for data architects, data developers, data analysts and project managers is rising exponentially. And they're not choosy when it comes to insisting on previous banking experience.

"[Potential candidates] don't necessarily have to come from the banking industry," says Rob Lycett, a consultant with recruitment firm Astbury Marsden. Some data-savvy candidates in other industries, such as insurance, see the data roles as a gateway into investment banking and are competing for roles, he adds.

"Firms want specific technology expertise, or a candidate with a generic skill set such as familiarity with all types of systems," confirms Mark Verghese, director of IT recruitment at recruitment firm Greythorn.

If data-related jobs are hot, they're not exactly sexy. John Bottega, chief data officer at Citigroup, was quoted earlier this month in Securities Industry News as saying data management isn't seen as a desirable career path, or well-defined professional discipline. He added that the average age of people in the role is 45 - suggesting plenty of second careers.

Eastern Europeans filling the gaps

Banks are also casting their data hiring nets into new geographical waters.

"Some firms are pulling candidates from other regions, such as Eastern Europe and even Asia," says Greythorn's Verghese. With Eastern Europe now part of the European Union, hiring candidates is a much less painful process. And often these foreign candidates charge lower rates.

Rising demand, rising pay

Demand for data expertise is partly down to increased investment in areas like data warehousing. Equally, banks that in previous years would have hired expensive consultants are now looking to recruit internally, both to keep the expertise in-house and pay better rates, says Verghese.

"Candidates are demanding higher fees both on the contract and permanent positions," Verghese continues. He estimates fees and salaries for data-related roles are up anywhere from 10% to 20% compared to a year ago.

"The forecast is good and candidates are more in demand than ever, so they have their pick of roles," he says.