South Africans still incredibly keen to work in financial services

The global crisis has not affected the financial sector's standing in the eyes of most South African professionals. For the majority, a job in financial services is the ultimate ambition. At least so says a new nationwide survey of university graduates and members of professional associations like the Institute of Chartered Accountants, the Institute of Bankers and the Institute of Internal Auditors.

"It is surprising that the financial crisis has not changed people's perceptions, - says Sean Samson of Magnet Communications, the employer branding specialist which carried out the survey. "- But in many ways the crisis has had positive repercussions for South Africa, making people focus more on the opportunities at home."

The top choice as an employer in the sector is Allan Gray, a privately-owned investment management firm, followed by Investec, the dual-listed banking group, and Rand Merchant Bank.

"Our challenge is the scarce resources we have to choose from as a result of the brain drain, but I do think this will be reversed with the economic downturn overseas," says Mark Orpen-Lyall, HR manager at Allan Gray in Cape Town. "There are many talented South Africans abroad, particularly in London, and given the poor economic conditions many are seriously considering returning. Recently we have started focusing on this group and we'll drive this even harder this year."

The survey reflects the fact that the financial crisis has left South Africa relatively unscathed and there have not been any notable local 'horror stories' of the Lehman or Royal Bank of Scotland kind.

However, the main reason behind South Africans' preference for the financial services sector is the dual expectation that it pays well - 20% more on average than other sectors - and that it offers great career opportunities. Most young professionals polled said they would aspire to a paid MBA, while more experienced professionals expect a performance-related bonus in shares.

"Financial services most definitely pays better than other professions in South Africa, - says Samson. - The biggest carrot it the high salary structure, followed by development opportunities."