Why techies still love banking jobs

22 June 2009

2 minute read

Despite the global financial crisis, working for a bank is still a sought-after career for IT professionals. Essential project and integration work are propping up the hiring market, but if you don't have banking-sector experience, you probably won't get a job.

The Big Four banks spend heavily in technology and this investment creates IT jobs which are generally more interesting and better paid than those in most other sectors.

"Compared to some industries, it's easy for a banking IT professional to make or save a bank money, so IT is not always thought of as a cost centre," says Andrew Blades, general manager at Bradman Recruitment.

The bonuses on offer also explain why techies are staying loyal to the sector. "In a bank, if you are working directly with the business, you can get banking-style bonuses," explains Blades.

So what's the hiring market like? "IT recruitment was hit hard at the start of the downturn, but banks are now lean and efficient and have specific projects to recruit for which haven't been cut. Essential projects are still going ahead depending on the cost/reward to the banks," says Duncan Amos, divisional director, Bluefin Resources.

IT projects at the big Four - increasingly staffed by fixed-term employees - are generating most of the jobs. The Westpac/St George integration and the CBA core banking upgrade are two significant examples.

There is a sufficient supply of experienced candidates to meet most of the current demand, making it difficult for non-financial IT professionals to get a job at a bank. "It's impossible to get into banking IT and impossible to get out of it too," says Blades.

"Generally, banks want the top 5% of IT candidates and they want degrees in both technology and business. Candidates must understand why banks work the way they do, understand the trading systems," he adds.

Amos thinks it's tougher than ever to find your first job in finance technology. "There are more candidates around and more Australians returning from London having worked in banks there. Banks can afford to demand industry experience."

Any exceptions? Amos says certain architecture and process-analyst jobs require a background at a large corporation with complex IT systems, not necessarily at a bank.

Blades adds: "Possible exceptions are candidates from a defence background, who will have experience with robust, cutting-edge technology."

AUTHORSimon Mortlock

Content Manager

Am
Amit Thakur
21 July 2009
As an IT professional in banking domain, I can say that this is the most frutile domain to work for. Most importantly if you look at yourself after 10 years from now, you'll be having a better and healthier future in this field.First of all, this domain and field helps you to learn and understand most of IT parts, not only technically but functionally as well. Second the most important aspect which, I found was the saturation point. In any other domain you might have a saturation point but in this case its just unlimited. When you think you got it, it again opens doors of new unexplored parts. This also provides an ample and solid platform to show and test your skills by providing n number of solutions to Business to cope up this current market scenarios and also to improve the existing one.
This domain provides any technical guy a good platform to stand in the functional market by coming as a Business Analyst. Think of your ownself thatjust Business knowledge BA is a better choice or a guy having both technical as well as Business knowledge cos, he would be knowing the full in-out of the system, right from the starting till end.
I storngly believe that Banking is the Best choice
Reply
An
Anthony
12 July 2009
I think it all comes down to how you treat your staff. Having worked in a few banking and finance roles in IT, the places that seemed to respect the work you did more were the banks. Money was a good component, however, it was the little things that the banks did right that made the difference for me in the end. The ones i have worked in had almost got the "work to life balance" right to coin a cliche that is overused these days. My experience has shown me that people tend to work a lot harder and more effective when there is a mutual trust relationship in place that has measurable and achievable results.
Reply