2010 preview: hot (and not so hot) jobs for the new year

Good year

Strategy-related jobs

In 2009, many departments could only get approval for single-digit headcount growth, so they naturally focused their recruitment on revenue generators. But as business picks up in 2010, banks will be hiring for management-level strategic positions, says Farida Charania, chief executive officer, banking and financial services, Nastrac.

In order to take advantage of the recovery, firms will need people who can provide leadership to their newly-recruited revenue generators. "2010 will see hires in the areas of sales strategy, product heads, organisation development etc," adds Charania.

Local regulatory specialists

As regulatory frameworks in Hong Kong and Singapore continue to get more complex, risk and compliance professions with domestic regulatory experience will find themselves in high demand. "Hiring in compliance roles will continue into next year, particularly in some of the large investment banks, which are focusing more time and effort in this area," says Richie Holliday, managing director, Morgan McKinley Hong Kong.

FIG and natural resources bankers

These will be two of the most active coverage sectors within Hong Kong investment banking. Despite significant FIG hires at both senior and execution levels in 2009, demand for technically solid, Mandarin-speaking FIG bankers will not abate in 2010, says Pui Gardiner, a senior investment banking consultant at Webbe International.

"Natural resources will also be a hot area as China continues to chase assets across the globe. Banks without strong PRC Chinese bankers at director-level, who can lead China coverage, will continue to look for them," she adds.

Commodities

Ask HR directors at large banks in Singapore where they expect a real war for talent in 2010, and most will immediately reply: "commodities". That's because the sector is seen as a lucrative one in revenue terms. Talent is also in short supply, which should ensure some solid pay increments for commodities pros.

Junior candidates

Last year wasn't a good one for juniors as banks targeted their hiring at the VP-and-above level. "However with volumes returning to the market, finding talented analyst and associate candidates is going to become a greater priority in order for banks to cope with the additional levels of activity," says Matthew Adamson, manager, WH Marks Sattin.

ECM

At the product level, after being very quiet at the start of 2009 and regaining momentum towards the latter half, ECM will return in force this year, says Gardiner. ECM teams which "over fired" in 2008/09 will be scrambling for talent again, she adds. "Already in the second half of 2009 we can see some platforms rehiring the same associates and analysts that they sacked earlier in the year."

Bad year

The long-term unemployed

Were you laid off in the first round of redundancies in late 2008 or early 2009? And are you still looking for work? If so, you are probably facing a challenging 2010.

"Although length of unemployment doesn't necessarily reflect capability, those who have been out of their markets for the best part of a year may well find it more difficult to secure a new role. Banks are looking to recruit high calibre individuals who can hit the ground running, rather than candidates who require more time to get up to speed," says Holliday.

Fixed income in Hong Kong

With fixed income functions (especially back and middle office) continuing to migrate away from Hong Kong, 2010 looks like being a tough year for FI professionals. And with every hire having to be carefully justified, it will still be difficult to make the transition into the more prosperous equities sector, says Adamson.

"The fundamental question for a bank is: 'how can someone improve/enhance a process if they have no knowledge of the product underlying that process?'. Hence while individuals with equities experience are likely to be in demand, their counterparts in FI are likely to find things more difficult," adds Adamson.

Expats (again)

Another group who may be disappointed with the year ahead are expatriates expecting weighty compensation packages for moving to Asia. Financial institutions are hiring again, but they are still committed to cost cutting.