If you can't get a job at a bank you could always try...
The latest report from Moody's Investors Service on mutual building societies suggests a positive and stable outlook for the not-for-profit finance sector, which also signals sound employment prospects.
At the same time, industry researcher Datamonitor says credit unions and building societies have expanded their market share to about 25 per cent of the Australian home loan market. "It's a reasonable segment, and growing despite a tough last three years," says Harry Senlitonga, senior analyst, Datamonitor.
Recruiters say this growth is causing hiring to pick up, and that building societies and credit unions are looking for candidates with similar skills to the banks.
"They need relationship and bank managers on the sales side, mobile bankers, credit analysts and settlements. However, credit unions also look for candidates who demonstrate a strong customer service and community focus," says Kym Woolf, senior consultant, Bradman Recruitment Group.
Risk and compliance candidates are also in demand, especially in Brisbane where many of them are based, according to Ryan Webster, senior consultant, banking & financial service at Robert Walters.
Fewer working hours and better work life balance are two major attractions of the mutual sector, although Woolf warns candidates to expect to earn between 10 and 20 per cent less than their banking counterparts. "Bonuses are also normally negligible at credit unions," he adds.
But there are extra benefits at building societies, says Webster. "They are often more flexible and even offer study programs where the course doesn't need to be job-related and they'll still pay for it."
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