Are investment operations firms in Scotland being too demanding?
With more people on the market and fewer opportunities available, investment operations firms in Scotland are closing off traditional avenues of entry for junior recruits.
Investment ops firms are demanding that juniors come armed with both the requisite qualifications and at least 12 months experience under their belt.
This may seem fair enough, but in the halcyon days of the mid-2000s, companies would often take a punt on someone without experience in the sector - essentially extending them the opportunity to get their foot in the door.
"It used to be a fairly popular route into the industry for people to take a temporary role, serve a three to six month contract, and then just stay put," says Alan Thornburrow, chief executive of Scottish Investment Operations.
Now, however, the focus has been on poaching experienced staff from competitors, suggest recruiters, and a lack of industry experience is frowned upon even for junior roles.
"Investment operations companies in Scotland are recruiting temporary staff for increasingly sophisticated roles with one eye on extending a permanent offer once an opportunity becomes available," says Mike Stirton, associate director, financial services temporary recruitment at Change Jobs in Edinburgh. "Taking a temp role is no longer viewed as an entry route to the industry with clients seeking as much experience, if not more, than if they were recruiting on a permanent basis."
Moreover, investment operations firms are asking candidates to sit a test before the first interview, suggest recruiters, a tactic which is putting some people off switching positions.
However, Thornburrow suggests that some investment operations companies in Scotland are acknowledging that certain roles are administrative - and often don't require a graduate recruit - so are looking to recruit school-leavers and then train them in-house.
"I can't say this is widespread yet, but more investment operations firms here are considering it," he says.
"The concern among investment operations companies in Scotland has always been about staff retention," adds Mike Leeman, manager - finance recruitment at Bright Purple Resourcing. "With few places to fill, firms are making sure they get the right people and that they can keep hold of them."
