The job seeker strikes back: Highlights from Australia's hottest sectors in 2010

Here's our snapshot of some of the job functions that have been at the forefront of hiring during the past 12 months. But how did YOU fare in the employment market this year? Let us know your thoughts in the comments box below.

Market risk

In the wake of the global financial crisis, the big four banks and the major internationals have been ploughing resources into market risk, with new reporting engines and stricter procedures being developed. "While this is seen by some as closing the door after the horse has bolted, candidates with market risk exposure from top-tier names are being snapped up with a fair degree of aggression," says Scott Stacey, managing director Australia, Marks Sattin.

Firms are increasingly looking to hire from abroad, given a lack of available local talent. "We are seeing a number of candidates returning from overseas - with two years' or more experience at the larger European or US banks - walking into roles," adds Stacey.

Candidates from an operations or front-office background are also being considered if they have had a control focus in the past. "There also appears to be a fight between AML and market risk, with both departments targeting people from the other area to move across."

Equity research

Equity analysts were in high demand in 2010 for three main reasons, says Fiona Weeks, a partner at Platinum Pacific Partners. "Firstly, new entrants picked up people from current players, and left gaps in the companies they poached from. Secondly, established firms upgraded in some sectors, and finally there was normal replacement activity as people left the industry altogether."

Sectors such as resources, insurance, banks and consumer were sought after at both junior and senior level, adds Weeks. Once the typical avenue of approaching analysts in competitors was exhausted, candidates were sourced from industry, big four accounting firms, fund managers and potentially offshore, particularly Australians returning home.

Retail banking

The last six months has been an active period for recruitment in the retail sector, from financial planners to branch managers. "Most of the major banks have been hiring staff at a rapid rate. Many experienced retail bankers who have weathered the storm are now beginning to have a look around for new opportunities," says Jeremy Paterson, general manager Queensland, Alliance Recruitment.

Banks have recently sourced candidates from a broker background because new licensing rules have made it more difficult for some of them to run their own businesses. "The retail banks have highly experienced business owners looking for safety and security, as well as a new home for some of their clients," adds Paterson.

Demand for experienced financial planners has stayed strong in 2010. "I really can't see this slowing anytime soon. The retail market is begging to return to pre-GFC levels, which is hugely encouraging for the new year."

Product control

Product controllers were a scarce commodity in the Australian market this year. Experienced candidates could almost pre-select where they want to work, and talent moving from offshore was guaranteed a role, says Rebecca Walkey, accounting and finance specialist, Michael Page. "This demand has increased noticeably in the last six months, driven by three main factors: trade volumes improving; increased spend on projects to enhance markets systems; and Australians having the confidence to further their careers overseas," she explains.

Most overseas candidates were relocating or returning from the UK, but Asia became a more important source of product controllers. "For local talent, we are experiencing a welcome degree of flexibility from hiring managers who recognise the skills shortage. First-time movers from the profession are attractive, especially if they have a financial services portfolio. There also seems to be a growing trend for experience operations candidates to move into the middle office," adds Walkey.

Internal audit and operational risk

Throughout 2010 financial services institutions focussed on hiring qualified internal auditors and operational risk professionals. Movement between the major banks was relatively slow, and as a result they sought to attract talent away from professional services firms. "These organisations looked to counteract this by increasing the volume of international transfers and poaching talent from direct competitors," says Mark Reece, a consultant in the risk management & compliance division of Robert Walters.

The most sought after candidates were recently qualified and looking to make their first move out of accounting practice. "Professionals with experience in conducting risk-based reviews and controls testing, who had worked with large financial services clients, were the most likely to make a smooth transition into internal audit and operational risk," remarks Reece.

Finance technology

Multiple factors drove hiring in this sector in 2010: ongoing core-banking modernisation programs at retail banks like CBA; ANZ's acquisition of the RBS retail business in Asia; systems integration at Westpac/St George; preparation for ASX upgrades, the Chi-X Australia introduction; and the growth of dark pool trading.

There was a shortage of developers, in particular Java and C# professionals. To help fill these in-demand roles, and if the right skills were not available onshore, firms were targeting Australians based in the UK and Asia. These candidates "are finding roles within the banks generally quite quickly," says Peter Noblet, regional director of Hays Information Technology.

Infrastructure

As the government continued to allocate significant capital to infrastructure, the investment opportunity remained buoyant for banks and fund managers to construct public private partnership (PPP) deals. "The super funds and government fund managers like IFM, VFMC and the Future Fund all have a significant appetite for long-term investing in infrastructure assets. People with complex mezzanine property finance, project finance, or mining and resources industry expertise are favoured because they have executed complex deals," says Warwick Peel, director, pb Human Capital.