Getting your perfect position in 2011: Where we see the opportunities
Happy new year from eFinancialCareers. We thought you'd like to hear about some of the job functions where hiring is expected to be particularly hot. We'll be publishing more of these next week.
Risk management and compliance
Risk management and compliance teams have had workloads increased by regulatory changes, and banks have been forced to hire more staff to help them cope. This trend shows no signs of going away in 2011. "Specialist technical skills will be particularly sought after. Technical accounting treatments and quantitative knowledge around balance sheet are already very in demand, as are market, credit and operational risk experts, and compliance managers," says Simon Boulton, director, Aequalis Consulting.
Some of these skills are in short supply and even a small increase in recruitment this year will see the talent pool shrink. "Organisations are already looking at lateral hires from the professional services firms and overseas markets to fill these gaps. Competition will start to create compensation package increases as organisations need to attract and retain the best staff. In the post GFC world, it could pay to be a risk manger."
Business analysts in finance technology
Most financial institutions in Australia, both large and small, are gearing up for substantial IT projects in 2011. "There will be high demand for functional business analysts who are able to liaise with the business stakeholders and sponsors at different levels, as well as write detailed business cases," says Maria-Louise Allardyce, associate director, Charterhouse Partnership.
She adds that there will be a push for business analysts with strong financial backgrounds. "Project managers and programme directors with a business focus also seem to be in demand, especially around legislation and process."
Fund managers
Experienced fund managers with the ability to immediately generate revenue will be high on the new year list of priorities. With market confidence continuing to rise, those with multi-asset experience will be in particular demand, says Allira Salem, manager, Victoria, Hamill Andersen. "Well established investors with a tenable track record through the GFC - who have not only survived, but remain passionate about the industry - will be highly regarded by institutions," she adds.
Although technical proficiency is paramount, a larger emphasis will be placed on ethics, stakeholder management and the ability to manage funds as if their own. "Individuals who will stand out from the crowd are those who can demonstrate high alpha returns, coupled with commercial strategy and the ability to take calculated risks," comments Salem.
There is no shortage of talent in the market, however the challenges firms will face surround attracting high calibre professionals who are currently entrenched in businesses.
"They will need to consider sign-on bonuses and generous salary increases to encourage this local talent to move. Alternatively, they will need to seriously consider offshore individuals who don't possess current domestic experience."
M&A bankers in the resource sector
The resources sector will continue to be a key focus for M&A recruitment in 2011, says Louise Leecy, consultant, Platinum Pacific Partners. "We expect interest in analysts right through to senior bankers. The bulge bracket banks are always keen to poach someone from a resources group at a competitor, but at the more junior levels they are open to taking investment bankers without resources experience or those with big four corporate finance experience. Opportunities will also exist with boutique advisors and mining companies," she adds.
Anti-money laundering project managers
Anti-money laundering project managers and business analysts are needed in response to the rise in AML projects as banks increase security on loans and transactions, says Jane McNeill, senior regional director, Hays Banking. But there is a shortage of people with relevant experience, sound business analysis skills and knowledge of relevant regulations.
To overcome this, firms could consider candidates with transferable skills who could be trained up, such as those with experience in the delivery of projects in financial services, adds McNeill. "Employers should be focused on a candidate's ability to grasp new concepts quickly, their ability to be proactive and to communicate with stakeholders at all levels. If you are looking to advance your career in this area further, it would help to gain technical skills to be able to perform data analysis."
