Turnaround in Mutual Funds Is Sure to Boost Hiring

Remember 2008 and 2009? They were pretty horrible years for those working in mutual funds. As the financial meltdown took its toll and the stock market plunged, fund liquidations and layoffs decimated the space. But it appears that we've hit rock bottom, and asset management and advisory and consulting firms are beginning to hire again.

The change was inevitable. Investors are beginning to come back to the market, and stock funds are enjoying a boost. Understandably, the muni mutual fund market's seen considerable outflows.

Look for spots to open up in fund management as well as tax management and advisory services. Industry insiders report strong hiring at Fidelity Investments, JPMorgan Chase, and BlackRock. On the tax, advisory and consulting side, Ernst & Young and PricewaterhouseCoopers are actively searching for people.

Always in short supply are fund accountants. Given the sector's contraction, there's sure to be poaching of senior managers and experienced analysts. T. Rowe Price is beefing up, pulling in seasoned talent from Fidelity and Prudential Retirement.

Things are also picking up in the U.K. and Europe, too. Pimco's added traders and analysts to its U.K. emerging markets mutual fund team. Fidelity is planning to add 100 tech jobs in Dublin and Galway.

Despite all that good news, there's sure to be one loser. The continued regulatory focus on credit rating agencies isn't welcome news. Following through on Dodd-Frank, the SEC is going to move on reining in credit ratings for money-market mutual funds. Abroad, the new European Securities and Markets Authority is establishing rules to further regulate credit ratings, as well. The ratings agencies can hardly afford another blow. If you work there, this might be a good time to get while the getting's good.