Calling All Quants, Commodities Traders and Research Analysts: We Have Jobs for You!
As the financial sector prepares to announce what many analysts believe will be dismal earnings for the second quarter, which typically means a retrenchment in employment, there are some sectors of finance that are hiring. According to our postings, we've seen a year over year increase of 22 percent in the number of positions for quantitative analysts or quants, a 19 percent jump in positions posted in the commodities sector and an 11 percent rise in research jobs.
"Quantitative analytics has been a strong growth area for Wall Street through the cycles as faster and deeper information flows, more sophisticated products and new trading platforms and firms relentlessly evolve," said Constance Melrose, Managing Director, Americas, eFinancialCareers. "This capability is simply a must have."
Capabilities that are not so much in demand, however, caused an overall downturn in financial services jobs of 19 percent over the past year.
Hardest hit have been the debt and fixed income specialists, investment bankers and those of you working in operations. The debt/fixed income sector saw the biggest decline of 39 percent in the number of positions available. That was followed by a 37 percent drop in investment banking/M&A positions and a 34 percent decline in operations jobs.
Other bright spots
Despite the overall retrenchment in financial markets, once recruiting budgets were unfrozen, many firms began searching for experienced professionals in risk management, accounting and finance and IT. There was a 22 percent increase in risk management job postings between Q1 and Q2, while the accounting and finance and information technology sectors both saw a 12 percent quarter to quarter jump in job postings.
So while many financial sectors have become more competitive, there are jobs out there for financial professionals willing and able to do the work that's needed. Also keep in mind that this is a cyclical business, and those jobs that are out of favor now may be in favor next quarter. It's up to you to keep your resume at the ready and to jump when the market calls.